X

Viad Corp Reports 2018 Fourth Quarter and Full Year Results

Pursuit Delivers Full Year Revenue Growth of 6.6%
GES
Continues to Drive Same-Show Growth

Viad Board
Authorizes Repurchase of Additional 500,000 Shares

PHOENIX–(BUSINESS WIRE)–Viad Corp (NYSE: VVI) today announced fourth quarter and full year 2018
results. Our year-over-year results reflect negative show rotation at
GES, partially offset by strong organic growth at Pursuit. Both business
groups continued to make progress toward our strategic goals and focused
on expanding and enhancing our offerings to accelerate our growth and
profitability.

      Q4

2018

      Q4

2017

     

y-o-y

Change

      Full Year

2018

     

Full Year

2017

     

y-o-y

Change

$ in millions, except per share data                        
Revenue $ 296.9 $ 277.3 7.1 % $ 1,296.2 $ 1,307.0 -0.8 %
Organic Revenue* 299.4 277.3 8.0 % 1,290.3 1,307.0 -1.3 %
 
Net Income (Loss) Attributable to Viad $ (2.3 ) $ (21.7 ) 89.3 % $ 49.2 $ 57.7 -14.8 %
Income (Loss) Before Other Items* (1.8 ) (5.3 ) 65.7 % 47.7 53.5 -10.8 %
Income (Loss) Before Other Items per Share* (0.09 ) (0.26 ) 65.4 % 2.34 2.62 -10.7 %
 
Adjusted Segment Operating Income (Loss)* $ 4.1 $ (3.3 ) ** $ 89.7 $ 99.3 -9.7 %
Adjusted Segment EBITDA* 16.5 9.3 77.9 % 146.3 154.2 -5.1 %
 
** Change is greater than +/- 100 percent.
 

Full Year

  • Full year revenue of $1.3 billion decreased $10.8 million (0.8%)
    year-over-year, or $16.6 million (1.3%) on an organic basis (which
    excludes the impact of exchange rate variances).
    • The decrease in organic revenue is primarily due to negative show
      rotation of about $35 million at GES, partially offset by high
      single-digit growth at Pursuit.
    • Exchange rate variances had a favorable impact on revenue of $5.8
      million versus 2017.
  • Adjusted segment operating income, adjusted segment EBITDA and income
    before other items declined year-over-year, primarily due to lower
    revenue and investments to support continued growth in both business
    units, partially offset by lower performance-based incentives.

Fourth Quarter

  • Revenue of $296.9 million increased $19.6 million (7.1%)
    year-over-year, or $22.1 million (8.0%) on an organic basis (which
    excludes the impact of exchange rate variances).
    • The organic revenue increase primarily reflects strong underlying
      revenue growth and positive show rotation at GES. Pursuit also
      experienced strong organic revenue growth during its seasonally
      slow fourth quarter.
    • Exchange rate variances had an unfavorable impact of $2.4 million.
  • Adjusted segment operating income, adjusted segment EBITDA and income
    before other items improved compared to the prior year quarter
    primarily due to higher revenue and lower performance-based incentives.

Steve Moster, president and chief executive officer, commented, “During
2018, we continued to make good progress toward our strategic goals. At
GES, our efforts to become the global full-service provider for live
events are creating new growth opportunities for our business while
driving innovation and enhanced experiences for our clients. At Pursuit,
we continue to find unique opportunities to scale the business and we
are leveraging revenue management to accelerate growth and
profitability. I am encouraged by the actions we are taking to
capitalize on key opportunities and position our business for future
success.”

GES Results

      Q4

2018

      Q4

2017

     

y-o-y

Change

     

Full Year

2018

     

Full Year

2017

     

y-o-y

Change

$ in millions                        
Revenue $ 281.8 $ 263.0 7.1 % $ 1,110.9 $ 1,133.1 -2.0 %
U.S. Organic Revenue* 210.4 188.2 11.8 % 847.2 872.2 -2.9 %
International Organic Revenue* 78.5 79.5 -1.2 % 273.4 282.7 -3.3 %
 
Adjusted Segment Operating Income* $ 8.9 $ 2.3 ** $ 39.8 $ 50.9 -21.9 %
Adjusted Segment Operating Margin* 3.1 % 0.9 % 220 bps 3.6 % 4.5 % (90) bps
 
Adjusted Segment EBITDA* $ 17.9 $ 11.6 54.5 % $ 77.7 $ 88.2 -11.9 %
Adjusted Segment EBITDA Margin* 6.4 % 4.4 % 200 bps 7.0 % 7.8 % (80) bps
 
Key Performance Indicators:
U.S. Base Same-Show Revenue Growth(1)

 

1.0

%

 

2.8

%

U.S. Show Rotation Revenue Change (approx.)(2)

 

$

10

 

$

(27

)

International Show Rotation Revenue Change (approx.)(2)

 

$

(2

)

 

$

(8

)

 
**     Change is greater than +/- 100 percent.
 
(1) Base same-shows are defined as shows produced by GES out of the same
city during the same quarter in both the current year and prior
year. Base same-shows represented 29.8% and 33.8% of GES’ U.S.
organic revenue during the 2018 fourth quarter and full year,
respectively.
(2) Show rotation refers to shows that take place once every two, three
or four years, as well as annual shows that change quarters from one
year to the next.
 

GES Full Year

  • Full year GES revenue decreased $22.2 million (2.0%) year-over-year.
    On an organic basis (which excludes the impact of exchange rate
    variances), the decrease was $29.9 million, or 2.6%.
    • U.S. organic revenue decreased $24.9 million (2.9%) primarily due
      to negative show rotation of approximately $27 million and certain
      non-recurring business produced in 2017, partially offset by base
      same-show growth of 2.8%.
    • International organic revenue decreased $9.3 million (3.3%)
      primarily due to negative show rotation of approximately $8
      million and certain non-recurring business produced in 2017,
      partially offset by new business wins.
  • Full year GES adjusted segment operating income decreased $11.1
    million (21.9%), and $11.6 million (22.7%) on an organic basis.
    • U.S. organic adjusted segment operating income decreased $9.4
      million, primarily due to lower revenue and selective investments
      in additional resources to capitalize on continued growth
      opportunities, partially offset by lower performance-based
      incentives.
    • International organic adjusted segment operating income decreased
      $2.2 million, primarily due to lower revenue, partially offset by
      lower performance-based incentives.
  • Exchange rate variances had a favorable impact on full year revenue
    and adjusted segment operating income of $7.7 million and $0.4
    million, respectively.

GES Fourth Quarter

  • GES revenue of $281.8 million increased $18.8 million (7.1%)
    year-over-year. On an organic basis, which excludes the impact of
    exchange rate variances, revenue increased $20.6 million (7.8%).
    • U.S. organic revenue increased $22.3 million (11.8%) primarily due
      to positive show rotation of approximately $10 million, increased
      revenue from our corporate clients and new business wins.
    • International organic revenue decreased $1.0 million (1.2%)
      primarily due to negative show rotation of approximately $2
      million, partially offset by growth in the underlying business.
  • GES adjusted segment operating income of $8.9 million* increased $6.6
    million year-over-year, and $6.5 million on an organic basis.
    • U.S. organic adjusted segment operating income of $4.2 million*
      increased by $9.0 million primarily due to the increase in revenue
      and lower performance-based incentives.
    • International organic adjusted segment operating income of $4.5
      million* decreased by $2.5 million primarily due to the decline in
      revenue and increased personnel costs to support continued growth,
      partially offset by lower performance-based incentives.
  • Exchange rate variances had an unfavorable impact on fourth quarter
    revenue of $1.9 million and a favorable impact on adjusted segment
    operating income of $0.1 million.

Moster said, “GES finished the year with strong revenue growth of 7.1%
during the fourth quarter. We continue to drive growth both on a
same-show basis as well as through new corporate event and other
business wins. As we strive to position GES as the preferred global,
full-service provider for live events, we are leveraging our audio
visual production and event technology services to strengthen existing
relationships and create new client opportunities. In addition, we are
focused on driving innovation and operational excellence across our
business to further strengthen our competitive position for long-term
value creation.”

Pursuit Results

      Q4

2018

      Q4

2017

     

y-o-y

Change

      Full Year

2018

      Full Year

2017

     

y-o-y

Change

$ in millions                        
Revenue $ 15.2 $ 14.3 6.1 % $ 185.3 $ 173.9 6.6 %
Organic Revenue* 15.7 14.3 10.0 % 187.2 173.9 7.6 %
 
Adjusted Segment Operating Income (Loss)* $ (4.7 ) $ (5.5 ) 14.0 % $ 49.9 $ 48.4 3.2 %
Adjusted Segment Operating Margin* -31.3 % -38.6 % 730 bps 26.9 % 27.8 % (90) bps
 
Adjusted Segment EBITDA* $ (1.4 ) $ (2.3 ) 40.0 % $ 68.6 $ 66.0 3.9 %
Adjusted Segment EBITDA Margin* -9.1 % -16.1 % 700 bps 37.0 % 38.0 % (100) bps
 
Key Performance Indicators:
Same-Store RevPAR(1) $ 46 $ 48 -4.2 % $ 142 $ 138 2.9 %
Same-Store Room Nights Available(1) 29,023 29,036 0.0 % 230,710 231,030 -0.1 %
Same-Store Passengers(2) 280,028 296,473 -5.5 % 2,443,624 2,483,146 -1.6 %
Same-Store Revenue per Passenger(2) $ 36 $ 31 16.1 % $ 42 $ 39 7.7 %
Same-Store Effective Ticket Price(2) $ 27 $ 24 12.5 % $ 34 $ 32 6.3 %
 
(1)     Same-store RevPAR is calculated as total rooms revenue divided by
the total number of room nights available for all comparable Pursuit
properties during the periods presented, expressed on a constant
currency basis. Comparable properties are defined as those owned by
Viad and operating for the entirety of both periods. Accordingly,
the measures shown above do not include the Mount Royal Hotel, which
was closed during 2017 and through June 2018 due to fire damage.
(2) Same-store revenue per passenger is calculated as total attractions
revenue, which includes ticket sales as well as ancillary retail and
food and beverage revenue, divided by the total number of passengers
for all comparable Pursuit attractions, expressed on a constant
currency basis. Same-store effective ticket price is a similar
measure but only takes into consideration revenue from the sale of
attraction tickets. Comparable attractions are defined as those
owned by Viad and operating for the entirety of both periods.
 

Pursuit Full Year

  • Full year Pursuit revenue increased $11.4 million (6.6%)
    year-over-year. On an organic basis (which excludes exchange rate
    variances), revenue increased $13.3 million (7.6%) driven primarily by
    revenue management and investments to refresh our attraction and
    hospitality portfolio, as well as the re-opening of our Mount Royal
    Hotel.
  • Full year Pursuit adjusted segment operating income increased $1.5
    million (3.2%). On an organic basis, adjusted segment operating income
    increased $3.1 million (6.5%) primarily due to the increase in
    revenue, partially offset by additional depreciation expense related
    to the reconstruction of our Mount Royal Hotel and other costs to
    support the continued growth of the business.
  • Exchange rate variances had an unfavorable impact on full year revenue
    and adjusted segment operating income of $1.9 million and $1.6
    million, respectively.

Pursuit Fourth Quarter

  • Pursuit revenue of $15.2 million increased $0.9 million (6.1%)
    year-over-year. On an organic basis, revenue increased $1.4 million
    (10.0%) primarily driven by the re-opening of our Mount Royal Hotel
    and our revenue management and refresh efforts.
  • Pursuit adjusted segment operating loss of $4.7 million* improved by
    $0.8 million (14.0%). Organic adjusted segment operating loss of $4.7
    million* improved by $0.8 million (15.0%) primarily due to the
    increase in revenue.

Moster said, “Pursuit delivered strong full year results, with organic
revenue growth of 7.6%. Our revenue management and refresh investments
throughout the year led to strong performance at our attractions and
hospitality assets, despite the impact of forest fires that hurt
visitation during our peak season. Revenue per passenger improved 7.7%
at our attractions and RevPAR was up 2.9% at our hospitality assets. In
addition, the investments we have made to enhance our food and beverage
offerings are driving enhanced guest satisfaction with strong financial
returns. Overall, our team delivered impressive financial results and
great progress against the various organic projects scheduled to come
online in 2019. With a strong pipeline of new additions to our portfolio
of unique experiences, we are excited about the year ahead.”

Cash Flow / Capital Structure

  • Our cash flow from operations was an outflow of $14.7 million for the
    fourth quarter and an inflow of $87.0 million for the full year.
  • Capital expenditures for the quarter totaled $15.9 million, comprising
    $6.1 million for GES and $9.9 million for Pursuit. For the full year,
    capital expenditures totaled $85.5 million, comprising $26.3 million
    for GES and $59.0 million for Pursuit, which includes approximately
    $20 million for the reconstruction and renovation of our Mount Royal
    Hotel and approximately $7 million for the development of our FlyOver
    Iceland attraction.
  • Return of capital totaled $10.1 million for the quarter and $25.3
    million for the full year.
    • During the fourth quarter, we repurchased 165,382 shares for $8.1
      million. For the full year, we repurchased 340,473 shares at an
      average price of $50.44, totaling $17.2 million.
    • Viad’s Board of Directors authorized the repurchase of an
      additional 500,000 shares, bringing our total authorized shares
      remaining for repurchase to 600,067.
    • Our regular quarterly dividend payments of $0.10 per share,
      totaled $2.0 million for the quarter and $8.2 million for the full
      year.
  • Debt proceeds (net) totaled $30.5 million for the quarter and $18.4
    million for the full year.
  • Cash and cash equivalents were $44.9 million, debt was $232.4 million
    and our debt-to-capital ratio was 34.0% at December 31, 2018.

2019 Full Year Guidance

Moster said, “We are excited about our growth plans for 2019. At
Pursuit, we have many expansion projects underway that will be complete
for the 2019 peak tourism season. As with our past investments at
Pursuit, we expect these will deliver strong returns, revenue and
margins. At GES, we expect continued same-show growth and new business
wins as we continue to pursue share gains in the high-margin corporate
event market. We expect this growth to more than offset the impact of
negative show rotation. We remain committed to our growth strategies for
both business units and continue to identify new opportunities to drive
profitable growth and deliver strong returns on investment.”

  • We expect consolidated revenue to increase at a mid-single digit rate
    from 2018 full year revenue, driven by growth at both GES and Pursuit.
  • We expect consolidated adjusted segment EBITDA to be in the range of
    $152.5 million to $158.5 million, as compared to $146.3 million* in
    2018.
  • Our guidance assumes that exchange rates during 2019 will approximate
    $0.77 U.S. Dollars per Canadian Dollar and $1.30 U.S. Dollars per
    British Pound. As compared to 2018, we expect exchange rate variances
    to impact 2019 full year results as follows:
                                Viad Total           GES           Pursuit
$ in millions, except per share data
Revenue $ (5.0 )           $ (5.5 )           $ 0.5
Adjusted Segment Operating Income $ 0.5 $ $ 0.5
Income per Share Before Other Items $ 0.01
 
  • The outlook for our business units is as follows:
                          GES           Pursuit
$ in millions
Revenue Up low-single digits

(from $1,111 in 2018)

          Up 15% to 17%

(from $185 in 2018)

Adjusted Segment EBITDA $76 to $80

(vs. $77.7* in 2018)

$76 to $79

(vs. $68.6* in 2018)

Depreciation & Amortization $37 to $39 $22 to $23
Adjusted Segment Operating Income $38 to $42

(vs. $39.8* in 2018)

$53.5 to $56.5

(vs. $49.9* in 2018)

Capital Expenditures

$30 to $33

(inclusive of about $10 for

growth projects)

$44 to $48

(inclusive of about $30

for growth projects)

 
  • We expect GES show rotation to have a net negative impact on full year
    revenue of about $25 million versus 2018. Show rotation refers to
    shows that occur less frequently than annually, as well as annual
    shows that shift quarters from one year to the next.
                                  Q1 Est.       Q2 Est.       Q3 Est.       Q4 Est.       FY Est.
Show Rotation Revenue ($ in millions) $ (5 )       $ 15       $ (45 )       $ 10       $ (25 )
 
  • We expect GES U.S. base same-show revenue to increase at
    a low single digit rate.
  • We expect Pursuit’s 2019 growth to be fueled primarily by investments
    to support our Refresh, Build, Buy strategy, which are expected to
    contribute incremental revenue of approximately $15 million to $17
    million during 2019. On a same-store basis, we expect Pursuit’s
    revenue to increase at a mid-single digit rate, reflecting our revenue
    management efforts to maximize yields across our high-quality
    experiences.
  • We expect start-up costs related to the development of Pursuit’s
    FlyOver Iceland attraction, which is expected to open in Summer 2019,
    to approximate $1 million during the first six months of 2019. These
    costs are not included in the adjusted segment EBITDA or adjusted
    segment operating income guidance ranges above.
  • We expect corporate activities expense to approximate $11 million to
    $12 million.
  • We expect our effective tax rate on income before other items to
    approximate 29%.

2019 First Quarter Guidance

            2019 Guidance
2018      

Low End

  High End      

FX Impact(1)

$ in millions, except per share data
Revenue:          
GES $ 267.7 $ 260.0 to $ 270.0 $ (3.0 )
Pursuit 9.7 10.0 to 12.0 (0.5 )
Adjusted Segment Operating Income (Loss):
GES $ 0.6* $ (3.5 ) to $ (1.5 ) $
Pursuit (11.2)* (15.0 ) to (13.0 )
 

Loss per Share Before Other Items

$(0.49)* $ (0.85 ) to $ (0.75 ) $
 
(1)     FX Impact represents the expected effect of year-over-year changes
in exchange rates that is incorporated in the low end and high end
guidance ranges presented.
 
  • We expect GES first quarter revenue to be negatively impacted by about
    $8 million versus the 2018 first quarter due to show rotation and
    exchange rate variances, partially offset by low-single digit same
    show growth and new business wins. Our outlook for GES’ adjusted
    segment operating results reflects higher compensation expense,
    including performance-based incentives and additional resources to
    drive growth and profitability in high-value areas.
  • We expect Pursuit first quarter revenue to increase primarily due to
    the re-opening of the Mount Royal Hotel in July 2018, as well as
    continued focus on revenue management and refresh efforts across our
    attraction and hospitality portfolio. Our outlook for Pursuit’s
    adjusted segment operating results reflects an increase in
    depreciation expense of approximately $2 million.

Conference Call and Web Cast

We will hold a conference call with investors and analysts for a review
of fourth quarter and full year 2018 results on Thursday, February 7,
2019 at 5:00 p.m. (ET). To join the live conference, call (877)
917-8933, passcode “Viad”, or access the webcast through Viad’s Web site
at www.viad.com.
A replay will be available for a limited time at (866) 513-4384 (no
passcode required) or visit the Viad Web site and link to a replay of
the webcast.

About Viad

Viad (NYSE: VVI) generates revenue and shareholder value through two
business units: GES and Pursuit. GES is a global, full-service live
events company offering a comprehensive range of services to the world’s
leading brands and event organizers. Pursuit is a collection of
inspiring and unforgettable travel experiences in Alaska, Montana, the
Canadian Rockies, and Vancouver that includes attractions, lodges and
hotels, and sightseeing tours that connect guests with iconic places.
Viad is an S&P SmallCap 600 company. For more information, visit www.viad.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements.
Words, and variations of words, such as “will,” “may,” “expect,”
“would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,”
“anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,”
“outlook,” and similar expressions are intended to identify our
forward-looking statements. Similarly, statements that describe our
business strategy, outlook, objectives, plans, intentions or goals also
are forward-looking statements. These forward-looking statements are not
historical facts and are subject to a host of risks and uncertainties,
many of which are beyond our control, which could cause actual results
to differ materially from those in the forward-looking statements.

Important factors that could cause actual results to differ materially
from those described in our forward-looking statements include, but are
not limited to, the following:

  • our ability to successfully integrate and achieve established
    financial and strategic goals from acquisitions;
  • our dependence on large exhibition event clients;
  • the importance of key members of our account teams to our business
    relationships;
  • the competitive nature of the industries in which we operate;
  • travel industry disruptions;
  • transportation disruptions and increases in transportation costs;
  • seasonality of our businesses;
  • terrorist attacks, natural disasters and other catastrophic events;
  • fluctuations in general economic conditions;
  • the impact of recent U.S. tax legislation;
  • our exposure to currency exchange rate fluctuations;
  • our multi-employer pension plan funding obligations;
  • our exposure to labor cost increases and work stoppages related to
    unionized employees;
  • our exposure to cybersecurity attacks and threats;
  • compliance with laws governing the collection, storage, handling and
    transfer of personal data and our exposure to legal claims and fines
    for data breaches or improper handling of such data;
  • unanticipated delays and cost overruns of our capital projects, and
    our ability to achieve established financial and strategic goals of
    such projects;
  • adverse effects of show rotation on our periodic results and operating
    margins;
  • the effects of the United Kingdom’s exit from the European Union; and
  • liabilities relating to prior and discontinued operations.

For a more complete discussion of the risks and uncertainties that may
affect our business or financial results, please see Item 1A, “Risk
Factors,” of our most recent annual report on Form 10-K filed with the
SEC. We disclaim and do not undertake any obligation to update or revise
any forward-looking statement in this press release except as required
by applicable law or regulation.

Forward-Looking Non-GAAP Measures

We have provided the following forward-looking non-GAAP financial
measures: Adjusted Segment EBITDA, Adjusted Segment Operating Income and
Income Before Other Items. We do not provide quantitative
reconciliations of these forward-looking non-GAAP financial measures to
their most directly comparable GAAP financial measures because, due to
variability and difficulty in developing accurate projections and/or
certain information not being ascertainable or accessible, not all of
the information necessary to do so is available to us without
unreasonable effort. Consequently, any attempt to disclose such
reconciliations would imply a degree of precision that could be
confusing or misleading to investors. It is probable that our
forward-looking non-GAAP financial measures may be materially different
from the corresponding GAAP financial measures.

* Refer to Table Two of this press release for a discussion and
reconciliation of this non-GAAP financial measure to its most directly
comparable GAAP financial measure.

                                 
VIAD CORP AND SUBSIDIARIES
TABLE ONE – QUARTERLY AND FULL YEAR RESULTS
(UNAUDITED)
   
Three months ended December 31, Year ended December 31,
($ in thousands, except per share data) 2018 2017

$ Change

% Change 2018 2017

$ Change

% Change
Revenue:
GES:
U.S. $ 210,435 $ 188,151 $ 22,284 11.8 % $ 847,241 $ 872,154 $ (24,913 ) -2.9 %
International 76,640 79,490 (2,850 ) -3.6 % 281,145 282,712 (1,567 ) -0.6 %
Intersegment eliminations   (5,316 )   (4,643 )   (673 ) -14.5 %   (17,489 )   (21,769 )   4,280   19.7 %
Total GES 281,759 262,998 18,761 7.1 % 1,110,897 1,133,097 (22,200 ) -2.0 %
Pursuit   15,157     14,287     870   6.1 %   185,287     173,868     11,419   6.6 %
Total revenue $ 296,916   $ 277,285   $ 19,631   7.1 % $ 1,296,184   $ 1,306,965   $ (10,781 ) -0.8 %
 
Segment operating income (loss):
GES:
U.S. $ 4,210 $ (4,783 ) $ 8,993 ** $ 25,779 $ 35,219 $ (9,440 ) -26.8 %
International   4,647     6,988     (2,341 ) -33.5 %   13,823     15,512     (1,689 ) -10.9 %
Total GES 8,857 2,205 6,652 ** 39,602 50,731 (11,129 ) -21.9 %
Pursuit   (4,855 )   (5,656 )   801   14.2 %   48,915     47,867     1,048   2.2 %
Segment operating income (loss) 4,002 (3,451 ) 7,453 ** 88,517 98,598 (10,081 ) -10.2 %
Corporate eliminations 16 17 (1 ) -5.9 % 67 67 0.0 %
Corporate activities (Note A) (2,464 ) (2,510 ) 46 1.8 % (10,993 ) (12,396 ) 1,403 11.3 %
Restructuring charges (588 ) (187 ) (401 ) ** (1,587 ) (1,004 ) (583 ) -58.1 %
Impairment recoveries (Note B) ** 35 29,098 (29,063 ) -99.9 %
Other expense (Note C) (436 ) (1,106 ) 670 60.6 % (1,744 ) (2,028 ) 284 14.0 %
Net interest expense (Note D)   (2,493 )   (1,878 )   (615 ) -32.7 %   (9,286 )   (7,985 )   (1,301 ) -16.3 %

Income (loss) from continuing operations before income taxes

(1,963 ) (9,115 ) 7,152 78.5 % 65,009 104,350 (39,341 ) -37.7 %
Income tax expense (Note E)   (1,813 )   (12,969 )   11,156   86.0 %   (17,095 )   (45,898 )   28,803   62.8 %
Income (loss) from continuing operations (3,776 ) (22,084 ) 18,308 82.9 % 47,914 58,452 (10,538 ) -18.0 %
Income (loss) from discontinued operations (Note F)   1,078     140     938   **   1,481     (268 )   1,749   **
Net income (loss) (2,698 ) (21,944 ) 19,246 87.7 % 49,395 58,184 (8,789 ) -15.1 %
Net (income) loss attributable to noncontrolling interest 348 224 124 55.4 % (542 ) (523 ) (19 ) -3.6 %
Net loss attributable to redeemable noncontrolling interest   28     46     (18 ) -39.1 %   317     46     271   **
Net income (loss) attributable to Viad $ (2,322 ) $ (21,674 ) $ 19,352   89.3 % $ 49,170   $ 57,707   $ (8,537 ) -14.8 %
 
Amounts Attributable to Viad Common Stockholders:
Income (loss) from continuing operations $ (3,400 ) $ (21,814 ) $ 18,414 84.4 % $ 47,689 $ 57,975 $ (10,286 ) -17.7 %
Income (loss) from discontinued operations (Note F)   1,078     140     938   **   1,481     (268 )   1,749   **
Net income (loss) $ (2,322 ) $ (21,674 ) $ 19,352   89.3 % $ 49,170   $ 57,707   $ (8,537 ) -14.8 %
 
Diluted income (loss) per common share:

Income (loss) from continuing operations attributable to Viad
common shareholders

$ (0.17 ) $ (1.08 ) $ 0.91 84.3 % $ 2.33 $ 2.84 $ (0.51 ) -18.0 %

Income (loss) from discontinued operations attributable to Viad
common shareholders

  0.05     0.01     0.04   **   0.07     (0.01 )   0.08   **

Net income (loss) attributable to Viad common shareholders

$ (0.12 ) $ (1.07 ) $ 0.95   88.8 % $ 2.40   $ 2.83   $ (0.43 ) -15.2 %
 
Basic income (loss) per common share:

Income (loss) from continuing operations attributable to Viad
common shareholders

$ (0.17 ) $ (1.08 ) $ 0.91 84.3 % $ 2.33 $ 2.84 $ (0.51 ) -18.0 %

Income (loss) from discontinued operations attributable to Viad
common shareholders

  0.05     0.01     0.04   **   0.07     (0.01 )   0.08   **

Net income (loss) attributable to Viad common shareholders

$ (0.12 ) $ (1.07 ) $ 0.95   88.8 % $ 2.40   $ 2.83   $ (0.43 ) -15.2 %
 

Common shares treated as outstanding for income (loss) per share
calculations:

Weighted-average outstanding common shares   20,112     20,193     (81 ) -0.4 %   20,168     20,146     22   0.1 %

Weighted-average outstanding and potentially dilutive common shares

  20,112     20,193     (81 ) -0.4 %   20,404     20,405     (1 ) 0.0 %
 

Contacts

Sajid Daudi or Carrie Long
Investor Relations
(602)
207-2681
ir@viad.com

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