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CURRENT REPORTDelaware001-1101536-1169950(State or other jurisdiction(Commission(IRS Employerof incorporation)File Number)Identification No.)1850 North Central Avenue, Suite 1900, Phoenix, Arizona85004-4565(Address of principal executive offices)(Zip Code)SIGNATURESViad Corp(Registrant)July 26, 2018By:/s/ Leslie S. StriedelLeslie S. StriedelChief Accounting OfficerStrong Execution at both GES and PursuitQ2
2018Q2
2017y-o-y
Change$ in millions, except per share dataRevenue-0.3%Organic Revenue*-1.8%Net Income Attributable to Viad-15.9%Income Before Other Items*-1.6%Income Before Other Items per Share*Adjusted Segment Operating Income*-3.8%Adjusted Segment EBITDA*GES Results$ in millions-1.5%U.S. Organic Revenue*International Organic Revenue*-10.9%-5.1%Adjusted Segment Operating Margin*9.2%9.6%-40 bps-3.3%Adjusted Segment EBITDA Margin*12.3%12.5%-20 bpsKey Performance Indicators:U.S. Base Same-Show Revenue Growth(1)1.2%U.S. Show Rotation Revenue Change (approx.)(2)International Show Rotation Revenue Change (approx.)(2)Pursuit Results8.3%6.0%—20.7%22.4%-170 bps2.4%31.9%33.7%-180 bpsSame-Store RevPAR(1)Same-Store Room Nights Available(1)-0.1%Same-Store Passengers(2)-0.4%Same-Store Revenue per Passenger(2)7.5%GESPursuitComparable to $1,133 in 2017Up high-single digits
(from $174 in 2017)Adjusted Segment EBITDA$85 to $88 (vs. $88.2* in 2017)$69 to $71 (vs. $66.0* in 2017)Depreciation & Amortization$40 to $41$19 to $20Adjusted Operating Income$44.5 to $47.5 (vs. $50.9* in 2017)$49.5 to $51.5 (vs. $48.4* in 2017)Capital Expenditures$33 to $35$59 to $63
(inclusive of $19 for the Mount
Royal Hotel and $10 for FlyOver
Iceland)2018 Third Quarter Guidance2018 Guidance2017Low EndHigh EndFX Impact(1)Revenue:to$—Adjusted Operating Income (Loss):*Income per Share Before Other Items(UNAUDITED)Three months ended June 30,Six months ended June 30,($ in thousands, except per share data)2018$ Change% ChangeGES:U.S.-10.8%International-5.7%-1.1%Intersegment eliminations11.9%7.2%Total GES-8.6%10.4%Total revenue-7.2%Segment operating income (loss):-2.3%-54.8%-12.6%-9.5%-5.4%-45.3%**Segment operating income-4.5%-48.0%Corporate eliminations6.3%3.1%Corporate activities (Note A)13.2%13.0%Restructuring charges (Note B)-46.6%Impairment recoveries (Note C)-98.4%-99.2%Other expense (Note D)Net interest expense-14.1%-5.5%Income from continuing operations before income taxes-12.7%-63.5%Income tax expense10.5%65.4%Income from continuing operations-13.5%-62.8%Income (loss) from discontinued operations (Note E)Net income-16.1%-60.6%Net loss attributable to noncontrolling interest17.8%Net loss attributable to redeemable noncontrolling interestNet income attributable to Viad-59.4%Amounts Attributable to Viad Common Stockholders:-13.4%-61.6%Diluted income per common share:Income from continuing operations attributable to Viad common shareholders-62.2%Income (loss) from discontinued operations attributable to Viad common shareholdersNet income attributable to Viad common shareholdersBasic income per common share:Net income attributable to Viad common shareholders (Note F)Common shares treated as outstanding for income per share calculations:Weighted-average outstanding common shares0.3%0.5%Weighted-average outstanding and potentially dilutive common shares0.4%% ChangeLess: Allocation to nonvested shares35.7%68.6%Adjustment to the redemption value of redeemable noncontrolling interestNet income allocated to Viad common shareholders-59.5%Basic income per common share attributable to Viad common shareholdersIMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES($ in thousands)Income before other items:(Income) loss from discontinued operations attributable to ViadIncome from continuing operations attributable to ViadRestructuring charges, pre-tax46.6%Impairment recoveries, pre-tax98.4%99.2%Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)Tax expense (benefit) on above itemsFavorable tax matters-100.0%Net income attributable to FlyOver Iceland noncontrolling interestIncome before other items-54.0%(per diluted share)33.3%-20.0%-54.2%Adjusted EBITDA:Interest expense14.3%6.2%-10.5%-65.4%Depreciation and amortization4.1%5.7%Other noncontrolling interest-31.7%-57.1%Adjusted EBITDA-3.2%-31.9%Acquisition integration costs - GES136.8%Acquisition integration costs - Pursuit1Acquisition transaction-related costs - Pursuit1-63.8%Acquisition transaction-related costs - Corporate247.1%-62.7%FlyOver Iceland start-up costs1Acquisition-related and other non-recurring expenses, pre-taxThree months ended June 30, 2018Three months ended June 30, 2017As ReportedAcquisitions (Note A)FX ImpactOrganicViad Consolidated:(Income) loss from discontinued operationsOther expenseImpairment recoveriesRestructuring chargesCorporate activities expenseSegment operating income (loss)FlyOver Iceland start-up costsIntegration costsAcquisition transaction-related costsAdjusted segment operating incomeSegment depreciationSegment amortizationAdjusted segment operating margin10.7%9.8%10.8%11.1%Adjusted segment EBITDA margin14.9%14.0%15.1%DepreciationAmortization8.1%GES U.S.:8.7%8.8%11.8%GES International:10.2%10.3%11.0%12.8%12.9%13.4%Pursuit:17.5%20.8%29.4%ADDITIONAL NON-GAAP FINANCIAL MEASURESIncome (loss) before other items:Q1Q2Q3Q4Full YearNet income (loss) attributable to ViadIncome (loss) from continuing operations attributable to ViadImpairment recoveries pre-taxAcquisition-related costs and other non-recurring expenses, pre-taxTax expense on above itemsCharge related to Tax ReformIncome (loss) before other itemsQ3 2017FY 2017Adjusted segment operating income (loss) and adjusted segment EBITDA:ViadNet income attributable to noncontrolling interestLoss from discontinued operationsOther expense, pre-taxAdjusted segment operating income (loss)Adjusted segment EBITDAPK ! ZZe e docProps/app.xml
Microsoft Excel0falseWorksheets16current reportcurrent report-1signaturesstrong execution at both gges resultspursuit resultspursuit results-12018 third quarter guidanceunauditedunaudited-1important disclosures regaimportant disclosures rega-1unaudited-2unaudited-3additional nongaap financiadditional nongaap financi-1falsefalsefalse12.0000PK ! 6P P docProps/core.xml
2020-01-13T12:09:26Z2020-01-13T12:09:26ZPK ! _b [Content_Types].xml
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