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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)October 25, 2018By:/s/ Leslie S. StriedelLeslie S. StriedelChief Accounting OfficerTABLE OF CONTENTSPageARTICLE I DEFINITIONS, ETC.Definitions.Classification of Loans and Advances.Terms Generally.Foreign Currency Calculations.Interest Rates.ARTICLE II THE CREDITSCommitments.Required Payments.Ratable Loans.Types of Advances.Swingline Loans.Commitment Fee; Reductions and Increases in Commitments and Loans.Minimum Amount of Each Advance.Optional Principal Payments.Method of Selecting Types and Interest Periods for New Advances.Conversion and Continuation of Outstanding Advances.Changes in Interest Rate, etc.Rates Applicable After Default.Method of Payment.Noteless Agreement; Evidence of Indebtedness.Telephonic Notices.Interest Payment Dates; Interest and Fee Basis.Notification of Advances, Interest Rates, Prepayments and Commitment Reductions.Lending Installations.Non-Receipt of Funds by the Administrative Agent.Facility LCs.Replacement of Lenders.Defaulting Lenders.ARTICLE III INCREASED COSTS; TAXESIncreased Costs.Availability of Types of Advances.Funding Indemnification.Taxes.ARTICLE IV CONDITIONS PRECEDENTEffectiveness and Initial Advance.Each Credit Extension.ARTICLE V REPRESENTATIONS AND WARRANTIESExistence and Standing.Authorization and Validity.No Conflict; Government Consent.Financial Statements.Material Adverse Change.Litigation and Contingent Obligations.Subsidiaries.ERISA.Accuracy of Information.Regulation U.Material Agreements.Compliance With Laws.Ownership of Properties.Plan Assets; Prohibited Transactions.Environmental Matters.Investment Company Act.Insurance.Solvency.Collateral Documents.Subordinated Debt.Anti-Corruption Laws and Sanctions.EEA Financial Institutions.ARTICLE VI COVENANTSFinancial Reporting.Use of Proceeds.Notice of Default.Conduct of Business.Compliance with Laws.Maintenance of Properties.Inspection.Restricted Payments.Indebtedness.Merger.Sale of Assets.Investments and Acquisitions.Liens.Affiliates.Amendments to Agreements.Contingent Obligations.Financial Contracts.Inconsistent Agreements.Subsidiary Guaranties and Personal Property Pledges.Subsidiary Stock Pledge.Financial Covenants.ARTICLE VII DEFAULTSARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIESAcceleration; Facility LC Collateral Account.Amendments.Preservation of Rights.ARTICLE IX GENERAL PROVISIONSSurvival of Representations.Governmental Regulation.Headings.Entire Agreement.Several Obligations; Benefits of this Agreement.Expenses; Indemnification.Numbers of Documents.Accounting.Severability of Provisions.Nonliability of Lenders.Confidentiality.Nonreliance.Disclosure.USA PATRIOT Act.Conversion of Currencies.Amendment and Restatement.Applicable Lending Installations.Interest Rate Limitation.Acknowledgment and Consent to Bail-In of EEA Financial Institutions.ARTICLE X THE ADMINISTRATIVE AGENTAppointment.Rights and Power.Exculpatory Provisions.Administrative Agent Reliance.Delegation of Duties.Resignation.Lender Non-Reliance.Other Titles.Administrative Agent and Arranger Fees.Execution of Collateral Documents.Collateral Releases.Pursuit Delivered Organic Revenue Growth of 7.3% Despite Impact of FiresQ3
2018Q3
2017y-o-y
Change$ in millions, except per share dataRevenue5.6%Organic Revenue*6.6%Net Income Attributable to Viad-16.3%Income Before Other Items*28.5%Income Before Other Items per Share*29.3%Adjusted Segment Operating Income*17.8%Adjusted Segment EBITDA*14.0%GES Results$ in millions6.0%U.S. Organic Revenue*3.8%International Organic Revenue*6.5%Adjusted Segment Operating Income (Loss)***Adjusted Segment Operating Margin*0.5%(2.4)%290 bpsAdjusted Segment EBITDA Margin*4.3%1.7%260 bpsKey Performance Indicators:U.S. Base Same-Show Revenue Growth(1)5.3%U.S. Show Rotation Revenue Change (approx.)(2)International Show Rotation Revenue Change (approx.)(2)Pursuit Results4.7%7.3%3.6%49.8%50.4%-60 bps3.7%55.8%56.3%-50 bpsSame-Store RevPAR(1)2.5%Same-Store Room Nights Available(1)-0.3%Same-Store Passengers(2)-2.1%Same-Store Revenue per Passenger(2)7.1%GESPursuitDown low-single digits
(from $1,133 in 2017)Up mid- to high-single digits
(from $174 in 2017)Adjusted Segment EBITDA$78.5 to $81.5 (vs. $88.2* in 2017)$67.5 to $69.5 (vs. $66.0* in 2017)Depreciation & Amortization$38 to $39$18.5 to $19.5Adjusted Operating Income$40 to $43 (vs. $50.9* in 2017)$48.5 to $50.5 (vs. $48.4* in 2017)Capital Expenditures$28 to $31$59 to $62
(inclusive of $19 for the Mount
Royal Hotel and $10 for FlyOver
Iceland)2018 Fourth Quarter Guidance2018 Guidance2017Low EndHigh EndFX Impact(1)Revenue:toAdjusted Operating Income (Loss):*$——Income (Loss) per Share Before Other Items(UNAUDITED)Three months ended September 30,Nine months ended September 30,($ in thousands, except per share data)2018$ Change% ChangeGES:U.S.-6.9%International0.6%Intersegment eliminations62.9%28.9%Total GES-4.7%Total revenue-3.0%Segment operating income (loss):-46.1%60.6%7.6%-36.6%2.9%Segment operating income17.0%-17.2%Corporate eliminations0.0%2.0%Corporate activities (Note A)14.6%13.7%Restructuring charges31.4%-22.3%Impairment recoveries (Note B)-100.0%-99.9%Other expense (Note C)-41.9%Net interest expense-22.7%-11.2%Income from continuing operations before income taxes-24.7%-41.0%Income tax expense (Note D)46.0%53.6%Income from continuing operations-15.4%-35.8%Income (loss) from discontinued operations (Note E)Net income-15.7%-35.0%Net income attributable to noncontrolling interest-18.7%-19.1%Net loss attributable to redeemable noncontrolling interestNet income attributable to Viad-35.1%Amounts Attributable to Viad Common Stockholders:-15.9%-36.0%Diluted income per common share:Income from continuing operations attributable to Viad common shareholders-16.0%-36.3%Income (loss) from discontinued operations attributable to Viad common shareholdersNet income attributable to Viad common
shareholders-16.4%-35.5%Basic income per common share:-15.5%-36.1%Net income attributable to Viad common shareholders (Note F)-35.2%Common shares treated as outstanding for income per share calculations:Weighted-average outstanding common shares-0.1%0.3%Weighted-average outstanding and potentially dilutive common shares-0.2%0.2%% ChangeLess: Allocation to nonvested shares37.3%Adjustment to the redemption value of redeemable noncontrolling interestNet income allocated to Viad common shareholders-16.2%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-tax-31.4%22.3%Impairment recoveries, pre-tax99.9%Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)38.9%Tax expense (benefit) on above itemsAdjustment related to Tax ReformFavorable tax mattersNet income attributable to FlyOver Iceland noncontrolling interestIncome before other items(per diluted share)25.0%40.0%Adjusted EBITDA:Interest expense23.2%11.9%Income tax expense-46.0%-53.6%Depreciation and amortization2.2%4.4%Other noncontrolling interest27.9%26.1%Adjusted EBITDA16.0%-11.0%Acquisition integration costs - GES134.8%Acquisition integration costs - Pursuit1Acquisition transaction-related costs - Pursuit1-48.4%Acquisition transaction-related costs - Corporate2-26.2%FlyOver Iceland start-up costs1Acquisition-related and other non-recurring expenses, pre-taxThree months ended September 30, 2018Three months ended September 30, 2017As ReportedAcquisitions
(Note A)FX ImpactOrganicViad Consolidated:Loss from discontinued operationsOther expenseImpairment recoveriesCorporate activities expenseSegment operating income (loss)FlyOver Iceland start-up costsIntegration costsAcquisition transaction-related costsAdjusted segment operating incomeSegment depreciationSegment amortizationAdjusted segment operating margin15.9%45.9%16.2%14.3%Adjusted segment EBITDA margin20.4%51.5%20.7%18.9%Adjusted segment operating income (loss)DepreciationAmortization7.8%-2.4%10.7%GES U.S.:1.2%-1.4%5.0%GES International:Segment operating lossAdjusted segment operating loss-2.0%-1.9%-5.3%1.8%Pursuit:-55.5%49.9%61.8%55.9%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 itemsQ4 2017FY 2017Adjusted segment operating income (loss) and adjusted segment EBITDA:ViadNet income (loss) attributable to noncontrolling interest(Income) loss from discontinued operationsOther expense, pre-taxAdjusted segment EBITDAPK ! 11 docProps/app.xml
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