Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | Viad Corp | |
Entity Central Index Key | 0000884219 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | DE | |
Trading Symbol | VVI | |
Title of 12(b) Security | Common Stock, $1.50 Par Value | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-11015 | |
Entity Tax Identification Number | 36-1169950 | |
Entity Address, Address Line One | 7000 East 1st Avenue | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85251-4304 | |
City Area Code | 602 | |
Local Phone Number | 207-1000 | |
Entity Common Stock, Shares Outstanding | 20,879,009 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 53,179 | $ 59,719 |
Accounts receivable, net of allowances for doubtful accounts of $3,097 and $2,174, respectively | 146,157 | 122,373 |
Inventories | 15,844 | 10,785 |
Current contract costs | 18,313 | 14,331 |
Prepaid insurance | 8,641 | 13,370 |
Other current assets | 27,058 | 18,977 |
Total current assets | 269,192 | 239,555 |
Property and equipment, net | 567,117 | 549,578 |
Other investments and assets | 19,321 | 17,457 |
Operating lease right-of-use assets | 112,263 | 102,777 |
Deferred income taxes | 2,718 | 565 |
Goodwill | 123,899 | 121,429 |
Other intangible assets, net | 58,257 | 58,985 |
Total Assets | 1,152,767 | 1,090,346 |
Current liabilities | ||
Accounts payable | 106,059 | 73,020 |
Contract liabilities | 67,020 | 43,950 |
Accrued compensation | 22,750 | 25,839 |
Operating lease obligations | 15,087 | 13,463 |
Other current liabilities | 37,788 | 41,653 |
Current portion of debt and finance lease obligations | 8,382 | 13,192 |
Total current liabilities | 257,086 | 211,117 |
Long-term debt and finance obligations | 459,482 | 456,752 |
Pension and postretirement benefits | 16,399 | 16,769 |
Long-term operating lease obligations | 109,143 | 101,297 |
Other deferred items and liabilities | 73,363 | 70,024 |
Total liabilities | 915,473 | 855,959 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 4,727 | 4,956 |
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 | 569,733 | 570,271 |
Accumulated deficit | (348,109) | (334,301) |
Accumulated other comprehensive loss | (38,770) | (47,185) |
Common stock in treasury, at cost, 4,068,448 and 4,216,044 shares, respectively | (203,769) | (211,657) |
Total Viad stockholders’ equity | 16,487 | 14,530 |
Non-redeemable noncontrolling interest | 83,489 | 82,310 |
Total stockholders’ equity | 99,976 | 96,840 |
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | 1,152,767 | 1,090,346 |
Convertible Series A Preferred Stock | ||
Current liabilities | ||
Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized, 135,000 shares issued and outstanding | $ 132,591 | $ 132,591 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 3,097 | $ 2,174 |
Common stock, par value | $ 1.5 | $ 1.5 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,934,981 | 24,934,981 |
Common stock, shares outstanding | 24,934,981 | 24,934,981 |
Treasury Stock Common Shares | 4,068,448 | 4,216,044 |
Convertible Series A Preferred Stock | ||
Preferred Stock, Par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 180,000 | 180,000 |
Preferred Stock, Shares Issued | 135,000 | 135,000 |
Preferred Stock, Shares Outstanding | 135,000 | 135,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenue: | |||||
Total revenue | $ 320,311 | $ 319,203 | $ 581,102 | $ 496,563 | |
Costs and expenses: | |||||
Corporate activities | 3,511 | 3,440 | 6,676 | 6,113 | |
ON Services sale purchase price adjustment | 204 | 0 | 204 | 0 | |
Interest expense, net | 12,356 | 7,761 | 24,605 | 13,638 | |
Other expense, net | 448 | 612 | 979 | 1,250 | |
Restructuring charges | 192 | 1,426 | 645 | 2,080 | |
Impairment charges | 0 | 0 | 0 | 583 | |
Total costs and expenses | 303,562 | 295,734 | 586,263 | 506,294 | |
Loss from continuing operations before income taxes | 16,749 | 23,469 | (5,161) | (9,731) | |
Income tax expenses | 5,028 | 3,359 | 4,450 | 777 | |
Income (loss) from continuing operations | 11,721 | 20,110 | (9,611) | (10,508) | |
Income (loss) from discontinued operations | (143) | 52 | (201) | 327 | |
Net loss | 11,578 | 20,162 | (9,812) | (10,181) | |
Net (income) loss attributable to non-redeemable noncontrolling interest | (903) | (451) | (505) | 753 | |
Net loss attributable to redeemable noncontrolling interest | 286 | 128 | 409 | 266 | |
Net loss attributable to Viad | $ 10,961 | $ 19,839 | $ (9,908) | $ (9,162) | |
Diluted income (loss) per common share: | |||||
Continuing operations attributable to Viad common stockholders | $ 0.34 | $ 0.64 | $ (0.65) | $ (0.69) | |
Discontinued operations attributable to Viad common stockholders | (0.01) | 0 | (0.01) | 0.02 | |
Net loss attributable to Viad common stockholders | [1] | $ 0.33 | $ 0.64 | $ (0.66) | $ (0.67) |
Weighted-average outstanding and potentially dilutive common shares | 20,975 | 20,731 | 20,796 | 20,544 | |
Basic income (loss) per common share: | |||||
Continuing operations attributable to Viad common stockholders | $ 0.34 | $ 0.64 | $ (0.65) | $ (0.69) | |
Discontinued operations attributable to Viad common stockholders | (0.01) | 0 | (0.01) | 0.02 | |
Net loss attributable to Viad common stockholders | $ 0.33 | $ 0.64 | $ (0.66) | $ (0.67) | |
Weighted-average outstanding common shares | 20,840 | 20,571 | 20,796 | 20,544 | |
Amounts attributable to Viad | |||||
Loss from continuing operations | $ 11,104 | $ 19,787 | $ (9,707) | $ (9,489) | |
Income (loss) from discontinued operations | (143) | 52 | (201) | 327 | |
Net loss | 10,961 | 19,839 | (9,908) | (9,162) | |
Services | |||||
Revenue: | |||||
Total revenue | 262,339 | 254,132 | 480,479 | 405,269 | |
Costs and expenses: | |||||
Costs and expenses | 232,412 | 223,177 | 458,615 | 395,131 | |
Products | |||||
Revenue: | |||||
Total revenue | 57,972 | 65,071 | 100,623 | 91,294 | |
Costs and expenses: | |||||
Costs and expenses | $ 54,439 | $ 59,318 | $ 94,539 | $ 87,499 | |
[1] Diluted loss per share amount cannot exceed basic loss per share. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net loss | $ 11,578 | $ 20,162 | $ (9,812) | $ (10,181) | |
Other comprehensive income (loss): | |||||
Unrealized foreign currency translation adjustments | 6,755 | (11,543) | 7,950 | (8,131) | |
Change in fair value of interest rate cap | 1,238 | 0 | 438 | 0 | |
Change in net actuarial loss, net of tax | [1] | 33 | 59 | (12) | 466 |
Change in prior service cost, net of tax | [1] | 4 | 0 | 39 | 0 |
Comprehensive loss | 19,608 | 8,678 | (1,397) | (17,846) | |
Non-redeemable noncontrolling interest: | |||||
Net (income) loss attributable to non-redeemable noncontrolling interest | (903) | (451) | (505) | 753 | |
Unrealized foreign currency translation adjustments | 1,235 | (2,014) | 1,800 | (1,277) | |
Comprehensive loss attributable to redeemable noncontrolling interest | 286 | 128 | 409 | 266 | |
Comprehensive loss attributable to Viad | $ 20,226 | $ 6,341 | $ 307 | $ (18,104) | |
[1] The tax effect on other comprehensive income (loss) is not significant |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Common Stock inTreasury | Total Viad Equity | Non-Redeemable Non-Controlling Interest | Mezzanine Equity Redeemable Non-Controlling Interest | Convertible Series A Preferred Stock | ||
Beginning Balance at Dec. 31, 2021 | $ 91,838 | $ 37,402 | $ 566,741 | $ (349,720) | $ (27,429) | $ (220,712) | $ 6,282 | $ 85,556 | $ 5,444 | $ 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (loss) | (30,205) | (29,001) | (29,001) | (1,204) | (138) | |||||||
Dividends on convertible preferred stock | (1,950) | (1,950) | (1,950) | |||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (349) | (349) | (349) | |||||||||
Employee benefit plans | 686 | (1,286) | 1,972 | 686 | ||||||||
Share-based compensation - equity awards | 2,385 | 2,385 | 2,385 | |||||||||
Unrealized foreign currency translation adjustment | 4,149 | 3,412 | 3,412 | 737 | 49 | |||||||
Amortization of net actuarial loss, net of tax | 407 | 407 | 407 | |||||||||
Other, net | (41) | (41) | (41) | 351 | ||||||||
Ending Balance at Mar. 31, 2022 | 66,920 | 37,402 | 567,799 | (380,671) | (23,610) | (219,089) | (18,169) | 85,089 | 5,706 | 132,591 | ||
Beginning Balance at Dec. 31, 2021 | 91,838 | 37,402 | 566,741 | (349,720) | (27,429) | (220,712) | 6,282 | 85,556 | 5,444 | 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Amortization of net actuarial loss, net of tax | [1] | 466 | ||||||||||
Amortization of prior service cost, net of tax | [1] | 0 | ||||||||||
Ending Balance at Jun. 30, 2022 | 75,365 | 37,402 | 570,496 | (362,782) | (35,094) | (217,613) | (7,591) | 82,956 | 5,823 | 132,591 | ||
Beginning Balance at Mar. 31, 2022 | 66,920 | 37,402 | 567,799 | (380,671) | (23,610) | (219,089) | (18,169) | 85,089 | 5,706 | 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (loss) | 20,290 | 19,839 | 19,839 | 451 | (128) | |||||||
Dividends on convertible preferred stock | (1,950) | (1,950) | (1,950) | |||||||||
Distributions to non-controlling interests | (570) | (570) | ||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (5) | (5) | (5) | |||||||||
Employee benefit plans | 833 | (648) | 1,481 | 833 | ||||||||
Share-based compensation - equity awards | 3,370 | 3,370 | 3,370 | |||||||||
Unrealized foreign currency translation adjustment | (13,557) | (11,543) | (11,543) | (2,014) | (167) | |||||||
Amortization of net actuarial loss, net of tax | 59 | [1] | 59 | 59 | ||||||||
Amortization of prior service cost, net of tax | [1] | 0 | ||||||||||
Other, net | (25) | (25) | (25) | 412 | ||||||||
Ending Balance at Jun. 30, 2022 | 75,365 | 37,402 | 570,496 | (362,782) | (35,094) | (217,613) | (7,591) | 82,956 | 5,823 | 132,591 | ||
Beginning Balance at Dec. 31, 2022 | 96,840 | 37,402 | 570,271 | (334,301) | (47,185) | (211,657) | 14,530 | 82,310 | 4,956 | 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (loss) | (21,267) | (20,869) | (20,869) | (398) | (123) | |||||||
Dividends on convertible preferred stock | (1,950) | (1,950) | (1,950) | |||||||||
Change in fair value of interest rate cap | (800) | (800) | (800) | |||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (204) | (204) | (204) | |||||||||
Employee benefit plans | 791 | (4,677) | 5,468 | 791 | ||||||||
Share-based compensation - equity awards | 3,064 | 3,064 | 3,064 | |||||||||
Unrealized foreign currency translation adjustment | 1,760 | 1,195 | 1,195 | 565 | 142 | |||||||
Amortization of net actuarial loss, net of tax | (45) | (45) | (45) | |||||||||
Amortization of prior service cost, net of tax | 35 | 35 | 35 | |||||||||
Other, net | 5 | 3 | 2 | 5 | ||||||||
Ending Balance at Mar. 31, 2023 | 78,229 | 37,402 | 568,661 | (357,120) | (46,800) | (206,391) | (4,248) | 82,477 | 4,975 | 132,591 | ||
Beginning Balance at Dec. 31, 2022 | 96,840 | 37,402 | 570,271 | (334,301) | (47,185) | (211,657) | 14,530 | 82,310 | 4,956 | 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions to non-controlling interests | (1,126) | |||||||||||
Amortization of net actuarial loss, net of tax | [1] | (12) | ||||||||||
Amortization of prior service cost, net of tax | [1] | 39 | ||||||||||
Ending Balance at Jun. 30, 2023 | 99,976 | 37,402 | 569,733 | (348,109) | (38,770) | (203,769) | 16,487 | 83,489 | 4,727 | 132,591 | ||
Beginning Balance at Mar. 31, 2023 | 78,229 | 37,402 | 568,661 | (357,120) | (46,800) | (206,391) | (4,248) | 82,477 | 4,975 | 132,591 | ||
Increase Decrease In Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (loss) | 11,864 | 10,961 | 10,961 | 903 | (286) | |||||||
Dividends on convertible preferred stock | (1,950) | (1,950) | (1,950) | |||||||||
Change in fair value of interest rate cap | 1,238 | 1,238 | 1,238 | |||||||||
Distributions to non-controlling interests | (1,126) | (1,126) | ||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (4) | (4) | (4) | |||||||||
Employee benefit plans | 855 | (1,773) | 2,628 | 855 | ||||||||
Share-based compensation - equity awards | 2,830 | 2,830 | 2,830 | |||||||||
Unrealized foreign currency translation adjustment | 7,990 | 6,755 | 6,755 | 1,235 | 38 | |||||||
Amortization of net actuarial loss, net of tax | 33 | [1] | 33 | 33 | ||||||||
Amortization of prior service cost, net of tax | 4 | [1] | 4 | 4 | ||||||||
Other, net | 13 | 15 | 0 | (2) | 13 | |||||||
Ending Balance at Jun. 30, 2023 | $ 99,976 | $ 37,402 | $ 569,733 | $ (348,109) | $ (38,770) | $ (203,769) | $ 16,487 | $ 83,489 | $ 4,727 | $ 132,591 | ||
[1] The tax effect on other comprehensive income (loss) is not significant |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (9,812) | $ (10,181) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 25,279 | 26,486 |
Deferred income taxes | (961) | (962) |
(Income) loss from discontinued operations | 201 | (327) |
Restructuring charges | 645 | 2,080 |
Impairment charges | 0 | 583 |
Gains on dispositions of property and other assets | (73) | (154) |
Share-based compensation expense | 5,912 | 5,469 |
Other non-cash items, net | 2,496 | 5,384 |
Change in operating assets and liabilities: | ||
Receivables | (22,832) | (67,166) |
Inventories | (4,883) | (6,461) |
Current contract costs | (3,595) | (11,946) |
Accounts payable | 33,627 | 32,942 |
Restructuring liabilities | (798) | (1,894) |
Accrued compensation | (4,518) | 12,586 |
Contract liabilities | 22,165 | 27,167 |
Income taxes payable | (6,322) | (193) |
Other assets and liabilities, net | 2,269 | 30,605 |
Net cash provided by operating activities | 38,800 | 44,018 |
Cash flows from investing activities | ||
Capital expenditures | (32,193) | (31,639) |
Cash paid for acquisitions, net | (41) | (25,494) |
Proceeds from dispositions of property and other assets | 82 | 161 |
Net cash used in investing activities | (32,152) | (56,972) |
Cash flows from financing activities | ||
Proceeds from borrowings | 21,806 | 54,668 |
Payments on debt and finance lease obligations | (27,157) | (38,728) |
Dividends paid on preferred stock | (3,900) | (3,900) |
Distributions to noncontrolling interest, net of contributions from noncontrolling interest | (1,126) | (570) |
Payments of debt issuance costs | (226) | (418) |
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased | (505) | (537) |
Net cash (used in) provided by financing activities | (11,108) | 10,515 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 956 | (1,924) |
Net change in cash, cash equivalents, and restricted cash | (3,504) | (4,363) |
Cash, cash equivalents, and restricted cash, beginning of year | 64,564 | 64,303 |
Cash, cash equivalents, and restricted cash, end of period | $ 61,060 | $ 59,940 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 10,961 | $ 19,839 | $ (9,908) | $ (9,162) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended June 30, 2023, no director or officer of the Company adopted or terminated a “ Rule 10b5-1 trading arrangement” or “ non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | true |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | true |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023 (“2022 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation. Nature of Business We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions are both live event businesses and are collectively referred to as “GES.” Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon. Spiro Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement. GES Exhibitions GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels. Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities Amendment relates to the application of Topic 805, Business Combinations , to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree. 1/1/2023 The adoption of this new standard did not have a material impact on our consolidated financial statements. ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. 1/1/2023 We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. These estimates and assumptions may change as a result of the impact of global economic conditions, global inflationary pressures, and volatility in foreign exchange rates. Actual results could differ from these and other estimates. Cash, Cash Equivalents, and Restricted Cash Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less . Cash and cash equivalents consist of cash and bank demand deposits. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards. Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following: June 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 53,179 $ 59,719 Restricted cash included in other current assets 7,881 4,845 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 61,060 $ 64,564 Revenue Recognition Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer. Pursuit’s service revenue is derived through its admissions, accommodations, and transportation services. Product revenue is derived through food and beverage and retail sales. Revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits, and product revenue is recognized at a point in time. GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits, environments, and graphics and is recognized at a point in time upon delivery of the product. Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4 % equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 23 – Noncontrolling Interests – Redeemable and Non-redeemable for additional information. Convertible Preferred Stock We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Dividends paid-in-kind increase the redemption value of the preferred stock. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. Leases We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term. Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases have lease terms ranging up to 29 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years. If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country in order to calculate the present value of our future lease payments. The incremental borrowing rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
Revenue and Related Contract Co
Revenue and Related Contract Costs and Contract Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Related Contract Costs and Contract Liabilities | Note 2. Revenue and Related Contract Costs and Contract Liabilities Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with a live event. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. We recognize revenue for services generally at the close of the live event. We recognize revenue for products either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice. In circumstances where a customer cancels a contract, we generally have the right to bill the customer for costs incurred to date. Payment terms are generally within 30 - 60 days and contain no significant financing components. Contract Liabilities Pursuit and GES typically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that we recognize as a reduction of revenue. We include customer deposits in “Contract liabilities” and “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets. Changes to contract liabilities are as follows: (in thousands) Balance at December 31, 2022 $ 44,757 Cash additions 94,495 Revenue recognized ( 65,082 ) Foreign exchange translation adjustment ( 6,376 ) Balance at June 30, 2023 $ 67,794 Contract Costs GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future live events, and also include up-front incentives and commissions incurred upon contract signing. We expense costs associated with preliminary contract activities (i.e. proposal activities) as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in “Costs of services” or “Costs of products” as applicable . We include the deferred incremental costs of obtaining and fulfilling contracts in “Current contract costs” and “Other investments and assets” in the Condensed Consolidated Balance Sheets. Changes to contract costs are as follows: (in thousands) Balance at December 31, 2022 $ 16,568 Additions 30,443 Expenses ( 26,216 ) Foreign exchange translation adjustment 312 Balance at June 30, 2023 $ 21,107 As of June 30, 2023 , capitalized contract costs consisted of $ 0.1 million to obtain contracts and $ 21.0 million to fulfill contracts. We did no t recognize an impairment loss with respect to capitalized contract costs during the three and six months ended June 30, 2023 or 2022. Disaggregation of Revenue The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served: Pursuit Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Services: Ticket revenue $ 36,543 $ 29,337 $ 50,804 $ 38,539 Rooms revenue 22,106 20,559 29,696 27,462 Transportation 3,689 3,755 5,634 4,934 Other 3,333 3,017 4,700 4,387 Total services revenue 65,671 56,668 90,834 75,322 Products: Food and beverage 13,628 12,171 19,503 16,264 Retail operations 9,175 8,760 10,800 9,797 Total products revenue 22,803 20,931 30,303 26,061 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 Timing of revenue recognition: Services transferred over time $ 65,671 $ 56,668 $ 90,834 $ 75,322 Products transferred at a point in time 22,803 20,931 30,303 26,061 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 Markets: Banff Jasper Collection $ 46,905 $ 38,962 $ 64,519 $ 53,292 Alaska Collection 12,701 13,319 13,154 13,816 Glacier Park Collection 13,730 13,581 15,185 14,590 FlyOver 7,020 5,870 12,875 10,009 Sky Lagoon 8,118 5,867 15,404 9,676 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 GES Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Service lines: Spiro $ 80,368 $ 89,425 $ 140,730 $ 132,241 GES Exhibitions 154,534 154,600 324,031 266,431 Intersegment eliminations ( 3,065 ) ( 2,421 ) ( 4,796 ) ( 3,492 ) Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 Timing of revenue recognition: Services transferred over time $ 196,668 $ 197,464 $ 389,645 $ 329,947 Products transferred over time (1) 16,038 16,025 28,979 23,963 Products transferred at a point in time 19,131 28,115 41,341 41,270 Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 Geographical markets: North America $ 177,408 $ 189,670 $ 358,247 $ 318,697 EMEA 62,644 58,534 112,181 84,347 Intersegment eliminations ( 8,215 ) ( 6,600 ) ( 10,463 ) ( 7,864 ) Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 (1) GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 3. Share-Based Compensation We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we reserved 1,750,000 shares of common stock for issuance under the 2017 Plan. On May 24, 2022, we amended and restated the 2017 Plan, which among other things, increased the number of shares reserved for issuance under the 2017 Plan by 840,000 shares, bringing the total number of reserved shares to 2,590,000 . As of June 30, 2023 , there were 880,838 shares available for future grant under the 2017 Plan. The following table summarizes share-based compensation expense: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Performance-based restricted stock units $ 819 $ 705 $ 1,641 $ 719 Restricted stock awards and restricted stock units 1,681 1,787 3,324 3,349 Stock options 347 811 947 1,401 Share-based compensation expense before income tax 2,847 3,303 5,912 5,469 Income tax benefit (1) ( 44 ) ( 30 ) ( 66 ) ( 47 ) Share-based compensation expense, net of income tax $ 2,803 $ 3,273 $ 5,846 $ 5,422 (1) The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. |
Acquisitions and Disposition
Acquisitions and Disposition | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Disposition | Note 4. Acquisition and Disposition 2022 Acquisition Glacier Raft Company On April 6, 2022, we acquired the Glacier Raft Company, which provides guided river rafting trips operating in Pursuit’s West Glacier, Montana operations. The Glacier Raft Company also owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park. The purchase price was $ 26.5 million in cash. This acquisition was funded via cash on hand of approximately $ 11.5 million and borrowings under our revolving credit facility of $ 15.0 million. The following table summarizes the final allocation of the aggregate purchase price and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the first quarter of 2023, we made a purchase accounting measurement period adjustment of approximately $ 41,000 to working capital based on refinements to assumptions used in the preliminary valuation. (in thousands) Purchase price paid as: Cash $ 26,507 Working capital adjustment ( 920 ) Purchase price adjustment 125 Cash acquired ( 177 ) Purchase price, net of cash acquired 25,535 Fair value of net assets acquired: Inventory 370 Prepaid expenses and other 57 Property and equipment 6,487 Intangible assets 3,400 Total assets acquired 10,314 Customer deposits 1,575 Other current liabilities 32 Total liabilities assumed 1,607 Total fair value of net assets acquired 8,707 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 16,828 Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired was recorded as “Goodwill.” Goodwill relating to the Glacier Raft Company acquisition is included in the Pursuit reportable segment. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition. Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company: (in thousands) Amount Weighted Average Life Customer relationships $ 1,800 12 years Operating licenses 1,300 17 years Trade name 300 8 years Total $ 3,400 14 years The results of operations of the Glacier Raft Company have been included in the consolidated financial statements from the date of acquisition. 2022 Disposition ON Services On December 15, 2022, we completed the sale of substantially all of the assets of GES’ United States audio-visual production business, ON Services – AV Specialists, Inc. (“ON Services”), for approximately $ 30.0 million, subject to customary working capital adjustments. We recognized a gain on sale of $ 19.6 million. During the second quarter of 2023, we made a sale purchase price adjustment of approximately $ 0.2 million. ON Services had a net carrying value of $ 10.4 million, which included $ 4.9 million of net working capital and net non-current assets of $ 5.5 million. Working capital consisted primarily of accounts receivable of $ 8.2 million and other current assets of $ 0.7 million, offset in part by current liabilities of $ 4.0 million. Net non-current assets consisted primarily of property and equipment of $ 6.0 million, offset in part by other liabilities of $ 0.5 million. The staging business of ON Services was included in the Spiro reportable segment and the venue services business in the United States was included in the GES Exhibitions reportable segment. The ON Services sale did not represent a strategic shift that has or will have a major effect on our operations and financial results, and therefore was not classified as a discontinued operation for any of the periods presented. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories We state inventories, which consist primarily of exhibit design and construction materials and supplies, as well as retail inventory, at the lower of cost (first-in, first-out and specific identification methods) or net realizable value. The components of inventories consisted of the following: June 30, December 31, (in thousands) 2023 2022 Raw materials $ 1,153 $ 1,403 Finished goods 14,691 9,382 Inventories $ 15,844 $ 10,785 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 6. Other Current Assets Other current assets consisted of the following: June 30, December 31, (in thousands) 2023 2022 Restricted cash $ 7,881 $ 4,845 Prepaid software maintenance 5,848 4,650 Prepaid project deposit 3,699 3,615 Prepaid vendor payments 2,805 2,084 Income tax receivable 1,498 322 Prepaid taxes 1,036 142 Prepaid other 2,055 1,836 Other 2,236 1,483 Other current assets $ 27,058 $ 18,977 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 7. Property and Equipment, Net Property and equipment consisted of the following: June 30, December 31, (in thousands) 2023 2022 Land and land interests $ 31,083 $ 30,902 Buildings and leasehold improvements 434,398 409,852 Equipment and other 429,987 413,485 Gross property and equipment 895,468 854,239 Accumulated depreciation ( 386,083 ) ( 362,195 ) Property and equipment, net (excluding finance leases) 509,385 492,044 Finance lease ROU assets, net 57,732 57,534 Property and equipment, net $ 567,117 $ 549,578 Depreciation expense was $ 10.5 million during the three months ended June 30, 2023 and $ 20.9 million during the six months ended June 30, 2023. Depreciation expense was $ 10.8 million during the three months ended June 30, 2022 and $ 21.8 million during the six months ended June 30, 2022. Property and equipment purchased through accounts payable and accrued liabilities decreased $ 1.3 million during the six months ended June 30, 2023 and decreased $ 0.4 million during the six months ended June 30, 2022. Capitalized interest was $ 0.5 million during the three months ended June 30, 2023 and $ 0.7 million during the six months ended June 30, 2023 . Capitalized interest was $ 0.7 million during the three months ended June 30, 2022 and $ 2.6 million during the six months ended June 30, 2022 , which was primarily related to the development of Pursuit’s FlyOver attractions. |
Other Investments and Assets
Other Investments and Assets | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Other Investments and Assets | Note 8. Other Investments and Assets Other investments and assets consisted of the following: June 30, December 31, (in thousands) 2023 2022 Self-insured liability receivable $ 8,211 $ 8,211 Other mutual funds 4,049 3,490 Contract costs 2,794 2,237 Other 4,267 3,519 Other investments and assets $ 19,321 $ 17,457 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows: (in thousands) Balance at December 31, 2022 $ 121,429 Foreign currency translation adjustments 2,429 Other (1) 41 Balance at June 30, 2023 $ 123,899 (1) Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisition and Disposition for additional information. Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing. Other intangible assets consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Customer contracts and relationships 7.6 $ 34,701 $ ( 28,798 ) $ 5,903 $ 37,194 $ ( 30,109 ) $ 7,085 Operating contracts and licenses 33.8 40,285 ( 4,145 ) 36,140 38,993 ( 3,504 ) 35,489 In-place lease 33.3 14,755 ( 1,618 ) 13,137 14,420 ( 1,404 ) 13,016 Tradenames 3.6 5,667 ( 3,760 ) 1,907 5,546 ( 3,324 ) 2,222 Other 4.7 787 ( 186 ) 601 770 ( 163 ) 607 Total amortized intangible assets 96,195 ( 38,507 ) 57,688 96,923 ( 38,504 ) 58,419 Indefinite-lived intangible assets: Business licenses 569 — 569 566 — 566 Other intangible assets, net $ 96,764 $ ( 38,507 ) $ 58,257 $ 97,489 $ ( 38,504 ) $ 58,985 Intangible asset amortization expense (excluding amortization expense of ROU assets) was $ 1.2 million during the three months ended June 30, 2023 and $ 2.3 million during the six months ended June 30, 2023. Intangible asset amortization expense was $ 1.4 million during the three months ended June 30, 2022 and $ 2.6 million during the six months ended June 30, 2022. At June 30, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows: (in thousands) Year ending December 31, Remainder of 2023 $ 2,276 2024 3,679 2025 2,378 2026 2,344 2027 1,938 Thereafter 45,073 Total $ 57,688 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Note 10. Other Current Liabilities Other current liabilities consisted of the following: June 30, December 31, (in thousands) 2023 2022 Continuing operations: Accrued sales and use taxes and personal property taxes $ 7,901 $ 4,082 Commissions payable 4,978 5,059 Accrued employee benefit costs 4,779 4,920 Self-insured liability 4,572 4,909 Accrued concession fees 3,609 4,297 Foreign income taxes payable 2,143 8,354 Accommodation service deposits 1,502 2,208 Current portion of pension and postretirement liabilities 1,258 1,426 Accrued professional fees 1,201 898 Other 5,633 4,958 Total continuing operations 37,576 41,111 Discontinued operations: Self-insured liability 149 458 Environmental remediation liabilities 25 46 Other 38 38 Total discontinued operations 212 542 Total other current liabilities $ 37,788 $ 41,653 |
Other Deferred Items and Liabil
Other Deferred Items and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Deferred Items and Liabilities | Note 11. Other Deferred Items and Liabilities Other deferred items and liabilities consisted of the following: June 30, December 31, (in thousands) 2023 2022 Continuing operations: Foreign deferred tax liability $ 29,526 $ 27,564 Multi-employer pension plan withdrawal liability 13,582 13,815 Self-insured excess liability 8,211 8,211 Self-insured liability 6,445 5,028 Accrued compensation 5,235 4,977 Accrued restructuring 2,985 3,245 Other 3,032 3,071 Total continuing operations 69,016 65,911 Discontinued operations: Environmental remediation liabilities 2,165 2,177 Self-insured liability 1,877 1,631 Other 305 305 Total discontinued operations 4,347 4,113 Total other deferred items and liabilities $ 73,363 $ 70,024 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Finance Lease Obligations | Note 12. Debt and Finance Obligations The components of debt and finance obligations consisted of the following: June 30, December 31, (in thousands, except interest rates) 2023 2022 2021 Credit Facility - Term Loan B, 10.2 % interest rate at June 30, 2023 and 9.4 % at December 31, 2022, due through 2028 (1) $ 393,000 $ 395,000 Jasper Term Loan, 6.5 % interest rate at June 30, 2023, due through 2028 (1) 12,655 — Jasper Revolving Credit Facility, 9.2 % weighted-average interest rate at June 30, 2023, due through 2028 (1) 3,020 — Forest Park Hotel Construction Loan, 8.8 % interest rate at December 31, 2022 (1) — 11,491 FlyOver Iceland Credit Facility, 8.4 % interest rate at June 30, 2023 and 6.9 % at December 31, 2022, due through 2027 (1) 4,528 4,965 FlyOver Iceland Term Loans, 13.1 % weighted-average interest rate at June 30, 2023 and 10.1 % at December 31, 2022, due through 2024 (1) 535 594 Less unamortized debt issuance costs ( 10,012 ) ( 11,848 ) Total debt 403,726 400,202 Finance lease obligations, 9.1 % weighted-average interest rate at June 30, 2023 and December 31, 2022, due through 2067 63,961 64,729 Financing arrangements 177 5,013 Total debt and finance obligations (2)(3) 467,864 469,944 Current portion ( 8,382 ) ( 13,192 ) Long-term debt and finance obligations $ 459,482 $ 456,752 (1) Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) The estimated fair value of total debt and finance leases was $ 320.8 million as of June 30, 2023 and $ 301.8 million as of December 31, 2022. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 14 – Fair Value Measurements for additional information. (3) Cash paid for interest on debt was $ 23.4 million during the six months ended June 30, 2023 and $ 14.6 million during the six months ended June 30, 2022 . 2021 Credit Facility Effective July 30, 2021, we entered into a $ 500 million credit facility (the “2021 Credit Facility”). The 2021 Credit Facility provides for a $ 400 million term loan (“Term Loan B”) and a $ 100 million revolving credit facility (“Revolving Credit Facility”). The proceeds of the Term Loan B, net of $ 14.8 million in related fees, were used to repay the $ 327 million outstanding balance under our then $ 450 million revolving credit facility and to provide for financial flexibility to fund future acquisitions and growth initiatives and for general corporate purposes. LIBOR Transition Amendment On February 6, 2023, we entered into the LIBOR Transition Amendment to the 2021 Credit Facility to replace the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”). In accordance with the LIBOR replacement provisions outlined in the 2021 Credit Facility, additional credit spread adjustments apply to SOFR ranging from 0.11448 % (for a one-month duration) up to 0.71513 % (for a 12-month duration). Term Loan B The Term Loan B has a maturity date of July 30, 2028 and is subject to quarterly amortization of principal of $1.0 million. Interest rates are based on SOFR (plus additional credit spread adjustments as detailed above under “LIBOR Transition Amendment”) plus a 5.00% credit spread, with a SOFR floor of 0.50% . The Term Loan B carries no financial covenants. As discussed in Note 13 – Derivative , we entered into an interest rate cap agreement that manages our exposure to interest rate increases on $ 300 million of borrowings under the Term Loan B and provides us with the right to receive payment if the one-month SOFR exceeds 5.0 % (“strike rate”). Revolving Credit Facility The Revolving Credit Facility has a maturity date of July 30, 2026 . As of June 30, 2023 , capacity remaining under the Revolving Credit Facility was $ 95.0 million, reflecting $ 100.0 million total facility size, less $ 5.0 million in outstanding letters of credit. In addition to borrowing based on one, three, six, or twelve month SOFR tenors (plus additional credit spread adjustments as detailed above under “LIBOR Transition Amendment”), we also have the option to borrow based on the “Base Rate”, which for any day is a fluctuating rate equal to the highest of the Fed Funds Rate plus 0.50 %, Bank of America’s publicly announced “prime rate”, and SOFR plus 1.00 %. Credit spreads for SOFR and Base Rate borrowings are based on Viad’s total net leverage ratio and range from 2.50 % to 3.50 % for SOFR borrowings and from 1.50 % to 3.50 % for Base Rate borrowings. Additionally, a 1.00 % floor applies to the Bate Rate. The Revolving Credit Facility includes an undrawn fee ranging from 0.30 % to 0.50 % that is based on Viad’s total net leverage ratio. The Revolving Credit Facility carries financial covenants. On March 23, 2022, we entered into the First Amendment to the 2021 Credit Facility and on March 28, 2023, we entered into the Second Amendment to the 2021 Credit Facility. The amendments modified the financial covenants to the following: • Maintain a total net leverage ratio of not greater than 4.00 to 1.00 at June 30, 2023 and thereafter; and • Maintain an interest coverage ratio of not less than 2.00 to 1.00. As of June 30, 2023, our total net leverage ratio was 2.91 to 1.00 , the interest coverage ratio w as 3.02 to 1.00 , and we were in compliance with all covenants under the Revolving Credit Facility. In addition to U.S. dollar borrowings, we may borrow funds on the Revolving Credit Facility in Canadian Dollars based on the Canadian Dollar Offered Rate, Pound Sterling based on the Sterling Overnight Index Average, and Euros based on the Euro Interbank Offered Rate, plus applicable credit spreads. No such borrowings had been made as of June 30, 2023. Forest Park Hotel Construction Loan Facility Effective May 17, 2022, Pursuit, through a 60% owned subsidiary, entered into a construction loan facility for borrowings up to $ 17.0 million Canadian dollars (approximately $ 13.3 million U.S. dollars) for the development and construction of the Forest Park Hotel in Jasper National Park. Construction of the hotel was completed in August 2022. During January 2023, we completed our final borrowing under the construction loan facility bringing the total amount borrowed to approximately $ 16.8 million Canadian dollars. The construction loan facility required interest only payments at Canada Prime plus 2.35 % through January 31, 2023, at which time it was converted to a 6.5 % fixed rate term loan. On May 16, 2023, Pursuit entered into an amendment to the Forest Park Hotel Construction Loan Facility wherein the loan was converted into a $ 27.0 million Canadian dollars (approximately $ 20.0 million U.S. dollars) credit facility (the “Jasper Credit Facility”). See below for additional details. Jasper Credit Facility The Jasper Credit Facility provides for a $ 17.0 million Canadian dollars term loan (“Jasper Term Loan”) and a $ 10.0 million Canadian dollars revolving credit facility (“Jasper Revolving Credit Facility”). The Jasper Credit Facility matures on January 31, 2028. The Jasper Revolving Credit Facility carries financial covenants as follows: • Maintain a pre-compensation fixed-charge coverage ratio of not less than 1.30 to 1.00 during all periods; and • Maintain a post-compensation fixed-charge coverage ratio of not less than 1.10 to 1.00 during all periods. As of June 30, 2023 , the pre-compensation and post-compensation fixed-charge coverage ratio was 1.94 to 1.00 , and Pursuit was in compliance with all covenants under the Jasper Credit Facility. Jasper Term Loan The proceeds of the Jasper Term Loan reflect the outstanding balance of the Forest Park Construction Loan Facility at the time it was converted to the Jasper Term Loan of $ 16.8 million Canadian dollars. The Jasper Term Loan bears interest at a 6.5 % fixed rate. Jasper Revolving Credit Facility The proceeds of the Jasper Revolving Credit Facility will be used to fund capital improvements. As of June 30, 2023 , capacity remaining under the Jasper Revolving Credit Facility was $ 6.0 million Canadian dollars. The Jasper Revolving Credit Facility bears interest at the Canadian Prime Rate plus 2.25%. FlyOver Iceland Credit Facility Effective February 15, 2019, FlyOver Iceland ehf., (“FlyOver Iceland”) a wholly-owned subsidiary of Esja, entered into a credit agreement with a € 5.0 million (approximately $ 5.6 million U.S. dollars) credit facility (the “FlyOver Iceland Credit Facility”) with an original maturity date of March 1, 2022 . The loan proceeds were used to complete the development of the FlyOver Iceland attraction. The loan bears interest at the three month Euro Interbank Offered Rate plus 4.9 %. FlyOver Iceland entered into an addendum effective December 1, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2021, with the first payment due December 1, 2022 . The addendum extended the maturity date to March 1, 2025 , which was further extended to September 1, 2027 by way of an option as permitted in the addendum, and provided for a semi-annual waiver of certain covenants through June 30, 2022 with the first testing date as of December 31, 2022. Conditions to the addendum included securing additional capital of ISK 75.0 million (approximately $ 0.6 million) in January 2022, which was completed, in order to strengthen FlyOver Iceland’s liquidity position. There were no other changes to the terms of the FlyOver Iceland Credit Facility. Effective November 2, 2022, FlyOver Iceland received a financial covenant waiver for the 2022 through 2023 testing periods. FlyOver Iceland Term Loans During 2020, FlyOver Iceland entered into three term loans totaling ISK 90.0 million (approximately $ 0.7 million U.S. dollars) (the “FlyOver Iceland Term Loans”). The first term loan for ISK 10.0 million was entered into effective October 15, 2020 and matured on April 1, 2023 . It bore interest on a seven-day term deposit rate at the Central Bank of Iceland. The second term loan for ISK 30.0 million was entered into effective October 15, 2020 with a maturity date of October 1, 2024 and bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with an original maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. Effective November 23, 2022, FlyOver Iceland entered into an amendment to the ISK 50.0 million term loan wherein the maturity date was extended to February 1, 2024. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan . Loan proceeds were used to fund FlyOver Iceland operations. Financing arrangements We entered into insurance premium financing arrangements with two financial intermediaries in order to finance certain of our insurance premium payments. The financing arrangements are payable within the next 12 months and bear a weighted average interest rate of 5.8 %. The aggregate amount of premiums financed was $ 9.5 million with a remaining principal balance of $ 0.2 million as of June 30, 2023 . |
Derivative
Derivative | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 13. Derivative Interest Rate Cap On January 4, 2023, we entered into an interest rate cap agreement with an effective date of January 31, 2023. The interest rate cap manages our exposure to interest rate increases on $ 300 million in borrowings under the Term Loan B and provides us with the right to receive payment if the one-month SOFR exceeds 5.0 % (“strike rate”). Beginning on February 28, 2023, we pay a fixed monthly deferred premium based on an annual rate of 0.3335 % for the interest rate cap, which matures on January 31, 2025 . We designated the interest rate cap as a cash flow hedge designed to hedge the variability of the SOFR-based interest payments on the Term Loan B. Changes in the fair value of the interest rate cap are recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Condensed Consolidated Balance Sheets. Amounts accumulated in AOCI are reclassified to “Interest expense, net” in the Condensed Consolidated Statements of Operations when the hedged item affects earnings. We recognized $ 1.2 million of unrealized gains in AOCI during the three months ended June 30, 2023 and unrealized gains of $ 0.4 million during the six months ended June 30, 2023 , and approximately $ 0.2 million was reclassified to Interest expense, net, during the three and six months ended June 30, 2023. W e estimate that $ 1.2 million will be reclassified to earnings within the next 12 months. The fair value of the interest rate cap is as follows: June 30, December 31, (in thousands) Classification 2023 2022 Derivatives designated as hedging instruments Interest rate cap - short-term Other current assets $ 480 $ — Interest rate cap - long-term Other investments and assets 201 — Total derivatives designated as hedging instruments $ 681 $ — The fair value of the interest rate cap is determined using widely accepted valuation techniques and reflects the contractual terms of the interest rate cap including the period to maturity. While there are no quoted prices in active markets, our calculation uses observable market-based inputs, including interest rate curves. The interest rate cap is classified as Level 2 within the fair value hierarchy. Refer to Note 14 – Fair Value Measurements for related fair value disclosures. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14. Fair Value Measurements The fair value of an asset or liability is defined as the price that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value. The fair value of assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using (in thousands) June 30, 2023 Quoted Prices Significant Significant Assets: Other mutual funds (1) $ 4,049 $ 4,049 $ — $ — Interest rate cap (2) 681 — 681 — Total assets at fair value on a recurring basis $ 4,730 $ 4,049 $ 681 $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2022 Quoted Prices Significant Significant Assets: Other mutual funds (1) $ 3,490 $ 3,490 $ — $ — Total assets at fair value on a recurring basis $ 3,490 $ 3,490 $ — $ — (1) We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets. (2) Refer to Note 13 - Derivatives. The carrying values of cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 12 – Debt and Finance Obligations for the estimated fair value of debt obligations. |
Income (Loss) Per Share
Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | Note 15. Income (Loss) Per Share The components of basic and diluted income (loss) per share are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net income (loss) attributable to Viad $ 10,961 $ 19,839 $ ( 9,908 ) $ ( 9,162 ) Less: Allocation to participating securities ( 2,186 ) ( 4,293 ) — — Convertible preferred stock dividends paid in cash ( 1,950 ) ( 1,950 ) ( 3,900 ) ( 3,900 ) Adjustment to the redemption value of redeemable noncontrolling interest — ( 412 ) — ( 763 ) Net income (loss) allocated to Viad common stockholders (basic) $ 6,825 $ 13,184 $ ( 13,808 ) $ ( 13,825 ) Add: Allocation to participating securities 11 25 — — Net income (loss) allocated to Viad common stockholders (diluted) $ 6,836 $ 13,209 $ ( 13,808 ) $ ( 13,825 ) Basic weighted-average outstanding common shares 20,840 20,571 20,796 20,544 Additional dilutive shares related to share-based compensation 135 160 — — Diluted weighted-average outstanding shares 20,975 20,731 20,796 20,544 Income (loss) per share: Basic income (loss) attributable to Viad common stockholders $ 0.33 $ 0.64 $ ( 0.66 ) $ ( 0.67 ) Diluted income (loss) attributable to Viad common stockholders (1) $ 0.33 $ 0.64 $ ( 0.66 ) $ ( 0.67 ) (1) Diluted loss per share amount cannot exceed basic loss per share. Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share. We excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Convertible preferred stock — — 6,674 6,674 Unvested restricted share-based awards 17 17 163 168 Unvested performance share-based awards 159 33 155 51 Stock options 372 372 376 277 |
Common and Preferred Stock
Common and Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common and Preferred Stock | Note 16. Common and Preferred Stock Convertible Series A Preferred Stock On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”), relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $ 0.01 per share (the “Convertible Preferred Stock”), for an aggregate purchase price of $ 135 million or $ 1,000 per share. The $ 135 million issuance was offset in part by $ 9.2 million of expenses related to the capital raise. We have classified the Convertible Preferred Stock as mezzanine equity in the Condensed Consolidated Balance Sheet due to the existence of certain change in control provisions that are not solely within our control. The Convertible Series A Preferred Stock carries a 5.5 % cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible at the option of the holders into shares of our common stock at a conversion price of $ 21.25 per share. Dividends paid-in-kind increase the redemption value of the preferred stock. The redemption value of the preferred stock was $ 141.8 million as of June 30, 2023 and December 31, 2022. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the six months ended June 30, 2023 , $ 3.9 million of dividends were declared, all of which were paid in cash. We intend to pay preferred stock dividends in cash for the foreseeable future. Holders of the Convertible Series A Preferred Stock are entitled to vote with holders of Viad’s common stock on an as-converted basis. Common Stock Repurchases Our Board of Directors previously authorized us to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares. In March 2020, our Board of Directors suspended our share repurchase program. As of June 30, 2023 , 546,283 shares remain available for repurchase under all prior authorizations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 17. Accumulated Other Comprehensive Income (Loss) Changes in AOCI by component are as follows: (in thousands) Cumulative Unrecognized Net Actuarial Loss and Prior Service Credit, Net Unrealized Gain on Interest Rate Cap Accumulated Balance at December 31, 2022 $ ( 42,983 ) $ ( 4,202 ) $ — $ ( 47,185 ) Other comprehensive income before reclassifications 7,950 — 681 8,631 Amounts reclassified from AOCI, net of tax — 27 ( 243 ) ( 216 ) Net other comprehensive income 7,950 27 438 8,415 Balance at June 30, 2023 $ ( 35,033 ) $ ( 4,175 ) $ 438 $ ( 38,770 ) (in thousands) Cumulative Unrecognized Net Actuarial Loss and Prior Service Credit, Net Accumulated Balance at December 31, 2021 $ ( 16,162 ) $ ( 11,267 ) $ ( 27,429 ) Other comprehensive loss before reclassifications ( 8,131 ) — ( 8,131 ) Amounts reclassified from AOCI, net of tax — 466 466 Net other comprehensive income (loss) ( 8,131 ) 466 ( 7,665 ) Balance at June 30, 2022 $ ( 24,293 ) $ ( 10,801 ) $ ( 35,094 ) Amounts reclassified from AOCI that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. We recorded these costs as components of net periodic cost for each period presented. Refer to Note 19 – Pension and Postretirement Benefits for additional information. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes The effective tax rate was 30.0 % for the three months ended June 30, 2023 and a negative 86.2 % for the six months ended June 30, 2023. The effective tax rate was 14.3 % for the three months ended June 30, 2022 and a negative 8.0 % for the six months ended June 30, 2022. The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The rate was higher than the 21 % federal rate for the three months ended June 30, 2023 as we did not recognize the tax benefits on losses recognized in the United States, United Kingdom, and other European Countries while recognizing a tax expense primarily in Canada and Iceland. The effective tax rate was lower for the six months ended June 30, 2023 and the three and six months ended June 30, 2022 due the amount of change in pre-tax income and loss recognized between those jurisdictions where we recognize a tax expense or benefit and those jurisdictions where there is a valuation allowance. The six month effective tax rate ended on June 30, 2023 was further impacted by the release of $ 2.1 million of our valuation allowance during the first quarter on the deferred tax assets recorded on certain US separate state filings. We paid net cash for income taxes of $ 4.6 million during the three months ended June 30, 2023 and $ 12.7 million during the six months ended June 30, 2023 , of which $ 9.6 million of the $ 12.7 million was paid to Canadian tax authorities. We received net cash refunds of $ 0.6 million during the three months ended June 30, 2022 and paid net cash for income taxes of $ 0.8 million during the six months ended June 30, 2022 . |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Note 19. Pension and Postretirement Benefits The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2023 and 2022 consist of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 6 $ 10 $ 44 $ 76 Interest cost 211 125 93 54 91 79 Expected return on plan assets ( 40 ) 51 — — ( 86 ) ( 98 ) Amortization of prior service credit ( 8 ) — 29 22 — — Recognized net actuarial loss (gain) 71 134 ( 44 ) 23 34 36 Net periodic benefit cost (income) $ 234 $ 310 $ 84 $ 109 $ 83 $ 93 Settlement cost — — — — — — Total expenses (income) $ 234 $ 310 $ 84 $ 109 $ 83 $ 93 The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2023 and 2022 consist of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 12 $ 20 $ 88 $ 161 Interest cost 422 250 186 108 183 167 Expected return on plan assets ( 80 ) 49 — — ( 172 ) ( 223 ) Amortization of prior service credit ( 16 ) — 58 44 — — Recognized net actuarial (gain) loss 142 268 ( 88 ) 46 67 71 Net periodic benefit cost $ 468 $ 567 $ 168 $ 218 $ 166 $ 176 Settlement cost — 115 — — — 533 Total expenses $ 468 $ 682 $ 168 $ 218 $ 166 $ 709 We expect to contribute $ 0.6 million to our funded pension plans, $ 0.8 million to our unfunded pension plans, and $ 0.7 million to our postretirement benefit plans in 2023. During the six months ended June 30, 2023 , we contributed $ 0.3 million to our funded pension plans, $ 0.4 million to our unfunded pension plans, and $ 0.3 million to our postretirement benefit plans. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 20. Restructuring Charges GES As part of our efforts to drive efficiencies and simplify our business operations, we took certain restructuring actions designed to simplify and transform GES for greater profitability. These initiatives resulted in restructuring charges related to the elimination of certain positions and continuing to reduce our facility footprint at GES. Other Restructurings We recorded restructuring charges in connection with certain reorganization activities within Pursuit. These charges primarily consist of severance and related benefits due to headcount reductions. Changes to the restructuring liability by major restructuring activity are as follows: GES Other Restructurings (in thousands) Severance & Facilities Severance & Total Balance at December 31, 2022 $ 1,609 $ 1,818 $ 12 $ 3,439 Restructuring charges 227 409 9 645 Cash payments ( 297 ) ( 481 ) ( 14 ) ( 792 ) Adjustment to liability — 46 ( 7 ) 39 Balance at June 30, 2023 $ 1,539 $ 1,792 $ — $ 3,331 As of June 30, 2023 , $ 1.5 million of the liabilities related to severance and employee benefits and $ 1.5 million of liabilities related to facilities will remain unpaid by the end of 2023. The liabilities related to facilities primarily include dilapidations and non-lease expenses that will be paid over the remaining lease terms. Refer to Note 24 – Segment Information for information regarding restructuring charges by segment. |
Leases and Other
Leases and Other | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases and Other | Note 21. Leases and Other The balance sheet presentation of our operating and finance leases is as follows: June 30, December 31, (in thousands) Classification on the Condensed Consolidated Balance Sheet 2023 2022 Assets: Operating lease ROU assets Operating lease ROU assets $ 112,263 $ 102,777 Finance lease ROU assets Property and equipment, net 57,732 57,534 Total lease ROU assets $ 169,995 $ 160,311 Liabilities: Current: Operating lease obligations Operating lease obligations $ 15,087 $ 13,463 Finance lease obligations Current portion of debt and finance obligations 2,650 2,978 Noncurrent: Operating lease obligations Long-term operating lease obligations 109,143 101,297 Finance lease obligations Long-term debt and finance obligations 61,311 61,751 Total lease liabilities $ 188,191 $ 179,489 The components of lease expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Finance lease cost: Amortization of ROU assets $ 1,048 $ 1,045 $ 2,104 $ 2,096 Interest on lease liabilities 1,427 1,467 2,837 2,902 Operating lease cost 6,586 6,204 12,793 12,026 Short-term lease cost 950 749 1,385 1,113 Variable lease cost 1,510 1,532 2,738 2,546 Total lease cost, net $ 11,521 $ 10,997 $ 21,857 $ 20,683 Other information related to operating and finance leases are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,669 $ 6,069 $ 13,321 $ 11,867 Operating cash flows from finance leases $ 1,535 $ 1,499 $ 3,052 $ 2,966 Financing cash flows from finance leases $ 572 $ 873 $ 1,177 $ 1,597 ROU assets obtained in exchange for lease obligations: Operating leases $ 14,571 $ 1,380 $ 17,587 $ 10,711 Finance leases (1) $ 376 $ 1,217 $ 363 $ 4,324 (1) Includes terminations of equipment finance leases that occurred during the first quarter of 2023. June 30, December 31, 2023 2022 Weighted-average remaining lease term (years): Operating leases 7.98 8.51 Finance leases 33.83 34.07 Weighted-average discount rate: Operating leases 7.78 % 7.25 % Finance leases 9.14 % 9.12 % As of June 30, 2023, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows: (in thousands) Operating Leases Finance Leases Total Remainder of 2023 $ 10,511 $ 4,163 $ 14,674 2024 25,910 7,919 33,829 2025 23,878 7,090 30,968 2026 22,931 6,487 29,418 2027 19,367 6,277 25,644 Thereafter 69,059 180,986 250,045 Total future lease payments 171,656 212,922 384,578 Less: Amount representing interest ( 47,426 ) ( 148,961 ) ( 196,387 ) Present value of minimum lease payments 124,230 63,961 188,191 Current portion ( 15,087 ) ( 2,650 ) ( 17,737 ) Long-term portion $ 109,143 $ 61,311 $ 170,454 As of June 30, 2023, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows: (in thousands) Remainder of 2023 $ 923 2024 1,591 2025 1,381 2026 1,136 2027 478 Thereafter 611 Total minimum rents $ 6,120 Lease Not Yet Commenced As of June 30, 2023, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years. |
Litigation, Claims, Contingenci
Litigation, Claims, Contingencies and Other | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other | Note 22. Litigation, Claims, Contingencies, and Other We are plaintiffs or defendants in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against us. Although the amount of liability as of June 30, 2023 with respect to unresolved legal matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations. On July 18, 2020, an off-road Ice Explorer operated by our Pursuit business was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. We immediately reported the accident to our relevant insurance carriers, who have supported our investigation and subsequent claims relating to the accident. In May 2023, we resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of $ 0.5 million Canadian dollars (approximately $ 0.3 million U.S. dollars). We continue to manage our legal defense of various claims from the victims and their families. In addition, we believe that our reserves and, subject to customary deductibles, our insurance coverage is sufficient to cover potential claims related to this accident. We are subject to various United States federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of June 30, 2023, we had recorded environmental remediation liabilities of $ 2.2 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations. As of June 30, 2023, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities and equipment leases entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of June 30, 2023 would be approximately $ 89.0 million. These guarantees relate to our leased equipment and facilities through January 2044 . There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments. A significant number of our employees are unionized and we are a party to approximately 100 collective bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective bargaining agreements expiring in 2023 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. We are self-insured up to certain limits for workers’ compensation and general liabilities, which includes automobile, product general liability, and client property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $ 11.0 million as of June 30, 2023 , which includes $ 6.5 million related to workers’ compensation liabilities, and $ 4.5 million related to general liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $ 2.0 million as of June 30, 2023 . We are also self-insured for certain employee health benefits and the estimated employee health benefit claims incurred but not yet reported was $ 1.5 million as of June 30, 2023 . Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $ 0.2 million to $ 0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $ 0.7 million for the three months ended June 30, 2023 and $ 2.2 million for the six months ended June 30, 2023 and $ 1.0 million for the three months ended June 30, 2022 and $ 2.6 million for the six months ended June 30, 2022. In addition, as of June 30, 2023 , we have recorded insurance liabilities of $ 8.2 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $ 6.4 million is related to workers’ compensation liabilities and $ 1.8 million is related to general/auto liability claims, which is recorded in “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets with a corresponding receivable in “Other investments and assets.” |
Noncontrolling Interest _ Redee
Noncontrolling Interest – Redeemable and Non-redeemable | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest – Redeemable and Non-redeemable | Note 23. Noncontrolling Interests – Redeemable and Non-redeemable Redeemable noncontrolling interest On November 3, 2017, we acquired the controlling interest ( 54.5 % of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 56.4 % as of June 30, 2023. Through Esja and its wholly-owned subsidiary, we are operating the FlyOver Iceland attraction. The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after August 2022 (the “Reference Date”), and in the event the FlyOver Iceland attraction has earned a minimum of € 3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The Put Option Condition has not been met as of June 30, 2023. If the FlyOver Iceland attraction has not achieved the Put Option Condition by December 31, 2024, the put option expires. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss). Changes in the redeemable noncontrolling interest are as follows: (in thousands) Balance at December 31, 2022 $ 4,956 Net loss attributable to redeemable noncontrolling interest ( 409 ) Foreign currency translation adjustment 180 Balance at June 30, 2023 $ 4,727 Non-redeemable noncontrolling interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest are as follows: (in thousands) Glacier Park Inc. Brewster (1) Sky Lagoon Total Balance at December 31, 2022 $ 16,690 $ 55,702 $ 9,918 $ 82,310 Net income (loss) attributable to non-redeemable noncontrolling interest ( 783 ) ( 24 ) 1,312 505 Distributions to non-controlling interests — — ( 1,126 ) ( 1,126 ) Foreign currency translation adjustments 6 1,279 515 1,800 Balance at June 30, 2023 $ 15,913 $ 56,957 $ 10,619 $ 83,489 Equity ownership interest that we do not own 20 % 40 % 49 % (1) Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 24. Segment Information An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges, impairment charges, and certain other corporate expenses that are not allocated to the reportable segments. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Our reportable segments, with reconciliations to consolidated totals, are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Revenue: Pursuit $ 88,474 $ 77,599 $ 121,137 $ 101,383 GES: Spiro 80,368 89,425 140,730 132,241 GES Exhibitions 154,534 154,600 324,031 266,431 GES intersegment eliminations ( 3,065 ) ( 2,421 ) ( 4,796 ) ( 3,492 ) Total GES 231,837 241,604 459,965 395,180 Total revenue $ 320,311 $ 319,203 $ 581,102 $ 496,563 Segment operating income (loss): Pursuit $ 9,811 $ 5,571 $ ( 9,301 ) $ ( 15,627 ) GES: Spiro 8,279 14,847 11,453 14,608 GES Exhibitions 15,354 16,273 25,764 14,918 Total GES 23,633 31,120 37,217 29,526 Segment operating income 33,444 36,691 27,916 13,899 Corporate eliminations (1) 16 17 32 34 Corporate activities ( 3,511 ) ( 3,440 ) ( 6,676 ) ( 6,113 ) ON Services sale purchase price adjustment ( 204 ) — ( 204 ) — Interest expense, net ( 12,356 ) ( 7,761 ) ( 24,605 ) ( 13,638 ) Other expense, net ( 448 ) ( 612 ) ( 979 ) ( 1,250 ) Restructuring charges: Pursuit ( 2 ) — ( 9 ) — Spiro ( 39 ) ( 808 ) ( 176 ) ( 1,226 ) GES Exhibitions ( 151 ) ( 588 ) ( 460 ) ( 824 ) Corporate — ( 30 ) — ( 30 ) Impairment charges: GES Exhibitions — — — ( 583 ) Income (loss) from continuing operations before income taxes $ 16,749 $ 23,469 $ ( 5,161 ) $ ( 9,731 ) (1) Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. Additional information of our reportable segments is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, (in thousands) 2023 2022 2023 2022 Depreciation: Pursuit $ 8,279 $ 7,866 $ 16,413 $ 15,648 Spiro 600 852 1,100 1,781 GES Exhibitions 1,640 2,070 3,318 4,361 Corporate 19 14 39 18 $ 10,538 $ 10,802 $ 20,870 $ 21,808 Amortization: Pursuit $ 1,294 $ 1,316 $ 2,455 $ 2,495 Spiro 62 51 125 103 GES Exhibitions 910 1,038 1,829 2,080 $ 2,266 $ 2,405 $ 4,409 $ 4,678 Capital expenditures: Pursuit $ 17,588 $ 17,219 $ 25,315 $ 28,710 Spiro 618 442 1,265 586 GES Exhibitions 2,590 1,383 5,598 2,248 Corporate and other 13 25 15 95 $ 20,809 $ 19,069 $ 32,193 $ 31,639 We do not report total assets by segment because this is not a metric used to allocate resources or evaluate segment performance by our CODM. |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023 (“2022 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation. |
Nature of Business | Nature of Business We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions are both live event businesses and are collectively referred to as “GES.” Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon. Spiro Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement. GES Exhibitions GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities Amendment relates to the application of Topic 805, Business Combinations , to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree. 1/1/2023 The adoption of this new standard did not have a material impact on our consolidated financial statements. ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. 1/1/2023 We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. These estimates and assumptions may change as a result of the impact of global economic conditions, global inflationary pressures, and volatility in foreign exchange rates. Actual results could differ from these and other estimates. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less . Cash and cash equivalents consist of cash and bank demand deposits. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards. Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following: June 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 53,179 $ 59,719 Restricted cash included in other current assets 7,881 4,845 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 61,060 $ 64,564 |
Revenue Recognition | Revenue Recognition Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer. Pursuit’s service revenue is derived through its admissions, accommodations, and transportation services. Product revenue is derived through food and beverage and retail sales. Revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits, and product revenue is recognized at a point in time. GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits, environments, and graphics and is recognized at a point in time upon delivery of the product. |
Noncontrolling Interests - Non-redeemable and Redeemable | Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4 % equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 23 – Noncontrolling Interests – Redeemable and Non-redeemable for additional information. |
Convertible Preferred Stock | Convertible Preferred Stock We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Dividends paid-in-kind increase the redemption value of the preferred stock. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. |
Leases | Leases We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term. Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases have lease terms ranging up to 29 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years. If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country in order to calculate the present value of our future lease payments. The incremental borrowing rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
Overview and Basis of Present_3
Overview and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Corrections to Prior Period Adjustments | The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities Amendment relates to the application of Topic 805, Business Combinations , to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree. 1/1/2023 The adoption of this new standard did not have a material impact on our consolidated financial statements. ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. 1/1/2023 We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures. |
Schedule of Cash and Cash Equivalents and Restricted Cash Balances | Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following: June 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 53,179 $ 59,719 Restricted cash included in other current assets 7,881 4,845 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 61,060 $ 64,564 |
Revenue and Related Contract _2
Revenue and Related Contract Costs and Contract Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Changes in Contract Liabilities | Changes to contract liabilities are as follows: (in thousands) Balance at December 31, 2022 $ 44,757 Cash additions 94,495 Revenue recognized ( 65,082 ) Foreign exchange translation adjustment ( 6,376 ) Balance at June 30, 2023 $ 67,794 |
Summary of Changes in Contract Costs | Changes to contract costs are as follows: (in thousands) Balance at December 31, 2022 $ 16,568 Additions 30,443 Expenses ( 26,216 ) Foreign exchange translation adjustment 312 Balance at June 30, 2023 $ 21,107 |
Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served | The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served: Pursuit Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Services: Ticket revenue $ 36,543 $ 29,337 $ 50,804 $ 38,539 Rooms revenue 22,106 20,559 29,696 27,462 Transportation 3,689 3,755 5,634 4,934 Other 3,333 3,017 4,700 4,387 Total services revenue 65,671 56,668 90,834 75,322 Products: Food and beverage 13,628 12,171 19,503 16,264 Retail operations 9,175 8,760 10,800 9,797 Total products revenue 22,803 20,931 30,303 26,061 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 Timing of revenue recognition: Services transferred over time $ 65,671 $ 56,668 $ 90,834 $ 75,322 Products transferred at a point in time 22,803 20,931 30,303 26,061 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 Markets: Banff Jasper Collection $ 46,905 $ 38,962 $ 64,519 $ 53,292 Alaska Collection 12,701 13,319 13,154 13,816 Glacier Park Collection 13,730 13,581 15,185 14,590 FlyOver 7,020 5,870 12,875 10,009 Sky Lagoon 8,118 5,867 15,404 9,676 Total revenue $ 88,474 $ 77,599 $ 121,137 $ 101,383 GES Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Service lines: Spiro $ 80,368 $ 89,425 $ 140,730 $ 132,241 GES Exhibitions 154,534 154,600 324,031 266,431 Intersegment eliminations ( 3,065 ) ( 2,421 ) ( 4,796 ) ( 3,492 ) Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 Timing of revenue recognition: Services transferred over time $ 196,668 $ 197,464 $ 389,645 $ 329,947 Products transferred over time (1) 16,038 16,025 28,979 23,963 Products transferred at a point in time 19,131 28,115 41,341 41,270 Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 Geographical markets: North America $ 177,408 $ 189,670 $ 358,247 $ 318,697 EMEA 62,644 58,534 112,181 84,347 Intersegment eliminations ( 8,215 ) ( 6,600 ) ( 10,463 ) ( 7,864 ) Total revenue $ 231,837 $ 241,604 $ 459,965 $ 395,180 (1) GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation expense: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Performance-based restricted stock units $ 819 $ 705 $ 1,641 $ 719 Restricted stock awards and restricted stock units 1,681 1,787 3,324 3,349 Stock options 347 811 947 1,401 Share-based compensation expense before income tax 2,847 3,303 5,912 5,469 Income tax benefit (1) ( 44 ) ( 30 ) ( 66 ) ( 47 ) Share-based compensation expense, net of income tax $ 2,803 $ 3,273 $ 5,846 $ 5,422 (1) The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. |
Acquisitions and Disposition (T
Acquisitions and Disposition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the aggregate purchase price and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the first quarter of 2023, we made a purchase accounting measurement period adjustment of approximately $ 41,000 to working capital based on refinements to assumptions used in the preliminary valuation. (in thousands) Purchase price paid as: Cash $ 26,507 Working capital adjustment ( 920 ) Purchase price adjustment 125 Cash acquired ( 177 ) Purchase price, net of cash acquired 25,535 Fair value of net assets acquired: Inventory 370 Prepaid expenses and other 57 Property and equipment 6,487 Intangible assets 3,400 Total assets acquired 10,314 Customer deposits 1,575 Other current liabilities 32 Total liabilities assumed 1,607 Total fair value of net assets acquired 8,707 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 16,828 |
Schedule of Allocation of Purchase Price | Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company: (in thousands) Amount Weighted Average Life Customer relationships $ 1,800 12 years Operating licenses 1,300 17 years Trade name 300 8 years Total $ 3,400 14 years |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consisted of the following: June 30, December 31, (in thousands) 2023 2022 Raw materials $ 1,153 $ 1,403 Finished goods 14,691 9,382 Inventories $ 15,844 $ 10,785 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: June 30, December 31, (in thousands) 2023 2022 Restricted cash $ 7,881 $ 4,845 Prepaid software maintenance 5,848 4,650 Prepaid project deposit 3,699 3,615 Prepaid vendor payments 2,805 2,084 Income tax receivable 1,498 322 Prepaid taxes 1,036 142 Prepaid other 2,055 1,836 Other 2,236 1,483 Other current assets $ 27,058 $ 18,977 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: June 30, December 31, (in thousands) 2023 2022 Land and land interests $ 31,083 $ 30,902 Buildings and leasehold improvements 434,398 409,852 Equipment and other 429,987 413,485 Gross property and equipment 895,468 854,239 Accumulated depreciation ( 386,083 ) ( 362,195 ) Property and equipment, net (excluding finance leases) 509,385 492,044 Finance lease ROU assets, net 57,732 57,534 Property and equipment, net $ 567,117 $ 549,578 |
Other Investments and Assets (T
Other Investments and Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Summary of Other Investments and Assets | Other investments and assets consisted of the following: June 30, December 31, (in thousands) 2023 2022 Self-insured liability receivable $ 8,211 $ 8,211 Other mutual funds 4,049 3,490 Contract costs 2,794 2,237 Other 4,267 3,519 Other investments and assets $ 19,321 $ 17,457 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the Goodwill Balances by Component and Segment | The changes in the carrying amount of goodwill are as follows: (in thousands) Balance at December 31, 2022 $ 121,429 Foreign currency translation adjustments 2,429 Other (1) 41 Balance at June 30, 2023 $ 123,899 (1) Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisition and Disposition for additional information. |
Summary of Other Intangible Assets | Other intangible assets consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Customer contracts and relationships 7.6 $ 34,701 $ ( 28,798 ) $ 5,903 $ 37,194 $ ( 30,109 ) $ 7,085 Operating contracts and licenses 33.8 40,285 ( 4,145 ) 36,140 38,993 ( 3,504 ) 35,489 In-place lease 33.3 14,755 ( 1,618 ) 13,137 14,420 ( 1,404 ) 13,016 Tradenames 3.6 5,667 ( 3,760 ) 1,907 5,546 ( 3,324 ) 2,222 Other 4.7 787 ( 186 ) 601 770 ( 163 ) 607 Total amortized intangible assets 96,195 ( 38,507 ) 57,688 96,923 ( 38,504 ) 58,419 Indefinite-lived intangible assets: Business licenses 569 — 569 566 — 566 Other intangible assets, net $ 96,764 $ ( 38,507 ) $ 58,257 $ 97,489 $ ( 38,504 ) $ 58,985 |
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization | At June 30, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows: (in thousands) Year ending December 31, Remainder of 2023 $ 2,276 2024 3,679 2025 2,378 2026 2,344 2027 1,938 Thereafter 45,073 Total $ 57,688 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other current liabilities consisted of the following: June 30, December 31, (in thousands) 2023 2022 Continuing operations: Accrued sales and use taxes and personal property taxes $ 7,901 $ 4,082 Commissions payable 4,978 5,059 Accrued employee benefit costs 4,779 4,920 Self-insured liability 4,572 4,909 Accrued concession fees 3,609 4,297 Foreign income taxes payable 2,143 8,354 Accommodation service deposits 1,502 2,208 Current portion of pension and postretirement liabilities 1,258 1,426 Accrued professional fees 1,201 898 Other 5,633 4,958 Total continuing operations 37,576 41,111 Discontinued operations: Self-insured liability 149 458 Environmental remediation liabilities 25 46 Other 38 38 Total discontinued operations 212 542 Total other current liabilities $ 37,788 $ 41,653 |
Other Deferred Items and Liab_2
Other Deferred Items and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Deferred Items and Liabilities | Other deferred items and liabilities consisted of the following: June 30, December 31, (in thousands) 2023 2022 Continuing operations: Foreign deferred tax liability $ 29,526 $ 27,564 Multi-employer pension plan withdrawal liability 13,582 13,815 Self-insured excess liability 8,211 8,211 Self-insured liability 6,445 5,028 Accrued compensation 5,235 4,977 Accrued restructuring 2,985 3,245 Other 3,032 3,071 Total continuing operations 69,016 65,911 Discontinued operations: Environmental remediation liabilities 2,165 2,177 Self-insured liability 1,877 1,631 Other 305 305 Total discontinued operations 4,347 4,113 Total other deferred items and liabilities $ 73,363 $ 70,024 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Finance Lease Obligations | The components of debt and finance obligations consisted of the following: June 30, December 31, (in thousands, except interest rates) 2023 2022 2021 Credit Facility - Term Loan B, 10.2 % interest rate at June 30, 2023 and 9.4 % at December 31, 2022, due through 2028 (1) $ 393,000 $ 395,000 Jasper Term Loan, 6.5 % interest rate at June 30, 2023, due through 2028 (1) 12,655 — Jasper Revolving Credit Facility, 9.2 % weighted-average interest rate at June 30, 2023, due through 2028 (1) 3,020 — Forest Park Hotel Construction Loan, 8.8 % interest rate at December 31, 2022 (1) — 11,491 FlyOver Iceland Credit Facility, 8.4 % interest rate at June 30, 2023 and 6.9 % at December 31, 2022, due through 2027 (1) 4,528 4,965 FlyOver Iceland Term Loans, 13.1 % weighted-average interest rate at June 30, 2023 and 10.1 % at December 31, 2022, due through 2024 (1) 535 594 Less unamortized debt issuance costs ( 10,012 ) ( 11,848 ) Total debt 403,726 400,202 Finance lease obligations, 9.1 % weighted-average interest rate at June 30, 2023 and December 31, 2022, due through 2067 63,961 64,729 Financing arrangements 177 5,013 Total debt and finance obligations (2)(3) 467,864 469,944 Current portion ( 8,382 ) ( 13,192 ) Long-term debt and finance obligations $ 459,482 $ 456,752 (1) Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) The estimated fair value of total debt and finance leases was $ 320.8 million as of June 30, 2023 and $ 301.8 million as of December 31, 2022. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 14 – Fair Value Measurements for additional information. (3) Cash paid for interest on debt was $ 23.4 million during the six months ended June 30, 2023 and $ 14.6 million during the six months ended June 30, 2022 . |
Derivative (Tables)
Derivative (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Of Interest Rate Cap | The fair value of the interest rate cap is as follows: June 30, December 31, (in thousands) Classification 2023 2022 Derivatives designated as hedging instruments Interest rate cap - short-term Other current assets $ 480 $ — Interest rate cap - long-term Other investments and assets 201 — Total derivatives designated as hedging instruments $ 681 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured on Recurring Basis | The fair value of assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using (in thousands) June 30, 2023 Quoted Prices Significant Significant Assets: Other mutual funds (1) $ 4,049 $ 4,049 $ — $ — Interest rate cap (2) 681 — 681 — Total assets at fair value on a recurring basis $ 4,730 $ 4,049 $ 681 $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2022 Quoted Prices Significant Significant Assets: Other mutual funds (1) $ 3,490 $ 3,490 $ — $ — Total assets at fair value on a recurring basis $ 3,490 $ 3,490 $ — $ — (1) We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets. (2) Refer to Note 13 - Derivatives. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Loss Per Share | The components of basic and diluted income (loss) per share are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net income (loss) attributable to Viad $ 10,961 $ 19,839 $ ( 9,908 ) $ ( 9,162 ) Less: Allocation to participating securities ( 2,186 ) ( 4,293 ) — — Convertible preferred stock dividends paid in cash ( 1,950 ) ( 1,950 ) ( 3,900 ) ( 3,900 ) Adjustment to the redemption value of redeemable noncontrolling interest — ( 412 ) — ( 763 ) Net income (loss) allocated to Viad common stockholders (basic) $ 6,825 $ 13,184 $ ( 13,808 ) $ ( 13,825 ) Add: Allocation to participating securities 11 25 — — Net income (loss) allocated to Viad common stockholders (diluted) $ 6,836 $ 13,209 $ ( 13,808 ) $ ( 13,825 ) Basic weighted-average outstanding common shares 20,840 20,571 20,796 20,544 Additional dilutive shares related to share-based compensation 135 160 — — Diluted weighted-average outstanding shares 20,975 20,731 20,796 20,544 Income (loss) per share: Basic income (loss) attributable to Viad common stockholders $ 0.33 $ 0.64 $ ( 0.66 ) $ ( 0.67 ) Diluted income (loss) attributable to Viad common stockholders (1) $ 0.33 $ 0.64 $ ( 0.66 ) $ ( 0.67 ) |
Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Loss Per Common Shares | We excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Convertible preferred stock — — 6,674 6,674 Unvested restricted share-based awards 17 17 163 168 Unvested performance share-based awards 159 33 155 51 Stock options 372 372 376 277 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI by component are as follows: (in thousands) Cumulative Unrecognized Net Actuarial Loss and Prior Service Credit, Net Unrealized Gain on Interest Rate Cap Accumulated Balance at December 31, 2022 $ ( 42,983 ) $ ( 4,202 ) $ — $ ( 47,185 ) Other comprehensive income before reclassifications 7,950 — 681 8,631 Amounts reclassified from AOCI, net of tax — 27 ( 243 ) ( 216 ) Net other comprehensive income 7,950 27 438 8,415 Balance at June 30, 2023 $ ( 35,033 ) $ ( 4,175 ) $ 438 $ ( 38,770 ) (in thousands) Cumulative Unrecognized Net Actuarial Loss and Prior Service Credit, Net Accumulated Balance at December 31, 2021 $ ( 16,162 ) $ ( 11,267 ) $ ( 27,429 ) Other comprehensive loss before reclassifications ( 8,131 ) — ( 8,131 ) Amounts reclassified from AOCI, net of tax — 466 466 Net other comprehensive income (loss) ( 8,131 ) 466 ( 7,665 ) Balance at June 30, 2022 $ ( 24,293 ) $ ( 10,801 ) $ ( 35,094 ) |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans | The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2023 and 2022 consist of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 6 $ 10 $ 44 $ 76 Interest cost 211 125 93 54 91 79 Expected return on plan assets ( 40 ) 51 — — ( 86 ) ( 98 ) Amortization of prior service credit ( 8 ) — 29 22 — — Recognized net actuarial loss (gain) 71 134 ( 44 ) 23 34 36 Net periodic benefit cost (income) $ 234 $ 310 $ 84 $ 109 $ 83 $ 93 Settlement cost — — — — — — Total expenses (income) $ 234 $ 310 $ 84 $ 109 $ 83 $ 93 The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2023 and 2022 consist of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 12 $ 20 $ 88 $ 161 Interest cost 422 250 186 108 183 167 Expected return on plan assets ( 80 ) 49 — — ( 172 ) ( 223 ) Amortization of prior service credit ( 16 ) — 58 44 — — Recognized net actuarial (gain) loss 142 268 ( 88 ) 46 67 71 Net periodic benefit cost $ 468 $ 567 $ 168 $ 218 $ 166 $ 176 Settlement cost — 115 — — — 533 Total expenses $ 468 $ 682 $ 168 $ 218 $ 166 $ 709 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Changes to Restructuring Liability by Major Restructuring Activity | Changes to the restructuring liability by major restructuring activity are as follows: GES Other Restructurings (in thousands) Severance & Facilities Severance & Total Balance at December 31, 2022 $ 1,609 $ 1,818 $ 12 $ 3,439 Restructuring charges 227 409 9 645 Cash payments ( 297 ) ( 481 ) ( 14 ) ( 792 ) Adjustment to liability — 46 ( 7 ) 39 Balance at June 30, 2023 $ 1,539 $ 1,792 $ — $ 3,331 |
Leases and Other (Tables)
Leases and Other (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of our operating and finance leases is as follows: June 30, December 31, (in thousands) Classification on the Condensed Consolidated Balance Sheet 2023 2022 Assets: Operating lease ROU assets Operating lease ROU assets $ 112,263 $ 102,777 Finance lease ROU assets Property and equipment, net 57,732 57,534 Total lease ROU assets $ 169,995 $ 160,311 Liabilities: Current: Operating lease obligations Operating lease obligations $ 15,087 $ 13,463 Finance lease obligations Current portion of debt and finance obligations 2,650 2,978 Noncurrent: Operating lease obligations Long-term operating lease obligations 109,143 101,297 Finance lease obligations Long-term debt and finance obligations 61,311 61,751 Total lease liabilities $ 188,191 $ 179,489 |
Components of Lease Expense | The components of lease expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Finance lease cost: Amortization of ROU assets $ 1,048 $ 1,045 $ 2,104 $ 2,096 Interest on lease liabilities 1,427 1,467 2,837 2,902 Operating lease cost 6,586 6,204 12,793 12,026 Short-term lease cost 950 749 1,385 1,113 Variable lease cost 1,510 1,532 2,738 2,546 Total lease cost, net $ 11,521 $ 10,997 $ 21,857 $ 20,683 |
Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,669 $ 6,069 $ 13,321 $ 11,867 Operating cash flows from finance leases $ 1,535 $ 1,499 $ 3,052 $ 2,966 Financing cash flows from finance leases $ 572 $ 873 $ 1,177 $ 1,597 ROU assets obtained in exchange for lease obligations: Operating leases $ 14,571 $ 1,380 $ 17,587 $ 10,711 Finance leases (1) $ 376 $ 1,217 $ 363 $ 4,324 (1) Includes terminations of equipment finance leases that occurred during the first quarter of 2023. June 30, December 31, 2023 2022 Weighted-average remaining lease term (years): Operating leases 7.98 8.51 Finance leases 33.83 34.07 Weighted-average discount rate: Operating leases 7.78 % 7.25 % Finance leases 9.14 % 9.12 % |
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of June 30, 2023, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows: (in thousands) Operating Leases Finance Leases Total Remainder of 2023 $ 10,511 $ 4,163 $ 14,674 2024 25,910 7,919 33,829 2025 23,878 7,090 30,968 2026 22,931 6,487 29,418 2027 19,367 6,277 25,644 Thereafter 69,059 180,986 250,045 Total future lease payments 171,656 212,922 384,578 Less: Amount representing interest ( 47,426 ) ( 148,961 ) ( 196,387 ) Present value of minimum lease payments 124,230 63,961 188,191 Current portion ( 15,087 ) ( 2,650 ) ( 17,737 ) Long-term portion $ 109,143 $ 61,311 $ 170,454 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of June 30, 2023, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows: (in thousands) Remainder of 2023 $ 923 2024 1,591 2025 1,381 2026 1,136 2027 478 Thereafter 611 Total minimum rents $ 6,120 Lease Not Yet Commenced As of June 30, 2023, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years. |
Noncontrolling Interest _ Red_2
Noncontrolling Interest – Redeemable and Non-redeemable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Summary of Changes in Redeemable Noncontrolling Interest | Changes in the redeemable noncontrolling interest are as follows: (in thousands) Balance at December 31, 2022 $ 4,956 Net loss attributable to redeemable noncontrolling interest ( 409 ) Foreign currency translation adjustment 180 Balance at June 30, 2023 $ 4,727 Non-redeemable noncontrolling interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest are as follows: (in thousands) Glacier Park Inc. Brewster (1) Sky Lagoon Total Balance at December 31, 2022 $ 16,690 $ 55,702 $ 9,918 $ 82,310 Net income (loss) attributable to non-redeemable noncontrolling interest ( 783 ) ( 24 ) 1,312 505 Distributions to non-controlling interests — — ( 1,126 ) ( 1,126 ) Foreign currency translation adjustments 6 1,279 515 1,800 Balance at June 30, 2023 $ 15,913 $ 56,957 $ 10,619 $ 83,489 Equity ownership interest that we do not own 20 % 40 % 49 % (1) Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of income statement items from reportable segments | Our reportable segments, with reconciliations to consolidated totals, are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Revenue: Pursuit $ 88,474 $ 77,599 $ 121,137 $ 101,383 GES: Spiro 80,368 89,425 140,730 132,241 GES Exhibitions 154,534 154,600 324,031 266,431 GES intersegment eliminations ( 3,065 ) ( 2,421 ) ( 4,796 ) ( 3,492 ) Total GES 231,837 241,604 459,965 395,180 Total revenue $ 320,311 $ 319,203 $ 581,102 $ 496,563 Segment operating income (loss): Pursuit $ 9,811 $ 5,571 $ ( 9,301 ) $ ( 15,627 ) GES: Spiro 8,279 14,847 11,453 14,608 GES Exhibitions 15,354 16,273 25,764 14,918 Total GES 23,633 31,120 37,217 29,526 Segment operating income 33,444 36,691 27,916 13,899 Corporate eliminations (1) 16 17 32 34 Corporate activities ( 3,511 ) ( 3,440 ) ( 6,676 ) ( 6,113 ) ON Services sale purchase price adjustment ( 204 ) — ( 204 ) — Interest expense, net ( 12,356 ) ( 7,761 ) ( 24,605 ) ( 13,638 ) Other expense, net ( 448 ) ( 612 ) ( 979 ) ( 1,250 ) Restructuring charges: Pursuit ( 2 ) — ( 9 ) — Spiro ( 39 ) ( 808 ) ( 176 ) ( 1,226 ) GES Exhibitions ( 151 ) ( 588 ) ( 460 ) ( 824 ) Corporate — ( 30 ) — ( 30 ) Impairment charges: GES Exhibitions — — — ( 583 ) Income (loss) from continuing operations before income taxes $ 16,749 $ 23,469 $ ( 5,161 ) $ ( 9,731 ) (1) Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. |
Reconciliation of assets from reportable segments | Additional information of our reportable segments is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, (in thousands) 2023 2022 2023 2022 Depreciation: Pursuit $ 8,279 $ 7,866 $ 16,413 $ 15,648 Spiro 600 852 1,100 1,781 GES Exhibitions 1,640 2,070 3,318 4,361 Corporate 19 14 39 18 $ 10,538 $ 10,802 $ 20,870 $ 21,808 Amortization: Pursuit $ 1,294 $ 1,316 $ 2,455 $ 2,495 Spiro 62 51 125 103 GES Exhibitions 910 1,038 1,829 2,080 $ 2,266 $ 2,405 $ 4,409 $ 4,678 Capital expenditures: Pursuit $ 17,588 $ 17,219 $ 25,315 $ 28,710 Spiro 618 442 1,265 586 GES Exhibitions 2,590 1,383 5,598 2,248 Corporate and other 13 25 15 95 $ 20,809 $ 19,069 $ 32,193 $ 31,639 We do not report total |
Overview and Basis of Present_4
Overview and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 Segment | |
Overview And Summary Of Significant Accounting Policies [Line Items] | |
Percentage of non equity ownership related redeemable noncontrolling interests | 56.40% |
Remaining maturities of highly-liquid investments | three months or less |
Number of reportable segments | 3 |
Maximum | |
Overview And Summary Of Significant Accounting Policies [Line Items] | |
Lease expiration period | 29 years |
Maximum | Land | |
Overview And Summary Of Significant Accounting Policies [Line Items] | |
Lease expiration period | 46 years |
Overview and Basis of Present_5
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 53,179 | $ 59,719 | ||
Restricted cash included in other current assets | $ 7,881 | $ 4,845 | ||
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] | Cash, cash equivalents, and restricted cash shown in the statement of cash flows | Cash, cash equivalents, and restricted cash shown in the statement of cash flows | ||
Cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 61,060 | $ 64,564 | $ 59,940 | $ 64,303 |
Revenue and Related Contract _3
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Disaggregation Of Revenue [Line Items] | ||
Revenue recognition description of capitalized contract costs | Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in “Costs of services” or “Costs of products” as applicable | |
Capitalized contract costs to obtain contracts | $ 100,000 | $ 100,000 |
Capitalized contract costs to fulfill contracts | 21,000,000 | 21,000,000 |
Impairment loss on capitalized contract costs | $ 0 | $ 0 |
GES | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation description of payment terms | Payment terms are generally within 30-60 days and contain no significant financing components. | |
GES | Minimum | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation payment terms | 30 days | |
GES | Maximum | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation payment terms | 60 days | |
Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation description of payment terms | When we extend credit, payment terms are generally within 30 days and contain no significant financing components. |
Revenue and Related Contract _4
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at December 31, 2022 | $ 44,757 |
Cash additions | 94,495 |
Revenue recognized | (65,082) |
Foreign exchange translation adjustment | (6,376) |
Balance at March 31, 2023 | $ 67,794 |
Revenue and Related Contract _5
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at December 31, 2022 | $ 16,568 |
Additions | 30,443 |
Expenses | (26,216) |
Foreign exchange translation adjustment | 312 |
Balance at March 31, 2023 | $ 21,107 |
Revenue and Related Contract _6
Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | $ 320,311 | $ 319,203 | $ 581,102 | $ 496,563 | |
GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 231,837 | 241,604 | 459,965 | 395,180 | |
GES | Intersegment Eliminations | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | (3,065) | (2,421) | (4,796) | (3,492) | |
Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 88,474 | 77,599 | 121,137 | 101,383 | |
Pursuit | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 88,474 | 77,599 | 121,137 | 101,383 | |
North America | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 177,408 | 189,670 | 358,247 | 318,697 | |
EMEA | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 62,644 | 58,534 | 112,181 | 84,347 | |
Services Transferred Over Time | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 196,668 | 197,464 | 389,645 | 329,947 | |
Services Transferred Over Time | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 65,671 | 56,668 | 90,834 | 75,322 | |
Products Transferred Over Time | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | [1] | 16,038 | 16,025 | 28,979 | 23,963 |
Products Transferred at a Point in Time | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 19,131 | 28,115 | 41,341 | 41,270 | |
Products Transferred at a Point in Time | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 22,803 | 20,931 | 30,303 | 26,061 | |
Ticket revenue [Member] | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 36,543 | 29,337 | 50,804 | 38,539 | |
Rooms revenue [Member] | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 22,106 | 20,559 | 29,696 | 27,462 | |
Other | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 3,333 | 3,017 | 4,700 | 4,387 | |
Transportation | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 3,689 | 3,755 | 5,634 | 4,934 | |
Total Services | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 65,671 | 56,668 | 90,834 | 75,322 | |
Food and Beverage | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 13,628 | 12,171 | 19,503 | 16,264 | |
Retail Operations | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 9,175 | 8,760 | 10,800 | 9,797 | |
Total Products Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 57,972 | 65,071 | 100,623 | 91,294 | |
Total Products Revenue | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 22,803 | 20,931 | 30,303 | 26,061 | |
Banff Jasper Collection | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 46,905 | 38,962 | 64,519 | 53,292 | |
Alaska Collection | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 12,701 | 13,319 | 13,154 | 13,816 | |
Spiro | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 80,368 | 89,425 | 140,730 | 132,241 | |
GES-Exhibitions | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 154,534 | 154,600 | 324,031 | 266,431 | |
GES intersegment eliminations | GES | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | (8,215) | (6,600) | (10,463) | (7,864) | |
Glacier Park Collection | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 13,730 | 13,581 | 15,185 | 14,590 | |
FlyOver | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 7,020 | 5,870 | 12,875 | 10,009 | |
Sky Lagoon | Pursuit | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | $ 8,118 | $ 5,867 | $ 15,404 | $ 9,676 | |
[1] GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time. |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | May 24, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Repurchase of common stock for employee tax withholding obligations amount | $ 505 | $ 537 | |
2017 Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Useful Term of the plan | 10 years | ||
Common Stock, Capital Shares Reserved for Future Issuance | 840,000 | ||
Registered Number of Shares | 2,590,000 | ||
Common stock shares issuable | 1,750,000 | ||
Shares available for grant | 880,838 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Summary of share-based compensation expense | |||||
Share-based compensation expense before income tax | $ 2,847 | $ 3,303 | $ 5,912 | $ 5,469 | |
Income tax benefit | [1] | (44) | (30) | (66) | (47) |
Share-based compensation expense, net of income tax | 2,803 | 3,273 | 5,846 | 5,422 | |
Performance-based Restricted Stock Units | |||||
Summary of share-based compensation expense | |||||
Share-based compensation expense before income tax | 819 | 705 | 1,641 | 719 | |
Restricted Stock Awards And Restricted Stock Units | |||||
Summary of share-based compensation expense | |||||
Share-based compensation expense before income tax | 1,681 | 1,787 | 3,324 | 3,349 | |
Stock Options | |||||
Summary of share-based compensation expense | |||||
Share-based compensation expense before income tax | $ 347 | $ 811 | $ 947 | $ 1,401 | |
[1] The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. |
Acquisitions and Disposition -
Acquisitions and Disposition - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Dec. 15, 2022 USD ($) | Apr. 06, 2022 USD ($) Logs | Jun. 30, 2023 USD ($) | |
Business Acquisition and Disposition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 41,000 | ||
Glacier Raft | |||
Business Acquisition and Disposition [Line Items] | |||
Number of log cabins | Logs | 13 | ||
Purchase price | $ 26,507 | ||
Glacier Raft | Cash on hand | |||
Business Acquisition and Disposition [Line Items] | |||
Purchase price | 11,500 | ||
Glacier Raft | Revolving Credit Facility | |||
Business Acquisition and Disposition [Line Items] | |||
Purchase price | $ 15,000 | ||
ON Services [Member] | |||
Business Acquisition and Disposition [Line Items] | |||
Business disposition net assets property and equipment | $ 6,000 | ||
Total consideration | 30,000 | ||
Gain on disposition of ON Services | (19,600) | ||
Sale Purchase Price | 200 | ||
Total assets sold | 10,400 | ||
Net Working Capital | 4,900 | ||
Non-current assets | 5,500 | ||
Business Disposition Recognized Identifiable Assets Sold And Liabilities Assumed Current Assets Receivables | 8,200 | ||
Business Disposition, Recognized Identifiable Assets Sold and Liabilities Assumed, Current Assets, Other | 700 | ||
Other current liabilities | 4,000 | ||
Other liability | $ 500 |
Acquisitions and Disposition _2
Acquisitions and Disposition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 06, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Excess purchase price over fair value of net assets acquired (''goodwill'') | $ 123,899 | $ 121,429 | |
Glacier Raft [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 26,507 | ||
Working capital adjustment | (920) | ||
Purchase price adjustment | 125 | ||
Cash acquired | (177) | ||
Purchase price, net of cash acquired | 25,535 | ||
Inventory | 370 | ||
Prepaid expenses and other | 57 | ||
Property and equipment | 6,487 | ||
Intangible assets | 3,400 | ||
Total assets acquired | 10,314 | ||
Customer deposits | 1,575 | ||
Other current liabilities | 32 | ||
Total liabilities assumed | 1,607 | ||
Total fair value of net assets acquired | 8,707 | ||
Excess purchase price over fair value of net assets acquired (''goodwill'') | $ 16,828 |
Acquisitions and Disposition _3
Acquisitions and Disposition - Schedule of Purchase Price Allocated to Intangible Assets Acquired (Details) - Glacier Raft [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Intangible assets | $ 3,400 |
Weighted average life | 14 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 1,800 |
Weighted average life | 12 years |
Operating Licenses | |
Business Acquisition [Line Items] | |
Intangible assets | $ 1,300 |
Weighted average life | 17 years |
Tradenames | |
Business Acquisition [Line Items] | |
Intangible assets | $ 300 |
Weighted average life | 8 years |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Components of Inventories | ||
Raw materials | $ 1,153 | $ 1,403 |
Finished goods | 14,691 | 9,382 |
Inventories | $ 15,844 | $ 10,785 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Restricted cash | $ 7,881 | $ 4,845 |
Prepaid software maintenance | 5,848 | 4,650 |
Prepaid project deposit | 3,699 | 3,615 |
Prepaid vendor payments | 2,805 | 2,084 |
Income tax receivable | 1,498 | 322 |
Prepaid taxes | 1,036 | 142 |
Prepaid other | 2,055 | 1,836 |
Other | 2,236 | 1,483 |
Other current assets | $ 27,058 | $ 18,977 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 895,468 | $ 854,239 |
Accumulated depreciation | (386,083) | (362,195) |
Property Plant and Equipment Net Excluding Finance Leased Assets, Total | 509,385 | 492,044 |
Finance lease ROU assets, net | 57,732 | 57,534 |
Property and equipment, net | 567,117 | 549,578 |
Land and land interests | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 31,083 | 30,902 |
Buildings and leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 434,398 | 409,852 |
Equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 429,987 | $ 413,485 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 10,538 | $ 10,802 | $ 20,870 | $ 21,808 |
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount | 1,300 | 400 | ||
Capitalized Software | ||||
Property Plant And Equipment [Line Items] | ||||
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount | $ 500 | $ 700 | $ 700 | $ 2,600 |
Other Investments and Assets -
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Self-insured liability receivable | $ 8,211 | $ 8,211 |
Other mutual funds | 4,049 | 3,490 |
Contract costs | 2,794 | 2,237 |
Other | 4,267 | 3,519 |
Other investments and assets | $ 19,321 | $ 17,457 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Goodwill [Line Items] | ||
Balance, beginning | $ 121,429 | |
Balance, ending | 123,899 | |
Pursuit | ||
Goodwill [Line Items] | ||
Balance, beginning | 121,429 | |
Foreign currency translation adjustments | 2,429 | |
Other | 41 | [1] |
Balance, ending | $ 123,899 | |
[1] Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Gross Carrying Value | $ 96,195 | $ 96,923 |
Intangible assets subject to amortization, Accumulated Amortization | (38,507) | (38,504) |
Total | 57,688 | 58,419 |
Other intangible assets net, Gross Carrying Value | 96,764 | 97,489 |
Other intangible assets net, Net Carrying Value | 58,257 | 58,985 |
Other intangible assets net, Accumulated Amortization | $ (38,507) | (38,504) |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 7 years 7 months 6 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 34,701 | 37,194 |
Intangible assets subject to amortization, Accumulated Amortization | (28,798) | (30,109) |
Total | $ 5,903 | 7,085 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 33 years 9 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 40,285 | 38,993 |
Intangible assets subject to amortization, Accumulated Amortization | (4,145) | (3,504) |
Total | $ 36,140 | 35,489 |
In-place lease | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 33 years 3 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 14,755 | 14,420 |
Intangible assets subject to amortization, Accumulated Amortization | (1,618) | (1,404) |
Total | $ 13,137 | 13,016 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 3 years 7 months 6 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 5,667 | 5,546 |
Intangible assets subject to amortization, Accumulated Amortization | (3,760) | (3,324) |
Total | $ 1,907 | 2,222 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 4 years 8 months 12 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 787 | 770 |
Intangible assets subject to amortization, Accumulated Amortization | (186) | (163) |
Total | 601 | 607 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Total | 569 | 566 |
Other intangible assets net, Net Carrying Value | $ 569 | $ 566 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 123,899 | $ 123,899 | $ 121,429 | ||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Intangible asset amortization expense | $ 1,200 | $ 1,400 | $ 2,300 | $ 2,600 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated amortization expense related to amortized intangible assets | ||
Remainder of 2023 | $ 2,276 | |
2024 | 3,679 | |
2025 | 2,378 | |
2026 | 2,344 | |
2027 | 1,938 | |
Thereafter | 45,073 | |
Total | $ 57,688 | $ 58,419 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Continuing operations: | ||
Accrued sales and use taxes and personal property taxes | $ 7,901 | $ 4,082 |
Commissions payable | 4,978 | 5,059 |
Accrued employee benefit costs | 4,779 | 4,920 |
Self-insured liability | 4,572 | 4,909 |
Accrued concession fees | 3,609 | 4,297 |
Foreign income taxes payable | 2,143 | 8,354 |
Accommodation service deposits | 1,502 | 2,208 |
Current portion of pension and postretirement liabilities | 1,258 | 1,426 |
Accrued professional fees | 1,201 | 898 |
Other | 5,633 | 4,958 |
Total continuing operations | 37,576 | 41,111 |
Discontinued operations: | ||
Self-insured liability | 149 | 458 |
Environmental remediation liabilities | 25 | 46 |
Other | 38 | 38 |
Total discontinued operations | 212 | 542 |
Total other current liabilities | $ 37,788 | $ 41,653 |
Other Deferred Items and Liab_3
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Continuing operations: | ||
Foreign deferred tax liability | $ 29,526 | $ 27,564 |
Multi-employer pension plan withdrawal liability | 13,582 | 13,815 |
Self-insured excess liability | 8,211 | 8,211 |
Self-insured liability | 6,445 | 5,028 |
Accrued compensation | 5,235 | 4,977 |
Accrued restructuring | 2,985 | 3,245 |
Other | 3,032 | 3,071 |
Total continuing operations | 69,016 | 65,911 |
Discontinued operations: | ||
Environmental remediation liabilities | 2,165 | 2,177 |
Self-insured liability | 1,877 | 1,631 |
Other | 305 | 305 |
Total discontinued operations | 4,347 | 4,113 |
Total other deferred items and liabilities | $ 73,363 | $ 70,024 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Less unamortized debt issuance costs | $ (10,012) | $ (11,848) | |
Total debt | 403,726 | 400,202 | |
Finance lease obligations, [9.1%] weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067 | 63,961 | 64,729 | |
Financing arrangements | 177 | 5,013 | |
Total debt and finance lease obligations | [1],[2] | 467,864 | 469,944 |
Current portion | (8,382) | (13,192) | |
Long-term debt and finance lease obligations | 459,482 | 456,752 | |
Jasper Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | 3,020 | 0 |
Forest Park Hotel Construction Loan Facility | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | 0 | 11,491 |
Fly Over Iceland Term Loan | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | 535 | 594 |
Senior Secured Credit Facility | Jasper Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | 12,655 | 0 |
Senior Secured Credit Facility | Term Loan B | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | 393,000 | 395,000 |
Second Amended And Restated Credit Agreement | FlyOver Iceland Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility | [3] | $ 4,528 | $ 4,965 |
[1] Cash paid for interest on debt was $ 23.4 million during the six months ended June 30, 2023 and $ 14.6 million during the six months ended June 30, 2022 . The estimated fair value of total debt and finance leases was $ 320.8 million as of June 30, 2023 and $ 301.8 million as of December 31, 2022. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 14 – Fair Value Measurements for additional information. Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 17, 2022 | Feb. 15, 2019 | |
Debt Instrument [Line Items] | |||||
Weighted average interest rate on long term debt | 9.10% | 9.10% | |||
Fair value of debt | $ 320.8 | $ 301.8 | |||
Cash paid for interest on debt | $ 23.4 | $ 14.6 | |||
Forest Park Hotel Construction Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Interest rate on credit facility | 8.80% | 2.35% | |||
Jasper Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on credit facility | 6.50% | ||||
Jasper Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate on long term debt | 9.20% | ||||
FlyOver Iceland Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Interest rate on credit facility | 8.40% | 6.90% | 4.90% | ||
Fly Over Iceland Term Loan | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate on long term debt | 13.10% | 10.10% | |||
Third Amended And Restated Credit Agreement | Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Interest rate on credit facility | 10.20% | 9.40% |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Narrative (Details) € in Millions, kr in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 01, 2021 | Jul. 30, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CAD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2023 CAD ($) | Feb. 06, 2023 | Dec. 31, 2022 USD ($) | May 17, 2022 USD ($) | May 17, 2022 CAD ($) | Jan. 01, 2022 USD ($) | Jan. 01, 2022 ISK (kr) | Dec. 31, 2020 ISK (kr) | Dec. 29, 2020 ISK (kr) | Oct. 15, 2020 ISK (kr) | Feb. 15, 2019 USD ($) | Feb. 15, 2019 EUR (€) | ||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line Of Credit Facility Date Of First Required Payment | Dec. 01, 2021 | Dec. 01, 2021 | ||||||||||||||||
Interest Rate Cap Agreement | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest rate on credit facility | 5% | |||||||||||||||||
Finaancing Arrangements | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt Current | $ 200,000 | |||||||||||||||||
Premium Payment Due Term | 12 months | 12 months | ||||||||||||||||
Financial Arrangements Weighted Average Interest Rate | 5.80% | 5.80% | ||||||||||||||||
Aggregate amount of premiums financed | $ 9,500,000 | |||||||||||||||||
Maximum | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Secured overnight financing rate | 0.71513% | |||||||||||||||||
Minimum | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Secured overnight financing rate | 0.11448% | |||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Borrowing capacity on line of credit | 5,000,000 | |||||||||||||||||
Remaining borrowing capacity on line of credit | 95,000,000 | |||||||||||||||||
Line of credit facility, borrowing | $ 5,000,000 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 450,000,000 | |||||||||||||||||
Revolving Credit Facility | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Prime rate | 1% | 1% | ||||||||||||||||
Floor rate | 1% | 1% | ||||||||||||||||
Revolving Credit Facility | Borrowings | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility | $ 100,000,000 | |||||||||||||||||
Revolving Credit Facility | Bank Of America | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Fed funds rate | 0.50% | 0.50% | ||||||||||||||||
Revolving Credit Facility | Maximum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 1% | 1% | ||||||||||||||||
Leverage ratio | 1% | 1% | ||||||||||||||||
Revolving Credit Facility | Maximum | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Base Rate borrowings | 3.50% | 3.50% | ||||||||||||||||
Leverage ratio | 3.50% | 3.50% | ||||||||||||||||
Revolving Credit Facility | Minimum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 3.02% | 3.02% | ||||||||||||||||
Leverage ratio | 2.91% | 2.91% | ||||||||||||||||
Revolving Credit Facility | Minimum | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Base Rate borrowings | 1.50% | 1.50% | ||||||||||||||||
Leverage ratio | 2.50% | 2.50% | ||||||||||||||||
Jasper Credit Facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Remaining borrowing capacity on line of credit | $ 6 | |||||||||||||||||
Credit facility | [1] | $ 3,020,000 | $ 0 | |||||||||||||||
Jasper Credit Facility [Member] | Maximum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 1% | 1% | ||||||||||||||||
Jasper Credit Facility [Member] | Minimum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 1.94% | 1.94% | ||||||||||||||||
Jasper Term Loan [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Remaining borrowing capacity on line of credit | $ 16,800 | |||||||||||||||||
Interest rate on credit facility | 6.50% | 6.50% | ||||||||||||||||
Fixed rate term loan | 6.50% | 6.50% | ||||||||||||||||
Term Loan B | Interest Rate Cap Agreement | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest rate increases | 300,000,000 | |||||||||||||||||
Forest Park Hotel Construction Loan Facility | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Financing Receivable, Revolving, Converted to Term Loan During Period | $ 20,000,000 | $ 27 | ||||||||||||||||
Remaining borrowing capacity on line of credit | 16,800,000 | |||||||||||||||||
Credit facility | [1] | $ 0 | $ 11,491,000 | |||||||||||||||
Interest rate on credit facility | 8.80% | 2.35% | 2.35% | |||||||||||||||
Fixed rate term loan | 6.50% | 6.50% | ||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 13,300,000 | $ 17 | ||||||||||||||||
FlyOver Iceland Credit Facility | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Maturity date | Sep. 01, 2027 | Mar. 01, 2022 | Mar. 01, 2022 | |||||||||||||||
Debt Instrument, Annual Principal Payment | $ 600,000 | kr 75 | ||||||||||||||||
Interest rate on credit facility | 8.40% | 8.40% | 6.90% | 4.90% | 4.90% | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 5,600,000 | € 5 | ||||||||||||||||
Maturity date | March 1, 2025 | |||||||||||||||||
Line Of Credit Facility Date Of First Required Payment | Dec. 01, 2022 | |||||||||||||||||
Fly Over Iceland Term Loan | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility | [1] | $ 535,000 | $ 594,000 | |||||||||||||||
Line of credit facility maximum borrowing capacity | $ 700,000 | kr 90 | ||||||||||||||||
2021 Credit Facility | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | 500,000,000 | |||||||||||||||||
Fees | $ 14,800,000 | |||||||||||||||||
2021 Credit Facility | Maximum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest rate description | 0.50 | |||||||||||||||||
2021 Credit Facility | Minimum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest rate description | 0.30 | |||||||||||||||||
2021 Credit Facility | Revolving Credit Facility | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Maturity date | Jul. 30, 2026 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 100,000,000 | |||||||||||||||||
2021 Credit Facility | Revolving Credit Facility | Maximum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Leverage ratio | 4% | 4% | ||||||||||||||||
2021 Credit Facility | Revolving Credit Facility | Minimum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Leverage ratio | 2% | 2% | ||||||||||||||||
2021 Credit Facility | Jasper Credit Facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 17 | |||||||||||||||||
2021 Credit Facility | Jasper Credit Facility [Member] | Maximum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 1.30% | 1.30% | ||||||||||||||||
2021 Credit Facility | Jasper Credit Facility [Member] | Minimum | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest coverage ratio | 1.10% | 1.10% | ||||||||||||||||
2021 Credit Facility | Jasper Term Loan [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 10 | |||||||||||||||||
2021 Credit Facility | Term Loan B | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Borrowing capacity on line of credit | $ 400,000,000 | |||||||||||||||||
Maturity date | Jul. 30, 2028 | |||||||||||||||||
Line of credit facility, borrowing | $ 400,000,000 | |||||||||||||||||
Loans Proceeds Offset | $ 327,000,000 | |||||||||||||||||
2021 Credit Facility | Term Loan B | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest rate description | 5.00% credit spread, with a SOFR floor of 0.50% | |||||||||||||||||
First Term Loan | Fly Over Iceland Term Loan | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Maturity date | Apr. 01, 2023 | |||||||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 10 | |||||||||||||||||
Line Of Term Loan Amendment Description | interest on a seven-day term deposit rate at the Central Bank of Iceland. | |||||||||||||||||
Second Term Loan | Fly Over Iceland Term Loan | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 30 | |||||||||||||||||
Line Of Term Loan Amendment Description | bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with an original maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. Effective November 23, 2022, FlyOver Iceland entered into an amendment to the ISK 50.0 million term loan wherein the maturity date was extended to February 1, 2024. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan | |||||||||||||||||
Third Term Loan | Fly Over Iceland Term Loan | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 50 | |||||||||||||||||
[1] Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. |
Derivative (Additional Informat
Derivative (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jan. 04, 2023 | |
Derivative [Line Items] | ||||
Unrealized gains | $ 1.2 | $ 0.4 | ||
Reclassified to earnings | 1.2 | |||
Approximately reclassified to earnings | $ 0.2 | $ 0.2 | ||
Interest Rate Cap Agreement [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 300 | |||
Derivative, fixed interest rate | 5% | |||
Interest Rate Cap Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cap premium rate | 0.3335% | |||
Derivative maturity dates | Jan. 31, 2025 |
Derivative - Schedule Of Fair V
Derivative - Schedule Of Fair Value Of Intetest Rate Cap (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Total derivatives designated as hedging instruments | $ 681 | $ 0 |
Short Term Interest Rate Cap | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, Derivative liablity, current | $ 480 | 0 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | |
Long Term Interest Rate Cap | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, Derivative liablity, non current | $ 201 | $ 0 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred Credits and Other Liabilities |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair value information related to assets | |||
Assets | $ 4,730 | $ 3,490 | |
Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | 4,049 | 3,490 | |
Significant Other Observable Inputs (Level 2) | |||
Fair value information related to assets | |||
Assets | 681 | ||
Other mutual funds | |||
Fair value information related to assets | |||
Assets | [1] | 4,049 | 3,490 |
Other mutual funds | Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | [1] | 4,049 | $ 3,490 |
Interest rate cap | |||
Fair value information related to assets | |||
Assets | 681 | ||
Interest rate cap | Significant Other Observable Inputs (Level 2) | |||
Fair value information related to assets | |||
Assets | $ 681 | ||
[1] We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets. |
Income (Loss) Per Share - Recon
Income (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Numerator: | |||||||
Net Income (Loss) | $ 10,961 | $ 19,839 | $ (9,908) | $ (9,162) | |||
Less: Allocation to participating securities | (2,186) | (4,293) | 0 | 0 | |||
Dividends on convertible preferred stock | (1,950) | $ (1,950) | (1,950) | $ (1,950) | |||
Adjustment to the redemption value of redeemable noncontrolling interest | 0 | (412) | 0 | (763) | |||
Net income (loss) allocated to Viad common stockholders (basic) | 6,825 | 13,184 | (13,808) | (13,825) | |||
Add: Allocation to participating securities | 11 | 25 | 0 | 0 | |||
Net income (loss) allocated to Viad common stockholders (diluted) | $ 6,836 | $ 13,209 | $ (13,808) | $ (13,825) | |||
Denominator: | |||||||
Basic weighted-average outstanding common shares | 20,840 | 20,571 | 20,796 | 20,544 | |||
Additional dilutive shares related to share-based compensation | 135 | 160 | 0 | 0 | |||
Diluted weighted-average outstanding shares | 20,975 | 20,731 | 20,796 | 20,544 | |||
Basic income (loss) attributable to Viad common stockholders | $ 0.33 | $ 0.64 | $ (0.66) | $ (0.67) | |||
Diluted income (loss) attributable to Viad common stockholders | [1] | $ 0.33 | $ 0.64 | $ (0.66) | $ (0.67) | ||
Paid in Cash | |||||||
Numerator: | |||||||
Dividends on convertible preferred stock | $ (1,950) | $ (1,950) | $ (3,900) | $ (3,900) | |||
[1] Diluted loss per share amount cannot exceed basic loss per share. |
Income (Loss) Per Share - Sched
Income (Loss) Per Share - Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 0 | 0 | 6,674 | 6,674 |
Unvested Restricted Share-Based Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 17 | 17 | 163 | 168 |
Unvested Performance Share-based Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 159 | 33 | 155 | 51 |
Employee Stock Option | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 372 | 372 | 376 | 277 |
Common and Preferred Stock - Na
Common and Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Aug. 05, 2020 | Jun. 30, 2023 | Dec. 31, 2022 | Feb. 07, 2019 | |
Class Of Stock [Line Items] | ||||
Authorized repurchase of additional shares | 500,000 | |||
Shares remain available for repurchase | 546,283 | |||
Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock dividend rate percentage | 5.50% | |||
Frequency of periodic payment of cumulative dividend | quarterly | |||
Convertible preferred stock conversion price per share | $ 21.25 | |||
Dividends paid in cash | $ 3.9 | |||
Redemption value of the preferred stock | $ 141.8 | $ 141.8 | ||
Crestview Partners | Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 135,000 | |||
Preferred Stock, Par value | $ 0.01 | |||
Purchase price | $ 135 | |||
Shares issued, price per share | $ 1,000 | |||
Effect on future earnings offset amount | $ 135 | |||
Capital raising expense | $ 9.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 96,840 | $ 91,838 |
Ending Balance | 99,976 | 75,365 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (42,983) | (16,162) |
Other comprehensive income (loss) before reclassifications | 7,950 | (8,131) |
Amounts reclassified from AOCI, net of tax | 0 | 0 |
Net other comprehensive income (loss) | 7,950 | (8,131) |
Ending Balance | (35,033) | (24,293) |
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (4,202) | (11,267) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI, net of tax | 27 | 466 |
Net other comprehensive income (loss) | 27 | 466 |
Ending Balance | (4,175) | (10,801) |
Unrealized Loss on Interest Rate Cap | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 0 | |
Other comprehensive income (loss) before reclassifications | 681 | |
Amounts reclassified from AOCI, net of tax | (243) | |
Net other comprehensive income (loss) | 438 | |
Ending Balance | 438 | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (47,185) | (27,429) |
Other comprehensive income (loss) before reclassifications | 8,631 | (8,131) |
Amounts reclassified from AOCI, net of tax | (216) | 466 |
Net other comprehensive income (loss) | 8,415 | (7,665) |
Ending Balance | $ (38,770) | $ (35,094) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate | 30% | 14.30% | 86.20% | 8% |
Federal statutory tax rate | 21% | |||
Cash refunds received | $ 0.6 | $ 0.8 | ||
Paid cash for income taxes | $ 4.6 | $ 12.7 | ||
Payment to Canadian taxing authorities | 9.6 | 12.7 | ||
Valuation allowance | $ 2.1 | $ 2.1 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plans | ||||
Net periodic benefit cost: | ||||
Net periodic benefit cost | $ 234 | $ 310 | $ 468 | $ 682 |
Total expenses | 234 | 310 | 468 | 682 |
Postretirement Benefit Plans | ||||
Net periodic benefit cost: | ||||
Net periodic benefit cost | 84 | 109 | 168 | 218 |
Total expenses | 84 | 109 | 168 | 218 |
Domestic Plans | Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 211 | 125 | 422 | 250 |
Expected return on plan assets | (40) | (51) | (80) | 49 |
Amortization of prior service credit | (8) | 0 | (16) | 0 |
Recognized net actuarial loss | 71 | 134 | 142 | 268 |
Net periodic benefit cost | 234 | 310 | 468 | 567 |
Settlement cost | 0 | 0 | 0 | 115 |
Total expenses | 234 | 310 | 468 | 567 |
Domestic Plans | Postretirement Benefit Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 6 | 10 | 12 | 20 |
Interest cost | 93 | 54 | 186 | 108 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | 29 | 22 | 58 | 44 |
Recognized net actuarial loss | (44) | 23 | (88) | 46 |
Net periodic benefit cost | 84 | 109 | 168 | 218 |
Settlement cost | 0 | 0 | 0 | 0 |
Total expenses | 84 | 109 | 168 | 218 |
Foreign Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 44 | 76 | 88 | 161 |
Interest cost | 91 | 79 | 183 | 167 |
Expected return on plan assets | (86) | (98) | (172) | (223) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 34 | 36 | 67 | 71 |
Net periodic benefit cost | 83 | 93 | 166 | 176 |
Settlement cost | 0 | 0 | 0 | 533 |
Total expenses | 83 | 93 | 166 | 176 |
Foreign Pension Plans | Pension Plans | ||||
Net periodic benefit cost: | ||||
Net periodic benefit cost | 83 | 93 | 166 | 709 |
Total expenses | $ 83 | $ 93 | $ 166 | $ 709 |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Narrative (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in postretirement benefit plans | $ 700 |
Pension and Other Postretirement Benefit Contributions | 300 |
Funded Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in funded pension plans | 600 |
Pension Contributions | 300 |
Unfunded Pension Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in unfunded pension plans | 800 |
Pension Contributions | $ 400 |
Restructuring Charges - Changes
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost And Reserve [Line Items] | ||||
Beginning balance | $ 3,439 | |||
Restructuring charges | $ 192 | $ 1,426 | 645 | $ 2,080 |
Cash payments | (792) | |||
Adjustment to liability | 39 | |||
Ending balance | 3,331 | 3,331 | ||
GES | Severance & Employee Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning balance | 1,609 | |||
Restructuring charges | 227 | |||
Cash payments | (297) | |||
Adjustment to liability | 0 | |||
Ending balance | 1,539 | 1,539 | ||
GES | Facilities | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning balance | 1,818 | |||
Restructuring charges | 409 | |||
Cash payments | (481) | |||
Adjustment to liability | 46 | |||
Ending balance | 1,792 | 1,792 | ||
Other Restructuring | Severance & Employee Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning balance | 12 | |||
Restructuring charges | 9 | |||
Cash payments | (14) | |||
Adjustment to liability | (7) | |||
Ending balance | $ 0 | $ 0 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Restructuring and Related Activities [Abstract] | |
Payments of liabilities related to severance and employee benefits | $ 1.5 |
liabilities related to facilities | $ 1.5 |
Leases and Other - Summary of B
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee Lease Description [Line Items] | ||
Operating lease assets | $ 112,263 | $ 102,777 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating lease assets | Operating lease assets |
Finance lease assets | $ 57,732 | $ 57,534 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Total lease assets | $ 169,995 | $ 160,311 |
Operating lease obligations | $ 15,087 | $ 13,463 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating lease obligations | Operating lease obligations |
Finance lease obligations | $ 2,650 | $ 2,978 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Operating lease obligations | $ 109,143 | $ 101,297 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease obligations | Operating lease obligations |
Finance lease obligations | $ 61,311 | $ 61,751 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Total lease liabilities | $ 188,191 | $ 179,489 |
Leases and Other - Components o
Leases and Other - Components of Least Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finance lease cost: | ||||
Amortization of ROU assets | $ 1,048 | $ 1,045 | $ 2,104 | $ 2,096 |
Interest on lease liabilities | 1,427 | 1,467 | 2,837 | 2,902 |
Operating lease cost | 6,586 | 6,204 | 12,793 | 12,026 |
Short-term lease cost | 950 | 749 | 1,385 | 1,113 |
Variable lease cost | 1,510 | 1,532 | 2,738 | 2,546 |
Total lease cost, net | $ 11,521 | $ 10,997 | $ 21,857 | $ 20,683 |
Leases and Other - Schedule of
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||
Operating cash flows from operating leases | $ 6,669 | $ 6,069 | $ 13,321 | $ 11,867 | ||
Operating cash flows from finance leases | 1,535 | 1,499 | 3,052 | 2,966 | ||
Financing cash flows from finance leases | 572 | 873 | 1,177 | 1,597 | ||
ROU assets obtained in exchange for lease obligations: | ||||||
Operating leases | 14,571 | 1,380 | 17,587 | 10,711 | ||
Finance leases | [1] | $ 376 | $ 1,217 | $ 363 | $ 4,324 | |
Weighted-average remaining lease term (years): | ||||||
Operating leases | 7 years 11 months 23 days | 7 years 11 months 23 days | 8 years 6 months 3 days | |||
Finance leases | 33 years 9 months 29 days | 33 years 9 months 29 days | 34 years 25 days | |||
Weighted-average discount rate: | ||||||
Operating leases | 7.78% | 7.78% | 7.25% | |||
Finance leases | 9.14% | 9.14% | 9.12% | |||
[1] Includes terminations of equipment finance leases that occurred during the first quarter of 2023. |
Leases and Other - Schedule o_2
Leases and Other - Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 10,511 | |
2024 | 25,910 | |
2025 | 23,878 | |
2026 | 22,931 | |
2027 | 19,367 | |
Thereafter | 69,059 | |
Total future lease payments | 171,656 | |
Less: Amount representing interest | (47,426) | |
Present value of minimum lease payments | 124,230 | |
Current portion | (15,087) | $ (13,463) |
Long-term operating lease obligations | 109,143 | 101,297 |
Remainder of 2023 | 4,163 | |
2024 | 7,919 | |
2025 | 7,090 | |
2026 | 6,487 | |
2027 | 6,277 | |
Thereafter | 180,986 | |
Total future lease payments | 212,922 | |
Less: Amount representing interest | (148,961) | |
Present value of minimum lease payments | 63,961 | 64,729 |
Current portion | (2,650) | (2,978) |
Long-term portion | 61,311 | 61,751 |
Remainder of 2023 | 14,674 | |
2024 | 33,829 | |
2025 | 30,968 | |
2026 | 29,418 | |
2027 | 25,644 | |
Thereafter | 250,045 | |
Total future lease payments | 384,578 | |
Less: Amount representing interest | (196,387) | |
Total operating and finance lease liablities | 188,191 | $ 179,489 |
Current portion | (17,737) | |
Long-term portion | $ 170,454 |
Leases and Other - Schedule o_3
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 923 |
2024 | 1,381 |
2025 | 1,591 |
2026 | 1,136 |
2027 | 478 |
Thereafter | 611 |
Total minimum rents | $ 6,120 |
Leases and Other - Narrative (D
Leases and Other - Narrative (Details) - New flyover Attraction [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, description | As of June 30, 2023, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years. |
Operating lease not yet commenced, term of contract | 20 years |
Litigation, Claims, Contingen_2
Litigation, Claims, Contingencies and Other - Narrative (Details) $ in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2023 CAD ($) | May 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Agreement | Jun. 30, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 0.5 | $ 300 | |||||
Environmental remediation liability | $ 2,200 | $ 2,200 | |||||
Maximum potential amount of future payments | 89,000 | 89,000 | |||||
Guarantees relate to facilities and equipment leased by the company | 2044-01 | ||||||
Recourse provision to recover guarantees | 0 | $ 0 | |||||
Bargaining agreements | Agreement | 100 | ||||||
Self insurance reserve | 11,000 | $ 11,000 | |||||
Workers' compensation liability | 6,500 | 6,500 | |||||
Self insurance reserve for general and auto | 4,500 | 4,500 | |||||
Self insurance reserve on discontinued operations | 2,000 | 2,000 | |||||
Estimated employee health benefit claims incurred but not yet reported | 1,500 | 1,500 | |||||
Payments for self insurance | 700 | $ 1,000 | 2,200 | $ 2,600 | |||
General/auto liability claim | 1,800 | 1,800 | |||||
Self insurance reserve in which company is the primary obligor | 8,200 | 8,200 | |||||
Self insurance reserve in which company is the primary obligor for workers compensation | 6,400 | 6,400 | |||||
Minimum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
General range on claims | 200 | 200 | |||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
General range on claims | $ 500 | $ 500 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Nov. 03, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of non equity ownership related redeemable noncontrolling interests | 56.40% | |
Esja Attractions ehf. | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
Percentage of non equity ownership related redeemable noncontrolling interests | 56.40% | |
EBITDA trailing period | 12 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after August 2022 (the “Reference Date”), and in the event the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The Put Option Condition has not been met as of June 30, 2023. If the FlyOver Iceland attraction has not achieved the Put Option Condition by December 31, 2024, the put option expires. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
Esja Attractions ehf. | FlyOver Iceland | Minimum | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noncontrolling Interest [Abstract] | ||||
Beginning balance | $ 4,956 | |||
Net loss attributable to redeemable noncontrolling interest | $ (286) | $ (128) | (409) | $ (266) |
Foreign currency translation adjustment | 180 | |||
Ending balance | $ 4,727 | $ 4,727 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Minority Interest [Line Items] | |||||
Beginning Balance | $ 82,310 | ||||
Net income attributable to non-redeemable noncontrolling interest | $ 903 | $ 451 | 505 | $ (753) | |
Distributions to non-controlling interests | (1,126) | (570) | (1,126) | ||
Foreign currency translation adjustments | 1,235 | $ (2,014) | 1,800 | $ (1,277) | |
Ending Balance | 83,489 | 83,489 | |||
Glacier Park Inc | |||||
Minority Interest [Line Items] | |||||
Beginning Balance | 16,690 | ||||
Net income attributable to non-redeemable noncontrolling interest | (783) | ||||
Distributions to non-controlling interests | 0 | ||||
Foreign currency translation adjustments | (6) | ||||
Ending Balance | 15,913 | $ 15,913 | |||
Equity ownership interest that we do not own | 20% | ||||
Brewster | |||||
Minority Interest [Line Items] | |||||
Beginning Balance | [1] | $ 55,702 | |||
Net income attributable to non-redeemable noncontrolling interest | [1] | (24) | |||
Distributions to non-controlling interests | [1] | 0 | |||
Foreign currency translation adjustments | [1] | 1,279 | |||
Ending Balance | [1] | 56,957 | $ 56,957 | ||
Equity ownership interest that we do not own | [1] | 40% | |||
Sky Lagoon | |||||
Minority Interest [Line Items] | |||||
Beginning Balance | $ 9,918 | ||||
Net income attributable to non-redeemable noncontrolling interest | 1,312 | ||||
Distributions to non-controlling interests | (1,126) | ||||
Ending Balance | $ 10,619 | $ 10,619 | |||
Equity ownership interest that we do not own | 49% | ||||
[1] Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection. |
Segment Information - Reconcili
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Reportable segments reconciliations: | |||||
Total revenue | $ 320,311 | $ 319,203 | $ 581,102 | $ 496,563 | |
ON Services sale purchase price adjustment | (204) | 0 | (204) | 0 | |
Interest expense, net | (12,356) | (7,761) | (24,605) | (13,638) | |
Other expense, net | (448) | (612) | (979) | (1,250) | |
Restructuring charges | (192) | (1,426) | (645) | (2,080) | |
Income (loss) from continuing operations before income taxes | 16,749 | 23,469 | (5,161) | (9,731) | |
GES | |||||
Reportable segments reconciliations: | |||||
Total revenue | 231,837 | 241,604 | 459,965 | 395,180 | |
Pursuit | |||||
Reportable segments reconciliations: | |||||
Total revenue | 88,474 | 77,599 | 121,137 | 101,383 | |
Operating Segments | |||||
Reportable segments reconciliations: | |||||
Segment operating income (loss) | 33,444 | 36,691 | 27,916 | 13,899 | |
Operating Segments | GES | |||||
Reportable segments reconciliations: | |||||
Segment operating income (loss) | 23,633 | 31,120 | 37,217 | 29,526 | |
Operating Segments | Pursuit | |||||
Reportable segments reconciliations: | |||||
Total revenue | 88,474 | 77,599 | 121,137 | 101,383 | |
Segment operating income (loss) | 9,811 | 5,571 | (9,301) | (15,627) | |
Restructuring charges | (2) | 0 | (9) | 0 | |
Operating Segments | Spiro | |||||
Reportable segments reconciliations: | |||||
Total revenue | 80,368 | 89,425 | 140,730 | 132,241 | |
Segment operating income (loss) | 8,279 | 14,847 | 11,453 | 14,608 | |
Restructuring charges | (39) | (808) | (176) | (1,226) | |
Operating Segments | GES-Exhibitions | |||||
Reportable segments reconciliations: | |||||
Total revenue | 154,534 | 154,600 | 324,031 | 266,431 | |
Segment operating income (loss) | 15,354 | 16,273 | 25,764 | 14,918 | |
Restructuring charges | (151) | (588) | (460) | (824) | |
Impairment charges | 0 | 0 | 0 | (583) | |
Operating Segments | Corporate | |||||
Reportable segments reconciliations: | |||||
Restructuring charges | 0 | (30) | 0 | (30) | |
Operating Segments | GES intersegment eliminations [Member] | |||||
Reportable segments reconciliations: | |||||
Total revenue | (3,065) | (2,421) | (4,796) | (3,492) | |
Corporate Eliminations | |||||
Reportable segments reconciliations: | |||||
Segment operating income (loss) | [1] | 16 | 17 | 32 | 34 |
Corporate | |||||
Reportable segments reconciliations: | |||||
Segment operating income (loss) | $ (3,511) | $ (3,440) | $ (6,676) | $ (6,113) | |
[1] Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Depreciation | $ 10,538 | $ 10,802 | $ 20,870 | $ 21,808 |
Amortization | 2,266 | 2,405 | 4,409 | 4,678 |
Capital expenditures | 20,809 | 19,069 | 32,193 | 31,639 |
Pursuit | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 8,279 | 7,866 | 16,413 | 15,648 |
Amortization | 1,294 | 1,316 | 2,455 | 2,495 |
Capital expenditures | 17,588 | 17,219 | 25,315 | 28,710 |
Spiro | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 600 | 852 | 1,100 | 1,781 |
Amortization | 62 | 51 | 125 | 103 |
Capital expenditures | 618 | 442 | 1,265 | 586 |
GES-Exhibitions | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 1,640 | 2,070 | 3,318 | 4,361 |
Amortization | 910 | 1,038 | 1,829 | 2,080 |
Capital expenditures | 2,590 | 1,383 | 5,598 | 2,248 |
Corporate And Other | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 13 | 25 | 15 | 95 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | $ 19 | $ 14 | $ 39 | $ 18 |