Investor Presentaiton
NON-GAAP FINANCIAL MEASURES
This document includes the presentation of "Adjusted EBITDA", which is supplemental
to results presented under accounting principles generally accepted in the United States of
America ("GAAP") and may not be comparable to similarly titled measures presented by
other companies. This non-GAAP measure should be considered in addition to, but not
as a substitute for, other similar measures reported in accordance with GAAP.
The use of this non-GAAP financial measure is limited, compared to the GAAP measure of
net income attributable to Viad, because it does not consider a variety of items affecting
Viad's consolidated financial performance as explained below. Because this non-GAAP
measure does not consider all items affecting Viad's consolidated financial performance, a
user of Viad's financial information should consider net income attributable to Viad as an
important measure of financial performance because it provides a more complete
measure of the Company's performance.
Adjusted EBITDA is defined by management as net income attributable to Viad before
income (loss) from discontinued operations, interest expense and interest income, income
taxes, depreciation and amortization, acquisition-related costs, attraction start-up costs,
restructuring charges, impairment losses, the reduction/increase for income/loss
attributable to non-redeemable and redeemable non-controlling interests, and gains or
losses from sales of businesses.
Adjusted EBITDA is considered a useful operating metric, in addition to net income
attributable to Viad, as potential variations arising from non-recurring integration costs,
non-cash amortization and depreciation, and non-operational expenses/income are
eliminated, thus resulting in an additional measure considered to be indicative of Viad's
consolidated and segment performance. Management believes that the presentation of
Adjusted EBITDA provides useful information to investors regarding Viad's results of
operations for trending, analyzing and benchmarking the performance and value of Viad's
business.
Forward-Looking Non-GAAP Measures
The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP measure because certain reconciling items that impact this
metric including, provision for income taxes, interest expense, restructuring or impairment charges, acquisition-related costs, and attraction start-up costs have not occurred, are out of
the company's control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note
that the unavailable reconciling items could significantly impact the company's results as reported under GAAP.
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