Maximizing Shareholder Value
NON-GAAP FINANCIAL RECONCILIATION
VIAD CONSOLIDATED ($M)
Revenue
2015
2016
2017
2018
$ 1,089.0 $ 1,205.0 $ 1,307.0 $ 1,237.3
2021
2022
2023
415.4 $ 507.3 $ 1,127.3 $ 1,238.7
Net Income (Loss) Attributable to Viad
Net Income (Loss) Attributable to Noncontrolling Interest
Net Loss Attributable to Redeemable Noncontrolling Interest
Loss (Income) from Discontinued Operations
Income Tax Expense (Benefit)
Net Interest Expense
Other Expense
Legal Settlement
Pension Plan Withdrawal
Impairment Charges (Recoveries)
Restructuring Charges
Depreciation and Amortization
2019
2020
$ 1,302.7
$
$
26.6 $
0.4
42.3 $
0.5
57.7 $
49.2 $
22.0 $
(374.1) $ (92.7) $
23.2 $
16.0
0.5
0.5
2.3
(1.4)
1.7
2.3
7.8
-
(0.1)
(0.3)
(0.8)
(1.5)
(1.8)
(0.7)
(0.4)
0.4
0.7
10.5
21.3
45.9
ܩ ܘ܂
0.3
(1.5)
0.1
1.8
(0.6)
(0.1)
0.8
17.1
2.5
14.2
(1.8)
10.0
18.8
3.9
4.7
8.0
9.3
13.8
17.9
28.3
34.9
48.0
1.8
1.7
2.0
1.7
1.6
1.1
2.0
2.1
2.0
8.5
15.7
0.5
0.1
0.1
0.2
(29.1)
(0.0)
5.3
203.1
0.6
3.0
5.2
1.0
1.6
8.4
13.4
6.1
3.1
1.2
35.2
42.7
55.1
56.8
59.0
56.6
53.8
52.5
51.0
0.1
0.9
2.3
4.2
4.7
2.2
2.7
2.3
2.2
1.2
0.9
3.3
0.3
0.9
1.6
0.4
(19.6)
0.2
4.2
(1.7)
Start-up Costs (A)
Acquisition Integration & Transaction Costs
Gain on sale of ON Services
Remeasurement of Finance Lease Obligation (B)
Restructuring Related Inventory Write-Off (C)
5.3
Fire-related Business Interruption Matters
0.1
Other Non-Recurring Expenses (D)
0.7
Consolidated Adjusted EBITDA
$
84.9 $
121.6
$
Corporate Adjusted EBITDA & Corporate Eliminations (E)
6.5
9.5
Segment Adjusted EBITDA
$
91.4 $
131.1 $
142.7
11.5
154.2 $
$
136.2
10.1
146.3 $
$
144.0
8.7
152.7 $
$
1.8
(56.8) $
6.6
(50.2) $
0.6
0.2
0.1
Pursuit Segment Adjusted EBITDA
35.8
49.9
66.0
68.6
81.2
GES Segment Adjusted EBITDA
55.6
81.2
88.2
77.7
71.5
(9.7)
(40.5)
1.3 $
11.0
12.3 $
42.7
116.1
13.1
$
147.0
13.8
129.2 $
160.8
67.9
92.6
(30.4)
61.3
68.2
Free Cash Flow:
Consolidated Adjusted EBITDA
Less: Capital Expenditures
Free Cash Flow
Cumulative Free Cash Flow
$
84.9 $ 121.6 $
142.7 $
(29.8)
(49.8)
$
55.1 $
71.8 $
$
55.1 $
126.9 $
(56.6)
86.0 $
212.9 $
136.2 $
(83.3)
52.8 $
265.7 $
144.0 $
(76.1)
67.9 $
333.6 $
(56.8) $
(53.6)
(110.4) $
223.2 $
1.3 $
(57.9)
(56.6) $
116.1
(67.2)
48.9 $
$
147.0
(76.1)
71.0
166.6 $
215.6 $
286.5
(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Alpine Hotel in Canada.
Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.
Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
Includes non-capitalizable fees and expenses related to Viad's credit facility refinancing efforts.
(B)
(C)
(D)
(E)
Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and other non-recurring costs included within Corporate activities expense.
FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES
We have also provided the following forward-looking non-GAAP financial measure: Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow. We do not provide a reconciliation of these
forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because, due to variability and difficulty in making accurate forecasts and projections and/or certain
information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliations is available to us without unreasonable efforts. Consequently, any attempt to disclose such
28
reconciliations would imply a degree of precision that could be confusing or misleading to investors. It is possible that the forward-looking non-GAAP financial measures may be materially different from the
corresponding forward-looking non-GAAP financial measure.
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