Investor Presentaiton
FOCUSED ON SHAREHOLDER VALUE
LONG HISTORY OF STRATEGIC DIVESTITURES¹
Over the last 30 years, Viad has spun-off or sold more than 20 lines of business, including:
1987
Greyhound
Lines, Inc. bus
1992
The FINOVA
Group
1993
Motor Coach
Industries
1996
The Dial
Corp.
1997
Premier
Cruise Lines
operations
1999
Restaura
dining service
operations
1999
Dobbs Int'l
Services airline
food service
THOROUGH REVIEW OF STRATEGIC OPTIONS¹
DEC 2012
NOV 2013 FEB 2014
APR 2014
2004
MoneyGram
International
PRESENT
•
Announced review of strategic options to enhance
.
•
Paid special dividends
•
share as optimal
mechanism to
shareholder value (including possible separation of GES and totaling $4.00 per
Pursuit businesses and increasing dividends or share
repurchases), working with JP Morgan
Announced repurchase authorization of 1M shares
(265,449 remaining at 9/30/18)
allocate capital at that
time
Announced conclusion
of review and go-
forward strategy to
enhance shareholder
value
•
Executing
against growth
strategy with
11 acquisitions
since July 2014
POSITIVE CORPORATE GOVERNANCE CHANGES¹
.
Actively refreshed Board with industry expertise, reducing
•
average tenure from 8.7 to 6.4 years (since 2012)
•
Eliminated Poison Pill (Feb 2013)
•
Adopted No Hedging, No Pledging Policy (Feb 2013)
.
Separated Chairman and CEO roles; elected independent
Chairman (Dec 2014)
•
New CEO, Steve Moster, appointed (Dec 2014)
1 Representative list of actions taken; not comprehensive.
VIAD
•
•
•
•
•
Exec Comp Changes:
CEO LTI award increased to 100% performance-based and
other executive officers increased from 50/50 to 70/30
New LTI goals based on EBITDA, ROIC and TSR
Holding requirements for vested restricted stock
Eliminated tax gross-ups on perks, legacy payments
Phase out of excise tax gross-ups and modified single-
trigger provisions in change-in-control arrangements
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