Q4

2016

Q4

2015

y-o-y

Change

Full Year

2016

Full Year

2015

y-o-y

Change

$ in millions, except per share data

Revenue

$

256.4

$

251.7

1.9

%

$

1,205.0

$

1,089.0

10.6

%

Organic Revenue*

250.4

251.7

-0.5

%

1,173.2

1,089.0

7.7

%

Net Income (Loss) Attributable to Viad

$

(4.0

)

$

(1.0

)

**

$

42.3

$

26.6

58.9

%

Income (Loss) Before Other Items*

(2.1

)

0.3

**

48.2

29.3

64.3

%

Income (Loss) Before Other Items per Share*

(0.11

)

0.01

**

2.38

1.46

63.0

%

Adjusted Segment Operating Income (Loss)*

$

(0.4

)

$

4.8

**

$

87.7

$

55.5

58.0

%

Adjusted Segment EBITDA*

11.1

12.9

-13.7

%

130.2

90.6

43.8

%

•

Full year revenue of $1.2 billion increased 10.6% ($115.9 million) year-over-year, or 7.7% ($84.2 million) on an organic basis (which excludes the impact of acquisitions and unfavorable exchange rate variances).  

o

The increase in organic revenue was primarily due to positive show rotation revenue of approximately $52 million and continued underlying growth in both the Marketing & Events Group (GES) and the Travel & Recreation Group (T&R).

o

Acquisitions completed during 2016 contributed revenue of $55.7 million.

o

Exchange rate variances had an unfavorable impact on revenue of $24.0 million.

•

Adjusted segment operating income, adjusted segment EBITDA, income before other items and net income attributable to Viad improved significantly year-over-year, primarily due to high flow-through on the increase in revenue.

•

Fourth quarter revenue of $256.4 million increased 1.9% ($4.7 million) year-over-year, and declined 0.5% ($1.3 million) on an organic basis.  

o

The organic revenue decline reflects negative show rotation of approximately $15 million at GES, partially offset by strong underlying performance at both business groups.

o

Year-over-year revenue growth from acquisitions was $13.6 million.

o

Exchange rate variances had an unfavorable impact on revenue of $7.5 million.

•

The declines in adjusted segment operating income, adjusted segment EBITDA, income before other items and net income attributable to Viad primarily reflect seasonal operating losses from the acquired businesses of Maligne Lake Tours and CATC, which are closed during the fourth quarter.

Q4

2016

Q4

2015

y-o-y

Change

Full Year

2016

Full Year

2015

y-o-y

Change

$ in millions

Revenue

$

246.2

$

244.5

0.7

%

$

1,054.7

$

976.9

8.0

%

U.S. Organic Revenue*

176.6

170.9

3.4

%

805.1

720.9

11.7

%

International Organic Revenue*

68.3

76.8

-11.1

%

271.2

272.6

-0.5

%

Adjusted Segment Operating Income*

$

7.9

$

7.7

2.1

%

$

50.8

$

27.7

83.5

%

Adjusted Segment Operating Margin*

3.2

%

3.2

%

0 bps

4.8

%

2.8

%

200 bps

Adjusted Segment EBITDA*

$

16.9

$

14.4

17.9

%

$

80.4

$

54.8

46.7

%

Adjusted Segment EBITDA Margin*

6.9

%

5.9

%

100 bps

7.6

%

5.6

%

200 bps

Key Performance Indicators:

U.S. Base Same-Show Revenue Growth⁽¹⁾

5.6

%

4.1

%

U.S. Show Rotation Revenue Change (approx.)⁽²⁾

$

(7

)

$

59

International Show Rotation Revenue Change (approx.)⁽²⁾

$

(8

)

$

(7

)

(1)

Base same-shows are defined as shows produced by GES out of the same city during the same quarter in both the current year and prior year.  Base same-shows represented 35.7% and 39.1% of GES’ U.S. organic revenue during the 2016 fourth quarter and full year, respectively.

(2)

Show rotation refers to shows that take place once every two, three or four years, as well as annual shows that change quarters from one year to the next.

•

Full year GES revenue increased 8.0% ($77.9 million) year-over-year.  On an organic basis (which excludes the impact of acquisitions and unfavorable exchange rate variances), the increase was 8.1% ($79.2 million).

o

U.S. organic revenue increased 11.7% ($84.2 million) driven by positive show rotation revenue of approximately $59 million, base same-show revenue growth of 4.1%, new business wins and increased sales to corporate clients.

o

International organic revenue decreased 0.5% ($1.5 million) primarily due to negative show rotation revenue of approximately $7 million, partially offset by new business wins.

•

Full year GES adjusted segment operating income increased $23.1 million (83.5%), or $24.0 million (86.8%) on an organic basis.

o

U.S. organic adjusted segment operating income increased $26.4 million, primarily due to higher revenue and the strong operating leverage that exists within the GES business.

o

International organic adjusted segment operating income decreased $2.3 million, primarily reflecting lower revenue and investments in personnel and assets to support continued growth of the business.

•

The acquisition of ON Services (August 2016) contributed revenue of $21.3 million, adjusted segment EBITDA of $3.8 million* and an adjusted segment operating loss of $0.2 million* during 2016.

•

Exchange rate variances had an unfavorable impact on full year revenue and adjusted segment operating income of $22.6 million and $0.7 million, respectively.

•

Fourth quarter GES revenue increased 0.7% ($1.7 million) year-over-year and declined 1.8% ($4.3 million) on an organic basis.  

o

U.S. organic revenue increased 3.4% ($5.7 million) driven by base same-show revenue growth of 5.6%, new business wins and increased sales to corporate clients, partially offset by negative show rotation revenue of approximately $7 million.

o

International organic revenue decreased 11.1% ($8.5 million) driven primarily by negative show rotation revenue of approximately $8 million.

•

Fourth quarter GES adjusted segment operating income increased $0.2 million (2.1%), or $1.2 million (16.0%) on an organic basis.  

o

U.S. organic adjusted segment operating income increased $1.9 million, primarily due to higher revenue.

o

International organic adjusted segment operating income decreased $0.6 million primarily due to lower revenue, partially offset by a more profitable mix of revenue.

•

The acquisition of ON Services contributed revenue of $13.5 million, adjusted segment EBITDA of $2.1 million* and an adjusted segment operating loss of $0.8 million* during the fourth quarter.

•

Exchange rate variances had an unfavorable impact on fourth quarter revenue and adjusted segment operating income of $7.5 million and $0.3 million, respectively.

Q4

2016

Q4

2015

y-o-y

Change

Full Year

2016

Full Year

2015

y-o-y

Change

$ in millions

Revenue

$

10.3

$

7.2

43.3

%

$

153.4

$

112.2

36.7

%

Organic Revenue*

10.2

7.2

42.8

%

120.3

112.2

7.2

%

Adjusted Segment Operating Income (Loss)*

$

(8.2

)

$

(2.9

)

**

$

36.9

$

27.8

32.6

%

Adjusted Segment Operating Margin*

-80.2

%

-41.2

%

**

24.0

%

24.8

%

(80) bps

Adjusted Segment EBITDA*

$

(5.8

)

$

(1.5

)

**

$

49.8

$

35.8

39.3

%

Adjusted Segment EBITDA Margin*

-56.4

%

-20.3

%

**

32.5

%

31.9

%

60 bps

Key Performance Indicators:

Same-Store RevPAR⁽¹⁾

$

43

$

39

10.3

%

$

108

$

97

11.3

%

Same-Store Room Nights Available⁽¹⁾

40,696

41,116

-1.0

%

228,290

228,739

-0.2

%

Same-Store Passengers⁽²⁾

139,343

75,131

85.5

%

1,478,172

1,340,175

10.3

%

Same-Store Revenue per Passenger⁽²⁾

$

34

$

31

9.7

%

$

31

$

31

0.0

%

(1)

Same-store RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable T&R properties during the periods presented, expressed on a constant currency basis.  Comparable properties are defined as those owned by Viad for the entirety of both periods. Accordingly, the fourth quarter and full year comparisons exclude CATC.

(2)

Same-store revenue per passenger is calculated as total attractions revenue divided by the total number of passengers for all comparable T&R attractions, expressed on a constant currency basis.  Comparable attractions are defined as those owned by Viad for the entirety of both periods.  Accordingly, the fourth quarter and full year comparisons exclude Maligne Lake Tours, CATC and FlyOver Canada.  Same-store passengers and revenue per passenger were affected by renovation activity at the Banff Gondola attraction. The gondola was completely closed from October 26, 2015 through May 1, 2016, when lift operations re-opened.  The dining and retail services previously offered at its upper terminal remained closed for renovations into the latter part of the 2016 third quarter. When adjusting to exclude gondola passengers from all periods presented (for a more comparable measure), attractions passengers grew by  15.1% for the full year and declined by 11.6% (approximately 5,000 passengers) during the fourth quarter as a result of adverse weather conditions.

•

Full year T&R revenue increased 36.7% ($41.2 million) year-over-year.  On an organic basis (which excludes the impact of unfavorable exchange rate variances and acquisitions), revenue increased 7.2% ($8.1 million) driven primarily by higher RevPAR across the hospitality assets and higher passenger volumes at the attractions.

•

Full year T&R adjusted segment operating income increased $9.1 million (32.6%).  On an organic basis, adjusted segment operating income increased $0.5 million (1.8%) primarily reflecting higher organic revenue, partially offset by higher accruals for performance-based incentives and investments to support continued growth of the business.

•

The acquisitions completed during 2016, primarily Maligne Lake Tours (January 2016) and CATC (March 2016), contributed full year revenue of $34.4 million, adjusted segment EBITDA of $13.1 million* and adjusted segment operating income of $8.4 million* during the 2016 full year.

•

The Mount Royal Hotel in Banff, Canada suffered fire damage on December 29, 2016 and has been closed until further notice.  As a result of the fire, an impairment loss of $2.2 million was recorded against the net book value of the hotel assets.  The losses related to the fire are covered by Viad’s

property and business interruption insurance.  Accordingly, the company recorded an offsetting impairment recovery of $2.2 million.  Assessment of the full value of the loss is ongoing.

•

Exchange rate variances had an unfavorable impact on full year revenue of $1.3 million and a favorable impact on adjusted segment operating income of $0.1 million.

•

Fourth quarter T&R revenue increased 43.3% ($3.1 million) year-over-year.  On an organic basis, revenue increased 42.8% ($3.1 million) primarily driven by the fully refreshed Banff Gondola, which was closed for renovation during the prior year quarter.

•

Fourth quarter T&R adjusted segment operating loss increased $5.3 million year-over-year.  On an organic basis, the adjusted segment operating loss increased $2.2 million primarily due to the timing of certain expenses, higher accruals for performance-based incentives and investments to support continued growth of the business.  Additionally, more buses were sold during the 2015 fourth quarter in connection with the restructuring of the transportation line of business, which resulted in a lower gain on sale of assets year-over-year.

•

The 2016 acquisitions generated an adjusted segment operating loss of $3.1 million* in the fourth quarter, reflecting the seasonal closures of CATC and Maligne Lake Tours.  

•

Cash flow from operations was an outflow of $15.8 million for the 2016 fourth quarter and an inflow of $99.6 million for the full year.

•

Capital expenditures for the quarter totaled $16.8 million, comprising $8.2 million for GES, $9.4 million for T&R (including payments of $0.7 million to GES for work on the Banff Gondola, which were eliminated in consolidation).  For the full year, capital expenditures totaled $49.4 million, comprising $20.0 million for GES, $30.0 million for T&R (including payments of $0.7 million to GES, which were eliminated in consolidation) and $0.2 million for the corporate office.

•

Return of capital totaled $2.0 million for the quarter and $8.1 million for the full year (which represented quarterly dividends of $0.10 per share).  Viad had 440,540 shares remaining under its current repurchase authorization at December 31, 2016.

•

Debt proceeds (net) totaled $54.8 million for the quarter, reflecting the cash payment of approximately $50 million for the acquisition of FlyOver Canada (December 29, 2016). For the full year, debt proceeds (net) totaled $120.8 million.

•

Cash and cash equivalents were $20.9 million, debt was $250.7 million and the debt-to-capital ratio was 40.4% at December 31, 2016.

•

Consolidated revenue is expected to increase by approximately 5% from 2016 full year revenue, driven primarily by incremental contributions from acquisitions completed during 2016 and continued growth in the underlying business, partially offset by unfavorable currency translation of approximately $23 million, negative show rotation of about $20 million and a $13 million reduction in revenue from package tours as the company completes the rationalization of that line of business in Canada.

•

Consolidated adjusted segment EBITDA is expected to be in the range of $144.5 million to $148.5 million, as compared to $130.2 million* in 2016.

•

Exchange rates are assumed to approximate $0.74 U.S. Dollars per Canadian Dollar and $1.23 U.S. Dollars per British Pound during 2017.  Exchange rate variances are expected to impact 2017 full year results as follows:

Viad Total

GES

T&R

$ in millions, except per share data

Revenue

$

(23

)

$

(20

)

$

(3

)

Adjusted Segment Operating Income

$

(2.5

)

$

(1

)

$

(1.5

)

Income per Share Before Other Items

$

(0.08

)

GES

T&R

$ in millions

Revenue

Up mid-single digits

(from $1,054.7 in 2016)

Up mid-single digits

(from $153.4 in 2016)

Adjusted Segment EBITDA

$89 to $92 (vs. $80.4* in 2016)

$55 to $57 (vs. $49.8* in 2016)

Depreciation & Amortization

$36 to $38

$16.5 to $18.5

Adjusted Operating Income

$51.5 to $54.5 (vs. $50.8* in 2016)

$37.5 to $39.5 (vs. $36.9* in 2016)

Capital Expenditures

$30 to $32

$14 to $16

o

The GES acquisition of ON Services (August 2016) is expected to provide incremental revenue of $45 million to $48 million, incremental adjusted segment EBITDA of $11 million to $13 million and incremental adjusted segment operating income of $4 million to $6 million.

o

GES show rotation is expected to have a net negative impact on full year revenue of about $20 million versus 2016.  Show rotation refers to shows that occur less frequently than annually, as well as annual shows that shift quarters from one year to the next.

Q1 Est.

Q2 Est.

Q3 Est.

Q4 Est.

FY Est.

Show Rotation Revenue ($ in millions)

$

50

$

10

$

(80

)

$

-

$

(20

)

o

GES U.S. base same-show revenue is expected to increase at a mid-single digit rate.

o

The T&R acquisitions of CATC (March 2016) and FlyOver Canada (December 2016) are expected to provide incremental revenue of $10 million to $12 million and incremental adjusted segment EBITDA of $2 million to $3.5 million, which reflects an incremental first quarter seasonal operating loss of approximately $3 million from CATC.  Combined, these acquisitions are expected to contribute adjusted segment operating income that is in line with 2016.

o

T&R revenue is expected to be negatively impacted by approximately $13 million as the company completes the previously announced downsizing of the lower-margin package tours line of business, and by approximately $6 million due to the fire-related closure of the Mount Royal Hotel.  Timing of the hotel’s re-opening remains uncertain and this guidance assumes it will remain closed for the entirety of the year.  These declines are expected to be offset by growth across the rest of the T&R business, with particularly strong growth at the newly renovated Banff Gondola.

•

Corporate activities expense is expected to approximate $10 million.

•

The effective tax rate on income before other items is assumed to approximate 32%.

2017 Guidance

2016

Low End

High End

FX Impact⁽¹⁾

$ in millions, except per share data

Revenue:

GES

$

236.1

$

300

to

$

310

$

(5

)

T&R

5.2

6.5

to

8

—

Adjusted Operating Income (Loss):

GES

$

0.3

*

$

18

to

$

20.5

$

0.2

T&R

(6.5

)

*

(11

)

to

(9.5

)

—

Income per Share Before Other Items

$

(0.30

)

*

$

0.11

to

$

0.21

$

0.01

(1)

FX Impact represents the expected effect of year-over-year changes in exchange rates that is incorporated in the low end and high end guidance ranges presented.

•

GES first quarter results are expected to increase primarily as a result of positive show rotation revenue of approximately $50 million, an incremental $13.5 million to $15.5 million in revenue from the ON Services acquisition and continued underlying business growth, partially offset by unfavorable currency translation of approximately $5 million in revenue.

•

T&R first quarter revenue is expected to increase primarily as a result of the re-opening of the Banff Gondola (which was closed for renovations during the 2016 first quarter) and an incremental $1 million to $2 million from the acquisition of FlyOver Canada, partially offset by the closure of the Mount Royal Hotel and lower revenue from package tours.  The increased operating loss primarily reflects a full quarter of seasonal losses from CATC (acquired March 2016) as that operation is closed during the first quarter.

Three months ended December 31,

Year ended December 31,

($ in thousands, except per share data)

2016

2015

$ Change

% Change

2016

2015

$ Change

% Change

Revenue:

Marketing & Events Group (GES):

U.S.

$

190,109

$

170,876

$

19,233

11.3%

$

826,408

$

720,882

$

105,526

14.6%

International

60,814

76,805

(15,991

)

-20.8%

248,503

272,634

(24,131

)

-8.9%

GES intersegment eliminations

(4,733

)

(3,163

)

(1,570

)

-49.6%

(20,172

)

(16,638

)

(3,534

)

-21.2%

Total Marketing & Events Group

246,190

244,518

1,672

0.7%

1,054,739

976,878

77,861

8.0%

Travel & Recreation Group (T&R)

10,253

7,153

3,100

43.3%

153,364

112,170

41,194

36.7%

Corporate eliminations (Note A)

(47

)

-

(47

)

**

(3,133

)

-

(3,133

)

**

Total revenue

$

256,396

$

251,671

$

4,725

1.9%

$

1,204,970

$

1,089,048

$

115,922

10.6%

Segment operating income (loss):

Marketing & Events Group:

U.S.

$

2,617

$

1,991

$

626

31.4%

$

40,524

$

14,563

$

25,961

**

International

4,748

5,806

(1,058

)

-18.2%

9,699

12,211

(2,512

)

-20.6%

Total Marketing & Events Group

7,365

7,797

(432

)

-5.5%

50,223

26,774

23,449

87.6%

Travel & Recreation Group

(9,028

)

(2,945

)

(6,083

)

**

35,705

27,810

7,895

28.4%

Segment operating income (loss)

(1,663

)

4,852

(6,515

)

**

85,928

54,584

31,344

57.4%

Corporate eliminations (Note A)

197

-

197

**

(743

)

-

(743

)

**

Corporate activities (Note B)

(2,932

)

(3,573

)

641

17.9%

(10,322

)

(9,720

)

(602

)

-6.2%

Restructuring charges (Note C)

(1,519

)

(1,414

)

(105

)

-7.4%

(5,183

)

(2,956

)

(2,227

)

-75.3%

Impairment charges

(98

)

(96

)

(2

)

-2.1%

(218

)

(96

)

(122

)

**

Net interest expense (Note D)

(762

)

(996

)

234

23.5%

(4,733

)

(3,877

)

(856

)

-22.1%

Income (loss) from continuing operations before income taxes

(6,777

)

(1,227

)

(5,550

)

**

64,729

37,935

26,794

70.6%

Income tax (expense) benefit (Note E)

2,402

358

2,044

**

(21,250

)

(10,493

)

(10,757

)

**

Income (loss) from continuing operations

(4,375

)

(869

)

(3,506

)

**

43,479

27,442

16,037

58.4%

Income (loss) from discontinued operations

87

(161

)

248

**

(684

)

(394

)

(290

)

-73.6%

Net income (loss)

(4,288

)

(1,030

)

(3,258

)

**

42,795

27,048

15,747

58.2%

Net (income) loss attributable to noncontrolling interest

239

73

166

**

(526

)

(442

)

(84

)

-19.0%

Net income (loss) attributable to Viad

$

(4,049

)

$

(957

)

$

(3,092

)

**

$

42,269

$

26,606

$

15,663

58.9%

Amounts Attributable to Viad Common Stockholders:

Income (loss) from continuing operations

$

(4,136

)

$

(796

)

$

(3,340

)

**

$

42,953

$

27,000

$

15,953

59.1%

Income (loss) from discontinued operations

87

(161

)

248

**

(684

)

(394

)

(290

)

-73.6%

Net income (loss)

$

(4,049

)

$

(957

)

$

(3,092

)

**

$

42,269

$

26,606

$

15,663

58.9%

Diluted income (loss) per common share:

Income (loss) from continuing operations attributable to  Viad common shareholders

$

(0.21

)

$

(0.04

)

$

(0.17

)

**

$

2.12

$

1.34

$

0.78

58.2%

Income (loss) from discontinued operations attributable to Viad common shareholders

0.01

(0.01

)

0.02

**

(0.03

)

(0.02

)

(0.01

)

-50.0%

Net income (loss) attributable to Viad common shareholders

$

(0.20

)

$

(0.05

)

$

(0.15

)

**

$

2.09

$

1.32

$

0.77

58.3%

Basic income (loss) per common share:

Income loss from continuing operations attributable to Viad common shareholders

$

(0.21

)

$

(0.04

)

$

(0.17

)

**

$

2.12

$

1.34

$

0.78

58.2%

Income (loss) from discontinued operations attributable to Viad common shareholders

0.01

(0.01

)

0.02

**

(0.03

)

(0.02

)

(0.01

)

-50.0%

Net income (loss) attributable to Viad common shareholders (Note F)

$

(0.20

)

$

(0.05

)

$

(0.15

)

**

$

2.09

$

1.32

$

0.77

58.3%

Common shares treated as outstanding for Income (loss) per share calculations:

Weighted-average outstanding common shares

20,045

19,870

175

0.9%

19,990

19,797

193

1.0%

Weighted-average outstanding and potentially dilutive common shares

20,045

19,870

175

0.9%

20,177

19,981

196

1.0%

(A)

Corporate Eliminations — The corporate eliminations recorded during the three and twelve months ended December 31, 2016 represent the elimination of intercompany revenue and profit realized by the Marketing & Events Group for work completed on renovations for the Travel & Recreation Group’s Banff Gondola, as well as the subsequent depreciation expense associated with that work.

(B)

Corporate Activities — The decrease in corporate activities expense for the three months ended December 31, 2016 was primarily due to lower acquisition transaction-related costs in 2016. The increase in corporate activities expense for the twelve months ended December 31, 2016 was primarily due to an increase in performance-based compensation expense, offset in part by costs related to a shareholder nomination and settlement agreement during 2015 and lower acquisition transaction-related costs in 2016.

(C)

Restructuring Charges — During the three months ended December 31, 2016 and 2015, Viad recorded restructuring charges primarily related to the elimination of positions and facility consolidations in the Marketing & Events Group. During the twelve months ended December 31, 2016 and 2015, Viad recorded restructuring charges primarily related to the elimination of positions and facility consolidations in the Marketing & Events Group, as well as the elimination of certain positions at Viad's corporate office and in the Travel & Recreation Group.

(D)

Net Interest Expense — The decrease in net interest expense for the three months ended December 31, 2016 was primarily due to interest income related to a favorable legal judgment, offset in part by an increase in interest expense due to higher debt balances resulting from acquisitions completed during 2016. The increase in net interest expense for the twelve months ended December 31, 2016 was primarily due to higher debt balances resulting from acquisitions completed during 2016, offset in part by interest income related to a favorable legal judgment.

(E)

Income Taxes — The increase in the tax rate for the twelve months ended December 31, 2016 was primarily due to a non-cash benefit recorded in the 2015 period related to certain foreign tax assets.

(F)

Income (Loss) per Common Share — Following is a reconciliation of net income (loss) attributable to Viad to net income (loss) allocated to Viad common shareholders:

Three months ended December 31,

Year ended December 31,

($ in thousands, except per share data)

2016

2015

$ Change

% Change

2016

2015

$ Change

% Change

Net income (loss) attributable to Viad

$

(4,049

)

$

(957

)

$

(3,092

)

**

$

42,269

$

26,606

$

15,663

58.9%

Less: Allocation to nonvested shares

-

-

-

**

(571

)

(385

)

(186

)

-48.3%

Net income (loss) allocated to Viad common shareholders

$

(4,049

)

$

(957

)

$

(3,092

)

**

$

41,698

$

26,221

$

15,477

59.0%

Weighted-average outstanding common shares

20,045

19,870

175

0.9%

19,990

19,797

193

1.0%

Basic income (loss) per common share attributable to Viad common shareholders

$

(0.20

)

$

(0.05

)

$

(0.15

)

**

$

2.09

$

1.32

$

0.77

58.3%

Three months ended December 31,

Year ended December 31,

($ in thousands)

2016

2015

$ Change

% Change

2016

2015

$ Change

% Change

Income (loss) before other items:

Net income (loss) attributable to Viad

$

(4,049

)

$

(957

)

$

(3,092

)

**

$

42,269

$

26,606

$

15,663

58.9%

(Income) loss from discontinued operations attributable to Viad

(87

)

161

(248

)

**

684

394

290

73.6%

Income (loss) from continuing operations attributable to Viad

(4,136

)

(796

)

(3,340

)

**

42,953

27,000

15,953

59.1%

Restructuring charges, pre-tax

1,519

1,414

105

7.4%

5,183

2,956

2,227

75.3%

Acquisition-related costs and other non-recurring expenses, pre-tax (A)

1,308

207

1,101

**

2,342

3,015

(673

)

-22.3%

Impairment charges, pre-tax

98

96

2

2.1%

218