VIAD CORP
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
PRSU$55.53-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income (loss) | $23,452 | $24,795 | $(92,735) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 51,043 | 52,483 | 53,750 |
| Deferred income taxes | (1,609) | 1,820 | 6,012 |
| (Income) loss from discontinued operations | 822 | (148) | (558) |
| Restructuring charges | 1,174 | 3,059 | 6,066 |
| Impairment charges | — | 583 | — |
| Gains on dispositions of property and other assets | (98) | (272) | (9,374) |
| Gain on sale of ON Services | 204 | (19,637) | — |
| Share-based compensation expense | 11,452 | 10,241 | 7,727 |
| Multi-employer pension plan withdrawal | — | — | 57 |
| Other non-cash items, net | 6,605 | 12,843 | 5,318 |
| Change in operating assets and liabilities (excluding the impact of acquisitions and disposition): | |||
| Receivables | (5,520) | (39,402) | (75,450) |
| Inventories | 781 | (2,587) | 129 |
| Current contract costs | (5,676) | (4,651) | (3,284) |
| Accounts payable | 556 | 7,756 | 46,694 |
| Restructuring liabilities | (1,450) | (2,735) | (5,923) |
| Accrued compensation | 3,347 | 11,321 | 4,221 |
| Contract liabilities | 8,406 | 5,607 | 20,881 |
| Income taxes payable | 461 | 7,147 | 1,003 |
| Other assets and liabilities, net | 10,728 | 5,208 | (2,386) |
| Net cash provided by (used in) operating activities | 104,678 | 73,431 | (37,852) |
| Cash flows from investing activities | |||
| Capital expenditures | (76,089) | (67,170) | (57,936) |
| Cash paid for acquisitions, net | (41) | (25,494) | (8,227) |
| Proceeds from sale of ON Services | 1,168 | 28,926 | — |
| Proceeds from dispositions of property and other assets | 107 | 470 | 14,360 |
| Net cash used in investing activities | (74,855) | (63,268) | (51,803) |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 162,049 | 107,580 | 461,322 |
| Payments on debt and finance obligations | (184,537) | (103,491) | (345,297) |
| Dividends paid on preferred stock | (7,801) | (7,801) | (3,900) |
| Distributions to noncontrolling interest, net of contributions from noncontrolling interest | (2,726) | (570) | (843) |
| Payments of debt issuance costs | (1,667) | (418) | (1,767) |
| Payment of payroll taxes on stock-based compensation through shares withheld or repurchased | (1,482) | (1,428) | (1,626) |
| Net cash (used in) provided by financing activities | (36,164) | (6,128) | 107,889 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 806 | (3,774) | 4,098 |
| Net change in cash, cash equivalents, and restricted cash | (5,535) | 261 | 22,332 |
| Cash, cash equivalents, and restricted cash, beginning of year | 64,564 | 64,303 | 41,971 |
| Cash, cash equivalents, and restricted cash, end of year | $59,029 | $64,564 | $64,303 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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