Emerald Reports Second Quarter 2024 Financial Results
Emerald Holding (NYSE: EEX) reported its Q2 2024 financial results, with revenues at $86.0 million, showing a slight decrease of 0.6% compared to Q2 2023. However, organic revenues increased by 3.3%, reaching $82.1 million. The company experienced a net loss of $2.8 million, a significant improvement from the $8.1 million net loss in Q2 2023. Adjusted EBITDA was $15.3 million, up from $14.6 million in the same period last year. Emerald ended the quarter with $193.2 million in cash and a fully available $110.0 million revolving credit facility.
The board approved a quarterly dividend of $0.015 per share. For the full year, Emerald maintains its revenue guidance of $415-$425 million and Adjusted EBITDA of $110-$115 million.
CEO Hervé Sedky highlighted strong momentum and customer value in live events. CFO David Doft noted sustained positive trends and forward visibility into trade show bookings.
Emerald Holding (NYSE: EEX) ha riportato i risultati finanziari del secondo trimestre 2024, con ricavi pari a 86,0 milioni di dollari, mostrando una leggera diminuzione dello 0,6% rispetto al secondo trimestre 2023. Tuttavia, i ricavi organici sono aumentati del 3,3%, raggiungendo 82,1 milioni di dollari. L'azienda ha registrato una perdita netta di 2,8 milioni di dollari, un miglioramento significativo rispetto alla perdita netta di 8,1 milioni di dollari nel secondo trimestre 2023. L'EBITDA rettificato è stato di 15,3 milioni di dollari, in aumento rispetto ai 14,6 milioni di dollari dello stesso periodo dell'anno scorso. Emerald ha concluso il trimestre con 193,2 milioni di dollari in contante e una linea di credito revolving completamente disponibile di 110,0 milioni di dollari.
Il consiglio ha approvato un dividendo trimestrale di 0,015 dollari per azione. Per l'intero anno, Emerald mantiene le sue previsioni di ricavi tra 415 e 425 milioni di dollari e un EBITDA rettificato tra 110 e 115 milioni di dollari.
Il CEO Hervé Sedky ha messo in evidenza un forte slancio e valore per i clienti negli eventi dal vivo. Il CFO David Doft ha notato tendenze positive sostenute e una visibilità futura continua nelle prenotazioni delle fiere.
Emerald Holding (NYSE: EEX) reportó sus resultados financieros del segundo trimestre de 2024, con ingresos de 86,0 millones de dólares, lo que representa una ligera disminución del 0,6% en comparación con el segundo trimestre de 2023. Sin embargo, los ingresos orgánicos aumentaron un 3,3%, alcanzando los 82,1 millones de dólares. La compañía experimentó una pérdida neta de 2,8 millones de dólares, una mejora significativa respecto a la pérdida neta de 8,1 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 15,3 millones de dólares, en comparación con 14,6 millones de dólares en el mismo período del año anterior. Emerald cerró el trimestre con 193,2 millones de dólares en efectivo y una línea de crédito revolvente totalmente disponible de 110,0 millones de dólares.
La junta aprobó un dividendo trimestral de 0,015 dólares por acción. Para el año completo, Emerald mantiene su guía de ingresos de entre 415 y 425 millones de dólares y un EBITDA ajustado de entre 110 y 115 millones de dólares.
El CEO Hervé Sedky destacó el fuerte impulso y el valor para los clientes en eventos en vivo. El CFO David Doft señaló tendencias positivas sostenidas y visibilidad hacia adelante en las reservas de ferias comerciales.
에메랄드 홀딩스 (NYSE: EEX)는 2024년 2분기 재무 결과를 보고했으며, 수익이 8,600만 달러로 2023년 2분기 대비 0.6% 소폭 감소했습니다. 그러나 유기적 수익은 3.3% 증가하여 8,210만 달러에 도달했습니다. 회사는 280만 달러의 순손실을 경험했으며, 이는 2023년 2분기 810만 달러의 순손실에서 크게 개선된 수치입니다. 조정 EBITDA는 1,530만 달러로, 지난해 같은 기간 1,460만 달러에서 증가했습니다. 에메랄드는 분기를 1억 9,320만 달러의 현금과 완전히 사용 가능한 1억 1,000만 달러의 리볼빙 신용 시설로 마감했습니다.
이사회는 주당 분기 배당금으로 0.015달러를 승인했습니다. 연간으로 볼 때, 에메랄드는 4억 1,500만에서 4억 2,500만 달러의 수익 가이드를 유지하고, 조정 EBITDA는 1억 1,000만에서 1억 1,500만 달러로 유지합니다.
CEO 에르베 세드키는 라이브 이벤트에서 강력한 모멘텀과 고객 가치를 강조했습니다. CFO 데이비드 도프트는 전시회 예약에 대한 긍정적인 트렌드와 미래 전망을 언급했습니다.
Emerald Holding (NYSE: EEX) a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec des revenus de 86,0 millions de dollars, soit une légère baisse de 0,6 % par rapport au deuxième trimestre 2023. Toutefois, les revenus organiques ont augmenté de 3,3 %, atteignant 82,1 millions de dollars. L'entreprise a subi une perte nette de 2,8 millions de dollars, ce qui constitue une amélioration significative par rapport à la perte nette de 8,1 millions de dollars au deuxième trimestre 2023. L'EBITDA ajusté a atteint 15,3 millions de dollars, en hausse par rapport à 14,6 millions de dollars au cours de la même période l'an dernier. Emerald a terminé le trimestre avec 193,2 millions de dollars en liquidités et une ligne de crédit renouvelable entièrement disponible de 110,0 millions de dollars.
Le conseil d'administration a approuvé un dividende trimestriel de 0,015 dollar par action. Pour l'année complète, Emerald maintient ses prévisions de revenus entre 415 et 425 millions de dollars et un EBITDA ajusté entre 110 et 115 millions de dollars.
Le PDG Hervé Sedky a souligné un fort élan et une valeur client lors d'événements en direct. Le directeur financier David Doft a noté des tendances positives soutenues et une visibilité vers l'avenir dans les réservations d'expositions.
Emerald Holding (NYSE: EEX) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit Umsätzen von 86,0 Millionen Dollar, was einen leichten Rückgang von 0,6% im Vergleich zum zweiten Quartal 2023 bedeutet. Die organischen Umsätze hingegen stiegen um 3,3% auf 82,1 Millionen Dollar. Das Unternehmen verzeichnete einen nettoverlust von 2,8 Millionen Dollar, was eine erhebliche Verbesserung gegenüber dem nettoverlust von 8,1 Millionen Dollar im zweiten Quartal 2023 darstellt. Das bereinigte EBITDA betrug 15,3 Millionen Dollar, verglichen mit 14,6 Millionen Dollar im selben Zeitraum des Vorjahres. Emerald schloss das Quartal mit 193,2 Millionen Dollar in bar und einer vollständig verfügbaren revolvierenden Kreditlinie von 110,0 Millionen Dollar ab.
Der Vorstand genehmigte eine vierteljährliche Dividende von 0,015 Dollar pro Aktie. Für das gesamte Jahr hält Emerald an der Umsatzprognose von 415 bis 425 Millionen Dollar und einem bereinigten EBITDA von 110 bis 115 Millionen Dollar fest.
CEO Hervé Sedky hob den starken Schwung und den Kundenwert bei Live-Events hervor. CFO David Doft stellte fest, dass die positiven Trends anhielten und eine gute Sicht auf die Buchungen von Messen bestand.
- Net loss improved to $2.8 million from $8.1 million in Q2 2023.
- Adjusted EBITDA increased to $15.3 million from $14.6 million.
- Organic revenues rose by 3.3% to $82.1 million.
- The company ended the quarter with $193.2 million in cash.
- The board approved a quarterly dividend of $0.015 per share.
- Revenues decreased slightly by 0.6% to $86.0 million.
Insights
Emerald's Q2 2024 results show a mixed but generally positive picture. While revenues slightly decreased by
The reinstatement of a quarterly dividend of
The company's full-year guidance of
The trade show industry appears to be rebounding strongly post-pandemic, as evidenced by Emerald's performance. The
Emerald's focus on transforming into a "powerful, diverse and scalable platform" suggests a strategic shift beyond traditional trade shows. The sustained strength in pricing and higher re-bookings point to strong demand and potentially increased bargaining power for Emerald. The company's forward visibility into trade show bookings, extending into the first half of 2025, provides a stable foundation for future growth.
Investors should watch for Emerald's ability to capitalize on this momentum and potentially expand into new verticals or geographies. The company's adaptability to changing market conditions and its ability to innovate in the events space will be important for long-term success in this evolving industry landscape.
Initiates
Financial Highlights
-
Revenues of
$86.0 million $0.5 million 0.6% over Q2 2023, primarily due to several small, discontinued events that were not contributing to profitability and scheduling differences.-
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of
$82.1 million $2.6 million 3.3% , from$79.5 million
-
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of
-
Net loss of
$2.8 million $8.1 million -
Adjusted EBITDA, a non-GAAP measure, of
$15.3 million $14.6 million -
Ended the quarter with
$193.2 million $110.0 million
Operational Highlights
-
Emerald’s board of directors announced its intention to restart a regular quarterly dividend, and declared a dividend of
$0.01 5 -
For the full year 2024, the Company continues to expect to generate revenues within the originally communicated guidance of
$415 million $425 million $110 million $115 million
Hervé Sedky, Emerald’s President and Chief Executive Officer, said, “We are pleased to report another quarter of solid growth in organic revenue and Adjusted EBITDA, despite it being our seasonally smaller second quarter. The continued positive trends indicate that our customers continue to value the high return on investment of live events, evidenced by higher re-bookings along with sustained strength in pricing as we move through the year. We remain focused on transforming Emerald into a powerful, diverse and scalable platform with strong momentum. Additionally, we are excited to announce that we are reinstituting a regular quarterly dividend policy that was suspended during the pandemic and which was approved by our board of directors to reward shareholders with a tangible return of capital. This decision reflects the strong, reliable, cash flow-generating nature of our business and our visibility into continued earnings growth as we look ahead. It is also part of our balanced capital allocation framework which combines a disciplined M&A strategy with prudent leverage and investments back into our core business.”
David Doft, Emerald’s Chief Financial Officer, added, “Our outlook continues to reflect the sustained, positive trends we’ve been seeing in the business since the COVID-19 recovery began. We continue to expect meaningful year-over-year revenue growth, as reflected in our full year guidance, along with improving margins as we leverage our operating cost base. Our forward visibility into trade show bookings including into the first half of 2025, as well as the critical place of trade shows in companies’ marketing budgets gives us confidence in our ability to drive continued year-over-year growth for the foreseeable future.”
Second Quarter 2024 Financial Performance and Highlights |
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Three Months Ended |
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Six Months Ended |
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June 30, |
June 30, |
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2024 |
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2023 |
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Change |
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% Change |
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2024 |
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2023 |
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Change |
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% Change |
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(unaudited, dollars in millions, except percentages and per share data) |
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Revenues |
|
$ |
86.0 |
|
|
$ |
86.5 |
|
|
$ |
(0.5 |
) |
|
|
(0.6 |
%) |
|
$ |
219.4 |
|
|
$ |
208.8 |
|
|
$ |
10.6 |
|
|
|
5.1 |
% |
Net (loss) income |
|
$ |
(2.8 |
) |
|
$ |
(8.1 |
) |
|
$ |
5.3 |
|
|
NM |
|
|
$ |
8.2 |
|
|
$ |
(1.0 |
) |
|
$ |
9.2 |
|
|
NM |
|
||
Net cash provided by operating activities |
|
$ |
9.8 |
|
|
$ |
7.3 |
|
|
$ |
2.5 |
|
|
|
34.2 |
% |
|
$ |
17.1 |
|
|
$ |
16.2 |
|
|
$ |
0.9 |
|
|
|
5.6 |
% |
Diluted loss per share |
|
$ |
(0.03 |
) |
|
$ |
(0.29 |
) |
|
$ |
0.26 |
|
|
NM |
|
|
$ |
(0.04 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.29 |
|
|
NM |
|
||
|
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|
|
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|
|
|
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Non-GAAP measures: |
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|
|
|
|
|
|
|
|
|
|
|
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Adjusted EBITDA |
|
$ |
15.3 |
|
|
$ |
14.6 |
|
|
$ |
0.7 |
|
|
|
4.8 |
% |
|
$ |
56.1 |
|
|
$ |
51.1 |
|
|
$ |
5.0 |
|
|
|
9.8 |
% |
Adjusted EBITDA excluding event cancellation insurance proceeds |
|
$ |
15.3 |
|
|
$ |
14.6 |
|
|
$ |
0.7 |
|
|
|
4.8 |
% |
|
$ |
55.1 |
|
|
$ |
51.1 |
|
|
$ |
4.0 |
|
|
|
7.8 |
% |
Free Cash Flow |
|
$ |
7.1 |
|
|
$ |
4.6 |
|
|
$ |
2.5 |
|
|
|
54.3 |
% |
|
$ |
11.9 |
|
|
$ |
9.8 |
|
|
$ |
2.1 |
|
|
|
21.4 |
% |
Free cash flow excluding event cancellation insurance proceeds, net |
|
$ |
7.1 |
|
|
$ |
4.6 |
|
|
$ |
2.5 |
|
|
|
54.3 |
% |
|
$ |
10.9 |
|
|
$ |
9.8 |
|
|
$ |
1.1 |
|
|
|
11.2 |
% |
-
Second quarter 2024 revenues were
$86.0 million $0.5 million 0.6% versus the second quarter 2023, driven primarily by prior year discontinued event revenue of$3.7 million $1.1 million $2.6 million $1.7 million -
Second quarter 2024 Organic Revenues from the Connections reportable segment were
$71.1 million $2.5 million 3.6% versus the second quarter 2023. -
Second quarter 2024 Organic Revenues from the All Other category were
$11.0 million $0.1 million 0.9% versus the second quarter of 2023, due to a$0.3 million $0.2 million -
Second quarter 2024 net loss was
$2.8 million $8.1 million -
Second quarter 2024 Adjusted EBITDA was
$15.3 million $14.6 million
For a discussion of the Company’s presentation of Organic revenues and Adjusted EBITDA, which are non-GAAP measures, see below under the heading “Non-GAAP Financial Information.” Refer to Schedule 1 for a reconciliation of Organic revenues to revenues (discussed in the first paragraph of this section), the most directly comparable GAAP measure, and refer to Schedule 3 for a reconciliation of Adjusted EBITDA to net income (discussed in the second paragraph of this section), the most directly comparable GAAP measure.
Cash Flow
-
Second quarter 2024 net cash provided by operating activities was
$9.8 million $7.3 million -
Second quarter 2024 capital expenditures were
$2.7 million $2.7 million -
Second quarter 2024 Free Cash Flow excluding event cancellation insurance proceeds, net, which the Company defines as net cash provided by operating activities less capital expenditures, event cancellation insurance proceeds and taxes paid on event cancellation insurance proceeds, was
$7.1 million $4.6 million $0.9 million $1.0 million $0.7 million $2.1 million $0.2 million $0.8 million $0.4 million $2.6 million $3.5 million
For a review of the Company’s presentation of Free Cash Flow, which is a non-GAAP measure, see below under the heading “Non-GAAP Financial Information.” Refer to Schedule 4 for a reconciliation of Free Cash Flow to net cash provided by operating activities (discussed in the first paragraph of this section), the most directly comparable GAAP measure.
Dividend
On August 6, 2024, Emerald’s board of directors approved the reintroduction of a regular quarterly dividend, and declared a dividend for the quarter ending September 30, 2024 of
Conference Call Webcast Details
As previously announced, the Company’s leadership will hold a conference call to discuss its second quarter 2024 results at 8:30 am EDT on Wednesday, August 7, 2024.
The conference call can be accessed by dialing 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 1178913. The replay will be available until 11:59 pm (Eastern Time) on August 14, 2024.
Interested investors and other parties can access the webcast of the live conference call by visiting the Investors section of Emerald’s website at http://investor.emeraldx.com. An online replay will be available on the same website immediately following the call.
About Emerald
Emerald’s talented and experienced team grows our customers’ businesses 365 days a year through connections, content, and commerce. We expand connections that drive new business opportunities, product discovery, and relationships with over 140 annual events, matchmaking, and lead-gen services. We create content to ensure that our customers are on the cutting edge of their industries and are continually developing their skills. And we power commerce through efficient year-round buying and selling. We do all this by seamlessly integrating in-person and digital platforms and channels. Emerald is immersed in the industries we serve and committed to supporting the communities in which we operate. As true partners, we create experiences that inspire, amaze, and deliver breakthrough results. For more: http://www.emeraldx.com/.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in
Organic Revenue
We define “Organic revenue growth” and “Organic revenue decline” as the growth or decline, respectively, in our revenue from one period to the next, adjusted for the revenue impact of: (i) acquisitions and dispositions, (ii) discontinued events and (iii) material show scheduling adjustments. We disclose changes in Organic revenue because we believe it assists investors and analysts in comparing Emerald’s operating performance across reporting periods on a consistent basis by excluding items that we do not believe provide a fair comparison of the trends underlying our existing event portfolio given changes in timing or strategy. Management and Emerald’s board of directors evaluate changes in Organic revenue to evaluate our historical and prospective financial performance and understand underlying revenue trends of our events.
Adjusted EBITDA
We use Adjusted EBITDA because we believe it assists investors and analysts in comparing Emerald’s operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management and Emerald’s board of directors use Adjusted EBITDA to assess our financial performance and believe it is helpful in highlighting trends because it excludes the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income before (i) interest expense, net, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, (v) goodwill and other intangible asset impairment charges and (vi) other items that management believes are not part of our core operations.
We have also presented Adjusted EBITDA excluding event cancellation insurance proceeds in order to illustrate the amount of Adjusted EBITDA from continuing operations.
Note: Schedule 3 provides reconciliations for 2024 and 2023 Adjusted EBITDA to net (loss) income, however, it is not possible, without unreasonable efforts, to estimate the impacts of show scheduling adjustments, acquisitions and certain other special items that may occur in 2024 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of 2024 projected Adjusted EBITDA to projected net income without unreasonable efforts and has not provided reconciliations for these forward-looking non-GAAP financial measures.
Free Cash Flow
We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after capital expenditures, can be used to maintain and grow our business, for the repayment of indebtedness, payment of dividends and to fund strategic opportunities. Free Cash Flow is a supplemental non-GAAP measure of liquidity and is not based on any standardized methodology prescribed by GAAP. Free Cash Flow should not be considered in isolation or as an alternative to cash flows from operating activities or other measures determined in accordance with GAAP.
We have also presented Free Cash Flow excluding event cancellation insurance proceeds, net in order to illustrate the amount of Free Cash Flow from continuing operations.
Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains and our earnings call will contain certain forward-looking statements, including, but not limited to, our ability to return our business to pre-COVID levels; our guidance with respect to estimated revenues and Adjusted EBITDA; our ability or inability to obtain insurance coverage relating to event cancellations or interruptions; our intention to continue to pay regular quarterly dividends; and our ability to successfully identify and acquire acquisition targets; our expectations arising from the ongoing impact of COVID-19 on our business; and how we integrate and grow acquired businesses. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including Company’s results of operations, cash flows, financial position and capital requirements, any applicable restrictions under the Company’s debt facilities, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
Emerald Holding, Inc. |
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Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income |
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(unaudited, dollars in millions, share data in thousands, except loss per share data) |
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Three Months Ended
|
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Three Months Ended
|
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Six Months Ended
|
|
Six Months Ended
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Revenues |
|
$ |
86.0 |
|
|
$ |
86.5 |
|
|
$ |
219.4 |
|
|
$ |
208.8 |
|
Other income, net |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
Cost of revenues |
|
|
33.1 |
|
|
|
32.8 |
|
|
|
80.6 |
|
|
|
76.0 |
|
Selling, general and administrative expense |
|
|
39.5 |
|
|
|
41.8 |
|
|
|
95.0 |
|
|
|
90.6 |
|
Depreciation and amortization expense |
|
|
7.0 |
|
|
|
12.9 |
|
|
|
14.1 |
|
|
|
26.4 |
|
Operating income (loss) |
|
|
6.4 |
|
|
|
(1.0 |
) |
|
|
30.7 |
|
|
|
15.8 |
|
Interest expense |
|
|
12.0 |
|
|
|
11.4 |
|
|
|
24.1 |
|
|
|
19.4 |
|
Interest income |
|
|
2.1 |
|
|
|
2.3 |
|
|
|
4.4 |
|
|
|
3.4 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
2.3 |
|
Other expense |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.2 |
|
(Loss) income before income taxes |
|
|
(3.5 |
) |
|
|
(12.5 |
) |
|
|
11.0 |
|
|
|
(2.7 |
) |
(Benefit from) provision for income taxes |
|
|
(0.7 |
) |
|
|
(4.4 |
) |
|
|
2.8 |
|
|
|
(1.7 |
) |
Net (loss) income and comprehensive (loss) income attributable to Emerald Holding, Inc. |
|
$ |
(2.8 |
) |
|
$ |
(8.1 |
) |
|
$ |
8.2 |
|
|
$ |
(1.0 |
) |
Accretion to redemption value of redeemable convertible preferred stock |
|
|
(2.0 |
) |
|
|
(10.4 |
) |
|
|
(12.7 |
) |
|
|
(20.5 |
) |
Net loss and comprehensive loss attributable to Emerald Holding, Inc. common stockholders |
|
$ |
(4.8 |
) |
|
$ |
(18.5 |
) |
|
$ |
(4.5 |
) |
|
$ |
(21.5 |
) |
Basic loss per share |
|
|
(0.03 |
) |
|
|
(0.29 |
) |
|
|
(0.04 |
) |
|
|
(0.33 |
) |
Diluted loss per share |
|
|
(0.03 |
) |
|
|
(0.29 |
) |
|
|
(0.04 |
) |
|
|
(0.33 |
) |
Basic weighted average common shares outstanding |
|
|
155,915 |
|
|
|
62,868 |
|
|
|
109,477 |
|
|
|
65,048 |
|
Diluted weighted average common shares outstanding |
|
|
155,915 |
|
|
|
62,868 |
|
|
|
109,477 |
|
|
|
65,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Emerald Holding, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(dollars in millions, share data in thousands, except par value) |
||||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
(unaudited) |
|
|||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
193.2 |
|
|
$ |
204.2 |
|
Trade and other receivables, net of allowances of |
|
|
93.9 |
|
|
|
85.2 |
|
Prepaid expenses and other current assets |
|
|
24.2 |
|
|
|
21.5 |
|
Total current assets |
|
|
311.3 |
|
|
|
310.9 |
|
Noncurrent assets |
|
|
|
|
|
|
||
Property and equipment, net |
|
|
1.5 |
|
|
|
1.5 |
|
Intangible assets, net |
|
|
171.4 |
|
|
|
175.1 |
|
Goodwill, net |
|
|
567.5 |
|
|
|
553.9 |
|
Right-of-use assets |
|
|
7.7 |
|
|
|
8.8 |
|
Other noncurrent assets |
|
|
3.2 |
|
|
|
3.7 |
|
Total assets |
|
$ |
1,062.6 |
|
|
$ |
1,053.9 |
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable and other current liabilities |
|
$ |
48.3 |
|
|
$ |
46.6 |
|
Income taxes payable |
|
|
— |
|
|
|
0.2 |
|
Cancelled event liabilities |
|
|
0.6 |
|
|
|
0.6 |
|
Deferred revenues |
|
|
175.5 |
|
|
|
174.3 |
|
Contingent consideration |
|
|
0.5 |
|
|
|
0.2 |
|
Right-of-use liabilities, current portion |
|
|
4.0 |
|
|
|
4.0 |
|
Term loan, current portion |
|
|
4.2 |
|
|
|
4.2 |
|
Total current liabilities |
|
|
233.1 |
|
|
|
230.1 |
|
Noncurrent liabilities |
|
|
|
|
|
|
||
Term loan, net of discount and deferred financing fees |
|
|
398.6 |
|
|
|
398.7 |
|
Deferred tax liabilities, net |
|
|
5.7 |
|
|
|
3.1 |
|
Right-of-use liabilities, noncurrent portion |
|
|
7.2 |
|
|
|
8.9 |
|
Other noncurrent liabilities |
|
|
10.4 |
|
|
|
8.5 |
|
Total liabilities |
|
|
655.0 |
|
|
|
649.3 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Redeemable convertible preferred stock |
|
|
|
|
|
|
||
|
|
|
— |
|
|
|
497.1 |
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
||
Common stock, |
|
|
2.0 |
|
|
|
0.6 |
|
Additional paid-in capital |
|
|
1,049.7 |
|
|
|
559.2 |
|
Accumulated deficit |
|
|
(644.1 |
) |
|
|
(652.3 |
) |
Total stockholders’ equity (deficit) |
|
|
407.6 |
|
|
|
(92.5 |
) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
1,062.6 |
|
|
$ |
1,053.9 |
|
Schedule 1 |
||||||||||||||||||||||||||||||||
Emerald Holding, Inc. |
||||||||||||||||||||||||||||||||
UNAUDITED RECONCILIATION OF REVENUES TO ORGANIC REVENUES |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Change |
|
Six Months Ended
|
|
Change |
||||||||||||||||||||||||
Consolidated |
|
2024 |
|
2023 |
|
$ |
|
% |
|
2024 |
|
2023 |
|
|
$ |
|
% |
|||||||||||||||
|
|
(dollars in millions)
|
|
|||||||||||||||||||||||||||||
Revenues |
|
$ |
86.0 |
|
|
$ |
86.5 |
|
|
$ |
(0.5 |
) |
|
|
(0.6 |
%) |
|
$ |
219.4 |
|
|
$ |
208.8 |
|
|
$ |
10.6 |
|
|
|
5.1 |
% |
Deduct: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition revenues |
|
|
(1.7 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
(4.5 |
) |
|
|
— |
|
|
|
|
|
|
|
||||
Discontinued events |
|
|
— |
|
|
|
(3.7 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
(6.7 |
) |
|
|
|
|
|
|
||||
Scheduling adjustments(1) |
|
|
(2.2 |
) |
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
(2.7 |
) |
|
|
(5.7 |
) |
|
|
|
|
|
|
||||
Organic revenues |
|
$ |
82.1 |
|
|
$ |
79.5 |
|
|
$ |
2.6 |
|
|
|
3.3 |
% |
|
$ |
212.2 |
|
|
$ |
196.4 |
|
|
$ |
15.8 |
|
|
|
8.0 |
% |
|
|
Three Months Ended
|
|
Change |
|
Six Months Ended
|
|
Change |
||||||||||||||||||||||||
Connections |
|
2024 |
|
2023 |
|
$ |
|
% |
|
2024 |
|
2023 |
|
$ |
|
% |
||||||||||||||||
|
|
(dollars in millions)
|
|
|||||||||||||||||||||||||||||
Revenues |
|
$ |
75.0 |
|
|
$ |
75.6 |
|
|
$ |
(0.6 |
) |
|
|
(0.8 |
%) |
|
$ |
198.4 |
|
|
$ |
187.8 |
|
|
$ |
10.6 |
|
|
|
5.6 |
% |
Deduct: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition revenues |
|
|
(1.7 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
(4.5 |
) |
|
|
— |
|
|
|
|
|
|
|
||||
Discontinued events |
|
|
— |
|
|
|
(3.7 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
(6.7 |
) |
|
|
|
|
|
|
||||
Scheduling adjustments(1) |
|
|
(2.2 |
) |
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
(2.7 |
) |
|
|
(5.7 |
) |
|
|
|
|
|
|
||||
Organic revenues |
|
$ |
71.1 |
|
|
$ |
68.6 |
|
|
$ |
2.5 |
|
|
|
3.6 |
% |
|
$ |
191.2 |
|
|
$ |
175.4 |
|
|
$ |
15.8 |
|
|
|
9.0 |
% |
|
|
Three Months Ended
|
|
Change |
|
Six Months Ended
|
|
Change |
||||||||||||||||||||||||
All Other |
|
2024 |
|
2023 |
|
$ |
|
% |
|
2024 |
|
2023 |
|
$ |
|
% |
||||||||||||||||
|
|
(dollars in millions)
|
|
|||||||||||||||||||||||||||||
Revenues |
|
$ |
11.0 |
|
|
$ |
10.9 |
|
|
$ |
0.1 |
|
|
|
0.9 |
% |
|
$ |
21.0 |
|
|
$ |
21.0 |
|
|
$ |
|
|
|
|
- |
|
Deduct: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition revenues |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||
Discontinued events |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||
Scheduling adjustments |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||
Organic revenues |
|
$ |
11.0 |
|
|
$ |
10.9 |
|
|
$ |
0.1 |
|
|
|
0.9 |
% |
|
$ |
21.0 |
|
|
$ |
21.0 |
|
|
$ |
|
|
|
|
- |
|
Notes:
- For the three months ended June 30, 2024, represents revenues from three events that staged in the second quarter of fiscal 2024, but staged in a different quarter in fiscal 2023 and revenues from three events that staged in the second quarter of fiscal 2023 but are scheduled to stage in a different quarter in fiscal 2024. For the six months ended June 30, 2024, represents revenues from two events that staged in the first six months of fiscal 2024, but staged later in fiscal 2023 and revenues from four events that staged in the first six months of fiscal 2023 but are scheduled to stage in the second half of fiscal 2024.
Schedule 2 |
||||||||||||||||
Emerald Holding, Inc. |
||||||||||||||||
UNAUDITED RECONCILIATION OF REVENUES TO DISAGGREGATED REVENUES |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(dollars in millions)
|
|
|||||||||||||
Connections |
|
$ |
75.0 |
|
|
$ |
75.6 |
|
|
$ |
198.4 |
|
|
$ |
187.8 |
|
Content |
|
|
5.9 |
|
|
|
6.1 |
|
|
|
10.6 |
|
|
|
11.6 |
|
Commerce |
|
|
5.1 |
|
|
|
4.8 |
|
|
|
10.4 |
|
|
|
9.4 |
|
Total Revenues |
|
$ |
86.0 |
|
|
$ |
86.5 |
|
|
$ |
219.4 |
|
|
$ |
208.8 |
|
Schedule 3 |
||||||||||||||||
Emerald Holding, Inc. |
||||||||||||||||
UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(dollars in millions)
|
|
|||||||||||||
Net (loss) income |
|
$ |
(2.8 |
) |
|
$ |
(8.1 |
) |
|
$ |
8.2 |
|
|
$ |
(1.0 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
9.9 |
|
|
|
9.1 |
|
|
|
19.7 |
|
|
|
16.0 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
2.3 |
|
(Benefit from) provision for income taxes |
|
|
(0.7 |
) |
|
|
(4.4 |
) |
|
|
2.8 |
|
|
|
(1.7 |
) |
Depreciation and amortization |
|
|
7.0 |
|
|
|
12.9 |
|
|
|
14.1 |
|
|
|
26.4 |
|
Stock-based compensation |
|
|
1.5 |
|
|
|
1.9 |
|
|
|
4.0 |
|
|
|
4.0 |
|
Other items(1) |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
7.3 |
|
|
|
5.1 |
|
Adjusted EBITDA |
|
$ |
15.3 |
|
|
$ |
14.6 |
|
|
$ |
56.1 |
|
|
$ |
51.1 |
|
Deduct: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Event cancellation insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
Adjusted EBITDA excluding event cancellation insurance proceeds |
|
$ |
15.3 |
|
|
$ |
14.6 |
|
|
$ |
55.1 |
|
|
$ |
51.1 |
|
Notes:
-
Other items for the three months ended June 30, 2024 included: (i)
$0.9 million $1.0 million $0.7 million $2.2 million $0.2 million $0.8 million $0.4 million $0.5 million $1.2 million $5.8 million $3.4 million $1.0 million $0.7 million $0.9 million $2.5 million $2.2 million $0.5 million
Schedule 4 |
||||||||||||||||
Emerald Holding, Inc. |
||||||||||||||||
UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(dollars in millions)
|
|
|||||||||||||
Net Cash Provided by Operating Activities |
|
$ |
9.8 |
|
|
$ |
7.3 |
|
|
$ |
17.1 |
|
|
$ |
16.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
2.7 |
|
|
|
2.7 |
|
|
|
5.2 |
|
|
|
6.4 |
|
Free Cash Flow |
|
$ |
7.1 |
|
|
$ |
4.6 |
|
|
$ |
11.9 |
|
|
$ |
9.8 |
|
Event cancellation insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
— |
|
Free cash flow excluding event cancellation insurance proceeds, net |
|
$ |
7.1 |
|
|
$ |
4.6 |
|
|
$ |
10.9 |
|
|
$ |
9.8 |
|
Schedule 5 |
||||||||||||||||
Emerald Holding, Inc. |
||||||||||||||||
UNAUDITED RECONCILIATION OF REPORTABLE SEGMENTS RESULTS TO (LOSS) INCOME BEFORE TAXES |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(dollars in millions)
|
|
|||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Connections |
|
$ |
75.0 |
|
|
$ |
75.6 |
|
|
$ |
198.4 |
|
|
$ |
187.8 |
|
All Other |
|
|
11.0 |
|
|
|
10.9 |
|
|
|
21.0 |
|
|
|
21.0 |
|
Total revenues |
|
$ |
86.0 |
|
|
$ |
86.5 |
|
|
$ |
219.4 |
|
|
$ |
208.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Connections |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
All Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total other income, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Connections |
|
$ |
26.4 |
|
|
$ |
25.1 |
|
|
$ |
82.6 |
|
|
$ |
74.5 |
|
All Other |
|
|
1.8 |
|
|
|
1.0 |
|
|
|
2.1 |
|
|
|
0.7 |
|
Adjusted EBITDA (excluding General corporate expenses) |
|
$ |
28.2 |
|
|
$ |
26.1 |
|
|
$ |
84.7 |
|
|
$ |
75.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
General corporate expenses |
|
|
(12.9 |
) |
|
|
(11.5 |
) |
|
|
(28.6 |
) |
|
|
(24.1 |
) |
Interest expense, net |
|
|
(9.9 |
) |
|
|
(9.1 |
) |
|
|
(19.7 |
) |
|
|
(16.0 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
Depreciation and amortization expense |
|
|
(7.0 |
) |
|
|
(12.9 |
) |
|
|
(14.1 |
) |
|
|
(26.4 |
) |
Stock-based compensation expense |
|
|
(1.5 |
) |
|
|
(1.9 |
) |
|
|
(4.0 |
) |
|
|
(4.0 |
) |
Other items |
|
|
(0.4 |
) |
|
|
(0.9 |
) |
|
|
(7.3 |
) |
|
|
(5.1 |
) |
(Loss) income before income taxes |
|
$ |
(3.5 |
) |
|
$ |
(12.5 |
) |
|
$ |
11.0 |
|
|
$ |
(2.7 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807939121/en/
Emerald Holding, Inc.
Investor Relations
investor.relations@emeraldx.com
1-866-339-4688 (866EEXINVT)
Source: Emerald Holding, Inc.
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