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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Emerald Holding Inc | NYSE:EEX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.74 | 0 | 09:09:51 |
From Dec 2023 to Dec 2024
Revenue Growth of 17.5% Year-over-Year
Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”), America’s largest producer of trade shows and their associated conferences, content and commerce, today reported financial results for the fourth quarter and full year ended December 31, 2023.
Financial Highlights
Operational Highlights
Hervé Sedky, Emerald’s President and Chief Executive Officer, said, “We delivered another year of strong results in 2023. As a highly diversified and scaled platform, Emerald continues to benefit from the extended post-Covid recovery with strong demand from exhibitors and attendees alike. Improvements in our customers’ supply chains and the removal of international travel restrictions are driving higher exhibitor attendance at our trade shows and contributing to increases in attendees and pricing. Our highlights in 2023 include the acquisition of Lodestone Events and their Overland Expo show, the successful launch of the Cocina Sabrosa Latin food expo in September, and the largest ever edition of Advertising Week New York, which we hosted in October. Our recent performance demonstrates the exceptional and durable value that trade shows offer to buyers and sellers alike. We are excited for 2024 and beyond as we continue to grow our portfolio of must-attend events and deliver greater value to our exhibitors, attendees, and shareholders. In the end, we are guided by our deep commitment to the communities we serve. Our mission is to serve and inspire, empowering both buyers and sellers to succeed. Their continued return for more is a testament to the value they find in what we offer and the knowledge that our steadfast dedication to our community is what truly sets us apart.”
David Doft, Emerald’s Chief Financial Officer, added, “We achieved substantial top and bottom line growth in 2023 on the back of positive attendance and pricing trends as our customers continue to see our trade shows as instrumental in growing their own businesses, generating leads, and discovering new products. For the full year 2023, we grew revenue more than 17% and Adjusted EBITDA more than 67%, excluding insurance proceeds, over the prior year. The performance of our media content business was muted in 2023 as many companies in the tech sector took a more cautious approach to advertising spend, which slightly detracted from the otherwise strong performance in our core live events business. Looking ahead, we have positioned Emerald to be an engine of sustained growth through our strategy of organically growing attendance and pricing as well as through acquisitions and new show launches. Our guidance for 2024 implies another double-digit percentage increase in EBITDA, supported by positive trends in our industry, operational and scale efficiencies, and a large and growing portfolio of industry-leading events.”
Fourth Quarter and Full Year Ended December 31, 2023 Financial Performance and Highlights
Three Months Ended December 31,
Year Ended December 31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(unaudited, dollars in millions, except percentages and per share data)
Revenues
$
101.5
$
93.6
$
7.9
8.4
%
$
382.8
$
325.9
$
56.9
17.5
%
Net (loss) income
$
(17.9
)
$
22.4
$
(40.3
)
NM
$
(8.2
)
$
130.8
$
(139.0
)
NM
Net cash provided by (used in) operating activities
$
15.6
$
(23.6
)
$
39.2
NM
$
40.3
$
175.1
$
(134.8
)
(77.0
%)
Diluted income (loss) per share
$
(0.46
)
$
0.06
$
(0.52
)
NM
$
(0.78
)
$
0.46
$
(1.24
)
NM
Non-GAAP measures:
Adjusted EBITDA
$
35.8
$
25.0
$
10.8
43.2
%
$
97.8
$
239.6
$
(141.8
)
(59.2
%)
Adjusted EBITDA excluding event cancellation insurance proceeds
$
35.8
$
25.0
$
10.8
43.2
%
$
95.0
$
56.8
$
38.2
67.3
%
Free Cash Flow
$
13.5
$
(26.4
)
$
39.9
NM
$
28.8
$
164.8
$
(136.0
)
(82.5
%)
Free cash flow excluding event cancellation insurance proceeds, net
$
13.5
$
(1.4
)
$
14.9
NM
$
26.0
$
6.9
$
19.1
276.8
%
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 (loss) income (discussed in the second paragraph of this section), the most directly comparable GAAP measure.
Cash Flow
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.
Conference Call Webcast Details
As previously announced, the Company’s leadership will hold a conference call to discuss its fourth quarter 2023 results at 8:30 am EDT on Thursday, February 29, 2024.
The conference call can be accessed by dialing 1-888-886-7786 (domestic) or 1-416-764-8658 (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 01439625. The replay will be available until 11:59 pm (Eastern Time) on March 07, 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 the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the schedules attached hereto.
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 (loss) income before (i) interest expense, (ii) income tax benefit, (iii) depreciation and amortization, (iv) stock-based compensation, (v) deferred revenue adjustment, (vi) goodwill and other intangible asset impairment charges, and (vii) 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 2023 and 2022 Adjusted EBITDA to net (loss) income, however, it is not possible, without unreasonable efforts, to estimate the impacts of show scheduling adjustments, acquisitions and the amount and timing of receipt of event cancellation insurance proceeds 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; 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. 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.
Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
(unaudited, dollars in millions, share data in thousands, except loss per share data)
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
Year Ended December 31, 2023
Year Ended December 31, 2022
Revenues
$
101.5
$
93.6
$
382.8
$
325.9
Other income, net
—
—
2.8
182.8
Cost of revenues
35.7
33.2
137.6
116.5
Selling, general and administrative expense
36.1
17.4
168.3
145.0
Depreciation and amortization expense
9.8
16.5
45.0
59.5
Goodwill impairment charge
—
—
—
6.3
Intangible asset impairment charge
—
—
—
1.6
Operating income
19.9
26.5
34.7
179.8
Interest expense
11.8
9.0
43.3
24.5
Interest income
3.2
1.7
8.2
2.7
Loss on extinguishment of debt
—
—
2.3
—
Other (income) expense
(0.1
)
(0.1
)
—
—
Loss on disposal of fixed assets
—
—
0.2
—
Income (loss) before income taxes
11.4
19.3
(2.9
)
158.0
Provision for (benefit from) income taxes
29.3
(3.1
)
5.3
27.2
Net (loss) income and comprehensive (loss) income attributable to Emerald Holding, Inc.
$
(17.9
)
$
22.4
$
(8.2
)
$
130.8
Accretion to redemption value of redeemable convertible preferred stock
(10.8
)
(10.1
)
(42.0
)
(38.8
)
Participation rights on if-converted basis
—
(8.2
)
—
(60.2
)
Net (loss) income and comprehensive (loss) income attributable to Emerald Holding, Inc. common stockholders
$
(28.7
)
$
4.1
$
(50.2
)
$
31.8
Basic (loss) income per share
(0.46
)
0.06
(0.78
)
0.46
Diluted (loss) income per share
(0.46
)
0.06
(0.78
)
0.46
Basic weighted average common shares outstanding
62,896
67,599
63,959
69,002
Diluted weighted average common shares outstanding
62,896
67,943
63,959
69,148
Emerald Holding, Inc.
Condensed Consolidated Balance Sheets
(dollars in millions, share data in thousands, except par value)
December 31, 2023
December 31, 2022
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
204.2
$
239.1
Trade and other receivables, net of allowances of $1.4 million and $1.5 million, as of December 31, 2023 and December 31, 2022, respectively
85.2
74.9
Prepaid expenses and other current assets
21.5
17.8
Total current assets
310.9
331.8
Noncurrent assets
Property and equipment, net
1.5
2.2
Intangible assets, net
175.1
204.8
Goodwill, net
553.9
545.5
Right-of-use assets
8.8
10.6
Other noncurrent assets
3.7
3.5
Total assets
$
1,053.9
$
1,098.4
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit
Current liabilities
Accounts payable and other current liabilities
$
46.6
$
58.1
Income taxes payable
0.2
1.2
Cancelled event liabilities
0.6
3.3
Deferred revenues
174.3
151.2
Contingent consideration
0.2
3.5
Right-of-use liabilities, current portion
4.0
4.9
Term loan, current portion
4.2
—
Total current liabilities
230.1
222.2
Noncurrent liabilities
Term loan, net of discount and deferred financing fees
398.7
413.9
Deferred tax liabilities, net
3.1
1.8
Right-of-use liabilities, noncurrent portion
8.9
10.4
Other noncurrent liabilities
8.5
10.8
Total liabilities
649.3
659.1
Commitments and contingencies
Redeemable convertible preferred stock
7% Series A Redeemable Convertible Participating Preferred Stock, $0.01 par value; authorized shares at December 31, 2023 and December 31, 2022: 80,000; 71,403 and 71,417 shares issued and outstanding; aggregate liquidation preference of $492.6 million and $475.9 million at December 31, 2023 and December 31, 2022, respectively
497.1
472.4
Stockholders’ deficit
Common stock, $0.01 par value; authorized shares at December 31, 2023 and December 31, 2022: 800,000; 62,915 and 67,588 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively
0.6
0.7
Additional paid-in capital
559.2
610.3
Accumulated deficit
(652.3
)
(644.1
)
Total stockholders’ deficit
(92.5
)
(33.1
)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
$
1,053.9
$
1,098.4
Schedule 1
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF REVENUES TO ORGANIC REVENUES
Three Months Ended December 31,
Change
Year Ended December 31,
Change
Consolidated
2023
2022
$
%
2023
2022
$
%
(dollars in millions) (unaudited)
Revenues
$
101.5
$
93.6
$
7.9
8.4
%
$
382.8
$
325.9
$
56.9
17.5
%
Deduct:
Acquisition revenues
(1.7
)
—
(12.7
)
—
Discontinued events
—
(0.1
)
—
(2.8
)
Scheduling adjustments(1)
(1.1
)
—
—
—
Organic revenues
$
98.7
$
93.5
$
5.2
5.6
%
$
370.1
$
323.1
$
47.0
14.5
%
Connections
Three Months Ended December 31,
Change
Year Ended December 31,
Change
2023
2022
$
%
2023
2022
$
%
(dollars in millions) (unaudited)
Revenues
$
90.3
$
81.9
$
8.4
10.3
%
$
340.2
$
282.6
$
57.6
20.4
%
Deduct:
Acquisition revenues
(1.7
)
—
(12.7
)
—
Discontinued events
—
(0.1
)
—
(2.8
)
Scheduling adjustments(1)
(1.1
)
—
—
—
Organic revenues
$
87.5
$
81.8
$
5.7
7.0
%
$
327.5
$
279.8
$
47.7
17.0
%
All Other
Three Months Ended December 31,
Change
Year Ended December 31,
Change
2023
2022
$
%
2023
2022
$
%
(dollars in millions) (unaudited)
Revenues
$
11.2
$
11.7
$
(0.5
)
(4.3
%)
$
42.6
$
43.3
$
(0.7
)
(1.6
%)
Deduct:
Acquisition revenues
—
—
—
—
Discontinued events
—
—
—
—
Scheduling adjustments
—
—
—
—
Organic revenues
$
11.2
$
11.7
$
(0.5
)
(4.3
%)
$
42.6
$
43.3
$
(0.7
)
(1.6
%)
Notes:
Schedule 2
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF REVENUES TO DISAGGREGATED REVENUES
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(dollars in millions) (unaudited)
Connections
$
90.3
$
81.9
$
340.2
$
282.6
Content
6.2
7.1
23.5
27.9
Commerce
5.0
4.6
19.1
15.4
Total Revenues
$
101.5
$
93.6
$
382.8
$
325.9
Schedule 3
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(dollars in millions) (unaudited)
Net (loss) income
$
(17.9
)
$
22.4
$
(8.2
)
$
130.8
Add (deduct):
Interest expense, net
8.6
7.3
35.1
21.8
Loss on extinguishment of debt
—
—
2.3
—
(Benefit from) provision for income taxes
29.3
(3.1
)
5.3
27.2
Goodwill impairment charge(1)
—
—
—
6.3
Intangible asset impairment charge(2)
—
—
—
1.6
Depreciation and amortization
9.8
16.5
45.0
59.5
Stock-based compensation
1.8
0.8
7.8
5.8
Deferred revenue adjustment
—
—
—
0.6
Other items(3)
4.2
(18.9
)
10.5
(14.0
)
Adjusted EBITDA
$
35.8
$
25.0
$
97.8
$
239.6
Deduct:
Event cancellation insurance proceeds
—
—
2.8
182.8
Adjusted EBITDA excluding event cancellation insurance proceeds
$
35.8
$
25.0
$
95.0
$
56.8
Notes:
Schedule 4
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(dollars in millions) (unaudited)
Net Cash Provided by (Used in) Operating Activities
$
15.6
$
(23.6
)
$
40.3
$
175.1
Less:
Capital expenditures
2.1
2.8
11.5
10.3
Free Cash Flow
$
13.5
$
(26.4
)
$
28.8
$
164.8
Event cancellation insurance proceeds
—
—
(2.8
)
(183.5
)
Taxes paid on event cancellation insurance proceeds
—
25.0
—
25.6
Free cash flow excluding event cancellation insurance proceeds, net
$
13.5
$
(1.4
)
$
26.0
$
6.9
Schedule 5
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF REPORTABLE SEGMENTS RESULTS TO INCOME (LOSS) BEFORE TAXES
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(dollars in millions) (unaudited)
Revenues
Connections
$
90.3
$
81.9
$
340.2
$
282.6
All Other
11.2
11.7
42.6
43.3
Total revenues
$
101.5
$
93.6
$
382.8
$
325.9
Other income, net
Connections
$
—
$
—
$
2.8
$
34.2
All Other
—
—
—
—
Total other income, net
$
—
$
—
$
2.8
$
34.2
Adjusted EBITDA
Connections
$
39.7
$
30.3
$
136.8
$
133.0
All Other
1.6
0.1
3.6
0.2
Adjusted EBITDA (excluding General corporate expenses)
$
41.3
$
30.4
$
140.4
$
133.2
General corporate expenses
(5.5
)
(5.4
)
(42.6
)
(42.2
)
Other income, net
—
—
—
148.6
Interest expense, net
(8.6
)
(7.3
)
(35.1
)
(21.8
)
Loss on extinguishment of debt
—
—
(2.3
)
—
Goodwill impairment charges
—
—
—
(6.3
)
Intangible asset impairment charges
—
—
—
(1.6
)
Depreciation and amortization expense
(9.8
)
(16.5
)
(45.0
)
(59.5
)
Stock-based compensation expense
(1.8
)
(0.8
)
(7.8
)
(5.8
)
Deferred revenue adjustment
—
—
—
(0.6
)
Other items
(4.2
)
18.9
(10.5
)
14.0
Income (loss) before taxes
$
11.4
$
19.3
$
(2.9
)
$
158.0
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229262364/en/
Emerald Holding, Inc. Investor Relations investor.relations@emeraldx.com 1-866-339-4688 (866EEXINVT)
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