Revenue Performance - Revenues for Q3 2025 were $77.5 million, an increase of $4.9 million or 6.7% compared to Q3 2024, driven primarily by $12.5 million in revenue from acquisitions[8] - Year-to-date revenues reached $330.7 million, an increase of $38.7 million or 13.3% versus the prior year period, primarily due to revenue from acquisitions of $40.9 million[14] - Revenues for Q3 2025 were $77.5 million, compared to $72.6 million in Q3 2024, representing a year-over-year increase of 12.5%[34] - Total revenues for the three months ended September 30, 2025, reached $77.5 million, an increase from $72.6 million in the same period of 2024, driven by a 8.2% increase in Connections revenue[41] - For the nine months ended September 30, 2025, total revenues were $330.7 million, a 13.3% increase from $292.0 million in 2024[37] Organic Revenue - Organic Revenues for Q3 2025 were $64.0 million, a decrease of $4.7 million or 6.8% from $68.7 million in Q3 2024[5] - Organic revenues for the three months ended September 30, 2025, decreased by 6.8% to $64.0 million compared to $68.7 million in the prior year[37] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $12.8 million, a 2.4% increase from $12.5 million in Q3 2024[9] - Year-to-date Adjusted EBITDA was $90.8 million, compared to $68.6 million in the prior year period, reflecting a 32.4% increase[14] - Adjusted EBITDA for the nine months ended September 30, 2025, was $38.2 million, compared to $26.0 million for the same period in 2024[34] - Adjusted EBITDA for the three months ended September 30, 2025, was $12.8 million, slightly up from $12.5 million in the prior year[39] - Adjusted EBITDA for the nine months ended September 30, 2025, was $90.8 million, significantly higher than $68.6 million in the prior year[39] Net Loss - Net loss for Q3 2025 was $14.4 million, compared to a net loss of $11.1 million in Q3 2024, primarily due to higher non-recurring expenses[8] - Year-to-date net loss was $0.5 million, an improvement from a net loss of $2.9 million in the prior year period[14] - The net loss attributable to Emerald Holding, Inc. for Q3 2025 was $14.4 million, compared to a net loss of $11.1 million in Q3 2024[34] - For the three months ended September 30, 2025, Emerald Holding reported a net loss of $14.4 million, compared to a net loss of $11.1 million for the same period in 2024[39] - Basic loss per share for Q3 2025 was $(0.07), compared to $(0.05) in Q3 2024[34] Share Repurchase and Dividends - The Board of Directors approved a share repurchase program allowing for the repurchase of up to $25.0 million of common stock through December 31, 2026[5] - A dividend of $0.015 per share was declared for the quarter ending December 31, 2025[17] - Emerald's share repurchase program was extended to allow for the repurchase of $25.0 million of common stock through December 31, 2026[18] - In Q3 2025, Emerald repurchased 116,094 shares for $0.5 million at an average price of $4.87 per share, totaling 3,776,218 shares for $16.2 million year-to-date[18][19] - The company has repurchased a total of 17.0 million shares for an aggregate of $70.0 million since the restart of the share repurchase program in 2021[19] Cash Flow - Year-to-date 2025 Free Cash Flow excluding event cancellation insurance proceeds was $24.2 million, up from $17.6 million in the prior year[24] - Year-to-date Free Cash Flow reflects an impact of approximately $30.0 million in incremental cash flows from operations due to acquisition timing effects[24] - Free cash flow for the three months ended September 30, 2025, was $(0.4) million, down from $6.7 million in the same period of 2024[40] Assets and Liabilities - Total assets increased to $1,217.3 million as of September 30, 2025, up from $1,048.7 million as of December 31, 2024[36] - Total liabilities rose to $847.8 million as of September 30, 2025, compared to $662.8 million at the end of 2024[36] - Stockholders' equity decreased to $369.5 million as of September 30, 2025, down from $385.9 million as of December 31, 2024[36] - The company reported a net accumulated deficit of $650.6 million as of September 30, 2025, compared to $650.1 million at the end of 2024[36] - Deferred revenues increased to $229.0 million as of September 30, 2025, up from $190.5 million as of December 31, 2024[36] Segment Performance - Revenues from the Connections segment for the three months ended September 30, 2025, were $67.5 million, an 8.2% increase from $62.4 million in 2024[38] - The Commerce segment reported revenues of $5.5 million for the three months ended September 30, 2025, slightly up from $5.3 million in the same period of 2024[38] Expenses - The company incurred $10.1 million in interest expense for the three months ended September 30, 2025, consistent with the previous year[41] - General corporate expenses for the three months ended September 30, 2025, were $12.5 million, a slight decrease from $12.7 million in the same period of 2024[41] - Capital expenditures for the three months ended September 30, 2025, were $2.2 million, slightly lower than $2.4 million in the same period of 2024[40] - The company reported intangible asset impairment charges of $6.3 million for the three months ended September 30, 2024, which were not present in the current period[39]

Core Insights - Emerald Holding, Inc. reported a revenue of $330.7 million for the third quarter of 2025, reflecting an increase of $38.7 million or 13.3% compared to the same period last year, driven by revenues from acquisitions and higher organic revenues [1] Financial Performance - Year-to-date revenues reached $330.7 million, marking a 13.3% increase from the previous year [1] - The growth in revenue is attributed to both acquisitions and an increase in organic revenues [1]

Core Insights - Emerald Technology Ventures has announced the first close of its Global Water Fund II at €60 million, aiming to advance water innovation globally [1][5] - The fund is targeting a total size of €150–180 million and will invest in early to growth stage companies across the water value chain [2] Investment Focus - The fund will focus on solutions in infrastructure and business resilience, advanced treatment, reuse, digitally enhanced monitoring, prediction, decision making, automation, and technologies addressing emerging contaminants [2][3] - The strong backing from industry leaders such as Veralto Corporation and Ecolab highlights a cross-sector commitment to solving global water challenges [1][3] Historical Context - The new fund builds on the success of Emerald's inaugural Global Water Fund, which closed in 2020 with $100 million in commitments from top-tier investors [4] - The first fund has facilitated key collaborations and successful exits of portfolio companies to major industry players like SUEZ, Xylem, and BASF [4] Market Response - There has been strong interest in the fund, indicating that water innovation is both a pressing global need and an attractive investment opportunity [5]

Core Points - Emerald Holding, Inc. will release its financial results for the third quarter of 2025 on October 31, 2025, before market opening [1] - A conference call to discuss the results will take place at 8:30 am ET on the same day [1] - The company is the largest U.S.-based B2B event organizer, focusing on creating meaningful connections and delivering commerce-driven solutions [4] Financial Results Announcement - The financial results for Q3 2025 will be announced before the market opens on October 31, 2025 [1] - A conference call will be held at 8:30 am ET to discuss these results [1] Conference Call Details - The conference call can be accessed domestically at 1-800-715-9871 and internationally at 1-646-307-1963 [2] - A telephonic replay will be available starting at 11:30 am ET on the same day, accessible until November 7, 2025 [2] Company Overview - Emerald Holding, Inc. is a leading B2B event organizer in the U.S., providing a portfolio of trade shows, conferences, and B2C showcases [4] - The company aims to empower businesses by enhancing connections and delivering impactful commerce solutions [4] - Emerald serves predominantly small and medium-sized businesses, facilitating streamlined buying, selling, and networking opportunities [4]

Core Insights - Emerald Holding, Inc. (NYSE:EEX) specializes in organizing trade shows and conferences, playing a significant role in connecting businesses and fostering industry growth [1] - EEX's Return on Invested Capital (ROIC) is 2.91%, which is lower than its Weighted Average Cost of Capital (WACC) of 9.06%, indicating inefficiency in generating sufficient returns on investments [2][5] - Comparative analysis shows that peers like Byline Bancorp, Inc. and WideOpenWest, Inc. also struggle with their ROIC to WACC ratios, while Hamilton Beach Brands Holding Company and Clipper Realty Inc. demonstrate more efficient capital utilization [5] Financial Performance - EEX's ROIC to WACC ratio is 0.32, indicating that it is not generating sufficient returns on its investments relative to its cost of capital [2] - Byline Bancorp, Inc. has a negative ROIC of -2.04% against a WACC of 12.86%, resulting in a ROIC to WACC ratio of -0.16 [3] - WideOpenWest, Inc. shows a slight improvement with a ROIC of 0.44% and a WACC of 6.51%, leading to a ROIC to WACC ratio of 0.07 [3] Peer Comparison - Hamilton Beach Brands Holding Company has a ROIC of 15.13% and a WACC of 4.03%, resulting in a ROIC to WACC ratio of 3.75, indicating efficient capital utilization [4] - Clipper Realty Inc. stands out with a ROIC of 41.74% and a WACC of 1.88%, achieving a remarkable ROIC to WACC ratio of 22.16, showcasing its exceptional capital efficiency [4][5]

Core Insights - MJBizCon and Budist are launching the MJBowl, a bi-coastal competition to highlight the Most Valuable Products (MVP) from California and New York across five categories, with winners announced on December 4 [1][5] - The competition runs from August 14 to October 3, 2025, and is open to licensed cannabis companies in the respective states [2] - Judging will be conducted by Budist's panel of critics using a standardized scoring rubric to ensure credibility, with winning brands featured in consumer judging kits [3][4] Industry Context - The MJBowl aims to bridge the gap between East and West cannabis markets, promoting product excellence and national recognition for the cannabis industry [5] - Budist is positioned as a professional review platform, enhancing transparency and community engagement in cannabis product evaluations [8] - MJBiz is recognized as a leading B2B resource for the cannabis industry, producing the largest cannabis trade show, MJBizCon, which has been consistently ranked among the top trade shows in the U.S. [7]

Core Insights - The article does not provide specific company or industry insights, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There are no stock, option, or similar derivative positions held by the analyst in any mentioned companies, nor plans to initiate such positions in the next 72 hours [1] - The article expresses personal opinions of the author and does not reflect the views of Seeking Alpha as a whole [2] - Seeking Alpha's analysts include both professional and individual investors who may not be licensed or certified by any regulatory body [2]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $105.5 million, up from $86 million in the prior year quarter, reflecting strong year-over-year growth [18] - Adjusted EBITDA increased by 59.5% to $24.4 million compared to $15.3 million in the prior year, resulting in an adjusted EBITDA margin of approximately 23.1% [19][20] - Reported organic revenue was up 0.4% year-over-year, but on a pro forma basis, organic growth would have been approximately 5% [18][19] Business Line Data and Key Metrics Changes - The connections business drove growth, while event mix and softness in content impacted overall performance [18][19] - Acquisitions contributed significantly, adding $24 million in revenue for the quarter, with expectations for continued contributions in the second half of the year [44] Market Data and Key Metrics Changes - International exhibitors accounted for approximately 10% of total revenue, with 99% of the full year international revenue target already secured [11][12] - Encouraging activity was noted in markets like Italy, Germany, and Brazil, helping to offset softness in China and Canada [12] Company Strategy and Development Direction - The company is focused on customer centricity, year-round engagement, and portfolio optimization, with targeted acquisitions in high-growth verticals [14] - Recent acquisitions, such as This Is Beyond and InsurTech Insights, are advancing strategic priorities and contributing to growth [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of live events, emphasizing their importance in driving measurable impact and trust [13] - The company reaffirmed its full-year guidance of $450 million to $460 million in revenue and $120 million to $125 million in adjusted EBITDA [25][26] Other Important Information - The company repurchased approximately 1.6 million shares for $6.9 million under its buyback program, demonstrating management's conviction in long-term value [23][24] - A quarterly dividend of $0.15 per share was declared, reflecting a commitment to shareholder returns [25] Q&A Session Summary Question: Will the third quarter see a decline in organic growth year-over-year? - Management confirmed that the third quarter is expected to show negative organic growth due to event mix and construction impacts at the Las Vegas Convention Center [30] Question: What is the expected contribution from recent acquisitions for the remainder of the year? - Management indicated that both This Is Beyond and InsurTech Insights have events scheduled in the second half of the year, contributing to revenue [34] Question: How significant is the macroeconomic impact on the business? - Management characterized the macroeconomic impact as small overall, with some headwinds in specific regions but positive performance in others [36][37] Question: Can you provide details on the GRC World acquisition? - Management confirmed that GRC World is a smaller acquisition focused on global risk and compliance, included for pro forma comparisons [42][43] Question: What is the current booking status for 2025 and 2026? - Management stated that 90% of revenue for 2025 is booked, with positive rebooking rates for 2026, indicating strong customer confidence [46]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $105.5 million, up from $86 million in the prior year quarter, reflecting strong year-over-year growth [17] - Adjusted EBITDA increased by 59.5% to $24.4 million compared to $15.3 million in the prior year, resulting in an adjusted EBITDA margin of approximately 23.1% [18][19] - Reported organic revenue growth was 0.4% year-over-year, but on a pro forma basis, organic growth would have been approximately 5% [17][18] Business Line Data and Key Metrics Changes - The connections business drove growth, while event mix and softness in content impacted overall performance [17] - The company experienced three events in Q2 2025 that were held in different quarters in 2024, affecting organic revenue reporting [17] Market Data and Key Metrics Changes - International exhibitors accounted for approximately 10% of total revenue, with 99% of the full year international revenue target already secured [11] - Encouraging activity was noted in markets like Italy, Germany, and Brazil, helping to offset softness in China and Canada [12] Company Strategy and Development Direction - The company is focused on customer centricity, year-round engagement, and portfolio optimization, with targeted acquisitions in high-growth verticals [14] - Recent acquisitions, including This Is Beyond and InsurTech Insights, are contributing to growth and aligning with strategic priorities [15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the resilience of live events, emphasizing their importance in driving measurable impact and trust [13] - The company is navigating macroeconomic pressures with operational discipline and strategic focus, expecting a return to normal patterns post-construction at the Las Vegas Convention Center [30][24] Other Important Information - The company repurchased approximately 1.6 million shares for $6.9 million, demonstrating management's conviction in long-term value [22] - A quarterly dividend of $0.15 per share was declared, reflecting a commitment to shareholder returns [23] Q&A Session Summary Question: Will the third quarter see organic growth below the second quarter? - Management confirmed that the third quarter is expected to show negative organic growth due to event mix and construction impacts [28] Question: Will the Las Vegas construction be a factor next year? - Management confirmed that the construction is expected to be completed by the end of this year, returning to a normal pattern in 2026 [30] Question: What is the expected contribution from recent acquisitions for the rest of the year? - Both This Is Beyond and InsurTech Insights have events scheduled in the second half of the year, contributing to revenue [31] Question: How significant is the macroeconomic headwind currently? - Management characterized the macroeconomic impact as small overall, with some positive activity in certain countries offsetting weaknesses in others [33][34] Question: What is the status of free cash flow adjustments related to acquisitions? - Adjusted free cash flow would have been $17 million higher if accounting for acquisition-related timing effects [20][49] Question: How is the company leveraging AI for internal initiatives? - The company is using AI to enhance productivity and streamline workflows across various departments, with early pilots yielding measurable efficiency gains [52]

Financial Performance - Revenue increased by 22.7% year-over-year in Q2 2025[10] - Adjusted EBITDA grew by 59.5% year-over-year in Q2 2025[10] - Organic Revenue increased by 0.4% year-over-year[10] - The company repurchased approximately 1.6 million shares of its common stock for $6.9 million at an average price of $4.24 per share in Q2 2025[10, 37] - Emerald reaffirms full year 2025 revenue guidance in the range of $450 million to $460 million and Adjusted EBITDA in the range of $120 million to $125 million[10, 11] Business Segments - Connections segment accounted for approximately 90% of FY 2024 revenue[14, 15] - Content segment accounted for approximately 5% of FY 2024 revenue[14, 19] - Commerce segment accounted for approximately 5% of FY 2024 revenue[14, 19] Market and Growth - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[25, 28] - The company estimates a total global addressable market of $20 billion[11] Capital Allocation - The company targets a long-term net leverage ratio between 20x and 30x[48] - The company declared a dividend of $0015 per share for the quarter ending September 30 2025[10, 48]