Emerald Holding(EEX)
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Emerald Holding(EEX) - 2024 Q2 - Quarterly Results
2024-08-07 10:04
Exhibit 99.1 Emerald Reports Second Quarter 2024 Financial Results Initiates $0.015 per Share Regular Quarterly Dividend NEW YORK, N.Y. – August 7, 2024 – 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 second quarter ended June 30, 2024. Financial Highlights • Revenues of $86.0 million for the second quarter 2024, a decrease of $0.5 million, or 0.6% over ...
Welcome to Boston! Emerald Princess Arrives July 14 for First Homeport Season with Scenic Canada & New England Voyages
Prnewswire· 2024-07-12 13:30
Core Insights - Princess Cruises is launching the Emerald Princess for its inaugural season in Boston, offering a new home port for New Englanders and generating significant local economic impact by bringing approximately 30,000 cruisers to the area [1][10]. Group 1: Cruise Offerings - The Emerald Princess will feature 10 cruises ranging from 7 to 17 days, including itineraries to Canada and Greenland, with the first cruise departing on July 14, 2024 [7][8]. - Specific itineraries include a 7-day roundtrip from Boston visiting Halifax, Sydney, Charlottetown, and Portland or Bar Harbor, and a 17-day roundtrip visiting three ports in Greenland [2][9]. Group 2: Onboard Experience - The Emerald Princess offers well-appointed staterooms, world-class dining, grand performances, award-winning casinos, luxurious spas, and a variety of activities [3][5]. - The cruise line emphasizes its signature Princess MedallionClass experience, which enhances service and personalization for guests [10][12]. Group 3: Economic Impact - The Massachusetts Port Authority highlights the economic benefits of Princess Cruises' operations, noting the substantial revenue and job creation for the local economy during the cruise season [10].
Emerald Holding(EEX) - 2024 Q1 - Earnings Call Transcript
2024-05-11 13:21
Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $133.4 million, an increase from $122.3 million in the prior year, driven primarily by organic revenue growth [45] - Organic revenue for the connection segment was $118.6 million, reflecting a 13% increase year-over-year [45] - Adjusted EBITDA for Q1 2024 grew 9% to $39.8 million, resulting in an adjusted EBITDA margin of approximately 30% [46] - Free cash flow for Q1 2024 was $3.8 million, down from $5.2 million in the prior year [46] - SG&A expenses increased to $55.5 million from $48.8 million, largely due to acquisition-related costs and severance expenses [47] Business Line Data and Key Metrics Changes - The content business showed signs of stabilization after experiencing pressure on advertising budgets, with new initiatives like the Small Business Exchange gaining traction [41][82] - The commerce business, particularly the Elastic Suite, has expanded into new categories, doubling its total addressable market [42][78] - The company is focused on improving customer experience and increasing revenue per customer through enhanced services and data insights [32] Market Data and Key Metrics Changes - The company noted variability in organic growth rates based on the sectors served, with expectations for stronger growth in Q1 and Q4 compared to the middle quarters [51] - The international sales team is seeing improvements in the mix of business from international exhibitors [55] Company Strategy and Development Direction - The company aims for consistent, profitable growth through customer centricity, 365-day engagement, and portfolio optimization [31] - Plans to leverage new event launches to contribute 1 to 2 percentage points of annual revenue growth [33][76] - The conversion of preferred shares into common stock simplifies the capital structure and is expected to enhance free cash flow for shareholders [30][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revenue trajectory for 2024, supported by strong early rebookings and successful shows [27] - The company is optimistic about the content business due to recent investments and leadership changes aimed at generating leads rather than relying solely on advertising [82] - Management is actively lobbying for improvements in visa processing to enhance international participation in events [74] Other Important Information - The company completed the acquisition of Hotel Interactive, which is expected to contribute to revenue growth through hosted buyer events [69] - The company has a total liquidity of $296.8 million, including cash and credit facility availability [66] Q&A Session All Questions and Answers Question: Can you elaborate on the variability in organic growth rate expectations for this year? - Management indicated that organic growth rates vary by sector and that Q1 and Q4 are expected to show the strongest growth, while the middle quarters may have muted growth [51] Question: What is the materiality of the Hotel Interactive acquisition? - The acquisition is significant as it includes a series of smaller hosted buyer events that provide high ROI for sponsors and attendees [69] Question: How is the company addressing the visa processing issues? - Management is part of an industry effort to lobby for modernization of visa processing and is seeing some progress in Congress [74] Question: Can you discuss the performance of the Elastic Suite and its expansion? - The Elastic Suite has successfully expanded into new categories, significantly increasing its addressable market [42][78] Question: What are the company's expectations for pricing improvements? - Management expects at least mid-single-digit pricing improvements for the year, building on previous years' enhancements [72]
Emerald Holding(EEX) - 2024 Q1 - Quarterly Report
2024-05-07 10:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or other jurisdiction of incorporation or organization) Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38076 Emerald Holding, Inc. (Exact name of registrant as specified in its c ...
Emerald Holding(EEX) - 2024 Q1 - Quarterly Results
2024-05-07 10:04
Exhibit 99.1 Emerald Reports First Quarter 2024 Financial Results Revenue Growth of 9.1% Year-over-Year Reaf irms FY 2024 Guidance NEW YORK, N.Y. – May 7, 2024 – 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 first quarter ended March 31, 2024. Financial Highlights Operational Highlights Hervé Sedky, Emerald's President and Chief Executive Officer, said, ...
Emerald Holding(EEX) - 2023 Q4 - Annual Report
2024-03-04 16:00
Acquisitions and Growth - Emerald acquired 26 industry-leading events and complementary businesses for approximately $934 million since the Onex Acquisition in June 2013[24]. - In 2023, Emerald acquired Lodestone Events, expanding into the B2C event space, particularly in outdoor experiences[27]. - The company completed 26 strategic acquisitions since June 2013, with purchase prices ranging from approximately $5.0 million to $120.0 million[172]. - The company acquired Hotel Interactive on January 19, 2024, which operates 15 events in the hotel and hospitality sectors[173]. - The company focuses on acquiring high-quality events that are leaders in their specific industry verticals to expand its national footprint[172]. Financial Performance - Revenue for the year ended December 31, 2023, was $382.8 million, a 17.4% increase from $325.9 million in 2022[157]. - Operating income for 2023 was $34.7 million, a significant decrease from $179.8 million in 2022[157]. - Net loss attributable to common stockholders for 2023 was $50.2 million, compared to a net income of $31.8 million in 2022[157]. - Total assets as of December 31, 2023, were $1,053.9 million, down from $1,098.4 million in 2022[158]. - Total debt as of December 31, 2023, was $413.3 million, slightly decreased from $415.3 million in 2022[158]. - Net cash provided by operating activities in 2023 was $40.3 million, a decrease from $175.1 million in 2022[157]. - Free Cash Flow decreased to $28.8 million in 2023, a decline of 82.5% from $164.8 million in 2022[206]. - The company reported a net loss of $8.2 million for 2023, compared to a net income of $130.8 million in 2022[206]. Revenue Sources and Cost Structure - The Connections division generates revenue from trade shows and conference events, including booth space sales, registration fees, and sponsorship fees[30]. - The Commerce division's revenue consists of subscription revenue, implementation fees, and professional services, enhancing year-round B2B engagement[41]. - The Content division focuses on B2B print publications and digital media, providing industry-specific news across 20 sectors, contributing to year-round customer engagement[39]. - Decorating expenses represented 19% of total cost of revenues for the year ended December 31, 2023, and 7% of total revenues for the same period[190]. - Sponsorship costs represented 13% of total cost of revenues for the year ended December 31, 2023, and 5% of total revenues for the same period[190]. - Venue costs represented 12% of total cost of revenues for the year ended December 31, 2023, and 4% of total revenues for the same period[190]. - Other event-related expenses represented 35% of total cost of revenues for the year ended December 31, 2023, and 13% of total revenues for the same period[190]. Market and Industry Context - The trade show industry is highly fragmented, with approximately 9,400 B2B trade shows held annually in the U.S., creating a competitive landscape for Emerald[44]. - The trade show industry is highly fragmented, with the four largest companies, including Emerald, comprising only 9% of the wider U.S. market[181]. - Attendance at trade shows may be affected by global travel disruptions, including fears of communicable diseases like COVID-19[70]. - The company faces increased competition in certain industry sectors, which could adversely affect its financial condition and cash flows[76]. Corporate Governance and Management - As of December 31, 2023, Emerald employed 673 full-time employees, with a senior management team that is 50% female[49]. - In early 2022, Emerald formed a Diversity, Equity and Inclusion Committee to foster a diverse and inclusive work environment[57]. - The company has eliminated the college-degree requirement for various positions to broaden its talent pool[58]. - The Board of Directors approved a share repurchase program allowing for the repurchase of $25.0 million of common stock through December 31, 2024, expanding from a previous $20.0 million program[150]. Environmental and Social Responsibility - Emerald aims to reduce greenhouse gas emissions by 50% by 2030 as part of its commitment to the Net Zero Carbon Events initiative[56]. - The company is committed to minimizing its environmental impact and has undertaken various initiatives to track and reduce the environmental footprint of its events[56]. Risks and Challenges - The company faces potential adverse regulatory consequences, including investigations or penalties, due to previously identified material weaknesses[98]. - The company’s insurance policies may not fully cover losses from event cancellations or business interruptions, potentially impacting financial results[89]. - The company is exposed to cybersecurity risks that could result in significant financial losses and reputational damage[111]. - The company relies on ongoing license agreements with third parties for certain trade shows and events, and disruptions in these relationships could adversely impact revenue[118]. - The company’s reliance on a limited number of outside contractors for trade show services poses risks of service disruptions[85]. Debt and Financial Obligations - As of December 31, 2023, the company had $413.3 million in term loan borrowings outstanding under its Amended and Restated Senior Secured Credit Facilities, with an additional $109.0 million in borrowing capacity[103]. - The company’s high level of indebtedness may limit its ability to obtain additional financing and could require a substantial portion of cash flows to be dedicated to debt service payments[105]. - The covenants in the company’s Amended and Restated Senior Secured Credit Facilities impose restrictions that may limit operational and financial flexibility[108]. Internal Controls and Compliance - The company has identified material weaknesses in its internal control over financial reporting, which could lead to inaccurate financial statements and loss of investor confidence[94]. - Remediation measures for material weaknesses have been costly and time-consuming, impacting management's focus on operations[96]. - The company’s internal control over financial reporting must comply with SEC regulations, as failures could adversely affect stock price and business operations[90].
Emerald Holding(EEX) - 2023 Q4 - Earnings Call Transcript
2024-03-01 07:11
Emerald Holding, Inc. (NYSE:EEX) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET Company Participants Herve Sedky - President & CEO David Doft - CFO Conference Call Participants Barton Crockett - Rosenblatt Allen Klee - Maxim Group Operator Good morning, and welcome to the Emerald Holding, Inc. Fourth Quarter and Full Year 2023 Earnings Conference Call. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the ...
Emerald Holding(EEX) - 2023 Q4 - Annual Results
2024-02-28 16:00
Exhibit 99.1 Emerald Reports Fourth Quarter and Full Year 2023 Financial Results Revenue Growth of 17.5% Year-over-Year NEW YORK, N.Y. – February 29, 2024 – 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 O ...
Emerald Announces Date for Fourth Quarter and Full Year 2023 Financial Results Conference Call
Businesswire· 2024-02-23 12:00
NEW YORK--(BUSINESS WIRE)--Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”), today announced that it will release its financial results for the fourth quarter and full year 2023 before the market open on Thursday, February 29, 2024. The Company will hold a conference call to discuss the results at 8:30 am ET that same day. 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 beginning at 11:30 am ET b ...
Emerald Holding(EEX) - 2023 Q3 - Earnings Call Presentation
2023-11-06 15:19
Enduring Value of Trade Shows 18% 2021-2026 CAGR projected for B2B trade show market size(5) | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------- ...