Emerald Holding(EEX) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, the estimated total revenue is projected to be at least $400 million, with Adjusted EBITDA expected to be at least$100 million[29]. - As of September 30, 2024, the company reported total revenue of $393.5 million and Adjusted EBITDA of$103.5 million[18]. - FY 2024 revenue is expected to be at least $400 million, with adjusted EBITDA projected to be at least$100 million[60]. - FY 2023 revenue reached $382.8 million, up from$325.9 million in FY 2022, representing a growth of approximately 17.4%[63]. - Adjusted EBITDA for FY 2023 was $98 million, compared to$240 million in FY 2022, indicating a decline of about 59%[70]. - Adjusted EBITDA excluding insurance proceeds for FY 2023 was $95 million, compared to$57 million in FY 2022[70]. Liquidity and Capital Structure - The company has ample liquidity of $299 million, consisting of$189 million in cash and cash equivalents and $110 million of undrawn revolver capacity[18]. - The estimated total capitalization is$1.367 billion, with a market capitalization of $958 million[21]. - The total debt to Adjusted EBITDA ratio is 4.0x, while the net debt to Adjusted EBITDA ratio is 2.1x[21]. - The net leverage ratio as of September 30, 2024, is 2.1x, within the targeted long-term range of 2.0 - 3.0x[66]. - Emerald is seeking to raise a new$415 million First Lien Term Loan to refinance its existing $409 million First Lien Term Loan due in 2026[18]. - A common stock dividend has been reinstated at an annualized rate of$12 million, or $0.06 per share, with a target payout ratio of up to 25$13.5 billion, with the largest trade show organizers accounting for only 8% of the overall market[43]. - Emerald's largest five shows contribute 29% of FY 2024E revenues, with no single customer exceeding 1% of total revenue[51]. - 90% of FY 2024E revenues are expected to come from live events, with over 90% of trade show franchises holding market-leading positions[51]. - The company has completed over 30 acquisitions in the last decade, totaling $897 million in capital deployed, enhancing its market position[52]. - The company completed 9 acquisitions over the past 3.5 years to supplement organic growth and diversify exposure[66]. Growth and Strategic Initiatives - The company anticipates continued growth and expansion in its market presence, leveraging its diversified portfolio across various sectors[32]. - The company anticipates a CAGR of approximately 3.0$5-6 million annually in upgraded technology related to its Elastic Suite offering[55]. - The average number of new leads generated per trade show is 60%, with 64% of CMOs planning to increase investments in in-person events[47].