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Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $106.8 million, up from $101.5 million in the prior year quarter, driven by organic revenue growth of $6.1 million or 6.5% [28][29] - Full-year revenue totaled $398.8 million, an increase of 4.2% versus the prior year, with organic revenue growth of $21.3 million or 5.9% [30] - Adjusted EBITDA for Q4 was $32.6 million compared to $35.8 million in the prior year quarter, while full-year adjusted EBITDA was $100.2 million, up from $95 million in the prior year [32][33] Business Line Data and Key Metrics Changes - The company launched an aggressive portfolio optimization effort in 2024, pruning unprofitable events and establishing a more nimble portfolio for growth [6][22] - The acquisitions of This is Beyond and Insurtech Insights are expected to contribute approximately $40 million in revenue and $15 million in adjusted EBITDA in 2025 [19][39] Market Data and Key Metrics Changes - The luxury travel market is highlighted as a key growth area, with 85% of luxury travelers considering travel advisors crucial for securing personalized experiences [12] - The insurance technology industry is projected to grow at a CAGR of 5% to 6% globally through 2030, indicating strong market potential for Insurtech Insights [17][18] Company Strategy and Development Direction - The company is focused on three pillars of value creation: customer centricity, 365-day engagements, and portfolio optimization [21] - The strategy includes expanding into high-growth sectors, particularly luxury and technology-oriented events, to enhance margins and growth [7][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the resilience of the team, anticipating improved growth and margin enhancements in 2025 [8][26] - The ongoing construction at the Las Vegas Convention Center is expected to impact certain events but is projected to be completed by the end of 2025, leading to improved customer experiences in 2026 [24][94] Other Important Information - The company successfully refinanced its debt, enhancing financial flexibility and reducing financing costs by 125 basis points [20][44] - A quarterly dividend of $0.15 per share was declared, reflecting a dividend yield of 1.6% based on the closing price [47] Q&A Session Summary Question: How are the acquisitions being funded? - The acquisitions are funded with cash on hand, with deferred components based on performance through 2027 [56] Question: What is the expected annualized revenue and EBITDA from the acquisitions? - The expected annualized impact of the acquisitions is built into the guidance, with a moderate shift in seasonality anticipated [59][62] Question: Are the EBITDA figures provided pre or post-synergies? - The EBITDA figures are pre-synergies, with potential synergies expected to materialize in 2026 and beyond [73] Question: What is the outlook for free cash flow conversion? - The company expects free cash flow of $50 million plus, indicating a positive step forward in conversion from EBITDA [81] Question: Will there be further portfolio optimization in 2025? - Continuous assessment of the portfolio will occur, with actions taken if underperforming elements are identified [102]

Emerald Holding, Inc. Fourth Quarter and Full Year 2024 March 14, 2025 Legal Disclaimer Forward-Looking Statements This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and should not be considered as a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles ("GAAP"). The non-GAAP measures included herein may be different from similarly titled non-GAAP measures u ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 Charter) (State or other jurisdiction of incorporation or o ...

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% of free cash flow[66]. Business Segments and Market Position - The company operates across three business lines: Connections (~90% of revenue), Content (~5% of revenue), and Commerce (~5% of revenue)[32]. - The Connections segment includes leading B2B trade shows and conferences, generating revenue from booth space sales, registration fees, and sponsorship fees[33]. - The US B2B trade show market represents a total addressable market (TAM) of $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% in the US market from 2024E to 2028E[43]. - The company aims for adjusted EBITDA margin expansion to over 35% in the coming years, driven by organic growth and value-based pricing strategies[68]. - The long-term growth plan targets mid-high single-digit organic growth, supported by enhanced enterprise and international sales efforts[68]. - Significant revenue visibility is noted due to advanced booking of events, contributing to steady organic revenue growth[68]. Technology and Innovation - The company is investing approximately $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].

Core Insights - The global watermelon seeds market is projected to reach USD 995.4 million by 2030, with a compound annual growth rate (CAGR) of 5.8% from 2025 to 2030 [1][7]. Market Drivers - Increasing cases of obesity and related health issues are driving demand for healthier food options, including watermelon seeds [2]. - The rising demand for organic, gluten-free, and non-GMO products is expected to further fuel market growth [2]. - Watermelon seeds are low in calories and fat while being rich in protein, making them popular in various seed-based food products [3]. Distribution Channels - The market is segmented into offline and online distribution channels, with online sales projected to grow at a CAGR of 6.6% during the forecast period [3][5]. - The growing popularity of e-commerce platforms, particularly Amazon, is a key factor driving the growth of the online segment [3]. Regional Insights - The Asia Pacific region is anticipated to be the fastest-growing market from 2019 to 2025, driven by health consciousness, rising disposable income, and an expanding e-commerce sector [4]. - North America held a dominant market share of 31.2% in 2024, attributed to the increasing demand for nutrient-dense superfoods like watermelon seeds [5]. Market Segmentation - Raw watermelon seeds accounted for a significant market share of 53.8% in 2024 due to growing awareness of their nutritional benefits [5]. - Roasted watermelon seeds are expected to see increased demand as consumers seek healthy and tasty snack options [5]. Competitive Landscape - Key players in the watermelon seeds market include Bayer CropScience, Vilmorin & Cie, Syngenta, and others [6]. - The report provides insights into market estimates, forecasts, and competitive strategies of these companies [6].

Financial Data and Key Metrics Changes - For Q3 2024, total revenue was $72.6 million, slightly up from $72.5 million in the prior year, driven by $4.2 million from acquisitions and scheduling adjustments, offset by $5 million from discontinued events and a $3.3 million organic decline [14][15] - Organic revenue declined 5.3% to $58.7 million compared to $62 million in the prior year quarter, while year-to-date organic revenue was up 4.8% [15] - Adjusted EBITDA grew 56.3% to $12.5 million, resulting in an adjusted EBITDA margin of approximately 17.2% [16] Business Line Data and Key Metrics Changes - The company discontinued 20 unprofitable events totaling $20 million in historic run rate revenue, which is expected to positively impact growth and margin in 2025 [5][11] - The Content business, accounting for about 5% of total revenue, is experiencing softness, with a projected year-over-year decline in 2024 revenue [9][10] Market Data and Key Metrics Changes - The company is seeing strong growth in its existing show portfolio, with positive pacing into 2025, indicating a stronger and more broad-based growth compared to the previous year [8][29] - The advertising environment remains challenging, impacting the Content business, which has seen a low-to-mid single-digit million-dollar shortfall versus expectations for 2024 [9][24] Company Strategy and Development Direction - The company is focused on portfolio optimization, which includes discontinuing underperforming events and investing in more profitable assets [4][7] - Future growth is expected to be supported by a strong collection of events and a shift towards in-person marketing strategies, as companies are reallocating budgets towards effective channels like live events [12][13] Management Comments on Operating Environment and Future Outlook - Management anticipates that the performance in the second half of 2024 will not meet expectations due to macroeconomic factors and operational impacts, leading to a reduction in full-year guidance [4][21] - The company remains confident in the long-term trends for in-person events and believes that the recent decisions will strengthen growth prospects for 2025 and beyond [13][41] Other Important Information - The company has a healthy cash balance of $188.9 million and total liquidity of $298.9 million, with a net debt of $221.2 million [18] - A quarterly dividend of $0.015 per share was declared, implying an annualized cash dividend amount of $12 million [20] Q&A Session Summary Question: Why is the EBITDA outlook reduced despite canceling unprofitable shows? - Management explained that the cancellation of events resulted in already incurred SG&A expenses that were not offset by revenue, leading to a timing difference in financial impact [23] Question: What is the profile of the discontinued events? - The discontinued events were largely extensions of existing brands that did not meet performance expectations, with the exception of NBA Con, which was a significant event [33] Question: How is the business tracking relative to pre-pandemic levels? - Management noted that while some brands have exceeded pre-pandemic levels, several underperforming events have not recovered, and the business has evolved significantly since then [34] Question: How is the company progressing with international expansion? - The company has invested in an international sales team and is beginning to see activity from various countries, although full impact will take time [35] Question: What is the status of the hosted buyer event affected by the hurricane? - The event has been canceled for this year [37] Question: How is the company integrating AI across the business? - AI initiatives are in progress, primarily for internal use in marketing, with plans to scale successful tests [38]

Emerald Holding, Inc. Third Quarter 2024 October 30, 2024 Legal Disclaimer Forward-Looking Statements The information provided in this presentation is for general informational purposes only. This presentation contains certain forward-looking statements regarding Emerald Holding, Inc. and its subsidiaries (the "Company"), including, without limitation, statements regarding the Company's ability to continue staging live events and scale its business beyond pre-COVID levels; statements about general economic ...

Revenue Performance - Revenues for Q3 2024 were $72.6 million, a slight increase of $0.1 million or 0.1% compared to Q3 2023, driven by $4.2 million from acquisitions and scheduling adjustments, but offset by a $5.0 million decline from discontinued events and a $3.3 million organic decline [2]. - Organic Revenues for Q3 2024 were $58.7 million, a decrease of $3.3 million or 5.3% from $62.0 million in Q3 2023 [2]. - Revenues for the three months ended September 30, 2024, were $72.6 million, a slight increase of 0.1% compared to $72.5 million in the same period of 2023 [31]. - Total revenues for the three months ended September 30, 2024, were $72.6 million, slightly up from $72.5 million in the same period of 2023, representing a 0.1% increase [37]. - For the nine months ended September 30, 2024, total revenues increased by 3.8% to $292.0 million, compared to $281.3 million in 2023 [31]. Net Income and Loss - The company reported a net loss of $11.1 million for Q3 2024, compared to a net income of $10.7 million in Q3 2023 [2]. - The company reported a net loss of $11.1 million for the three months ended September 30, 2024, compared to a net income of $10.7 million in the same period of 2023 [31]. - Basic loss per share for the three months ended September 30, 2024, was $(0.05), compared to $(0.11) for the same period in 2023 [31]. Adjusted EBITDA - Adjusted EBITDA for Q3 2024 was $12.5 million, an increase of $1.7 million or 15.7% from $10.8 million in Q3 2023 [2]. - Adjusted EBITDA for the three months ended September 30, 2024, was $12.5 million, compared to $10.8 million in the same period of 2023, reflecting a significant increase [38]. - Adjusted EBITDA excluding event cancellation insurance proceeds for the three months ended September 30, 2024, was $12.5 million, compared to $8.0 million in the same period of 2023 [38]. Cash Flow and Capital Management - Free Cash Flow for Q3 2024 was $6.7 million, a significant increase of $4.0 million or 148.1% from $2.7 million in Q3 2023 [13]. - Free cash flow for the three months ended September 30, 2024, was $6.7 million, up from $5.5 million in the same period of 2023, indicating a 21.8% increase [39]. - The company repurchased $3.6 million of its common stock in Q3 2024 at an average price of $4.85 per share [17]. - A dividend of $0.015 per share was declared for the quarter ending December 31, 2024 [16]. - The company intends to continue paying regular quarterly dividends, subject to Board approval and various financial factors [30]. Guidance and Future Outlook - The company updated its FY 2024 guidance, now expecting at least $400 million in revenue and at least $100 million in Adjusted EBITDA [3]. - The company anticipates improved results in H1 2025, driven by accelerated growth in its Connections business [4]. - The company is focused on returning to pre-COVID levels and exploring avenues for organic growth amidst ongoing economic uncertainties [30]. Assets and Liabilities - Total current assets as of September 30, 2024, were $312.3 million, slightly up from $310.9 million as of December 31, 2023 [32]. - Total liabilities increased to $668.7 million as of September 30, 2024, compared to $649.3 million at the end of 2023 [33]. - The company had cash and cash equivalents of $188.9 million as of September 30, 2024, down from $204.2 million at the end of 2023 [32]. Event Discontinuation and Scheduling Adjustments - The company discontinued 20 smaller, unprofitable events, which had a historical run-rate revenue of $20 million [3]. - The company experienced a decrease in scheduling adjustments, with a negative impact of $9.7 million for the three months ended September 30, 2024 [36]. - Total other income, net for the three months ended September 30, 2024, was $0, down from $2.8 million in the same period of 2023 [40].

Financial Performance - Total revenues for the three months ended September 30, 2024, were $72.6 million, a slight increase from $72.5 million in the same period of 2023[13]. - Net loss attributable to Emerald Holding, Inc. for the three months ended September 30, 2024, was $11.1 million, compared to a net income of $10.7 million in the same period of 2023[13]. - Revenues for the three months ended September 30, 2024, were $72.6 million, a slight increase of $0.1 million or 0.1% compared to $72.5 million in the same period of 2023[170]. - Revenues for the nine months ended September 30, 2024, were $292.0 million, an increase of $10.7 million or 3.8% from $281.3 million in the same period of 2023[202]. - Organic revenue for the same period was $274.8 million, up $12.5 million or 4.8% from $262.3 million in 2023[201]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $68.6 million, an increase of $6.7 million or 10.8% from $61.9 million in 2023[199]. - Adjusted EBITDA for the Connections segment for the three months ended September 30, 2024, was $23.6 million, up from $22.5 million in 2023[128]. - Adjusted EBITDA increased by $1.7 million to $12.5 million for the three months ended September 30, 2024, compared to $10.8 million for the same period in 2023[196]. Assets and Liabilities - Total current assets as of September 30, 2024, were $312.3 million, up from $310.9 million as of December 31, 2023[11]. - Total liabilities increased to $668.7 million as of September 30, 2024, compared to $649.3 million as of December 31, 2023[11]. - Cash and cash equivalents decreased to $188.9 million as of September 30, 2024, from $204.2 million as of December 31, 2023[11]. - Current deferred revenues as of September 30, 2024, were $190.2 million, an increase from $174.3 million as of December 31, 2023[32]. - The company reported an increase in accounts payable and other current liabilities to $46.3 million as of September 30, 2024, from $46.6 million as of December 31, 2023[11]. - The total stockholders' equity increased to $391.1 million as of September 30, 2024, from a deficit of $(92.5) million as of December 31, 2023[12]. Acquisitions - The Company acquired GRC World Forums for a total estimated purchase price of $2.9 million, including an initial cash payment of $1.2 million[43]. - The acquisition of Over the Pond Media (Glamping Americas) was completed for a total estimated purchase price of $2.6 million, with an initial cash payment of $2.3 million[50]. - The Company executed an acquisition of Hotel Interactive for a total estimated purchase price of $13.5 million, including an initial cash payment of $11.6 million[57]. - The Futurist acquisition generated revenues of $1.6 million and net income of $0.3 million during the three and nine months ended September 30, 2024[56]. - Identified intangible assets associated with GRC included trade name and customer relationship intangible assets valued at $0.4 million and $1.0 million, respectively[48]. - The total purchase price for the acquisition, including working capital adjustments, was $13.5 million, with goodwill calculated at $11.8 million[62]. Stock and Dividends - The Company paid Preferred Stock Cash Dividends totaling $8.6 million, or $0.12 per share, for the periods ending March 31, 2024, and September 30, 2023[92]. - The Company declared a dividend of $0.015 per share for the quarter ending December 31, 2024, payable on November 21, 2024[130]. - Emerald Holding, Inc. declared a quarterly dividend of $0.015 per share, payable on November 21, 2024[134]. - The Company repurchased 5,064,140 shares for $16.9 million during the nine months ended September 30, 2023, under the October 2022 Share Repurchase Program[104]. - Under the November 2023 Share Repurchase Program, the Company repurchased 1,038,589 shares for $5.4 million during the nine months ended September 30, 2024, with $19.6 million remaining available for repurchases[105]. Expenses and Costs - Selling, general and administrative expenses decreased by $0.8 million, or 1.9%, to $40.8 million for the three months ended September 30, 2024, compared to $41.6 million for the same period in 2023[173]. - Depreciation and amortization expense decreased by $1.7 million, or 19.3%, to $7.1 million for the three months ended September 30, 2024, from $8.8 million for the comparable period in 2023[174]. - Interest expense for the three months ended September 30, 2024, was $12.3 million, slightly up from $12.1 million in the same period of 2023, an increase of 1.7%[164]. - Interest expense increased to $36.4 million for the nine months ended September 30, 2024, up $4.9 million or 15.6% from $31.5 million in 2023[198]. - The company incurred a preferred stock cash dividend of $8.6 million for both periods reported[19]. Impairment and Charges - Intangible asset impairment charges for the three months ended September 30, 2024, were $6.3 million, with no charges in the same period of 2023[13]. - The company recognized impairment charges of $6.3 million for certain indefinite-lived trade name intangible assets during the three and nine months ended September 30, 2024[67]. - Intangible asset impairment charges of $6.3 million were recorded for the nine months ended September 30, 2024, compared to zero in the same period of 2023[208]. Market and Economic Conditions - Increased inflation and interest rates present risks related to labor costs, venue costs, and overall financing expenses[143]. - The trade show industry is highly fragmented, with the five largest companies, including Emerald, comprising only 8% of the U.S. market, presenting significant acquisition opportunities[143]. - The majority of exhibit space is sold during the twelve months prior to each trade show, leading to a lag time in reflecting economic conditions in financial results[143].