U.S. stocks were lower, with the Dow Jones index falling more than 100 points on Tuesday.Shares of Cementos Pacasmayo SAA – ADR (NYSE:CPAC) rose sharply during Tuesday's session after Holcim signed an agreement to purchase 50.01% of the company’s owner, Inversiones Aspi. S.A. of the Hochschild Group.Cementos Pacasmayo shares jumped 47.4% to $10.30 on Tuesday.Here are some other big stocks recording gains in today’s session.Rezolve AI PLC (NASDAQ:RZLV) gained 23.7% to $2.87 after the company reported prelimi ...

Core Insights - Emerald Holding (EEX) typically experiences a downturn in Q3, with October being particularly challenging, as it ends positively only about 33% of the time [1] Company Analysis - Emerald Holding is noted for its seasonal performance, indicating potential investment risks during the October period [1] Industry Context - The analysis highlights the broader context of stock performance trends within the industry, particularly for companies like Emerald Holding that may face cyclical challenges [1]

Financial Performance - Revenues for the three months ended September 30, 2025, were $77.5 million, a 12.7% increase from $72.6 million in the same period of 2024[17] - Net loss attributable to Emerald Holding, Inc. for the three months ended September 30, 2025, was $14.4 million, compared to a net loss of $11.1 million in the same period of 2024[20] - The company reported a basic loss per share of $0.07 for the three months ended September 30, 2025, compared to a basic loss per share of $0.05 for the same period in 2024[17] - The company experienced a net loss of $11.1 million for the three months ended September 30, 2024, compared to a net loss of $2.9 million for the nine months ended September 30, 2024[31] - The net loss for the three months ended September 30, 2025, was $14.4 million, compared to a net loss of $11.1 million in the same period of 2024[181] - For the nine months ended September 30, 2025, revenues increased by $38.7 million, or 13.3%, to $330.7 million, with organic revenue growth of $3.0 million, or 1.0%[211] - Net loss for the nine months ended September 30, 2025, was $0.5 million, an improvement from a net loss of $2.9 million in the same period of 2024[213] 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, representing a 16.1% growth[15] - Total current liabilities rose to $287.0 million as of September 30, 2025, compared to $241.3 million as of December 31, 2024, indicating a 19.0% increase[15] - The accumulated deficit increased to $650.6 million as of September 30, 2025, from $650.1 million as of December 31, 2024[15] - The company’s total stockholders' equity decreased to $369.5 million as of September 30, 2025, from $385.9 million as of December 31, 2024[15] - As of September 30, 2025, the long-term debt net of current maturities was $499.8 million, an increase from $398.5 million as of December 31, 2024, representing a 25.4% increase[87] Cash Flow and Investments - Cash and cash equivalents decreased to $95.4 million as of September 30, 2025, down from $194.8 million as of December 31, 2024[15] - The company reported a significant increase in cash used in investing activities, totaling $201.1 million for the nine months ended September 30, 2025, compared to $22.8 million for the same period in 2024[31] - The company ended the period with cash and cash equivalents of $95.4 million, down from $194.8 million at the beginning of the period, reflecting a decrease of approximately 51%[31] Expenses - Selling, general and administrative expenses for the three months ended September 30, 2025, were $51.3 million, up from $40.8 million in the same period of 2024, reflecting a 25.9% increase[17] - Stock-based compensation increased to $8.5 million for the nine months ended September 30, 2025, up from $4.7 million for the same period in 2024, representing an increase of approximately 80%[31] - Interest expense for the three months ended September 30, 2025, was $10.7 million, down from $12.3 million in the same period of 2024[17] - Depreciation and amortization expense was $22.7 million for the nine months ended September 30, 2025, compared to $21.2 million in 2024, showing a rise of approximately 7.1%[213] Acquisitions - The acquisition of Generis Group on August 8, 2025, had a total estimated purchase price of $64.6 million, including an initial cash payment of $51.6 million[57] - The acquisition of This is Beyond on May 2, 2025, had a total estimated purchase price of $165.5 million, including an initial cash payment of $122.1 million[64] - Emerald Holding, Inc. made an acquisition of businesses, net of cash acquired, amounting to $192.3 million during the nine months ended September 30, 2025[31] - The company acquired Insurtech Insights Limited for a total estimated purchase price of $27.9 million, which included an initial cash payment of $19.4 million and contingent consideration valued at $4.8 million[72] Revenue Breakdown - Trade show and other events revenues accounted for approximately 87.1% of total revenues for the three months ended September 30, 2025, compared to 86.0% for the same period in 2024[45] - Revenue generated from the acquisition of This is Beyond was $12.4 million for the three months ended September 30, 2025, and $29.5 million for the nine months ended September 30, 2025[66] - Revenues for the Connections segment increased by $5.1 million, or 8.2%, to $67.5 million for the three months ended September 30, 2025, driven primarily by $12.5 million from acquisitions, offset by a $4.5 million organic revenue decline[193] Stock and Dividends - The Company declared a dividend of $0.015 per share payable on November 20, 2025[142] - The Company repurchased 116,094 shares for $0.5 million and 3,776,218 shares for $16.2 million during the three and nine months ended September 30, 2025, with $20.3 million remaining available for share repurchases under the April 2025 Share Repurchase Program[119] Tax and Compliance - The company recorded a benefit from income taxes of $3.5 million for the three months ended September 30, 2025, resulting in an effective tax rate of 19.6%[129] - The company’s liabilities for unrecognized tax benefits were $1.8 million as of September 30, 2025, compared to $1.5 million as of December 31, 2024[130] Market and Economic Conditions - Increased inflation and interest rates pose risks related to labor and venue costs, potentially impacting pricing strategies[155] - The trade show industry is highly fragmented, with the five largest companies, including Emerald, comprising only 8% of the U.S. market, presenting acquisition opportunities[155]

Core Insights - Emerald Holding, Inc. (EEX) is a leading player in the trade show industry, recognized for producing large-scale events and related services, and is the largest producer in the U.S. [1] - EEX reported a disappointing earnings performance for Q3 2025, with an EPS of -$0.02, missing the expected $0.05, and actual revenue of $77.5 million falling short of the estimated $132.9 million [2][6] - Despite quarterly setbacks, EEX's year-to-date revenue for 2025 reached $330.7 million, reflecting a 13.3% increase from the previous year, driven by acquisitions and organic growth [3][6] Financial Metrics - The price-to-sales ratio for EEX stands at 1.95, indicating that investors are willing to pay nearly twice the company's sales per share [4] - The enterprise value to sales ratio is 1.74, which reflects the company's total valuation in relation to its sales [4] - EEX has a low debt-to-equity ratio of 0.014, suggesting minimal debt compared to equity, which is favorable for financial stability [5] - The current ratio of 0.81 indicates potential challenges in covering short-term liabilities with short-term assets, raising concerns about liquidity [5]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $77.5 million, up from $72.6 million in Q3 2024, reflecting a year-over-year increase of 12.6% [14] - Reported organic revenue decreased by 6.8% year-over-year, primarily due to construction impacts at the Las Vegas Convention Center [14][15] - Year-to-date total revenue reached $330.7 million, a 13.3% increase compared to the previous year, driven by acquisitions and higher organic revenues [15] - Adjusted EBITDA for Q3 was $12.8 million, a 2.4% increase from $12.5 million in the prior year [16] - Year-to-date adjusted EBITDA totaled $90.8 million, up 32.4% from $68.6 million in the prior year [16] Business Line Data and Key Metrics Changes - The acquisition of Generis expanded Emerald's portfolio into high-growth sectors, enhancing resilience across market cycles [5][11] - Generis did not contribute revenue in Q3 2025, but the acquisition is expected to positively impact future revenue [15][37] Market Data and Key Metrics Changes - International exhibitors accounted for approximately 10% of total revenue, with growth observed in markets such as Italy, Germany, the UAE, and Brazil [8][9] - The company anticipates a more constructive environment heading into 2026 as trade conditions stabilize [9] Company Strategy and Development Direction - The company is focused on diversifying its portfolio into higher growth sectors and optimizing its operations through strategic acquisitions [11][51] - Continued investment in technology, including an AI-powered event agent, aims to enhance customer experience and operational efficiency [9][44] - The company is committed to disciplined capital deployment across M&A, organic growth, and shareholder returns [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year commitments and building momentum into 2026 despite ongoing economic pressures [13][57] - The construction at the Las Vegas Convention Center has impacted customer experience, but completion is expected by the end of the year, improving future event structures [27][42] Other Important Information - The company repurchased approximately 116,000 shares at an average price of $4.87 per share, with a total of 17 million shares repurchased since the program's inception [21] - A quarterly dividend of $0.015 per share was declared, reflecting the company's commitment to returning value to shareholders [22] Q&A Session Summary Question: Impact of tariffs and construction on financial results - The $6 million impact mentioned includes both tariff and construction effects, with construction being the more significant factor affecting customer experience [25][26] Question: Future trade environment and tariff impacts - The company anticipates a more normalized environment next year, with manageable impacts from tariffs as international sales efforts continue to expand [30][31] Question: Guidance without Generis acquisition - Excluding Generis, the company remains within the lower half of its guidance range for revenue, with more mid-range expectations for EBITDA [34][35] Question: AI-powered event agent functionality - The AI tool simplifies attendee interactions by providing answers throughout the customer journey, enhancing overall satisfaction [44][45] Question: M&A environment and valuations - The company sees a strong pipeline for M&A opportunities, with no significant changes in valuations compared to the past [50][51]

Financial Performance & Guidance - Emerald is on track to achieve full-year objectives, delivering a 133% year-over-year growth in Revenue and a 324% year-over-year growth in Adjusted EBITDA year-to-date 2025[12] - For Q3 2025, Revenue grew by 67% and Adjusted EBITDA grew by 24%[12] - Full Year 2025 revenue guidance is updated to a range of $460-$465 million, and Adjusted EBITDA guidance is $1225 - $1275 million, reflecting the acquisition of Generis[12, 14, 17] Organic Revenue Analysis - Year-to-date 2025, reported Organic Revenue growth was 10% from the prior year period[12] - Without recent acquisitions, year-to-date Organic Revenue growth would have been 43%[12] - Reported Organic Revenue declined by 68% in Q3 2025; without recent acquisitions, the decline would have been 29%[12] Capital Allocation - The company repurchased 116,094 shares of common stock for $05 million at an average price of $487 per share in Q3 2025[12] - The Board of Directors declared a dividend of $0015 per share for the quarter ending December 31, 2025[12] - The company has bought back a total of 170 million shares of common stock for an aggregate of $700 million since the restart of the share repurchase program in 2021 through September 30, 2025[42] Market Position & Strategy - Emerald is the largest US-based B2B events platform, diversified across end markets, with Connections representing approximately 90% of revenue[18, 19] - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[29] - The company has completed and integrated over 30 acquisitions over the last decade, deploying approximately $10 billion in capital[39]

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]