Emerald Holding, Inc. (NYSE:EEX) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET Company Participants Hervé Sedky - President, Chief Executive Officer David Doft - Chief Financial Officer Conference Call Participants Allen Klee - Maxim Group Barton Crockett - Rosenblatt Operator Good morning, and welcome to the Emerald Holding, Inc., First Quarter 2023 Earnings Conference Call. At this time all lines are in listen-only mode. Following the presentation, we’ll conduct a question-and-answer session. [O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2023 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 organi ...

Emerald Holding, Inc. (NYSE:EEX) Q4 2022 Earnings Conference Call March 14, 2023 8:30 AM ET Company Participants Hervé Sedky - President and Chief Executive Officer David Doft - Chief Financial Officer Conference Call Participants Barton Crockett - Rosenblatt Securities Derek Greenberg - Maxim Group Operator Good morning, and welcome to the Emerald Holding, Inc. Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will fo ...

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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD For the transition period from _______________________ to ____________________________________________ Commission File Number 001-38076 Emerald Holding, Inc. (Exact nam ...

Financial Data and Key Metrics Changes - Third quarter revenue was $62.4 million, down from $76.5 million in the prior year quarter, primarily due to the timing of events [38] - Organic revenues for Q3 2022 were $56.6 million, an increase of $14.2 million or 34% compared to $42.4 million in the same period last year [40] - Adjusted EBITDA was $149.7 million in Q3, compared to $8.6 million in the prior year quarter, reflecting the impact of insurance proceeds [42] - Free cash flow, including insurance, was $150.9 million compared to $7.7 million in the prior year quarter [45] - The company expects free cash flow to be in the range of $60 million to $70 million for 2022, down from a prior estimate of $70 million due to rising interest rates [47] Business Line Data and Key Metrics Changes - The company hosted 25 live in-person events with over 79,000 attendees and 3,900 exhibiting companies [11] - The commerce software business continues to contribute mid-20 organic growth, while the content business has reduced overall growth due to technology issues [41] - The company expects almost one quarter of its shows this year to meet or exceed pre-pandemic revenues [12] Market Data and Key Metrics Changes - The market for B2B trade shows is projected to grow at a compound annual growth rate in the high teens from 2021 to 2026 [15] - The company maintains pricing power due to the high return on investment provided by its shows, which are essential for customers' marketing budgets [16][13] Company Strategy and Development Direction - The company focuses on three pillars of value creation: portfolio optimization, customer centricity, and 365-day engagements [17] - New event launches are expected to contribute 1 to 2 percentage points of incremental organic revenue growth per year [20] - The company aims to leverage its scale and operational efficiencies to continue being a leading consolidator of live B2B events in the U.S. [21] Management's Comments on Operating Environment and Future Outlook - Management is pleased with the recovery of in-person events and expects continued increases in exhibitor and attendee counts [12] - The company is positioned to deliver higher attendance and space rates, providing a solid foundation for revenue growth [59] - Management anticipates adjusted EBITDA of over $100 million for 2023, driven by improved margins and strategic investments [57] Other Important Information - The company received final proceeds of $149 million related to insurance litigation, bringing total pandemic-related insurance proceeds to $373 million [7] - The company has a strong balance sheet with $366 million in cash and cash equivalents as of September 30 [50] - The Board approved an extension and expansion of the share repurchase program to allow for the repurchase of $20 million of common stock through December 31, 2023 [53] Q&A Session Summary Question: Could you provide more color on the level of presenters and sponsors compared to pre-pandemic? - Management indicated that revenues overall are tracking 70% to 75% of pre-pandemic levels, with net square footage tracking around 65% [62] Question: What is the annualized financial impact expected from recent acquisitions? - Management has not disclosed the impact at this time but will provide more information in 2023 [63] Question: How are newer events in emerging areas progressing? - The launches of events are largely due to the creation of the Xcelerator business unit, which has been performing well [64] Question: How do margins compare between non-trade show segments and trade shows? - The trade show business historically runs EBITDA margins of 35% to 45%, and the company expects new offerings to achieve similar margins over time [66] Question: What actions are being taken to grow organic growth rates? - Management clarified that they expect to grow organic growth in the mid-single digits or better as they normalize post-pandemic [67] Question: What is the M&A environment like and what areas are being considered for acquisitions? - Management is active in the marketplace looking at opportunities but prefers not to disclose specific areas of focus [68] Question: How does the company integrate acquisitions once completed? - The company leverages its scale in areas like operating live events and marketing technology to add value to acquired businesses [71]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 September 30, 2022 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) Delaware 42-1775077 (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $71.4 million, a significant increase from $15 million in the prior year quarter, primarily due to events that were staged this year but canceled last year due to COVID [36] - Adjusted EBITDA for the second quarter was $15.6 million, compared to negative $13.6 million in the prior year quarter, driven by a large number of events and recognition of insurance claim proceeds [36] - Free cash flow in the second quarter was $10.5 million, down from $23.8 million in the prior year quarter, with a notable spike in customer deposits in the previous year due to the reopening of events [37] Business Line Data and Key Metrics Changes - The company staged 29 events in the quarter, attracting 61,600 attendees and 3,600 exhibiting companies, indicating consistent growth in overall show participation [7] - Event revenues are returning to and at times exceeding pre-pandemic levels, with expectations that nearly a quarter of 2022 events will surpass pre-pandemic revenues [11] Market Data and Key Metrics Changes - The company continues to see strong demand for in-person events, with exhibitors eager to reserve and maintain the best spaces, leading to early rebooking [12] - The company is currently selling exhibit space for events as far out as the third quarter of 2023, indicating strong forward-looking demand [13] Company Strategy and Development Direction - The company is focusing on portfolio optimization, 365-day engagements, and customer centricity as part of its growth strategy [16] - New product launches are targeting high-growth industries, including mental health and decentralized finance, with specific events planned for 2023 [18][20] - The acquisition of Advertising Week and Bulletin is part of the strategy to enhance the brand portfolio and diversify revenue streams [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macro conditions such as lockdowns in China and supply chain issues, emphasizing the strong domestic focus of their events [13] - The company expects to achieve full-year 2022 revenues in excess of $300 million and adjusted EBITDA of over $50 million, excluding substantial insurance recoveries [46] Other Important Information - The company reached an agreement to settle litigation related to event cancellation insurance policies for $149.25 million, expected to be recorded as other income in Q3 2022 [5][34] - The company had a cash balance of $232 million as of June 30, with total liquidity of $342 million, which will increase to approximately $380 million upon receipt of the insurance settlement [39][40] Summary of Q&A Session - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share EEX New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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 Num ...

Financial Data and Key Metrics Changes - The company reported revenues of $98.5 million for Q1 2022, a significant increase from $12.9 million in Q1 2021, primarily due to $62.7 million in revenues from live events that were canceled in the prior year due to COVID [15] - Adjusted EBITDA for Q1 2022 was $54.4 million, compared to a loss of $2.5 million in the same period last year, with a notable increase attributed to profits from live events and $28.8 million in insurance claim proceeds [16] - Free cash flow for Q1 2022 was $29.8 million, up from $0.6 million in the previous year, benefiting from insurance claims and improved cash inflows from the underlying business [17] Business Line Data and Key Metrics Changes - The company staged 31 in-person trade shows in Q1 2022, serving over 141,000 attendees and 5,700 exhibiting companies, translating into over $98 million in revenue [6] - Organic revenues for Q1 2022 were $21.5 million, an increase from $13.8 million in the prior year, driven by growth in content and e-commerce subscription software businesses [15] Market Data and Key Metrics Changes - The company noted that show participation is steadily improving, closing the gap to pre-pandemic levels by 7% to 10% compared to Q4 2021 [7] - Customer net promoter scores have improved, indicating stronger rebooking momentum and revenue visibility for future events [8] Company Strategy and Development Direction - The company is focused on a three-pronged strategy: portfolio optimization, 365-day engagements, and customer centricity, aiming to launch four new shows in 2022 and three in 2023 [9][10] - The company is actively pursuing acquisitions in high-growth industries, with a robust M&A pipeline supported by a favorable balance sheet [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2022 revenues in excess of $300 million and adjusted EBITDA exceeding $50 million, with expectations for 2023 adjusted EBITDA in excess of $100 million [8][22] - The company highlighted the importance of demonstrating value to customers and investors as a catalyst for growth in 2022 [24] Other Important Information - The company ended Q1 2022 with $254.4 million in cash and full availability of a $110 million revolving credit facility, providing significant liquidity for investments [18] - The company has renewed its event cancellation insurance policy for 2022 and 2023, although it no longer covers pandemics [38] Q&A Session Summary Question: Can you provide an indication of price levels or upgrades for rebooking? - The company has maintained pricing power, achieving mid-single-digit price increases or more depending on the event, effectively managing against inflation [26] Question: Which sectors are expected to exceed pre-pandemic levels? - High-growth industries are recovering faster, while those more impacted by pandemic issues, such as supply chain, are slower to recover [27] Question: How has visibility changed since the start of the year? - Visibility has improved significantly due to the rollout of on-site rebooking across all events, leading to stronger forward bookings [28] Question: What are the average recovery rates for shows with pre-pandemic versions? - The average recovery rate is between 25% and 30% off pre-pandemic levels, with some shows performing better than others [32] Question: How is inflation impacting costs? - Venue costs have remained reasonable, but labor-based costs have increased, which the company has managed through pricing strategies [33] Question: What is the current state of M&A? - Sellers are valuing shows based on pre-pandemic metrics, leading to more earnout deals to ensure satisfaction for both parties [34] Question: What are the company's ESG initiatives? - The company is taking ESG seriously, mapping carbon emissions for live events and developing an annual sustainability report [36][37] Question: Has the company renewed its business interruption insurance? - The company has renewed its event cancellation insurance for 2022 and 2023, but it no longer covers pandemics [38]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share EEX New York Stock Exchange 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, 2022 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 Nu ...