Emerald Holding, Inc. (NYSE:EEX) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET Corporate Participants Hervé Sedky - President, Chief Executive Officer David Doft - Chief Financial Officer Conference Call Participants Barton Crockett - Rosenblatt Allen Klee - Maxim Group Operator Good morning, ladies and gentlemen, and welcome to the Emerald Holding, Incorporated Second Quarter 2023 Earnings Call. Before we begin, let me remind everyone that this call will include certain statements that constit ...

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 June 30, 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 organiz ...

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 ...

Acquisitions and Growth - Emerald completed two acquisitions in 2022, acquiring Advertising Week and Bulletin, enhancing its portfolio in marketing and retail sectors [23]. - The company has acquired and integrated 25 industry-leading events for approximately $921 million since the Onex Acquisition in 2013 [20]. Ownership and Financial Structure - As of December 31, 2022, Onex owned 69.6% of Emerald's outstanding common stock, translating to approximately 88.3% on an as-converted basis [22]. - As of December 31, 2022, the company had $415.3 million of variable rate borrowings outstanding under its Amended and Restated Senior Secured Credit Facilities [404]. - A 0.25% increase in the average interest rate on the company's variable rate indebtedness would have resulted in a $1.1 million increase in annual interest expense [404]. Revenue Generation and Business Model - Emerald's trade shows attract high-quality attendees, resulting in a self-reinforcing "network effect" that drives predictable, recurring revenue streams [15]. - The company generates substantial first-party data across its events and e-commerce platforms, aiming to enhance customer experience and drive higher revenue per customer [18]. - Other Marketing Services, including print and digital media products, generated 9.1% of Emerald's revenues for the year ended December 31, 2022 [34]. - The Elastic Suite platform streamlines the wholesale buying process, expected to enhance customer engagement year-round [35]. - The participation of qualified buyers at trade shows provides an efficient platform for high-quality lead generation for exhibitors [15]. - The company operates in multiple fragmented industry sectors, providing a centralized platform for interaction between buyers and sellers [27]. Risk Factors and Insurance - The impact of COVID-19 and other risk factors may cause actual results to differ materially from forward-looking statements [9]. - The company recorded other income, net of $182.8 million related to event cancellation insurance claim and settlement proceeds for the year ended December 31, 2022 [61]. - The aggregate limit for the company's renewed 2022 primary event cancellation insurance policy is $100.0 million [60]. - The company received payments of $95.2 million from its insurance carrier to recover lost revenues for the year ended December 31, 2021 [61]. Sustainability and Diversity Initiatives - The company aims to reduce greenhouse gas emissions by 50% by 2030 as part of its commitment to sustainability [54]. - The company has taken the Net Zero Carbon Events pledge to achieve net zero carbon emissions by 2050 [54]. - The company had 759 full-time employees as of December 31, 2022, with 49% of the senior management team being female [48]. - The company is committed to increasing the hiring of Black employees and has eliminated the college-degree requirement for various positions to promote diversity [56]. Employee Structure and Work Environment - The company has a hybrid work structure allowing employees to work from home and in the office [51].

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]

Financial Performance - For the three months ended June 30, 2022, revenues increased to $71.4 million, compared to $15.0 million for the same period in 2021, representing a growth of 376.7%[19] - The net loss for the six months ended June 30, 2022, was $3.4 million, a significant improvement from a net loss of $79.1 million for the same period in 2021[19] - Operating income for the three months ended June 30, 2022, was $6.8 million, compared to an operating loss of $31.5 million for the same period in 2021[19] - For the six months ended June 30, 2022, Emerald reported a net income of $15.4 million, a significant improvement compared to a net loss of $61.8 million for the same period in 2021[26]. - The company reported a net loss of $0.7 million for the three months ended June 30, 2022, a significant improvement from a net loss of $46.5 million in the same period of 2021, reflecting a variance of $45.8 million[203] - Adjusted EBITDA for the three months ended June 30, 2022, was $29.2 million, compared to $(2.0) million for the same period in 2021, indicating a significant turnaround[155] Assets and Liabilities - Total current assets increased to $329.1 million as of June 30, 2022, up from $290.1 million as of December 31, 2021, reflecting a growth of 13.5%[15] - Total liabilities rose to $787.0 million as of June 30, 2022, compared to $749.5 million as of December 31, 2021, an increase of 5.0%[15] - Cash and cash equivalents decreased to $181.7 million as of June 30, 2022, down from $231.2 million as of December 31, 2021, a decline of 21.4%[15] - The company had a total stockholders' deficit of $124.8 million as of June 30, 2022, compared to a deficit of $121.0 million as of December 31, 2021[15] - Long-term debt as of June 30, 2022, was $508.7 million, slightly down from $510.9 million as of December 31, 2021[98] Revenue Sources - Trade show revenues represented approximately 83.8% of total revenues for the three months ended June 30, 2022, compared to 26.0% for the same period in 2021[57] - The company recognized revenues of $59.3 million and $144.0 million from deferred revenue for the three and six months ended June 30, 2022, respectively[58] - Revenues for the Commerce segment increased by $15.9 million, or 418.4%, to $19.7 million in Q2 2022 from $3.8 million in Q2 2021, driven by $14.7 million from events staged in Q2 2022[214] Acquisitions and Investments - The Company acquired Advertising Week for a total estimated purchase price of $34.3 million, which included an initial cash payment of $28.4 million and contingent consideration of $5.9 million[72] - The company acquired Bulletin Inc. for approximately $9.0 million on July 11, 2022, funded by cash from operations[158] - The Company has completed 23 strategic acquisitions since June 2013, with purchase prices ranging from approximately $5.0 million to $151.1 million, and annual revenues from approximately $1.3 million to $25.6 million[172] Expenses and Costs - Cost of revenues for Q2 2022 was $26.4 million, an increase of $22.8 million from $3.6 million in Q2 2021, primarily due to a more normal schedule of live events[210] - Selling, general and administrative expenses for the three months ended June 30, 2022, were $32.3 million, compared to $33.1 million in the same period of 2021, showing a slight decrease of 2.4%[200] - Depreciation and amortization expense increased by $1.9 million, or 15.7%, to $14.0 million in Q2 2022 from $12.1 million in Q2 2021[213] Cash Flow and Liquidity - The company experienced a net cash provided by operating activities of $45.2 million for the six months ended June 30, 2022, compared to $26.7 million in the same period of 2021[26]. - Free Cash Flow is presented as a useful indicator of liquidity, providing insight into cash generated from core operations after capital expenditures[195] - The company expects business interruption insurance proceeds to mitigate liabilities related to cancelled events due to COVID-19[192] Market and Industry Insights - The trade show industry is highly fragmented, with the three largest companies, including Emerald, comprising only 10% of the U.S. market, presenting acquisition opportunities[174] - Organic revenue growth is defined as the growth in revenue from one period to the next, adjusted for acquisitions, discontinued events, and other factors[178] - More than 95% of Emerald's sales are made by employees, with less than 5% from third-party sales agents[177] COVID-19 Impact - The ongoing effects of COVID-19 have had a significant negative impact on Emerald's financial results and liquidity, which may continue beyond the pandemic[174] - The ongoing effects of COVID-19 are expected to continue impacting the company's financial results and liquidity beyond the pandemic[38]