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Emerald Holding(EEX) - 2024 Q3 - Quarterly Results
EEXEmerald Holding(EEX)2024-10-30 10:02

Revenue Performance - Revenues for Q3 2024 were 72.6million,aslightincreaseof72.6 million, a slight increase of 0.1 million or 0.1% compared to Q3 2023, driven by 4.2millionfromacquisitionsandschedulingadjustments,butoffsetbya4.2 million from acquisitions and scheduling adjustments, but offset by a 5.0 million decline from discontinued events and a 3.3millionorganicdecline[2].−OrganicRevenuesforQ32024were3.3 million organic decline [2]. - Organic Revenues for Q3 2024 were 58.7 million, a decrease of 3.3millionor5.33.3 million or 5.3% from 62.0 million in Q3 2023 [2]. - Revenues for the three months ended September 30, 2024, were 72.6million,aslightincreaseof0.172.6 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 72.6million,slightlyupfrom72.6 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 292.0million,comparedto292.0 million, compared to 281.3 million in 2023 [31]. Net Income and Loss - The company reported a net loss of 11.1millionforQ32024,comparedtoanetincomeof11.1 million for Q3 2024, compared to a net income of 10.7 million in Q3 2023 [2]. - The company reported a net loss of 11.1millionforthethreemonthsendedSeptember30,2024,comparedtoanetincomeof11.1 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),comparedto(0.05), compared to (0.11) for the same period in 2023 [31]. Adjusted EBITDA - Adjusted EBITDA for Q3 2024 was 12.5million,anincreaseof12.5 million, an increase of 1.7 million or 15.7% from 10.8millioninQ32023[2].−AdjustedEBITDAforthethreemonthsendedSeptember30,2024,was10.8 million in Q3 2023 [2]. - Adjusted EBITDA for the three months ended September 30, 2024, was 12.5 million, compared to 10.8millioninthesameperiodof2023,reflectingasignificantincrease[38].−AdjustedEBITDAexcludingeventcancellationinsuranceproceedsforthethreemonthsendedSeptember30,2024,was10.8 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 8.0millioninthesameperiodof2023[38].CashFlowandCapitalManagement−FreeCashFlowforQ32024was8.0 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 4.0millionor148.14.0 million or 148.1% from 2.7 million in Q3 2023 [13]. - Free cash flow for the three months ended September 30, 2024, was 6.7million,upfrom6.7 million, up from 5.5 million in the same period of 2023, indicating a 21.8% increase [39]. - The company repurchased 3.6millionofitscommonstockinQ32024atanaveragepriceof3.6 million of its common stock in Q3 2024 at an average price of 4.85 per share [17]. - A dividend of 0.015persharewasdeclaredforthequarterendingDecember31,2024[16].−Thecompanyintendstocontinuepayingregularquarterlydividends,subjecttoBoardapprovalandvariousfinancialfactors[30].GuidanceandFutureOutlook−ThecompanyupdateditsFY2024guidance,nowexpectingatleast0.015 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 100millioninAdjustedEBITDA[3].−ThecompanyanticipatesimprovedresultsinH12025,drivenbyacceleratedgrowthinitsConnectionsbusiness[4].−Thecompanyisfocusedonreturningtopre−COVIDlevelsandexploringavenuesfororganicgrowthamidstongoingeconomicuncertainties[30].AssetsandLiabilities−TotalcurrentassetsasofSeptember30,2024,were100 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 310.9millionasofDecember31,2023[32].−Totalliabilitiesincreasedto310.9 million as of December 31, 2023 [32]. - Total liabilities increased to 668.7 million as of September 30, 2024, compared to 649.3millionattheendof2023[33].−Thecompanyhadcashandcashequivalentsof649.3 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 204.2millionattheendof2023[32].EventDiscontinuationandSchedulingAdjustments−Thecompanydiscontinued20smaller,unprofitableevents,whichhadahistoricalrun−raterevenueof204.2 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 9.7millionforthethreemonthsendedSeptember30,2024[36].−Totalotherincome,netforthethreemonthsendedSeptember30,2024,was9.7 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].