Emerald Holding(EEX)2024-10-30 10:02Revenue 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].