Emerald Holding(EEX) - 2025 Q3 - Quarterly Results

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]