Initiates $0.015 per Share Regular Quarterly
Dividend
Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”),
America’s largest producer of trade shows and their associated
conferences, content and commerce, today reported financial results
for the second quarter ended June 30, 2024.
Financial Highlights
- Revenues of $86.0 million for the second quarter 2024, a
decrease of $0.5 million, or 0.6% over Q2 2023, primarily due to
several small, discontinued events that were not contributing to
profitability and scheduling differences.
- Organic Revenues, a non-GAAP measure, which takes into account
the impact of acquisitions, scheduling adjustments and discontinued
events, if any, of $82.1 million for the second quarter 2024, an
increase of $2.6 million, or 3.3%, from $79.5 million for the
second quarter 2023 (Refer to Schedule 1 for a reconciliation to
revenues, the most directly comparable GAAP measure)
- Net loss of $2.8 million for the second quarter 2024, compared
to net loss of $8.1 million for the second quarter 2023.
- Adjusted EBITDA, a non-GAAP measure, of $15.3 million for the
second quarter of 2024, compared to $14.6 million for the second
quarter 2023 (Refer to Schedule 3 for a reconciliation to net
(loss) income, the most directly comparable GAAP measure)
- Ended the quarter with $193.2 million in cash and full
availability of its $110.0 million revolving credit facility.
Operational Highlights
- Emerald’s board of directors announced its intention to restart
a regular quarterly dividend, and declared a dividend of $0.015 per
share for the quarter ending September 30, 2024.
- For the full year 2024, the Company continues to expect to
generate revenues within the originally communicated guidance of
$415 million to $425 million in revenue and between $110 million
and $115 million of Adjusted EBITDA.
Hervé Sedky, Emerald’s President and Chief Executive Officer,
said, “We are pleased to report another quarter of solid growth in
organic revenue and Adjusted EBITDA, despite it being our
seasonally smaller second quarter. The continued positive trends
indicate that our customers continue to value the high return on
investment of live events, evidenced by higher re-bookings along
with sustained strength in pricing as we move through the year. We
remain focused on transforming Emerald into a powerful, diverse and
scalable platform with strong momentum. Additionally, we are
excited to announce that we are reinstituting a regular quarterly
dividend policy that was suspended during the pandemic and which
was approved by our board of directors to reward shareholders with
a tangible return of capital. This decision reflects the strong,
reliable, cash flow-generating nature of our business and our
visibility into continued earnings growth as we look ahead. It is
also part of our balanced capital allocation framework which
combines a disciplined M&A strategy with prudent leverage and
investments back into our core business.”
David Doft, Emerald’s Chief Financial Officer, added, “Our
outlook continues to reflect the sustained, positive trends we’ve
been seeing in the business since the COVID-19 recovery began. We
continue to expect meaningful year-over-year revenue growth, as
reflected in our full year guidance, along with improving margins
as we leverage our operating cost base. Our forward visibility into
trade show bookings including into the first half of 2025, as well
as the critical place of trade shows in companies’ marketing
budgets gives us confidence in our ability to drive continued
year-over-year growth for the foreseeable future.”
Second Quarter
2024 Financial Performance and Highlights
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
Change
% Change
2024
2023
Change
% Change
(unaudited, dollars in
millions, except percentages and per share data)
Revenues
$
86.0
$
86.5
$
(0.5
)
(0.6
%)
$
219.4
$
208.8
$
10.6
5.1
%
Net (loss) income
$
(2.8
)
$
(8.1
)
$
5.3
NM
$
8.2
$
(1.0
)
$
9.2
NM
Net cash provided by operating
activities
$
9.8
$
7.3
$
2.5
34.2
%
$
17.1
$
16.2
$
0.9
5.6
%
Diluted loss per share
$
(0.03
)
$
(0.29
)
$
0.26
NM
$
(0.04
)
$
(0.33
)
$
0.29
NM
Non-GAAP measures:
Adjusted EBITDA
$
15.3
$
14.6
$
0.7
4.8
%
$
56.1
$
51.1
$
5.0
9.8
%
Adjusted EBITDA excluding event
cancellation insurance proceeds
$
15.3
$
14.6
$
0.7
4.8
%
$
55.1
$
51.1
$
4.0
7.8
%
Free Cash Flow
$
7.1
$
4.6
$
2.5
54.3
%
$
11.9
$
9.8
$
2.1
21.4
%
Free cash flow excluding event
cancellation insurance proceeds, net
$
7.1
$
4.6
$
2.5
54.3
%
$
10.9
$
9.8
$
1.1
11.2
%
- Second quarter 2024 revenues were $86.0 million, a decrease of
$0.5 million or 0.6% versus the second quarter 2023, driven
primarily by prior year discontinued event revenue of $3.7 million
that was not contributing to profitability and scheduling
adjustments of $1.1 million, offset by organic growth of $2.6
million as well as $1.7 million in revenue from acquisitions.
- Second quarter 2024 Organic Revenues from the Connections
reportable segment were $71.1 million, an increase of $2.5 million
or 3.6% versus the second quarter 2023.
- Second quarter 2024 Organic Revenues from the All Other
category were $11.0 million, an increase of $0.1 million or 0.9%
versus the second quarter of 2023, due to a $0.3 million increase
in Commerce revenues offset by a $0.2 million decrease in Content
revenues.
- Second quarter 2024 net loss was $2.8 million, compared to net
loss of $8.1 million for the second quarter 2023 principally as a
result of higher Adjusted EBITDA and lower depreciation and
amortization.
- Second quarter 2024 Adjusted EBITDA was $15.3 million, compared
to $14.6 million for the second quarter 2023.
For a discussion of the Company’s presentation of Organic
revenues and Adjusted EBITDA, which are non-GAAP measures, see
below under the heading “Non-GAAP Financial Information.” Refer to
Schedule 1 for a reconciliation of Organic revenues to revenues
(discussed in the first paragraph of this section), the most
directly comparable GAAP measure, and refer to Schedule 3 for a
reconciliation of Adjusted EBITDA to net income (discussed in the
second paragraph of this section), the most directly comparable
GAAP measure.
Cash Flow
- Second quarter 2024 net cash provided by operating activities
was $9.8 million, compared to $7.3 million in the second quarter
2023 due to increased Adjusted EBITDA and improved cash generated
by working capital.
- Second quarter 2024 capital expenditures were $2.7 million,
compared to $2.7 million in the second quarter 2023.
- Second quarter 2024 Free Cash Flow excluding event cancellation
insurance proceeds, net, which the Company defines as net cash
provided by operating activities less capital expenditures, event
cancellation insurance proceeds and taxes paid on event
cancellation insurance proceeds, was $7.1 million, compared to $4.6
million in the second quarter 2023. The calculation of second
quarter 2024 Free Cash Flow excluding event cancellation insurance
proceeds, net, includes non-recurring acquisition related
transaction costs of $0.9 million, acquisition integration,
restructuring-related transition costs of $1.0 million, and
non-recurring legal, audit and consulting fees of $0.7 million. The
calculation of second quarter 2023 Free Cash Flow excluding event
cancellation insurance proceeds, net, includes non-recurring
financing fees charged to interest expense of $2.1 million,
acquisition related transaction costs of $0.2 million,
integration-related transition costs of $0.8 million, and
non-recurring legal and consulting fees of $0.4 million. The total
of these items is $2.6 million and $3.5 million for the quarters
ended June 30, 2024 and 2023, respectively.
For a review of the Company’s presentation of Free Cash Flow,
which is a non-GAAP measure, see below under the heading “Non-GAAP
Financial Information.” Refer to Schedule 4 for a reconciliation of
Free Cash Flow to net cash provided by operating activities
(discussed in the first paragraph of this section), the most
directly comparable GAAP measure.
Dividend
On August 6, 2024, Emerald’s board of directors approved the
reintroduction of a regular quarterly dividend, and declared a
dividend for the quarter ending September 30, 2024 of $0.015 per
share payable on August 29, 2024 to holders of Emerald’s common
stock as of August 19, 2024.
Conference Call Webcast
Details
As previously announced, the Company’s leadership will hold a
conference call to discuss its second quarter 2024 results at 8:30
am EDT on Wednesday, August 7, 2024.
The conference call can be accessed by dialing 1-800-717-1738
(domestic) or 1-646-307-1865 (international). A telephonic replay
will be available approximately two hours after the call by dialing
1-844-512-2921, or for international callers, 1-412-317-6671. The
passcode for the replay is 1178913. The replay will be available
until 11:59 pm (Eastern Time) on August 14, 2024.
Interested investors and other parties can access the webcast of
the live conference call by visiting the Investors section of
Emerald’s website at http://investor.emeraldx.com. An online replay
will be available on the same website immediately following the
call.
About Emerald
Emerald’s talented and experienced team grows our customers’
businesses 365 days a year through connections, content, and
commerce. We expand connections that drive new business
opportunities, product discovery, and relationships with over 140
annual events, matchmaking, and lead-gen services. We create
content to ensure that our customers are on the cutting edge of
their industries and are continually developing their skills. And
we power commerce through efficient year-round buying and selling.
We do all this by seamlessly integrating in-person and digital
platforms and channels. Emerald is immersed in the industries we
serve and committed to supporting the communities in which we
operate. As true partners, we create experiences that inspire,
amaze, and deliver breakthrough results. For more:
http://www.emeraldx.com/.
Non-GAAP Financial
Information
This press release presents certain “non-GAAP” financial
measures. The components of these non-GAAP measures are computed by
using amounts that are determined in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). A reconciliation of non-GAAP financial measures used in
this press release to their nearest comparable GAAP financial
measures is included in the schedules attached hereto.
Organic Revenue
We define “Organic revenue growth” and “Organic revenue decline”
as the growth or decline, respectively, in our revenue from one
period to the next, adjusted for the revenue impact of: (i)
acquisitions and dispositions, (ii) discontinued events and (iii)
material show scheduling adjustments. We disclose changes in
Organic revenue because we believe it assists investors and
analysts in comparing Emerald’s operating performance across
reporting periods on a consistent basis by excluding items that we
do not believe provide a fair comparison of the trends underlying
our existing event portfolio given changes in timing or strategy.
Management and Emerald’s board of directors evaluate changes in
Organic revenue to evaluate our historical and prospective
financial performance and understand underlying revenue trends of
our events.
Adjusted EBITDA
We use Adjusted EBITDA because we believe it assists investors
and analysts in comparing Emerald’s operating performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance.
Management and Emerald’s board of directors use Adjusted EBITDA to
assess our financial performance and believe it is helpful in
highlighting trends because it excludes the results of decisions
that are outside the control of management, while other measures
can differ significantly depending on long-term strategic decisions
regarding capital structure, the tax jurisdictions in which we
operate, and capital investments. Adjusted EBITDA should not be
considered as an alternative to net income as a measure of
financial performance or to cash flows from operations as a
liquidity measure.
We define Adjusted EBITDA as net income before (i) interest
expense, net, (ii) provision for income taxes, (iii) depreciation
and amortization, (iv) stock-based compensation, (v) goodwill and
other intangible asset impairment charges and (vi) other items that
management believes are not part of our core operations.
We have also presented Adjusted EBITDA excluding event
cancellation insurance proceeds in order to illustrate the amount
of Adjusted EBITDA from continuing operations.
Note: Schedule 3 provides reconciliations for 2024 and 2023
Adjusted EBITDA to net (loss) income, however, it is not possible,
without unreasonable efforts, to estimate the impacts of show
scheduling adjustments, acquisitions and certain other special
items that may occur in 2024 as these items are inherently
uncertain and difficult to predict. As a result, the Company is
unable to quantify certain amounts that would be included in a
reconciliation of 2024 projected Adjusted EBITDA to projected net
income without unreasonable efforts and has not provided
reconciliations for these forward-looking non-GAAP financial
measures.
Free Cash Flow
We present Free Cash Flow because we believe it is a useful
indicator of liquidity that provides information to management and
investors about the amount of cash generated from our core
operations that, after capital expenditures, can be used to
maintain and grow our business, for the repayment of indebtedness,
payment of dividends and to fund strategic opportunities. Free Cash
Flow is a supplemental non-GAAP measure of liquidity and is not
based on any standardized methodology prescribed by GAAP. Free Cash
Flow should not be considered in isolation or as an alternative to
cash flows from operating activities or other measures determined
in accordance with GAAP.
We have also presented Free Cash Flow excluding event
cancellation insurance proceeds, net in order to illustrate the
amount of Free Cash Flow from continuing operations.
Other companies may compute these measures differently. No
non-GAAP metric should be considered as an alternative to any other
measure derived in accordance with GAAP.
Cautionary Statement Concerning
Forward-Looking Statements
This press release contains and our earnings call will contain
certain forward-looking statements, including, but not limited to,
our ability to return our business to pre-COVID levels; our
guidance with respect to estimated revenues and Adjusted EBITDA;
our ability or inability to obtain insurance coverage relating to
event cancellations or interruptions; our intention to continue to
pay regular quarterly dividends; and our ability to successfully
identify and acquire acquisition targets; our expectations arising
from the ongoing impact of COVID-19 on our business; and how we
integrate and grow acquired businesses. In particular, the
declaration, timing and amount of any future dividends will be
subject to the discretion and approval of the Board and will depend
on a number of factors, including Company’s results of operations,
cash flows, financial position and capital requirements, any
applicable restrictions under the Company’s debt facilities, as
well as general business conditions, legal, tax and regulatory
restrictions and other factors the Board deems relevant at the time
it determines to declare such dividends. These statements involve
risks and uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of the
Company’s control that may cause its business, industry, strategy,
financing activities or actual results to differ materially. See
“Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in the Company’s most recently filed periodic reports
on Form 10-K and Form 10-Q and subsequent filings. The Company
undertakes no obligation to update or revise any of the
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise.
Emerald Holding, Inc.
Condensed Consolidated
Statements of (Loss) Income and Comprehensive (Loss) Income
(unaudited, dollars in
millions, share data in thousands, except loss per share
data)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Revenues
$
86.0
$
86.5
$
219.4
$
208.8
Other income, net
—
—
1.0
—
Cost of revenues
33.1
32.8
80.6
76.0
Selling, general and administrative
expense
39.5
41.8
95.0
90.6
Depreciation and amortization expense
7.0
12.9
14.1
26.4
Operating income (loss)
6.4
(1.0
)
30.7
15.8
Interest expense
12.0
11.4
24.1
19.4
Interest income
2.1
2.3
4.4
3.4
Loss on extinguishment of debt
—
2.3
—
2.3
Other expense
—
0.1
—
0.2
(Loss) income before income taxes
(3.5
)
(12.5
)
11.0
(2.7
)
(Benefit from) provision for income
taxes
(0.7
)
(4.4
)
2.8
(1.7
)
Net (loss) income and comprehensive (loss)
income attributable to Emerald Holding, Inc.
$
(2.8
)
$
(8.1
)
$
8.2
$
(1.0
)
Accretion to redemption value of
redeemable convertible preferred stock
(2.0
)
(10.4
)
(12.7
)
(20.5
)
Net loss and comprehensive loss
attributable to Emerald Holding, Inc. common stockholders
$
(4.8
)
$
(18.5
)
$
(4.5
)
$
(21.5
)
Basic loss per share
(0.03
)
(0.29
)
(0.04
)
(0.33
)
Diluted loss per share
(0.03
)
(0.29
)
(0.04
)
(0.33
)
Basic weighted average common shares
outstanding
155,915
62,868
109,477
65,048
Diluted weighted average common shares
outstanding
155,915
62,868
109,477
65,048
Emerald Holding, Inc.
Condensed Consolidated Balance
Sheets
(dollars in millions, share
data in thousands, except par value)
June 30, 2024
December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
193.2
$
204.2
Trade and other receivables, net of
allowances of $1.6 million and $1.4 million, as of June 30, 2024
and December 31, 2023, respectively
93.9
85.2
Prepaid expenses and other current
assets
24.2
21.5
Total current assets
311.3
310.9
Noncurrent assets
Property and equipment, net
1.5
1.5
Intangible assets, net
171.4
175.1
Goodwill, net
567.5
553.9
Right-of-use assets
7.7
8.8
Other noncurrent assets
3.2
3.7
Total assets
$
1,062.6
$
1,053.9
Liabilities, Redeemable Convertible
Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable and other current
liabilities
$
48.3
$
46.6
Income taxes payable
—
0.2
Cancelled event liabilities
0.6
0.6
Deferred revenues
175.5
174.3
Contingent consideration
0.5
0.2
Right-of-use liabilities, current
portion
4.0
4.0
Term loan, current portion
4.2
4.2
Total current liabilities
233.1
230.1
Noncurrent liabilities
Term loan, net of discount and deferred
financing fees
398.6
398.7
Deferred tax liabilities, net
5.7
3.1
Right-of-use liabilities, noncurrent
portion
7.2
8.9
Other noncurrent liabilities
10.4
8.5
Total liabilities
655.0
649.3
Commitments and contingencies
Redeemable convertible preferred stock
7% Series A Redeemable Convertible
Participating Preferred Stock, $0.01 par value; authorized shares
at June 30, 2024 and December 31, 2023: 80,000; zero and 71,403
shares issued and outstanding; aggregate liquidation preference of
zero and $492.6 million at June 30, 2024 and December 31, 2023,
respectively
—
497.1
Stockholders’ equity (deficit)
Common stock, $0.01 par value; authorized
shares at June 30, 2024 and December 31, 2023: 800,000; 203,926 and
62,915 shares issued and outstanding at June 30, 2024 and December
31, 2023, respectively
2.0
0.6
Additional paid-in capital
1,049.7
559.2
Accumulated deficit
(644.1
)
(652.3
)
Total stockholders’ equity (deficit)
407.6
(92.5
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ equity (deficit)
$
1,062.6
$
1,053.9
Schedule
1
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
REVENUES TO ORGANIC REVENUES
Three Months Ended June
30,
Change
Six Months Ended June
30,
Change
Consolidated
2024
2023
$
%
2024
2023
$
%
(dollars in millions)
(unaudited)
Revenues
$
86.0
$
86.5
$
(0.5
)
(0.6
%)
$
219.4
$
208.8
$
10.6
5.1
%
Deduct:
Acquisition revenues
(1.7
)
—
(4.5
)
—
Discontinued events
—
(3.7
)
—
(6.7
)
Scheduling adjustments(1)
(2.2
)
(3.3
)
(2.7
)
(5.7
)
Organic revenues
$
82.1
$
79.5
$
2.6
3.3
%
$
212.2
$
196.4
$
15.8
8.0
%
Three Months Ended June
30,
Change
Six Months Ended June
30,
Change
Connections
2024
2023
$
%
2024
2023
$
%
(dollars in millions)
(unaudited)
Revenues
$
75.0
$
75.6
$
(0.6
)
(0.8
%)
$
198.4
$
187.8
$
10.6
5.6
%
Deduct:
Acquisition revenues
(1.7
)
—
(4.5
)
—
Discontinued events
—
(3.7
)
—
(6.7
)
Scheduling adjustments(1)
(2.2
)
(3.3
)
(2.7
)
(5.7
)
Organic revenues
$
71.1
$
68.6
$
2.5
3.6
%
$
191.2
$
175.4
$
15.8
9.0
%
Three Months Ended June
30,
Change
Six Months Ended June
30,
Change
All Other
2024
2023
$
%
2024
2023
$
%
(dollars in millions)
(unaudited)
Revenues
$
11.0
$
10.9
$
0.1
0.9
%
$
21.0
$
21.0
$
-
Deduct:
Acquisition revenues
—
—
—
—
Discontinued events
—
—
—
—
Scheduling adjustments
—
—
—
—
Organic revenues
$
11.0
$
10.9
$
0.1
0.9
%
$
21.0
$
21.0
$
-
Notes:
- For the three months ended June 30, 2024, represents revenues
from three events that staged in the second quarter of fiscal 2024,
but staged in a different quarter in fiscal 2023 and revenues from
three events that staged in the second quarter of fiscal 2023 but
are scheduled to stage in a different quarter in fiscal 2024. For
the six months ended June 30, 2024, represents revenues from two
events that staged in the first six months of fiscal 2024, but
staged later in fiscal 2023 and revenues from four events that
staged in the first six months of fiscal 2023 but are scheduled to
stage in the second half of fiscal 2024.
Schedule
2
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
REVENUES TO DISAGGREGATED REVENUES
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
(dollars in millions)
(unaudited)
Connections
$
75.0
$
75.6
$
198.4
$
187.8
Content
5.9
6.1
10.6
11.6
Commerce
5.1
4.8
10.4
9.4
Total Revenues
$
86.0
$
86.5
$
219.4
$
208.8
Schedule
3
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
NET (LOSS) INCOME TO ADJUSTED EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
(dollars in millions)
(unaudited)
Net (loss) income
$
(2.8
)
$
(8.1
)
$
8.2
$
(1.0
)
Add (deduct):
Interest expense, net
9.9
9.1
19.7
16.0
Loss on extinguishment of debt
—
2.3
—
2.3
(Benefit from) provision for income
taxes
(0.7
)
(4.4
)
2.8
(1.7
)
Depreciation and amortization
7.0
12.9
14.1
26.4
Stock-based compensation
1.5
1.9
4.0
4.0
Other items(1)
0.4
0.9
7.3
5.1
Adjusted EBITDA
$
15.3
$
14.6
$
56.1
$
51.1
Deduct:
Event cancellation insurance proceeds
—
—
1.0
—
Adjusted EBITDA excluding event
cancellation insurance proceeds
$
15.3
$
14.6
$
55.1
$
51.1
Notes:
- Other items for the three months ended June 30, 2024 included:
(i) $0.9 million in acquisition-related transaction costs; (ii)
$1.0 million in acquisition integration and restructuring-related
transition costs, (iii) $0.7 million in non-recurring legal, audit
and consulting fees and (iv) $2.2 million in gains related to the
remeasurement of contingent consideration. Other items for the
three months ended June 30, 2023 included: (i) $0.2 million in
acquisition-related transaction costs, (ii) $0.8 million in
transition expenses, (iii) $0.4 million in non-recurring legal,
audit and consulting fees and (iv) $0.5 million in gains related to
the remeasurement of contingent consideration. Other items for the
six months ended June 30, 2024 included: (i) $1.2 million in
acquisition-related transaction costs; (ii) $5.8 million in
acquisition integration and restructuring-related transition costs,
including one-time severance expense of $3.4 million; (iii) $1.0
million in non-recurring legal, audit and consulting fees and (iv)
$0.7 million in gains related to the remeasurement of contingent
consideration. Other items for the six months ended June 30, 2023
included (i) $0.9 million in acquisition-related transaction costs,
(ii) $2.5 million in transition expenses, (iii) $2.2 million in
non-recurring legal, audit and consulting fees and (iv) $0.5
million in gains related to the remeasurement of contingent
consideration.
Schedule
4
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
(dollars in millions)
(unaudited)
Net Cash Provided by Operating
Activities
$
9.8
$
7.3
$
17.1
$
16.2
Less:
Capital expenditures
2.7
2.7
5.2
6.4
Free Cash Flow
$
7.1
$
4.6
$
11.9
$
9.8
Event cancellation insurance proceeds
—
—
(1.0
)
—
Free cash flow excluding event
cancellation insurance proceeds, net
$
7.1
$
4.6
$
10.9
$
9.8
Schedule
5
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
REPORTABLE SEGMENTS RESULTS TO (LOSS) INCOME BEFORE TAXES
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
(dollars in millions)
(unaudited)
Revenues
Connections
$
75.0
$
75.6
$
198.4
$
187.8
All Other
11.0
10.9
21.0
21.0
Total revenues
$
86.0
$
86.5
$
219.4
$
208.8
Other income, net
Connections
$
—
$
—
$
1.0
$
—
All Other
—
—
—
—
Total other income, net
$
—
$
—
$
1.0
$
—
Adjusted EBITDA
Connections
$
26.4
$
25.1
$
82.6
$
74.5
All Other
1.8
1.0
2.1
0.7
Adjusted EBITDA (excluding General
corporate expenses)
$
28.2
$
26.1
$
84.7
$
75.2
General corporate expenses
(12.9
)
(11.5
)
(28.6
)
(24.1
)
Interest expense, net
(9.9
)
(9.1
)
(19.7
)
(16.0
)
Loss on extinguishment of debt
—
(2.3
)
—
(2.3
)
Depreciation and amortization expense
(7.0
)
(12.9
)
(14.1
)
(26.4
)
Stock-based compensation expense
(1.5
)
(1.9
)
(4.0
)
(4.0
)
Other items
(0.4
)
(0.9
)
(7.3
)
(5.1
)
(Loss) income before income
taxes
$
(3.5
)
$
(12.5
)
$
11.0
$
(2.7
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807939121/en/
Emerald Holding, Inc. Investor Relations
investor.relations@emeraldx.com 1-866-339-4688 (866EEXINVT)
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