Emerald Reports Fourth Quarter and Full Year 2023 Financial Results

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Company News
Emerald Reports Fourth Quarter and Full Year 2023 Financial Results

2/29/2024
NEW YORK - 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 fourth quarter and full year ended December 31, 2023.

Financial Highlights

Revenues of $382.8 million for 2023, an increase of $56.9 million, or 17.5% over 2022, primarily due to growth in events, new launches and acquisitions.
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions and scheduling adjustments, of $370.1 million for 2023, an increase of $47.0 million, or 14.5%, from $323.1 million for 2022 (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure)
Net loss of $8.2 million for 2023, compared to net income of $130.8 million for 2022
Adjusted EBITDA, a non-GAAP measure, of $97.8 million for 2023, compared to $239.6 million for 2022; Adjusted EBITDA excluding insurance proceeds, a non-GAAP measure, of $95.0 million for 2023, compared to $56.8 million for 2022 (Refer to Schedule 3 for a reconciliation to net (loss) income, the most directly comparable GAAP measure)
$204.2 million in cash and full availability of its $110.0 million revolving credit facility
For the full year 2024, the Company expects to generate between $415 million and $425 million of revenue and between $110 million and $115 million of Adjusted EBITDA

Operational Highlights

Emerald’s core trade show business is strong with year-over-year growth in revenue driven by increases in exhibitors, attendees and pricing
Expanded portfolio into the consumer live events market in FY 2023 with the acquisition of Lodestone Events’ Overland Expo show, and the launch of a brand new event, NBA Con, with the National Basketball Association

Hervé Sedky, Emerald’s President and Chief Executive Officer, said, “We delivered another year of strong results in 2023. As a highly diversified and scaled platform, Emerald continues to benefit from the extended post-Covid recovery with strong demand from exhibitors and attendees alike. Improvements in our customers’ supply chains and the removal of international travel restrictions are driving higher exhibitor attendance at our trade shows and contributing to increases in attendees and pricing. Our highlights in 2023 include the acquisition of Lodestone Events and their Overland Expo show, the successful launch of the Cocina Sabrosa Latin food expo in September, and the largest ever edition of Advertising Week New York, which we hosted in October. Our recent performance demonstrates the exceptional and durable value that trade shows offer to buyers and sellers alike. We are excited for 2024 and beyond as we continue to grow our portfolio of must-attend events and deliver greater value to our exhibitors, attendees, and shareholders. In the end, we are guided by our deep commitment to the communities we serve. Our mission is to serve and inspire, empowering both buyers and sellers to succeed. Their continued return for more is a testament to the value they find in what we offer and the knowledge that our steadfast dedication to our community is what truly sets us apart.”

David Doft, Emerald’s Chief Financial Officer, added, “We achieved substantial top and bottom line growth in 2023 on the back of positive attendance and pricing trends as our customers continue to see our trade shows as instrumental in growing their own businesses, generating leads, and discovering new products. For the full year 2023, we grew revenue more than 17% and Adjusted EBITDA more than 67%, excluding insurance proceeds, over the prior year. The performance of our media content business was muted in 2023 as many companies in the tech sector took a more cautious approach to advertising spend, which slightly detracted from the otherwise strong performance in our core live events business. Looking ahead, we have positioned Emerald to be an engine of sustained growth through our strategy of organically growing attendance and pricing as well as through acquisitions and new show launches. Our guidance for 2024 implies another double-digit percentage increase in EBITDA, supported by positive trends in our industry, operational and scale efficiencies, and a large and growing portfolio of industry-leading events.”

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