Emerald Holding reports 17% year-over-year organic revenue
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“Emerald is off to an excellent start in 2023, with strong demand from exhibitors and attendees, contributing to the ongoing rebound in live events,” said Hervé Sedky, Emerald’s President and Chief Executive Officer. “The business continues to benefit from strong post-COVID-19 tailwinds across our business that we expect to persist well beyond 2023. In addition, the work we’ve done to grow the business through strategic acquisitions, operational efficiencies, and product enhancements have made us both a larger and more dynamic organization. Notably, we have an exciting pipeline of new event launches that leverage our scale and expertise in must attend live events and further our strategy of targeting new audiences in high-growth industries. Moving forward, we expect that our customers and shareholders alike will benefit from the new and improved Emerald as we continue to deliver premium marketing value to customers and attractive cash flow growth to investors.”
First Quarter 2023 Financial Performance and Highlights
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Three Months Ended |
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2023 |
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2022 |
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Change |
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% Change |
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(unaudited, dollars in millions, except percentages and per share data) |
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Revenues |
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$ |
122.3 |
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$ |
98.5 |
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$ |
23.8 |
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24.2 |
% |
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Net income |
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$ |
7.1 |
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$ |
16.1 |
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$ |
(9.0 |
) |
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(55.9 |
%) |
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Net cash provided by operating activities |
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$ |
8.9 |
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$ |
33.0 |
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$ |
(24.1 |
) |
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(73.0 |
%) |
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Diluted (loss) income per share |
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$ |
(0.04 |
) |
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$ |
0.04 |
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$ |
(0.08 |
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NM |
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Non-GAAP measures: |
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Adjusted EBITDA |
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$ |
36.5 |
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$ |
49.3 |
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$ |
(12.8 |
) |
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(26.0 |
%) |
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Adjusted EBITDA excluding event cancellation insurance proceeds |
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$ |
36.5 |
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$ |
25.6 |
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$ |
10.9 |
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42.6 |
% |
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Free Cash Flow |
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$ |
5.2 |
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$ |
29.8 |
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$ |
(24.6 |
) |
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(82.6 |
%) |
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Free Cash Flow excluding event cancellation insurance proceeds, net |
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$ |
5.2 |
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$ |
6.1 |
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$ |
(0.9 |
) |
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(14.8 |
%) |
First quarter 2023 revenues were $122.3 million, an increase of $23.8 million or 24.2% versus the first quarter 2022, driven by revenue growth in events that staged in both periods as well a revenue from three events that staged in the first quarter of 2023 but staged later in the prior year.