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- **Revenue Growth**: Year-to-date revenue up 13.3% to $330.7 million, driven by acquisitions and organic growth. Q3 organic decline due to one-time construction/tariff issues.
- **Generis Impact**: 2026 to add $10 million from newly acquired peer-to-peer events, offsetting 2025 construction-related softness.
- **AI Innovation**: Launch of AI-powered event agent to streamline attendee experience, with scalable expansion across portfolio.
- **Financial Strength**: $205 million liquidity, expanded $25 million share buyback program, and 3.0x net debt/EBITDA ratio.
- **Strategic Momentum**: 70% exhibitors rate in-person meetings as highly effective, with 2026 rebooking momentum strong across portfolio.

**【CEO Summary Section】**
- Q3 revenue of $77.5 million reflects organic decline of 6.8% YoY, driven by construction-related issues at Las Vegas Convention Center and tariffs. Adjusted EBITDA was $12.8 million, up 2.4% YoY.
- Generis acquisition adds 11 U.S. and 6 European peer-to-peer events, bringing total to over 50 annually. Generis contributed $0 revenue in Q3 but will add ~$10 million in 2026.
- AI-powered event agent launched to streamline attendee interactions, with plans to expand across portfolio.
- 2026 rebooking momentum strong, with 70% exhibitors agreeing in-person meetings are highly effective.
- International business growing in Italy, Germany, UAE, Brazil, with 10% of revenue from outside U.S.

**【CFO Financial Commentary】**
- Year-to-date revenue $330.7 million (+13.3% YoY), Organic Revenue +1% YoY. Adjusted EBITDA $90.8 million (+32.4% YoY).
- Free cash flow negative in Q3 due to timing of payments, but year-to-date cash generation strong. Total liquidity $205.4 million.
- Share buyback program expanded to $25 million through 2026. Dividend of $0.015 per share declared.
- Full-year 2025 guidance updated to $460-465 million revenue and $122.5-127.5 million EBITDA, reflecting Generis impact.

**【Q&A Key Highlights】**
- **Tariffs & Construction Impact**: $6 million combined impact on Q3 revenue, with construction issues expected to resolve in 2026. Tariffs most impactful in China, Canada, but offset by growth in other markets.
- **Generis Contribution**: $10 million incremental 2026 revenue from Generis events, with no 2025 contribution due to acquisition timing.
- **AI Agent Benefits**: Simplifies attendee experience, improves lead gen, and reduces manual processes.
- **M&A Pipeline**: Active in high-growth sectors, with disciplined approach to valuation and integration.
- **International Expansion**: 100+ agents selling U.S. events globally, up from 40 in 2023, driving diversification beyond tariff-affected markets.

Emerald Holding, Inc. (EEX) Q3 2025 Earnings Call Transcript

- **Strong Financial Performance**: Q2 revenue up 22.7% YoY to $105.5M, EBITDA surging 59.5% to $24.4M. Pro forma organic growth 5% YoY, driven by acquisitions.
- **Challenges and Resilience**: Q3 organic growth expected negative due to Vegas Convention Center construction, but Q4 poised for rebound. International revenue 99% secured, with growth in Europe and Latin America offsetting China/Canada softness.
- **Strategic Momentum**: 2026 rebooking rates positive, AI initiatives yielding early efficiency gains. Global agent network expansion to drive long-term international growth.
- **Shareholder Value**: $6.9M in share buybacks, dividend of $0.015/share, and reaffirmed full-year guidance of $450-460M revenue and $120-125M EBITDA.

**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Q2 revenue reached $105.5 million, up 22.7% YoY, with adjusted EBITDA of $24.4 million, a 59.5% increase. Pro forma organic growth (including recent acquisitions) was 5% YoY.
- **Acquisition Impact**: This is Beyond and Insurtech Insights contributed significantly, with This is Beyond expecting 4 more events in Q3 and Q4. Insurtech's U.S. event drew strong participation.
- **Macro Resilience**: Despite tariffs and softness in China/Canada, international revenue is 99% secured for the year. Pockets of growth in Italy, Germany, and Brazil offset challenges.
- **Event Momentum**: 2026 rebooking rates are encouraging, with exhibitors valuing in-person engagement for lead generation and ROI.
- **Strategic Focus**: Continued investment in AI for efficiency, global agent network expansion (100 agents in 50+ countries), and portfolio optimization in resilient sectors.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Total revenue $105.5M (vs. $86M), with reported organic growth 0.4% YoY due to event mix. Pro forma organic growth 5% YoY.
- **Profitability**: Adjusted EBITDA margin 23.1% (vs. 17.8% YoY), LTM EBITDA $123.1M. Free cash flow $13.8M (vs. $7.1M), with $17M higher if adjusted for acquisition timing effects.
- **Balance Sheet**: $156.4M cash, $266.4M liquidity, net debt/EBITDA 2.56x (target <3x). Shares repurchased: 1.6M ($6.9M), $20.8M remaining under buyback.
- **Guidance**: Full-year revenue $450-460M, EBITDA $120-125M. Q3 organic growth expected negative due to Vegas Convention Center construction, rebounding in Q4.

**【Q&A Highlights】**
- **Q3 Outlook**: Organic growth expected negative due to Vegas construction impacting largest event. Q4 growth to offset, with full-year targets intact.
- **Acquisition Contribution**: This is Beyond and Insurtech to add ~$40M in 2025 revenue, with bulk in Q3/Q4. Vegas construction to affect one Q4 event but less impact due to higher event volume.
- **Macro Impact**: International revenue drag (~10% of total) expected to reverse in 2026 as trade clarity improves. AI initiatives showing early efficiency gains in finance, marketing, and customer service.
- **Shareholder Returns**: Dividend of $0.015/share declared, with buyback activity reflecting management confidence in long-term value.


Emerald Holding, Inc. (EEX) Q2 2025 Earnings Call Transcript

- **Q1 Growth Milestone**: $147.7M revenue (+9.2% YoY), marking 10th consecutive quarter of double-digit EBITDA growth.
- **Acquisition Payoff**: InsureTech acquisition added $5M+ EBITDA, with This Is Beyond events pacing 20%+ ahead of expectations.
- **AI-Driven Efficiency**: 5+ AI tools deployed across functions, with legal contract processing time reduced by 30%.
- **Cash Position Strength**: $276.8M cash + $110M credit facility support $139M This Is Beyond acquisition and $25M buyback reauthorization.
- **Resilience Play**: 10% international revenue exposure limits trade policy risk, while 70%+ of events in high-growth sectors (construction, food, tech) shield against macro volatility.

**【CEO Key Initiatives】**
- **Revenue Growth**: Q1 2025 revenue reached $147.7M, up 9.2% YoY, driven by 5.6% organic growth in connections business.
- **Strategic Acquisitions**: Completed acquisition of This Is Beyond (experiential events) and InsureTech Insights (insurance events), with 2025 event sales pacing ahead of expectations.
- **Market Resilience**: 90%+ of FY2025 international exhibitor revenue targets sold, with strength in Turkey, Brazil, and UAE offsetting China/Canada declines.
- **AI & Efficiency**: Rolled out AI tools across marketing, content, and legal functions to enhance operational efficiency.

**【CFO Financial Highlights】**
- **Profitability**: Adjusted EBITDA of $53.6M (36.3% margin), up 34.7% YoY, driven by cost management and InsureTech acquisition benefits.
- **Cash Flow**: Free cash flow of $10.8M (excluding one-time refinancing costs), with $276.8M cash on hand to support M&A and shareholder returns.
- **Shareholder Value**: Repurchased 2.8M shares ($11.6M) in Q1, with $25M buyback reauthorized; initiated $0.015 quarterly dividend.

**【Q&A Key Takeaways】**
- **Trade Policy Impact**: China/Canada exhibitor revenue down as expected, but emerging markets (Turkey, Brazil) compensating for 10% of total revenue exposure.
- **Acquisition Timing**: InsureTech's London event (Q1) and This Is Beyond's Q2 events contributed $3M+ incremental revenue, with full-year benefits visible in 2026.
- **AI ROI**: Early-stage AI adoption across 5+ functions, with focus on marketing efficiency and legal contract optimization.
- **Guidance Confidence**: On track for FY2025 $450-460M revenue and $120-125M EBITDA, with 100+ bps margin expansion expected through platform scalability.

Emerald Holding, Inc. (EEX) Q1 2025 Earnings Call Transcript

- **Acquisition Growth**: $40M+ revenue and $15M EBITDA from luxury travel and insurance tech acquisitions in 2025.
- **Financial Strength**: 2024 Free Cash Flow up 36% to $35.5M; 2025 EBITDA margin to improve 200bps to 27%.
- **Strategic Focus**: Portfolio optimization shifts 13% of revenue to luxury sectors, reducing low-margin events by 50%.
- **Execution Confidence**: 2025 guidance reflects real-time sales momentum, with 36% of intl. revenue already secured.

**【CEO Strategic Overview】**
- Announced two acquisitions: This is Beyond (luxury travel events) and Insurtech Insights (insurance tech conferences), expected to contribute $40M revenue and $15M EBITDA in 2025.
- Portfolio optimization: Pruned unprofitable events, shifting focus to high-growth sectors like luxury travel and insurance tech.
- 2025 Outlook: Revenue $450M-$460M, Adjusted EBITDA $120M-$125M (27% margin), driven by organic growth and M&A pipeline.
- Long-term vision: Strengthen portfolio mix, enhance customer engagement, and capitalize on emerging industry trends.

**【CFO Financial Highlights】**
- Q4 2024 Revenue: $106.8M (+5.9% organic growth), Full-Year Revenue: $398.8M (+4.2% YoY).
- Adjusted EBITDA: $100.2M (+5.5% YoY), Free Cash Flow: $35.5M (+36% YoY).
- Debt Refinancing: Upsized $515M term loan with 375bps spread, reducing interest costs by 125bps.
- Share Buybacks: $53.7M repurchased since 2021, with $17.4M remaining under current authorization.

**【Q&A Key Takeaways】**
- Acquisition Payments: $160M upfront, with deferred earn-outs tied to 2027-2028 performance.
- Seasonality Impact: 1Q25 revenue mix reduced by ~2-3% due to delayed event staging, offset by 2Q25 growth.
- Risk Mitigation: 10% international revenue exposure, with 36% of 2025 intl. revenue already sold pre-tariff concerns.
- Travel Sector Potential: This is Beyond's entrepreneurial pipeline aligns with Xcelerator strategy, targeting new event launches in 2025+.
- Construction Impact: Las Vegas Convention Center completion by end-2025, improving customer experience in 2026+.

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