Emerald Holding, Inc. · NYSE:EEX
Emerald — Q1 2023 Earnings Presentation
14 slides from Emerald's earnings presentation, May 3, 2023
Slide 1: Emerald Holding, Inc. First Quarter 2023
Emerald Holding, Inc. First Quarter 2023 May 3, 2023 Exhibit 99.2
Slide 2: Forward-Looking Statements
Notes Forward-Looking Statements The information provided in this presentation is for general informational purposes only. This document contains certain forward-looking statements regarding Emerald Holding, Inc. and its subsidiaries (the “Company”), including, without limitation, the Company’s abil
Slide 3: Participants
Participants Hervé Sedky President and Chief Executive Officer David Doft Chief Financial Officer
Slide 4: Key Q1 2023 Takeaways
Key Q1 2023 Takeaways Event revenues are progressing toward, and in some cases exceeding, pre-pandemic levels, highlighting sustained demand for events; Emerald set up for future growth as post-COVID-19 recovery cycle continues Trajectory of recovery and company growth supports outlook for $400+ mil
Slide 5: Revolutionizing the Trade Show Model
Revolutionizing the Trade Show Model Integrating technology and first party data to create a next-generation B2B platform Connections (91% of Q1 2023 revenues(1)) – Collection of leading B2B trade shows and conferences that bring together industry-specific communities Emerald’s Core Services Content
Slide 6: Enduring Value of Trade Shows
Enduring Value of Trade Shows (1) Source: CEIR, Omnichannel Marketing Insights Report 1 (https://www.tsnn.com/news/ceir-launches-optimistic-first-report-omnichannel-marketing-insights-series). (2) Source: Gartner, What Marketing Budgets Look Like in 2022 (https://www.gartner.com/en/articles/what-mar
Slide 7: Three Pillars of Value Creation
Three Pillars of Value Creation Emerald’s focus is on maximizing value of operations and expanding offerings Daily content and insights across 20 industries Scaled B2B marketplace Increased cadence of online offerings Emerald Xcelerator Targeted accretive M&A Partnership opportunities 365-Day Engage
Slide 8: Acquisitions and New Event Launches Driving Portfolio Optimization
Acquisitions and New Event Launches Driving Portfolio Optimization Strategic expansion into high growth industries and categories Community platform for creating relationships across the mental health ecosystem Fosters connections between mental health innovators and corporate leaders seeking soluti
Slide 9: Adj. EBITDA, Free Cash Flow, Net Income, Diluted Income Per Share
9 Adj. EBITDA(1) Free Cash Flow(2) Net Income (Loss) Diluted Income Per Share ($ in Millions) ($ in Millions) (1) See slide 13 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds. (2) The calculation of
Slide 10: 2023 Guidance Signals Covid Recovery and Company Growth
On average, revenue per event is progressing toward normalized levels Guidance implies 25% EBITDA margins, with room for continued improvement to pre-COVID margins of ~35%+ Year-to-date Free Cash Flow consistent with expected seasonal patterns 10 2023 Guidance Signals Covid Recovery and Company Grow
Slide 11: Conservative Balance Sheet and Strong Liquidity: Capital Structure
Conservative Balance Sheet and Strong Liquidity: Capital Structure As of March 31, 2023 Convertible Preferred Shares Issued $400M of Convertible Preferred Stock in 2020 during COVID business disruption Shares have an accumulated accreting return of 7% per annum on liquidation preference paid in-kind
Slide 12: Appendix
“ Appendix @ EMERALD
Slide 13: Adjusted EBITDA Reconciliation
Three Months Ended March 31, 2023 2022 (dollars in millions) (unaudited) Net income $ 7.1 $ 16.1 Add (deduct): Interest expense, net 6.9 3.9 Provision for (benefit from) income taxes 2.7 (0.8) Goodwill impairment charge(1) — 6.3 Intangible asset impairment charge(2) — 1.6 Depreciation and amortizati
Slide 14: Free Cash Flow Reconciliation
Free Cash Flow UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended March 31, 2023 2022 (dollars in millions) (unaudited) Net Cash Provided by Operating Activities $ 8.9 $ 33.0 Less: Capital expenditures 3.7 3.2 Free Cash Flow $ 5.2 $ 29.8 Event