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• Fourth Quarter Revenue: $106.8 million, up from $101.5 million in the prior year quarter.

• Full Year Revenue: $398.8 million, an increase of 4.2% compared to the previous year.

• Fourth Quarter Adjusted EBITDA: $32.6 million, excluding insurance proceeds.

• Full Year Adjusted EBITDA: $100.2 million, excluding event cancellation insurance proceeds.

• Free Cash Flow (Q4): $17.9 million, excluding event cancellation insurance proceeds.

• Free Cash Flow (Full Year): $35.5 million, excluding insurance recoveries.

• Net Debt: $214.3 million as of December 31, 2024.

• Net Leverage Ratio: 1.9 times trailing 12-month consolidated EBITDA.

• 2025 Revenue Guidance: $450 million to $460 million.

• 2025 Adjusted EBITDA Guidance: $120 million to $125 million.

• Adjusted EBITDA Margin Improvement: Expected 200 basis points improvement to 27% in 2025.

• Acquisitions Contribution (2025): Expected $40 million in revenue and $15 million in adjusted EBITDA.

• Share Buybacks (Q4): 1.8 million shares repurchased for $8.4 million.

• Quarterly Dividend: $0.015 per share, implying an annualized cash dividend of $12 million.

• Warning! GuruFocus has detected 3 Warning Signs with EEX.

Release Date: March 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Emerald Holding Inc (NYSE:EEX) launched an aggressive portfolio optimization effort in 2024, pruning unprofitable events and focusing on high-growth sectors.

• The company announced two strategic acquisitions: Business Beyond, a luxury travel events business, and Insurtech Insights, an insurance technology conference operator.

• Emerald Holding Inc (NYSE:EEX) successfully refinanced its debt, enhancing financial flexibility and reducing financing costs by 125 basis points.

• The company reported organic revenue growth of 5.9% for the full year 2024, driven by strategic initiatives and acquisitions.

• Emerald Holding Inc (NYSE:EEX) expects revenue to increase to a range of $450 million to $460 million in 2025, with adjusted EBITDA projected to rise to $120 million to $125 million.

Negative Points

• The company faced scheduling adjustments and discontinued events, which partially offset revenue growth in the fourth quarter.

• Emerald Holding Inc (NYSE:EEX) experienced a decline in adjusted EBITDA for the fourth quarter, excluding insurance proceeds, compared to the prior year.

• The ongoing construction at the Las Vegas Convention Center continues to impact certain events, with expectations of resolution only by 2026.

• The acquisitions of Business Beyond and Insurtech Insights involve deferred payments based on performance, adding uncertainty to future financial commitments.

• Emerald Holding Inc (NYSE:EEX) has a net leverage ratio of just under 3.0 times, indicating a significant level of debt relative to earnings.