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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38076

Emerald Holding, Inc.

(Exact name of registrant as specified in its charter)

Delaware

42-1775077

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

100 Broadway

14th Floor

New York, New York 10005

(Address of principal executive offices, zip code)

(Registrant’s telephone number, including area code): (949) 226-5700

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

EEX

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 2, 2023, there were 62,892,423 shares of the Registrant’s common stock, par value $0.01, outstanding.

 

 

 


 

EMERALD HOLDING, INC.

TABLE OF CONTENTS

 

 

Page

 

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

1

 

 

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

 

Item 4.

Controls and Procedures

 

53

 

 

 

PART II. OTHER INFORMATION

 

54

 

 

 

 

Item 1.

Legal Proceedings

 

54

 

 

 

 

Item 1A.

Risk Factors

 

54

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

54

 

 

 

 

Item 4.

Mine Safety Disclosures

 

54

 

 

 

 

Item 5.

Other Information

 

54

 

 

 

 

Item 6.

Exhibits

 

55

 

 

i

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek” or “should,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about general economic conditions, or more specifically about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance contained in this report are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including the factors discussed in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect the trading price of our common stock on the New York Stock Exchange. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to:

 

risks associated with event cancellations or interruptions, including cancellations or interruptions resulting from outbreaks of communicable diseases (e.g., COVID 19); the actions that governments, businesses and individuals take in response to any such outbreaks, including limiting the size of gatherings; the resulting impact on overall demand for face-to-face events; and our ability or inability to obtain insurance coverage relating to event cancellations or interruptions;
disruptions in global or local travel conditions and quarantines due to other communicable diseases or terrorist actions;
the potential impairment of intangible assets, including goodwill, on our balance sheet;
general economic conditions;
our ability to secure desirable dates and locations for our trade shows;
our ability to assess and respond to changing market trends, including digital and virtual show offerings;
the failure to attract high-quality exhibitors and attendees;
the failure to fully realize the expected results and/or operating efficiencies from our strategic initiatives;
competition from existing operators or new competitors;
our top five trade shows generate a significant portion of our revenues;
the effect of shifts in marketing and advertising budgets to online initiatives;
our ability to retain our senior management team and our reliance on key full-time employees;
risks associated with our acquisition strategy and our ability to execute this strategy to accelerate growth;
our ability to use digital media and print publications to stay in close contact with our event audiences;
our and our exhibitors’ reliance on a limited number of outside contractors;
changes in legislation, regulation and government policy;
changes in U.S. tariff and import/export regulations;
our relationships with industry associations;
risks and costs associated with new trade show launches;
that we do not own certain of the trade shows that we operate;

1

 


 

the infringement or invalidation of proprietary rights;
disruption of our information technology systems;
the failure to maintain the integrity or confidentiality of employee or customer data;
our potential inability to utilize tax benefits associated with tax deductible amortization expenses; and
other factors beyond our control, including those listed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) and in other filings we may make from time to time with the SEC.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this report are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this report. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate, are consistent with the forward-looking statements contained in this report, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this report.

2

 


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Emerald Holding, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(dollars in millions, share data in thousands, except par value)

 

September 30,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

200.3

 

 

$

239.1

 

Trade and other receivables, net of allowances of $1.6 million and $1.5 million
as of September 30, 2023 and December 31, 2022, respectively

 

 

78.6

 

 

 

74.9

 

Prepaid expenses and other current assets

 

 

49.4

 

 

 

17.8

 

Total current assets

 

 

328.3

 

 

 

331.8

 

Noncurrent assets

 

 

 

 

 

 

Property and equipment, net

 

 

1.7

 

 

 

2.2

 

Intangible assets, net

 

 

182.7

 

 

 

204.8

 

Goodwill, net

 

 

553.9

 

 

 

545.5

 

Right-of-use lease assets

 

 

10.6

 

 

 

10.6

 

Other noncurrent assets

 

 

3.8

 

 

 

3.5

 

Total assets

 

$

1,081.0

 

 

$

1,098.4

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’
Deficit

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

46.2

 

 

$

58.1

 

Income tax payable

 

 

 

 

 

1.2

 

Cancelled event liabilities

 

 

0.7

 

 

 

3.3

 

Deferred revenues

 

 

175.8

 

 

 

151.2

 

Contingent consideration

 

 

0.3

 

 

 

3.5

 

Right-of-use lease liabilities, current portion

 

 

4.3

 

 

 

4.9

 

Term loan, current portion

 

 

4.2

 

 

 

 

Total current liabilities

 

 

231.5

 

 

 

222.2

 

Noncurrent liabilities

 

 

 

 

 

 

Term loan, net of discount and deferred financing fees

 

 

398.8

 

 

 

413.9

 

Deferred tax liabilities, net

 

 

2.4

 

 

 

1.8

 

Right-of-use lease liabilities, noncurrent portion

 

 

9.9

 

 

 

10.4

 

Other noncurrent liabilities

 

 

9.2

 

 

 

10.8

 

Total liabilities

 

 

651.8

 

 

 

659.1

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Redeemable convertible preferred stock

 

 

 

 

 

 

7% Series A Redeemable Convertible Participating Preferred stock, $0.01 
   par value; authorized shares at September 30, 2023 and December 31,
   2022:
80,000; 71,403 and 71,417 issued and outstanding; aggregate
   liquidation preference of $
492.6 million and $475.9 million at
   September 30, 2023 and December 31, 2022, respectively

 

 

494.9

 

 

 

472.4

 

Stockholders’ deficit

 

 

 

 

 

 

Common stock, $0.01 par value; authorized shares at September 30,
    2023 and December 31, 2022:
800,000; 62,890 and 67,588 shares
    issued and outstanding at September 30, 2023 and December 31, 2022,
    respectively

 

 

0.6

 

 

 

0.7

 

Additional paid-in capital

 

 

568.1

 

 

 

610.3

 

Accumulated deficit

 

 

(634.4

)

 

 

(644.1

)

Total stockholders’ deficit

 

 

(65.7

)

 

 

(33.1

)

Total liabilities, redeemable convertible preferred stock and stockholders’
   deficit

 

$

1,081.0

 

 

$

1,098.4

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

 


 

Emerald Holding, Inc.

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income

(unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

(dollars in millions, share data in thousands except earnings per share)

 

September 30,
2023

 

 

September 30,
2022

 

 

September 30,
2023

 

 

September 30,
2022

 

Revenues

 

$

72.5

 

 

$

62.4

 

 

$

281.3

 

 

$

232.3

 

Other income, net

 

 

2.8

 

 

 

151.0

 

 

 

2.8

 

 

 

182.8

 

Cost of revenues

 

 

25.9

 

 

 

22.7

 

 

 

101.9

 

 

 

83.3

 

Selling, general and administrative expense

 

 

41.6

 

 

 

48.7

 

 

 

132.2

 

 

 

127.6

 

Depreciation and amortization expense

 

 

8.8

 

 

 

14.7

 

 

 

35.2

 

 

 

43.0

 

Goodwill impairment charge

 

 

 

 

 

 

 

 

 

 

 

6.3

 

Intangible asset impairment charge

 

 

 

 

 

 

 

 

 

 

 

1.6

 

Operating (loss) income

 

 

(1.0

)

 

 

127.3

 

 

 

14.8

 

 

 

153.3

 

Interest expense

 

 

12.1

 

 

 

6.8

 

 

 

31.5

 

 

 

15.5

 

Interest income

 

 

1.6

 

 

 

0.8

 

 

 

5.0

 

 

 

1.1

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

2.3

 

 

 

 

Other expense

 

 

0.1

 

 

 

0.1

 

 

 

0.3

 

 

 

0.2

 

(Loss) income before income taxes

 

 

(11.6

)

 

 

121.2

 

 

 

(14.3

)

 

 

138.7

 

(Benefit from) provision for income taxes

 

 

(22.3

)

 

 

28.2

 

 

 

(24.0

)

 

 

30.3

 

Net income and comprehensive
   income attributable to Emerald Holding, Inc.

 

$

10.7

 

 

$

93.0

 

 

$

9.7

 

 

$

108.4

 

Accretion to redemption value of redeemable
   convertible preferred stock

 

 

(10.7

)

 

 

(9.9

)

 

 

(31.2

)

 

 

(28.7

)

Participation rights on if-converted basis

 

 

 

 

 

(54.7

)

 

 

 

 

 

(51.9

)

Net (loss) income and comprehensive (loss) income
   attributable to Emerald Holding, Inc.
   common stockholders

 

$

(0.0

)

 

$

28.4

 

 

$

(21.5

)

 

$

27.8

 

Basic (loss) income per share

 

$

(0.00

)

 

$

0.42

 

 

$

(0.33

)

 

$

0.40

 

Diluted (loss) income per share

 

$

(0.00

)

 

$

0.41

 

 

$

(0.33

)

 

$

0.40

 

Basic weighted average common shares
   outstanding

 

 

63,586

 

 

 

68,433

 

 

 

64,317

 

 

 

69,479

 

Diluted weighted average common shares
   outstanding

 

 

63,586

 

 

 

68,643

 

 

 

64,317

 

 

 

69,588

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

 


 

Emerald Holding, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit

(unaudited)

 

 

Three Months Ended September 30, 2023

 

 

 

(shares in thousands; dollars in millions)

 

 

 

 

 

 

 

 

 

Total Emerald Holding, Inc. Stockholders' Deficit

 

 

 

Redeemable
Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balances at June 30, 2023

 

 

71,403

 

 

$

492.8

 

 

 

62,871

 

 

$

0.6

 

 

$

577.0

 

 

$

(645.1

)

 

$

(67.5

)

Stock-based compensation

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

1.8

 

 

 

 

 

 

1.8

 

Issuance of common stock under
   equity plans

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion to redemption value of
   redeemable convertible preferred
   stock

 

 

 

 

 

10.7

 

 

 

 

 

 

 

 

 

(10.7

)

 

 

 

 

 

(10.7

)

Preferred stock cash dividend

 

 

 

 

 

(8.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income and comprehensive
   income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.7

 

 

 

10.7

 

Balances at September 30, 2023

 

 

71,403

 

 

$

494.9

 

 

 

62,890

 

 

$

0.6

 

 

$

568.1

 

 

$

(634.4

)

 

$

(65.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

(shares in thousands; dollars in millions)

 

 

 

 

 

 

 

 

 

Total Emerald Holding, Inc. Stockholders' Deficit

 

 

 

Redeemable
Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balances at December 31, 2022

 

 

71,417

 

 

$

472.4

 

 

 

67,588

 

 

$

0.7

 

 

$

610.3

 

 

$

(644.1

)

 

$

(33.1

)

Stock-based compensation

 

 

 

 

 

 

 

 

313

 

 

 

 

 

 

5.7

 

 

 

 

 

 

5.7

 

Issuance of common stock under
   equity plans

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion to redemption value of
   redeemable convertible preferred
   stock

 

 

 

 

 

31.2

 

 

 

 

 

 

 

 

 

(31.2

)

 

 

 

 

 

(31.2

)

Repurchase of common stock

 

 

 

 

 

 

 

 

(5,064

)

 

 

(0.1

)

 

 

(16.8

)

 

 

 

 

 

(16.9

)

Preferred stock cash dividend

 

 

 

 

 

(8.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable convertible preferred
   stock conversion

 

 

(14

)

 

 

(0.1

)

 

 

26

 

 

 

 

 

 

0.1

 

 

 

 

 

 

0.1

 

Net income and comprehensive
   income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.7

 

 

 

9.7

 

Balances at September 30, 2023

 

 

71,403

 

 

$

494.9

 

 

 

62,890

 

 

$

0.6

 

 

$

568.1

 

 

$

(634.4

)

 

$

(65.7

)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

 


 

Emerald Holding, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit

(unaudited)—Continued

 

 

Three Months Ended September 30, 2022

 

 

 

(shares in thousands; dollars in millions)

 

 

 

 

 

 

 

 

 

Total Emerald Holding, Inc. Stockholders' Deficit

 

 

 

Redeemable
Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balances at June 30, 2022

 

 

71,417

 

 

$

452.5

 

 

 

69,284

 

 

$

0.7

 

 

$

634.0

 

 

$

(759.5

)

 

$

(124.8

)

Stock-based compensation

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

1.4

 

 

 

 

 

 

1.4

 

Issuance of common stock under
   equity plans

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion to redemption value of
   redeemable convertible preferred
   stock

 

 

 

 

 

9.9

 

 

 

 

 

 

 

 

 

(9.9

)

 

 

 

 

 

(9.9

)

Repurchase of common stock

 

 

 

 

 

 

 

 

(1,676

)

 

 

 

 

 

(5.8

)

 

 

 

 

 

(5.8

)

Redeemable convertible preferred
   stock conversion

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income and comprehensive
   income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93.0

 

 

 

93.0

 

Balances at September 30, 2022

 

 

71,417

 

 

$

462.4

 

 

 

67,642

 

 

$

0.7

 

 

$

619.7

 

 

$

(666.5

)

 

$

(46.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

(shares in thousands; dollars in millions)

 

 

 

 

 

 

 

 

 

Total Emerald Holding, Inc. Stockholders' Deficit

 

 

 

Redeemable
Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balances at December 31, 2021

 

 

71,442

 

 

$

433.9

 

 

 

70,026

 

 

$

0.7

 

 

$

653.2

 

 

$

(774.9

)

 

$

(121.0

)

Stock-based compensation

 

 

 

 

 

 

 

 

361

 

 

 

 

 

 

5.1

 

 

 

 

 

 

5.1

 

Issuance of common stock under
   equity plans

 

 

 

 

 

 

 

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion to redemption value of
   redeemable convertible preferred
   stock

 

 

 

 

 

28.7

 

 

 

 

 

 

 

 

 

(28.7

)