Emerald Holding, Inc. (NYSE:EEX) (“Emerald” or the “Company”), a
leading U.S. business-to-business platform producer of trade shows,
events, conferences, marketing and B2B software solutions, today
reported financial results for the first quarter ended March 31,
2021.
Highlights
- First quarter results continue to be negatively impacted by
event cancellations due to the COVID-19 pandemic
- Impact of revenue declines on operating income partially offset
by claim payments received under Emerald’s event cancellation
insurance policy. Emerald is actively pursuing collection of the
remaining unpaid amounts of filed insurance claims for its
cancelled and impacted 2020 events, in addition to claims for its
cancelled and impacted 2021 events
- To date, Emerald has submitted $167 million in claims, which
represents the net amount of budgeted gross revenues less avoided
costs for impacted or cancelled events previously scheduled to take
place in 2020
- Insurance claim payments received to date total $121.1 million,
of which $89.1 million was received in 2020, $29.6 million was
received in the first quarter of 2021 and $2.4 million was received
in April 2021
- Emerald has also submitted $52.9 million in incremental event
cancellation insurance claims to date for events that were
originally scheduled to take place in the first half of 2021, but
have been cancelled or otherwise impacted
- Net loss of $15.3 million for the first quarter 2021, compared
to net loss of $570.1 million for the first quarter 2020
- First quarter 2020 net loss included non-cash charges of $623.4
million related to impairment of goodwill and certain intangible
assets as compared to no impairment of goodwill or intangible
assets in the first quarter 2021.
- Adjusted EBITDA, a non-GAAP measure, of negative $2.7 million
for the first quarter 2021, compared to positive $23.6 million for
the first quarter 2020 (Refer to Schedule 2 for a reconciliation to
net income, the most directly comparable GAAP measure)
- Emerald ended the first quarter with $293.6 million in cash as
compared to the fourth quarter of 2020’s cash balance of $295.3
million. The Company also had full availability of its $150 million
revolving credit facility at quarter end
- Subsequent to quarter end, Emerald acquired substantially all
the assets of Sue Bryce Education, a member-based portrait
photography education platform, and its affiliate, The Portrait
Masters, an online photo education destination and conference.
First Quarter 2021 Financial
Performance
Three Months
Ended March 31,
2021
2020
Change
% Change
(unaudited, dollars in
millions, except percentages and per share data)
Revenues
$
12.9
$
99.7
$
(86.8
)
(87.1
%)
Net loss
$
(15.3
)
$
(570.1
)
$
554.8
97.3
%
Net cash provided by operating
activities
$
1.6
$
8.8
$
(7.2
)
(81.8
%)
Diluted loss per share
$
(0.31
)
$
(7.99
)
$
7.68
96.1
%
Non-GAAP measures:
Adjusted EBITDA
$
(2.7
)
$
23.6
$
(26.3
)
NM
Free Cash Flow
$
0.6
$
7.7
$
(7.1
)
(92.2
%)
Hervé Sedky, Emerald’s President and Chief Executive Officer,
commented, “Our business is at an important inflection point as the
COVID-19 vaccines are now widely available and vaccination rates
are rapidly increasing. We are pleased to see many states planning
for large, in-person events over the next two months. As a result,
we expect a safe resumption of our trade shows this summer as we
plan for the busiest second half of the year in Emerald’s history
in terms of the number of events we plan to execute. But our
planning is not conducted through the lens of “business as usual”;
all our events are carefully organized with our clients’ health and
safety as our top priority. While the outlook for attendance at our
shows remains uncertain given the lingering impact of COVID, we are
very encouraged with the early success we are seeing in Asia where
some recent events have matched or exceeded pre-COVID levels,
visibly demonstrating the value of face-to-face, live experiences.
We are also learning from these trade shows with an eye toward
ensuring client satisfaction and safety.”
Mr. Sedky continued, “A focus of our team during the pandemic
has been to deliver on our strategy of creating 365-day-per-year
engagement with our customers. Central to this initiative was our
acquisition in December of PlumRiver and their ElasticSuite B2B
eCommerce platform, which provides a medium for our exhibitors to
transact on the platform before, during and after our live events.
Early in April, we launched the sales effort of our Digital Markets
platform tied to Outdoor Retailer, Surf Expo and NY NOW brands. We
believe this platform will provide significant, incremental value
to our customers beyond our live events while providing Emerald a
new subscription-based revenue stream. Looking ahead, we plan to
launch Digital Markets across more of our brands as we work to grow
our digital revenue business.”
David Doft, Emerald’s Chief Financial Officer, added, “We remain
very well positioned in the current environment. Our event
cancellation insurance policy provides almost $200 million of
aggregate coverage for 2021, which combined with our strong
liquidity and balance sheet position with $294 million of cash,
allows us to be opportunistic in the current environment given the
dislocation that we are seeing across the events sector. An example
of this is our acquisition of Sue Bryce Education, a member-based
portrait photography platform, which is a subscription-based model
providing valuable content to their members. While focused on
photography, this e-learning concept can be expanded across our
portfolio of shows adding a valuable, subscription-based revenue
model that will enhance our year-round digital offerings.”
COVID-19 Operational and Expected
Insurance Recovery Update
Emerald remains focused on the health and safety of its
employees and customers given this ongoing, unprecedented
environment. Substantially all employees continue to work in a
remote environment and Emerald is engaging the Company’s
communities with new on-line offerings while actively planning for
future events in the second half of 2021.
The rapid spread of COVID-19 and the resulting limitations
placed on travel and gatherings have had a material impact on
Emerald’s ability to deliver large, in-person experiences which has
necessitated substantial show calendar changes. To date, Emerald
has cancelled a total of 108 events. Of the 108 cancelled events,
94 were scheduled to stage in 2020, representing $230.6 million of
2019 revenues, and 14 were scheduled to stage in 2021, representing
$71.2 million of 2020 revenues.
Emerald maintains event cancellation insurance to protect
against losses due to the unavoidable cancellation, postponement,
relocation and enforced reduced attendance at events due to certain
covered causes. Specifically, these causes include event
cancellation caused by the outbreak of communicable diseases,
including COVID-19. Emerald’s policy provides coverage for the
budgeted amount of gross revenues (less avoided costs, plus certain
costs relating to the taking of remedial action) for each of the
Company’s individual events and conferences occurring within a
calendar year. The aggregate limit under this event cancellation
insurance policy is approximately $191.1 million in 2020 and $191.4
million in 2021, if losses arise for reasons within the scope of
this policy.
In addition to this primary policy, Emerald maintains a separate
event cancellation insurance policy for the Surf Expo Summer 2020
and Surf Expo Winter 2021 shows, with respective coverage limits of
$6 million and $7.7 million.
The Company has submitted insurance claims for each of its 2020
cancelled shows. For events previously scheduled to take place in
2020, Emerald has submitted approximately $167 million in claims,
which represents the net amount of expected gross revenues less
avoided costs for cancelled events. Insurance claim payments for
2020 events received to date total $121.1 million, of which $89.2
million was received in 2020, and $31.9 million was received in
2021. The Company has also submitted additional claims of $52.9
million for events cancelled or otherwise impacted in the first
half of 2021.
Emerald is actively pursuing collection of the remaining unpaid
amounts of filed insurance claims for its cancelled 2020 events, in
addition to claims for its cancelled 2021 events. On February 22,
2021, the Company filed a complaint in Federal District Court in
Orange County, California against its event cancellation insurers
under the Company’s 2020 and 2021 event cancellation insurance
policy. The Company believes the insurers have acted in bad faith
and failed to timely pay amounts due and owing on submitted claims.
Under its complaint, the Company is seeking to enforce its rights
under the policies to receive the maximum applicable coverage for
the 2020 and 2021 event cancellations, postponements and
reductions, and to receive court-ordered payment on all outstanding
submissions for 2020 and 2021 events.
While there is no guarantee or assurance as to the outcome of
this litigation or the amount or timing of future recoveries from
the Company’s event cancellation insurance policies, the Company
believes that all events that have been impacted, cancelled or
postponed due to COVID-19 to date should qualify as covered losses
under the event cancellation insurance policies and that, to date,
the insurers have paid less than what is owed under the
policies.
Financial & Operational Results,
Quarter Ended March 31, 2021
For the first quarter of 2021, Emerald reported revenues of
$12.9 million compared to revenues of $99.7 million for the first
quarter of 2020, a decrease of $86.8 million, or 87.1%. The
decrease primarily reflected a $70.8 million reduction from the
cancellation of substantially all first quarter 2021 events due to
the COVID-19 crisis, most notably KBIS, NY NOW Winter, Outdoor
Retailer Snow Show, ISS Long Beach and the Sports Licensing and
Tailgate Show. In addition, another $12.2 million of first quarter
2020 revenue was rescheduled for later in 2021 to align with
anticipated re-openings at venues across the country. Discontinued
events representing $2.0 million of first quarter 2020 revenues
also impacted first quarter 2021 results. The PlumRiver, LLC
(“PlumRiver”) acquisition, which closed in the fourth quarter of
2020, contributed $2.2 million of revenue in the first quarter of
2021. Organic revenues for the first quarter of 2021, which exclude
cancelled events, decreased $4.0 million, or 27%, as compared to
the prior year first quarter due to Surf Expo Winter staging at
significantly reduced capacity due to COVID-19 precautions, lower
print and digital advertising revenues offset by new virtual event
launches.
The Company recognized a net loss of $15.3 million for the first
quarter of 2021 compared to a net loss of $570.1 million for the
first quarter of 2020. The Company recorded $14.1 million of Other
Income during the first quarter as a result of the receipt or
confirmation of event cancellation insurance claims proceeds
related to events cancelled in the second half of 2020. In the
first quarter of 2020, in connection with a triggering event caused
by the anticipated impact of the COVID-19 crisis on the travel and
events industry, the Company’s forecasted results and the market
value of its common stock, the Company performed an interim
goodwill impairment assessment and recorded a $564.0 million
non-cash charge related to the impairment of goodwill and a $59.4
million non-cash charge related to impairment of certain trade
names and customer-relationship intangible assets.
For the first quarter of 2021, Adjusted EBITDA was negative $2.7
million, compared to positive $23.6 million for the first quarter
of 2020. The decrease in Adjusted EBITDA of $26.3 million was
mainly due to the COVID-19 related cancellation of 13 incremental
first quarter events, representing prior year first quarter
Adjusted EBITDA of $39.7 million, the postponement of 10 first
quarter 2020 events, representing prior year first quarter Adjusted
EBITDA of $5.5 million offset by the recognition of $14.1 million
in Other Income related to event cancellation insurance claim
proceeds received or confirmed. First quarter 2021 Adjusted EBITDA
also reflected the cost savings measures implemented throughout the
prior year. The Company’s Adjusted EBITDA throughout 2021 has been
and will continue to be heavily impacted by the timing and receipt
of approved claim payments under the Company’s event cancellation
insurance policy.
For a discussion of the Company’s presentation of Organic
revenues and Adjusted EBITDA, which are non-GAAP measures, see
below under the heading “Non-GAAP Financial Information.” Refer to
Schedule 1 for a reconciliation of Organic revenues to revenues
(discussed in the first paragraph of this section), the most
directly comparable GAAP measure, and refer to Schedule 2 for a
reconciliation of Adjusted EBITDA to net loss (discussed in the
second paragraph of this section), the most directly comparable
GAAP measure.
Cash Flow
Net cash provided by operating activities was $1.6 million in
the first quarter of 2021, compared to cash provided by operating
activities of $8.8 million in the comparable period of the prior
year, largely reflecting receipt of $29.6 million in event
cancellation insurance proceeds and the Company’s close management
of operating cash flows given the challenging circumstances
presented by the COVID-19 pandemic, partially offset by $5.1
million in refunds paid during the first quarter and the decline in
cash receipts due to the cancellation and postponement of upcoming
events. As a result of refunds paid, the transfer of customer
balances from cancelled events to contract for future events as
well as additional event cancellations during the quarter, as of
March 31, 2021, cancelled event liabilities were $13.7 million as
compared to $25.9 million at December 31, 2020.
Capital expenditures were $1.0 million for the first quarter of
2021, compared to $1.1 million for the first quarter of 2020.
Free Cash Flow, which the Company defines as net cash provided
by operating activities less capital expenditures, was an inflow of
$0.6 million in the first quarter of 2021, compared to $7.7 million
in the first quarter of 2020.
Emerald ended the first quarter of 2021 with $293.6 million of
cash as compared to the fourth quarter of 2020’s cash balance of
$295.3 million.
For a discussion of the Company’s presentation of Free Cash
Flow, which is a non-GAAP measure, see below under the heading
“Non-GAAP Financial Information.” Refer to Schedule 4 for a
reconciliation of Free Cash Flow to net cash (used in) provided by
operating activities (discussed in the first paragraph of this
section), the most directly comparable GAAP measure.
Emerald Expands Photo Group with
Acquisition of Subscription E-Learning Business
On April 1, 2021, Emerald acquired substantially all the assets
of Sue Bryce Education, a member-based portrait photography
education platform, and its affiliate, The Portrait Masters, an
online photo education destination and conference. Sue Bryce
Education and The Portrait Masters offer photographers online and
in-person learning and community. The Portrait Masters e-learning
platform offers courses from leading photography educators, while
The Portrait Masters Conference brings the Sue Bryce Education and
Portrait Masters audiences together for an annual conference and
event. The acquisition grows Emerald’s reach in the photography
market by adding two leading e-learning platforms and a high-touch
conference and event to its existing photography brands, which
include PHOTOPLUS, the largest photography and imaging event in
North America, and Rangefinder + WPPI, the daily content hub and
annual event for portrait and wedding photographers.
Conference Call Webcast
Details
As previously announced, the Company will hold a conference call
to discuss its first quarter 2021 results at 8:30am EDT on Friday,
April 30, 2021.
The conference call can be accessed by dialing 1-877-407-9039
(domestic) or 1-201-689-8470 (international). A telephonic replay
will be available approximately two hours after the call by dialing
1-844-512-2921, or for international callers, 1-412-317-6671. The
passcode for the replay is 13718642. The replay will be available
until 11:59 pm (Eastern Time) on May 7, 2021.
Interested investors and other parties can access the webcast of
the live conference call by visiting the Investors section of
Emerald’s website at http://investor.emeraldx.com. An online replay
will be available on the same website immediately following the
call.
About Emerald
Emerald is a leader in building dynamic, market-driven
business-to-business platforms that integrate live events with a
broad array of industry insights, digital tools, and data-focused
solutions to create uniquely rich experiences. As true partners, we
at Emerald strive to build our customers’ businesses by creating
opportunities that inspire, amaze, and deliver breakthrough
results. With over 140 events each year, our teams are creators and
connectors who are thoroughly immersed in the industries we serve
and committed to supporting the communities in which we
operate.
Non-GAAP Financial
Information
This press release presents certain “non-GAAP” financial
measures. The components of these non-GAAP measures are computed by
using amounts that are determined in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). A reconciliation of non-GAAP financial measures used in
this press release to their nearest comparable GAAP financial
measures is included in the schedules attached hereto.
We define “Organic revenue growth” and “Organic revenue decline”
as the growth or decline, respectively, in our revenue from one
period to the next, adjusted for the revenue impact of: (i)
acquisitions and dispositions, (ii) discontinued events, (iii)
material show scheduling adjustments and (iv) event cancellations
for which the Company has received, or expects to receive, claim
proceeds from its event cancellation insurance policy. We disclose
changes in Organic revenue because we believe it assists investors
and analysts in comparing Emerald’s operating performance across
reporting periods on a consistent basis by excluding items that we
do not believe provide a fair comparison of the trends underlying
our existing event portfolio given changes in timing or strategy.
Management and Emerald’s board of directors evaluate changes in
Organic revenue to evaluate our historical and prospective
financial performance and understand underlying revenue trends of
our events.
We use Adjusted EBITDA because we believe it assists investors
and analysts in comparing Emerald’s operating performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance.
Management and Emerald’s board of directors use Adjusted EBITDA to
assess our financial performance and believe it is helpful in
highlighting trends because it excludes the results of decisions
that are outside the control of management, while other measures
can differ significantly depending on long-term strategic decisions
regarding capital structure, the tax jurisdictions in which we
operate, and capital investments. Adjusted EBITDA should not be
considered as an alternative to net income as a measure of
financial performance or to cash flows from operations as a
liquidity measure.
We define Adjusted EBITDA as net income before (i) interest
expense, (ii) income tax benefit, (iii) depreciation and
amortization, (iv) stock-based compensation, (v) deferred revenue
adjustment, (vi) goodwill and other intangible asset impairment
charge, (vii) material show scheduling adjustments, and (viii)
other items that management believes are not part of our core
operations.
We present Free Cash Flow because we believe it is a useful
indicator of liquidity that provides information to management and
investors about the amount of cash generated from our core
operations that, after capital expenditures, can be used to
maintain and grow our business, for the repayment of indebtedness,
payment of dividends and to fund strategic opportunities. Free Cash
Flow is a supplemental non-GAAP measure of liquidity and is not
based on any standardized methodology prescribed by GAAP. Free Cash
Flow should not be considered in isolation or as an alternative to
cash flows from operating activities or other measures determined
in accordance with GAAP.
Other companies may compute these measures differently. No
non-GAAP metric should be considered as an alternative to any other
measure derived in accordance with GAAP.
Cautionary Statement Concerning
Forward-Looking Statements
This press release contains and our earnings call will contain
certain forward-looking statements, including, but not limited to,
our expectations arising from the severe impact of COVID-19 on our
business; our ability to recover insurance proceeds under current
policies; the timing of any such recoveries and our ability to
obtain similar event cancellation insurance in the future; the
outcome of the Company’s litigation against the insurers under the
Company’s event cancellation insurance policies; the timing for
rescheduled trade show events; our ability to successfully
integrate the PlumRiver acquisition; and the benefits of our cost
reduction initiatives. These statements involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of the
Company’s control that may cause its business, industry, strategy,
financing activities or actual results to differ materially. See
“Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in the Company’s most recently filed periodic reports
on Form 10-K and Form 10-Q and subsequent filings. The Company
undertakes no obligation to update or revise any of the
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise.
Emerald Holding, Inc.
Condensed Consolidated
Statements of Loss and Comprehensive Loss
(unaudited, dollars in
millions, share data in thousands, except earnings per share
data)
Three Months Ended
March 31,
2021
Three Months Ended
March 31,
2020
Revenues
$
12.9
$
99.7
Other income
14.1
-
Cost of revenues
4.0
43.6
Selling, general and administrative
expense
30.8
38.1
Depreciation and amortization expense
11.8
12.8
Goodwill impairment charges
-
564.0
Intangible asset impairment charges
-
59.4
Operating loss
(19.6
)
(618.2
)
Interest expense, net
4.0
6.7
Loss before income taxes
(23.6
)
(624.9
)
Benefit from income taxes
8.3
54.8
Net loss and comprehensive loss
attributable to Emerald Holding, Inc.
$
(15.3
)
$
(570.1
)
Accretion on 7% Series A Convertible
Participating Preferred stock
(7.2
)
-
Net loss and comprehensive loss
attributable to Emerald Holding, Inc. common shareholders
$
(22.5
)
$
(570.1
)
Basic loss per share
$
(0.31
)
$
(7.99
)
Diluted loss per share
$
(0.31
)
$
(7.99
)
Basic weighted average common shares
outstanding
72,245
71,381
Diluted weighted average common shares
outstanding
72,245
71,381
Emerald Holding, Inc.
Condensed Consolidated Balance
Sheets
(dollars in millions, share
data in thousands, except par value)
March 31,
2021
December 31,
2020
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
293.6
$
295.3
Trade and other receivables, net of
allowances of
$0.8 million and $1.1 million, as of March
31, 2021 and December 31, 2020, respectively
42.3
30.7
Insurance receivables
2.4
17.8
Prepaid expenses
18.5
8.5
Total current assets
356.8
352.3
Noncurrent assets
Property and equipment, net
3.9
3.9
Intangible assets, net
264.2
275.0
Goodwill
404.3
404.3
Right-of-use assets
15.2
16.0
Other noncurrent assets
2.1
2.9
Total assets
$
1,046.5
$
1,054.4
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable and other current
liabilities
$
28.6
$
31.1
Cancelled event liabilities
13.7
25.9
Deferred revenues
73.5
48.6
Right-of-use liabilities, current
portion
4.2
4.3
Term loan, current portion
5.7
5.7
Total current liabilities
125.7
115.6
Noncurrent liabilities
Term loan, net of discount and deferred
financing fees
514.2
515.3
Deferred tax liabilities, net
1.9
1.9
Right-of-use liabilities
12.7
13.4
Other noncurrent liabilities
11.1
13.7
Total liabilities
665.6
659.9
Commitments and contingencies
Shareholders’ equity
7% Series A Convertible Participating
Preferred stock, $0.01 par value; authorized shares March 31, 2021
and December 31, 2020; 80,000; 71,445 shares issued and outstanding
at March 31, 2021 and December 31, 2020
0.7
0.7
Common stock, $0.01 par value; authorized
shares: 800,000; issued and
outstanding shares: 72,274 and 72,195 at
March 31, 2021 and December 31, 2020,
respectively
0.7
0.7
Additional paid-in capital
1,090.0
1,088.3
Accumulated deficit
(710.5
)
(695.2
)
Total shareholders’ equity
380.9
394.5
Total liabilities and shareholders’
equity
$
1,046.5
$
1,054.4
Schedule
1
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
REVENUES TO ORGANIC REVENUES
Three Months
Ended March 31,
Change
2021
2020
$
%
(dollars in millions)
(unaudited)
Revenues
$
12.9
$
99.7
$
(86.8
)
(87.1
%)
Add (deduct):
Acquisition revenues
(2.2
)
-
Discontinued events
-
(2.0
)
COVID-19 cancellations(1)
-
(70.8
)
COVID-19 postponements(2)
(12.2
)
Organic revenues
$
10.7
$
14.7
$
(4.0
)
(27.2
%)
Notes:
(1)
Represents reduction in revenues as a
result of the cancellation of certain events in the first quarter
of fiscal 2021, compared to all events that staged in the first
quarter of 2020, due to COVID-19. The Company believes the
financial impact, net of costs saved, will be partially offset by
event cancellation insurance proceeds from pending claims.
(2)
Represents deferral of revenues to the
second half of 2021 as a result of the postponement of certain
events that staged in the first quarter of 2020.
Schedule 2
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
NET LOSS TO ADJUSTED EBITDA
Three Months
Ended March 31,
2021
2020
(dollars in millions)
(unaudited)
Net loss
$
(15.3
)
$
(570.1
)
Add (deduct):
Interest expense
4.0
6.7
Benefit from income taxes
(8.3
)
(54.8
)
Goodwill impairment charges(1)
-
564.0
Intangible asset impairment charges(2)
-
59.4
Depreciation and amortization
11.8
12.8
Stock-based compensation
3.0
1.6
Deferred revenue adjustment
0.9
-
Other items(3)
1.2
4.0
Adjusted EBITDA
$
(2.7
)
$
23.6
Notes:
(1)
For the three months ended March 31, 2021
and 2020, represents non-cash charges of zero and $564.0 million,
respectively, for goodwill in connection with the Company’s interim
testing of goodwill for impairment.
(2)
Intangible asset impairment charges for
the three months ended March 31, 2020 represent non-cash charges of
$46.2 million and $13.2 million for certain indefinite-lived
intangible assets and certain definite-lived intangible assets,
respectively, in connection with the Company’s interim testing of
intangibles for impairment.
(3)
Other items for the three months ended
March 31, 2021 included: (i) $0.2 million in transaction costs in
connection with the PlumRiver LLC and EDspaces acquisitions; (ii)
$0.6 million in non-recurring legal, audit and consulting fees and
(ii) $0.4 million in expense related to the remeasurement of
contingent consideration. Other items for the three months ended
March 31, 2020 included: (i) $0.5 million in transaction costs in
connection with certain acquisition transactions and (ii) $3.5
million in transition costs, including one-time severance expense
of $1.9 million, and acquisition integration costs.
Schedule 3
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH
FLOW
Three Months
Ended March 31,
2021
2020
(dollars in millions)
(unaudited)
Net Cash Provided by Operating
Activities
$
1.6
$
8.8
Less:
Capital expenditures
1.0
1.1
Free Cash Flow
$
0.6
$
7.7
Schedule
4
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF
REPORTABLE SEGMENTS RESULTS TO LOSS BEFORE TAXES
Three Months
Ended March 31,
2021
2020
(dollars in millions)
(unaudited)
Revenues
Commerce
$
5.7
$
49.5
Design and Technology
3.0
36.8
All Other
4.2
13.4
Total revenues
$
12.9
$
99.7
Other Income
Commerce
7.3
-
Design and Technology
3.1
-
All Other
3.7
-
Total other income
$
14.1
$
-
Adjusted EBITDA
Commerce
$
5.9
$
18.1
Design and Technology
(0.4
)
10.6
All Other
2.7
3.2
Subtotal Adjusted EBITDA
$
8.2
$
31.9
General corporate and other expenses
(10.9
)
(8.3
)
Interest expense
(4.0
)
(6.7
)
Goodwill impairment charges
-
(564.0
)
Intangible asset impairment charges
-
(59.4
)
Depreciation and amortization expense
(11.8
)
(12.8
)
Stock-based compensation expense
(3.0
)
(1.6
)
Deferred revenue adjustment
(0.9
)
-
Other items
(1.2
)
(4.0
)
Loss before taxes
$
(23.6
)
$
(624.9
)
Schedule
5
Emerald Holding, Inc.
UNAUDITED EVENT CANCELLATION
INSURANCE CLAIM ACTIVITY
Insurance claims
submitted
Insurance claims
approved and
received
Insurance claim
proceeds
accrued*
Insurance
recognized in
Other Income
(dollars in millions)
(unaudited)
Year Ended December 31, 2020
2020 events
$
166.8
$
89.1
$
17.9
$
107.0
Three Months Ended March 31,
2021
2020 events
-
11.7
2.4
$
14.1
2021 events
52.9
-
-
-
Total
$
52.9
$
11.7
$
2.4
14.1
Cumulative Total
$
219.7
$
100.8
$
20.3
$
121.1
* Includes insurance claims accrued and
received in subsequent period
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210430005047/en/
Emerald Holding, Inc. David Doft, 1-866-339-4688
(866EEXINVT)
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