Q1 2024 Emerald Holding Inc Earnings Call Transcript
Key Points
- Emerald Holding Inc (EEX) reported a strong start to 2024 with significant early rebookings into 2025, enhancing revenue visibility.
- Record attendance at major trade shows like KBIS and Prosper, indicating robust engagement and market demand.
- Introduction of value-added tools and metrics to improve ROI transparency for customers, enhancing customer experience and loyalty.
- Expansion of the Elastic Suite into new categories, doubling its total addressable market and signing significant new customers.
- Successful conversion of all outstanding convertible preferred shares into common stock, simplifying capital structure and eliminating a $34 million annual dividend expense.
- First-quarter free cash flow decreased compared to the previous year, impacted by non-recurring costs related to acquisitions and restructuring.
- Increase in SG&A expenses due to acquisition integration costs and other factors, impacting profitability.
- Content business faced challenges with advertising budgets under pressure, although signs of stabilization are emerging.
- Quarter-to-quarter variability in organic growth rates due to the mix of business and timing of events.
- Ongoing challenges with international visa processing, impacting potential international exhibitor and attendee numbers.
Good morning and welcome to the Emerald Holding, inc.'S First-quarter 2024 earnings conference call. (Operator Instructions)
Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes remarks about future expectations, beliefs, estimates, plans, and prospects. In particular, the company's statements about projected results for 2024 are forward-looking statements. Such statements are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those indicated or implied by such statements. Such risks and other factors are forth in the company's most recent filed periodic reports in Form 10-K and Form 10-Q and subsequent filings. The company does not undertake any duty to update such forward-looking statements.
Additionally, during this call, management will discuss the following. The company will discuss non-GAAP measures which it believes can be useful in evaluating the
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