Emerald Holding, Inc. Q3 FY2025 earnings call

• Acquired Generis, a leader in peer-to-peer executive events, strengthening portfolio with broader mix of high-growth sectors.
• Advertising Week in New York had record-setting attendance and engagement.
• Launched AI-powered event agent to automate attendee interactions, expanding across events in 2025-2026.
• Sharpened go-to-market execution with more strategic selling and centralized marketing.
• International business has ~10% of total revenue, with momentum in Italy, Germany, UAE, Brazil; trade negotiations in Asia expected to improve environment.
• Completed 3 meaningful acquisitions in 2025, advancing strategy to build high-growth portfolio of live experiences.

Total revenue in Q3 was $77.5 million vs $72.6 million prior year. Reported Organic Revenue down 6.8% YOY, but if considering acquisitions, Organic Revenue in Q3 2025 would have been down 2.9% vs prior year. Year-to-date total revenue was $330.7 million, up 13.3% YOY. Adjusted EBITDA in Q3 was $12.8 million vs $12.5 million prior year, up 2.4%. Year-to-date adjusted EBITDA was $90.8 million, up 32.4%. No detailed product segment breakdown provided, but overall financial performance discussed.

• Increased full-year 2025 guidance to $460 million to $465 million in revenue and $122.5 million to $127.5 million in adjusted EBITDA, narrowing the range due to Generis acquisition and increased visibility.
• Generis acquisition contributed to the guidance increase, with 4.5 months of impact in 2025, and full impact expected in 2026 with approximately $10 million incremental revenue from Generis.

• Tariffs: Impact on some markets like China and Canada, but international sales team working to drive business from other markets.
• Las Vegas Convention Center construction: Impacted customer experience and bookings in prior quarters, but expected to be resolved by end of 2025.

Q: Clarify tariff and Las Vegas construction impact.

A: David Doft says both factors impacted, with the tariff impact being lesser, and construction expected to be completed by end of 2025.

Q: Incremental revenue from Generis next year.

A: David says ~$10 million incremental revenue from Generis in 2026 as they had no events in Q3 2025.

Q: Revenue from other acquisitions in 2025.

A: De minimis, as events happened post-close.

Q: AI-powered tool example.

A: Herve Sedky explains it's an agent to simplify attendee interactions, such as getting answers to exhibitor and visitor questions around the customer journey.

Q: M&A environment and valuations.

A: Herve says valuations stable, pipeline strong, actively exploring opportunities.

Q: Commerce and content segments.

A: Content shifting to lead gen model, commerce shifted to profitability, now contributor to EBITDA.