Emerald Holding Inc at Bank of America Leverage Finance Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then within the connections business specifically, can you walk us through the various end markets that you guys serve with your events portfolio and how you think about diversification? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 03, 2024 / 7:50PM, EEX.N - Emerald Holding Inc at Bank of America Leverage Finance Conference

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And how would you frame the value proposition both for exhibitors as well as attendees?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And what's the typical retention rate for a first-time exhibitor? And you mentioned the matchmaking service just now, like what are some other ways you're driving that number higher?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then maybe switching gears a little bit. Can you talk about the portfolio review process that led you guys to exit 20 unprofitable events? And is there any ongoing review at this point? Or do you think that's it for now?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then over the medium term, how should investors be thinking about the organic growth profile of this business? I think excluding the unprofitable events that you exited, your guide implies about 9% revenue growth. So high single digits is the right ballpark?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. So mid-to-high single digits from an organic standpoint. And then from an inorganic standpoint, how do you guys think about the decision to go out and acquire an existing event versus building something new in-house?

Question: Ryan Fenske - BofA Global Research - Analyst : Great. And then maybe shifting to margins a bit. You guys have talked about getting margins back to pre-pandemic levels around 35%. The guide for this year implies about 25%. What are the key contributors to get you there over time?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then back to the M&A theme for a second. Can you talk us through a little bit about what you're seeing in the M&A pipeline today? What's the quality of opportunities? Or what are the specific priorities you might be looking to address?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay, great. And then on capital allocation, how would you frame your relative priorities today? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 03, 2024 / 7:50PM, EEX.N - Emerald Holding Inc at Bank of America Leverage Finance Conference

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then on the balance sheet, your 2026 term loan goes current in the second quarter of next year? How are you thinking about the process of -- and time line for refinancing that?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then taking a step back, how do you think about the competitive landscape for your events?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then I guess it would be great to hit on your 365 strategy a little bit, starting with the Media Content segment. I guess, how would you frame the strategic value of that business?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then earlier on in the conversation, I think you mentioned this briefly, but over the last couple of years, you've been building out your international sales force. Can you speak a little bit more to that initiative and how it's progressing so far?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 03, 2024 / 7:50PM, EEX.N - Emerald Holding Inc at Bank of America Leverage Finance Conference

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And your commerce segment, it's now profitable. So that's a great milestone. Can you tell us a little bit about the offering there? And big picture, what do you see as a realistic TAM over time?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then switching gears just a little bit. It would be great to get your insight on the downturn resiliency of the business. Obviously, COVID was very unique. But how do you think about the stability of the business and economic downturns more broadly, maybe how the business performed in the financial crisis? And what are some of the key differences in the business today versus then?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. And then maybe just to leave us here. I know as we look out to 2025, what are you most excited about in the business?

Question: Ryan Fenske - BofA Global Research - Analyst : Okay. Great. Well, thank you both so much for joining us. Appreciate it.