Emerald Holding Inc at Deutsche Bank Leveraged Finance Conference Transcript

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

Question: Erik Carneal - Deutsche Bank - Analyst : So for the first question for investors that are not familiar with Emerald, can you provide an overview of the business? What is your core value proposition?

Question: Erik Carneal - Deutsche Bank - Analyst : Terrific. Thank you. Can you speak at a high level to the broader market dynamics? And I guess more specifically, provide an overview of Emerald's event portfolio and associated end markets?

Question: Erik Carneal - Deutsche Bank - Analyst : Great. Given the seasonality in your reporting, can you discuss the cadence of the current show calendar and how the year plays out in the various businesses?

Question: Erik Carneal - Deutsche Bank - Analyst : So in the context of this compelling value proposition in these market developments, how should investors think about your growth profile today? More specifically, what initiatives have you instituted over the past three or four years to support your growth?

Question: Erik Carneal - Deutsche Bank - Analyst : In the context of portfolio optimization, you just mentioned the M&A. The launch is giving you more exposure to higher growth markets. Can you comment a little bit on how you think about pruning unprofitable events?

Question: Erik Carneal - Deutsche Bank - Analyst : Got it. That makes sense. So turning to the balance sheet. We saw that S&P recently upgraded Emerald debt to B+ from B. How should investors be thinking about your balance sheet? And where might you take leverage and/or what is your target leverage for the business?

Question: Erik Carneal - Deutsche Bank - Analyst : And with the Fed's recent interest rate cut and what you just talked about in terms of capital allocation priorities and financial policy, how does the new interest rate environment impact your business? And does it change at all how you think about capital allocation?

Question: Erik Carneal - Deutsche Bank - Analyst : On the Q2 earnings call, you discussed runway with regard to margin improvement. Can you discuss what Emerald is doing to improve margin to pre-COVID levels? And what do you think would be a reasonable goal?

Question: Erik Carneal - Deutsche Bank - Analyst : Turning to AI. Can you help us understand how Emerald is utilizing AI to enhance the customer experience and leverage your wealth of first-party data?

Question: Erik Carneal - Deutsche Bank - Analyst : So sticking with innovation, can you discuss new events such as Hotel Interactive, and just in general, the success you're seeing in expanding your shows?

Question: Erik Carneal - Deutsche Bank - Analyst : And a clarifying question around events, what is the nature of your sales cycle with event?

Question: Erik Carneal - Deutsche Bank - Analyst : For the following year?

Question: Erik Carneal - Deutsche Bank - Analyst : And we touched earlier on margin. What are your long-term views on top line growth?

Question: Erik Carneal - Deutsche Bank - Analyst : Great. Last question. Is there anything you believe to be misunderstood or underappreciated about the Emerald business today?

Question: Erik Carneal - Deutsche Bank - Analyst : Understood.