Emerald Holding Inc 2024年度报告

Emerald Holding, Inc.2024 Stockholder Letter Dear Stockholders, As we reflect on 2024, it is clear that the year marked a defining chapter in Emerald'stransformation. We advanced our long-term vision through deliberate portfolio optimization,disciplined execution, and strategic investments in high-growth sectors, positioning us forsustained performance and resilience. We took bold steps by streamlining operations, exitingevents with limited potential, and redeploying resources to accelerate innovation and scale.In the end, we laid the groundwork for a more agile, forward-thinking organization. This focused execution yielded strong financial results with Revenue and Adjusted EBITDAexcluding event cancellation insurance proceeds growth of 4.2% and 5.5% year-over-year,respectively.1 Our continued return on capital to stockholders – including $11.4 million inthe fourth quarter alone through dividends and share repurchases – underscores ourconfidence in Emerald’s trajectory and our commitment to driving long-term value throughdisciplined capital allocation. Portfolio Optimization: Laying the Foundation for Long-Term Growth To optimize the long-term organic growth and margin trajectory of our live events portfolio,in 2024, we conducted a thorough review of our entire event catalog. As a result of thisreview, we accelerated strategic portfolio optimization, pruning over 20 underperformingevents totaling $21.2 million in historic run-rate revenue, whose performance had hinderedEmerald’s organic growth for a number of years. At the same time, we continued to enternew, attractive markets via acquisitions and new event launches. Through our portfoliooptimization efforts, we have built a more focused, resilient, and growth-oriented profitablebusiness, ensuring we are better positioned to deliver long-term value for our stockholders,customers, and partners. We know that Emerald’s extensive and diverse event portfolio delivers a compelling valueproposition, with customers consistently recognizing the unmatched return-on-investment ofour in-person events. Face-to-face interactions remain irreplaceable, driving faster trust-building and stronger relationships. As our data has consistently shown, trade shows are often the number one selling and marketing event of the year for Emerald’s customers. According to a 2024 Boston ConsultingGroup survey, 87% of CMOs report diminishing returns from traditional digital marketingdue to the rise of ad blockers and algorithm changes. Meanwhile, McKinsey researchreinforces that in-person events drive superior business outcomes as face-to-face events areknown to lead to faster trust-building and more effective business development opportunitiesversus virtual alternatives. As a result, our customers increasingly view our shows as aninvestment rather than an expense. Our goal is to continue to maximize value for both our customers and stockholders byfostering deep loyalty and year-round engagement – ensuring not only a desire to return, butalso meaningful interaction between event editions. Our on-site pre-booking strategy alsoensures we are selling exhibitor space well in advance, while our data-driven approachprovides granular visibility into exhibitor trends up to a year out—giving us confidence inour growth trajectory. Accelerating Growth Through M&A Complementing our portfolio optimization efforts, we continue to pursue a targeted M&Astrategy focused on driving growth in high-margin sectors. In March 2025, we announcedtwo transformative acquisitions: This Is Beyond– A leading London-based luxury travel events business thatconnects high-end travel vendors with decision-making buyers. With seven globalevents, including three in the U.S.,This Is Beyondstrengthens our presence in theluxury travel sector. Its flagship events,PURE Life Experiences(experiential travel)andLE Miami(high-end contemporary travel), align with our strategy to expand inpremium markets with strong growth potential. The acquisition is expected to close inthe second quarter of 2025. Insurtech Insights– A premier organizer of large-scale insurance technologyconferences in New York, London, and Hong Kong. As the insurance industryundergoes rapid digital transformation,Insurtech Insightsprovides a key platform forinsurance professionals to engage with cutting-edge innovations in AI, automation ofprocesses, and cloud computing. This acquisition gives Emerald a strong foothold in ahigh-growth industry where insurers are making significant investments intechnology. The transaction closed in March 2025. These acquisitions expand our reach in high-growth sectors while adding valuablecapabilities, technology, and customer relationships. We are confident they will also drivecross-event synergies, unlock new revenue streams, and strengthen Emerald’s marketleadership. Looking Ahead: Positioned for Continued Growth With a more focused and strategically optimized portfolio, Emerald is well positioned tochart a path