Exhibit 99.1

 

Emerald Reports Fiscal 2019 Financial Results

 

SAN JUAN CAPISTRANO, Calif. – February 13, 2020 – Emerald Expositions Events, Inc. (NYSE:EEX) (“Emerald” or the “Company”), a leading U.S. business-to-business platform producer of trade shows, events, conferences and marketing solutions, today reported financial results for the fourth quarter and full year ended December 31, 2019.

 

Highlights

 

 

Company continues to execute on its strategic initiatives to improve performance

 

Revenues decreased 5.2% to $360.9 million for full year 2019, compared to $380.7 million for full year 2018

 

Cancellation of Surf Expo and ISS Orlando shows due to Hurricane Dorian reduced anticipated 2019 revenues by $7.1 million; financial impact, net of costs saved, offset by $6.1 million in event cancellation insurance proceeds recognized as Other income

 

Organic revenues, a non-GAAP measure, decreased 3.0% to $357.8 million for full year 2019, compared to $369.0 million for full year 2018 (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure)

 

Net loss of $50.0 million for full year 2019, compared to net loss of $25.1 million for full year 2018

 

2019 and 2018 net loss included non-cash charges of $86.1 million and $104.3 million, respectively, related to impairment of goodwill and certain intangible assets

 

Adjusted EBITDA, a non-GAAP measure, decreased 21.5% to $127.8 million for full year 2019, compared to $162.9 million for full year 2018 (Refer to Schedule 2 for a reconciliation to net loss, the most directly comparable GAAP measure)

 

Adjusted Net Income, a non-GAAP measure, decreased 32.8% to $67.3 million for full year 2019, compared to $100.2 million for full year 2018 (Refer to Schedule 3 for a reconciliation to net loss, the most directly comparable GAAP measure)

 

Net cash provided by operating activities of $67.8 million for full year 2019 decreased by 34.7%, compared to net cash provided by operating activities of $103.9 million for full year 2018

 

Free Cash Flow, a non-GAAP measure, decreased 36.4% to $63.9 million for full year 2019, compared to $100.4 million for full year 2018 (Refer to Schedule 4 for a reconciliation to net cash provided by operating activities, the most directly comparable GAAP measure)

Fourth Quarter and Full Year 2019 Financial Performance

 

Three Months

Ended December 31,

 

Year

Ended December 31,

 

 

 

2019

 

 

2018

 

 

Change

 

 

% Change

 

2019

 

 

2018

 

 

Change

 

 

% Change

 

 

 

(unaudited, dollars in millions, except percentages and per share data)

 

Revenues

 

$

44.9

 

 

$

57.0

 

 

$

(12.1

)

 

 

(21.2

%)

$

360.9

 

 

$

380.7

 

 

$

(19.8

)

 

 

(5.2

%)

Net loss

 

$

(68.2

)

 

$

(90.0

)

 

$

21.8

 

 

 

24.2

%

$

(50.0

)

 

$

(25.1

)

 

$

(24.9

)

 

 

(99.2

%)

Net cash provided by operating activities

 

$

16.2

 

 

$

35.4

 

 

$

(19.2

)

 

 

(54.2

%)

$

67.8

 

 

$

103.9

 

 

$

(36.1

)

 

 

(34.7

%)

Diluted loss per share

 

$

(0.96

)

 

$

(1.24

)

 

$

0.28

 

 

 

22.6

%

$

(0.70

)

 

$

(0.34

)

 

$

(0.36

)

 

 

(105.9

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP measures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(1.5

)

 

$

4.7

 

 

$

(6.2

)

 

NM

 

$

127.8

 

 

$

162.9

 

 

$

(35.1

)

 

 

(21.5

%)

Adjusted Net (Loss) Income

 

$

(6.9

)

 

$

(2.6

)

 

$

(4.3

)

 

NM

 

$

67.3

 

 

$

100.2

 

 

$

(32.9

)

 

 

(32.8

%)

Adjusted Diluted EPS

 

$

(0.10

)

 

$

(0.04

)

 

$

(0.06

)

 

NM

 

$

0.93

 

 

$

1.33

 

 

$

(0.40

)

 

 

(30.1

%)

Free Cash Flow

 

$

14.1

 

 

$

35.1

 

 

$

(21.0

)

 

 

(59.8

%)

$

63.9

 

 

$

100.4

 

 

$

(36.5

)

 

 

(36.4

%)

 

Brian Field, Emerald’s Interim President and Chief Executive Officer said, “The strategic plan we articulated during our last earnings call is well underway and our organic growth initiatives are taking root.  As discussed previously, in 2020 we plan to implement these initiatives with a goal of returning to organic revenue and Adjusted EBITDA growth in 2021. Our team is energized to deliver


The following information was filed by Emerald Expositions Events, Inc. (EEX) on Thursday, February 13, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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