Emerald Holding, Inc., parent of the Outdoor Retailer and Surf Expo trade shows, reported fourth-quarter 2023 revenues were $101.5 million, an increase of 8.4 percent versus the fourth quarter 2022, said to be driven primarily by organic revenue growth of $5.2 million as well as $1.7 million in revenue from acquisitions. The company said that scheduling adjustments of $1.1 million also contributed to higher revenue in the fourth quarter 2023.

In connection with the consolidation of the company’s media assets completed in 2023, Emerald realigned its reporting segments beginning with the fourth quarter and full year ended December 31, 2023:

  • The Connections segment, which includes Emerald’s portfolio of live events, accounted for approximately 89 percent of 2023 revenues.
  • The All Other category, which includes Emerald’s content and software-as-a-service (SaaS) assets, accounted for approximately 11 percent of 2023 revenues.

Fourth quarter 2023 Organic Revenues from the Connections reportable segment were $87.5 million, an increase of 7.0 percent versus the fourth quarter 2022, due primarily to a $4.4 million increase in recurring revenues and $1.3 million from newly launched events.

Fourth quarter 2023 Organic Revenues from the All Other category were $11.2 million, a decrease of 4.3 percent versus the fourth quarter 2022, reportedly due primarily to a $0.9 million decrease in Content revenues partially offset by a $0.4 million increase in Commerce revenues.

Fourth quarter 2023 Adjusted EBITDA was $35.8 million, compared to $25.0 million for the fourth quarter 2022. Excluding event cancellation insurance proceeds, fourth quarter 2023 Adjusted EBITDA was $35.8 million, compared to Adjusted EBITDA ex-insurance of $25.0 million for the fourth quarter 2022.

Fourth quarter 2023 net loss was $17.9 million, compared to net income of $22.4 million for the fourth quarter 2022, said to be principally as a result of higher provision for income taxes, lower reversal of contingent consideration liability and higher interest expense, offset by increased Adjusted EBITDA and lower depreciation and amortization expense.

Full Year Results
Full-year 2023 revenue was $382.8 million, an increase 17.5 percent versus the full year 2022, driven primarily by organic growth of $47.0 million as well as $12.7 million in revenue from acquisitions. This growth was offset by the prior year’s discontinued event revenues of $2.8 million.

Full-year 2023 Organic Revenues from the Connections reportable segment were $327.5 million, an increase of $47.7 million or 17.0 percent versus the full year 2022, due primarily to a $41.8 million increase in recurring revenues and $5.9 million from newly launched events.

Full-year 2023 Organic Revenues from the All Other category were $42.6 million, a decrease of $0.7 million or 1.6 percent versus the full year 2022, due primarily to a $4.4 million decrease in Content revenues offset by a $3.7 million increase in Commerce revenues.

Full-year 2023 Adjusted EBITDA was $97.8 million, compared to $239.6 million for the full year 2022. Excluding event cancellation insurance proceeds, Adjusted EBITDA for the full year 2023 was $95.0 million, compared to Adjusted EBITDA ex-insurance of $56.8 million for the full year 2022.

Full-year 2023 net loss was $8.2 million, compared to net income of $130.8 million for the full year 2022.

Image courtesy Surf Expo