Emerald Holding (EEX) 3 May 232023 Q1 Earnings call transcript

Good morning, and welcome to the Emerald Holding, Inc., First Quarter 2023 Earnings Conference Call. At this time all lines are in listen-only mode.

Following the presentation, we’ll conduct a question-and-answer session. [Operator Instructions].

Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. future estimates, about and remarks include expectations, plans beliefs, prospects. These

of and projected XX-K subsequent company’s from filed most or risks the are XXXX periodic such variety and set differ other materially company’s and results particular, are cause reports results that statements. by subject indicated uncertainties could factors factors statements a statements In to Such about forth Form of Form actual and statements. recently filings. XX-Q are to those risks, Such on implied other in the forward-looking

The such company does not statements. undertake any duty to forward-looking update

Additionally, in in during management evaluating isolation substitute for or non-GAAP should in of discuss useful performance. it company’s information measures, presentation as with The a which today’s call prepared U.S. GAAP. the the results be considered believes accordance be can additional will not

to non-GAAP release. company’s comparable The measures measure of the the reconciliation in be earnings can most found these GAAP

being a go of is As Sedky, website a will like Hervé on the p.m. of Investors through this Chief call call and May Officer. available company’s Executive XX:XX replay the would to Eastern over this reminder, on to now please I section President Mr. Time the conference recorded XX. Sir, and turn be ahead.

Colin the optimization. customer will our then Doft, give financials. so all XXX-day start CFO, year you with seeing overview good of and on on thank portfolio growth an more focus our we’re and great quarter with far It’s update Then detail I’ll provide centricity, this results. our strategy, Well, engagement the you morning discuss to be everyone. and an first today to of on trends David

more pace, and Emerald’s that quarter, we us pleased revenue encouraging rapid on post-COVID is for a in progressing EBITDA start Each recovery putting of growth. year. year significant to the with events live signs track another extremely at the I’m see

of More to out. plenty play importantly, this recovery room still has

and times chain, see our and international beyond into higher the improvements supply the of to than investments. as we addition historical and expect from XXXX lead return of in growth initiatives benefit customers attendees we to strategic benefits So our in

at of business an are on days we revenues. levels event approaching When today versus our pre-pandemic apples-to-apples you look pre-COVID basis,

of meaningfully part we’ve than substantially revenue. contributed XXXX, strategic picture investments both only bigger have our our pre-pandemic is we’re with well that larger that’s a that story. company means grown the as stronger The This were a much growth since However, in that capabilities as Emerald acquisitions to we through trajectory.

to the us stock this for believe stock these common today, highly value to shareholders. greater buying these value Despite which price believe X.X% or our is back vehicle we levels, a approximately At outstanding. in is million why we achievements, we our attractive repurchased our positive reflected of is per-share don’t X.X during first shares shares firmly quarter, deliver

attendance and into We show year show the of time, the quarter. Over at by it where than gap other between valuing last our the trade business record is where revenue stronger evidenced think and market trade where that we believe the now, valued is the and valuation pre-COVID ever, that market was the many first platforms. recognize reality is shows our will industry is the

near-term growing show the will revenue current industry cash characteristics. industry scale we combined the enable improvements our business. always a begin trajectory, to the to value see trade and been has generating potential margin And think stable, market The the we with flow of as full excellent with

rewarded for M&A their our recent will transactions in this of within for shareholders believe where our were signs seen peers industry multiples, and already acquired patience. attractive have You we be

digits, given in to plan growth even expect recovery single organic acquisitions double-digit term, to rates high the digits mid combined annual growth growth see near recovery high In growth full the post we single deliver higher long-term with rate overall. is our the from revenue to the run growth to tailwinds. contributing mid reminder, a to As in

which Moving year-over-year XX% we quarter our step on Omicron as of past cycled to first the first impact quarter attendance, forward saw the another We increased of results. significant XXXX. in

period, same This grew that to year-over-year. square at our growth During revenue the overall footage companies exhibiting in increased events and XX% XX% XX%. quarter led of

Overland BXB our Lodestone front, On the in consumer we to and expanding Sports offering M&A core extending QX, events in acquired franchise focus. its and Expo Action our addition consumer our

EBITDA, Lodestone’s grew over the adjusted Given existing while revenue we XX% it generated for than structure our cost margins as Emerald insurance costs results. calendar, to we quarter in drive Event of faster its proceeds, rate year-over-year higher. even leverage no overhead the in absorbed at excluding Nevertheless, our timing run revenue

continue interactions our exhibitor Customer friction pillars focused we’re our we customer result to of creation: attendee three portfolio customer to remain that data of leveraging in enhance Strategically, engagement; reducing XXX-day and our calls as road optimization. on continuing for map and and with efforts the centricity; value centricity, a technology. our experience In

more efforts offerings to on our revenue with return actual the they all the progress to Emerald’s to customers, higher the clearer investment to in stickiness in that from drive to key them is Our dollars marketing and should of data Emerald This customers Emerald’s with across per dollars a improves platform. our products events, is across perceived customer. provide The put of the on our and help and marketing ultimately deploy increase value this, incentivizes commerce. with to content front addition goal picture work receive of Emerald’s they

to build webinars, providing content cutting Trade shows Our e-commerce multiple platform. on our the meeting to cycle avenues make second and media customer valuable and changes. trade edge in-person conferences offer through the connections, and industry engagement pipeline conferences, shows, pillar, stay is XXX-day of engagement toward sales geared the entry

of new XX trade and Through sectors industry innovations our outside the where in content environments. platform have share audiences products reach to advertisers to our industry media events webinars, knowledge, we show allows different and

selling. buyers for Our technology and platform gives ecommerce sellers year-round platform a

is launches which new third optimization, both show creation includes of acquisitions. portfolio Our and value pillar

for Our launching to cost-effective Emerald Emerald shows new dedicated flagship Xcelerator an and an manner. a is industry where it there’s establish high-growth in division industries scale opportunity we to up in event believe

of into U.S. build will recently a September the and the Beverage major Further we with edition BXB first a year, In weeks entered be offerings. Food to a initiatives details forthcoming business-to-consumer industry be Food partnership as within grocery Sabrosa, in this Cocina and launch new Emerald our to has restaurants, growing sports supplier and Expo, business fan-based of professional Latin expand on serving segments. launching we’ll the efforts Latin the also ahead. months league

acquisition series Expo Events and their Lodestone January. Overland on active remained front, also the acquiring in We’ve

scale continue expertise acquisitions drive We media to and highly fragmented operational by for deals within large go-to-market BXB compete pool evaluate a efficiencies. to and leveraging implementing best and of our events industry, returns potential practices and the

an economic show has trade seen have over face industry uncertain been resilient we we the how environment, decades. While economically

Our central return element budgets most as demonstrable on among easily shows and result, represent a are organizations. justified of they the with costs investments, customers’ a marketing many a for

In to and year no deposits spots to addition, have pay booked show, to up the advance year a in up cancel. incentive since they leading in the their our exhibitors

resilient. the in as are we impact smaller economic particular see markets result, often in quite the broader be to a belief end compared tends any from we given trends, economic size serve As that to moderation the our

show provides more far we strong economy. would that in believe than the in rebound importantly, we’re ongoing year. the To offset Most industry a we’ve start tailwind the conclude, trade the to so with post-COVID trends moderation likely pleased seen

delivering of for we post-pandemic left scale room of up profit lot powerful towards continue This should a free year-over-year positions work substantial surpassing our with believe way growth we which into flow future. our our as business recovery us we to combined there’s well keep think to us as pre-pandemic We working our play cash capital generation levels. the and out, revenue favorable to dynamics for allow

me the let over call to turn David that, Doft. With

Thank good you, Hervé morning. and

which the Our $XXX.X quarter. account quarter organic prior $XX.X of year to into growth was quarter. in $XXX.X scheduling compared was and prior impact was compared to for first rebound. $XXX.X quarter primarily Organic revenue, The year continued increase takes first to million revenue events due in XXXX, the million as adjustments million XX% to revenue the million acquisitions the

EBITDA of as organic flow-through $XX.X year insurance increase excluding million, in we The the First driven proceeds as primarily well $XX.X quarter quarter. prior the to by was running was revenue prior million fixed events compared investments. in adjusted of leverage adjusted EBITDA cost as

in busy flow million deposits quarter the to outflow QX at the prior prior due was Historically, QX excluding First free to the of timing as from pandemic meaningfully first Last the take ramp-up payables been seasonally end outflow cash of of proceeds the benefited place. insurance quarter quarter. quarter year and shutdown. year of following a year’s cash $X.X events cash collections the has the million, compared $X.X

of fourth on for collections delayed This expectations. year, us however from call. highlighted our we the firmly first quarter the beneficiary the year quarter, puts full the the cash track flow This on last free which was

to we expenses, to this effectively cost our continue manage Turning in environment. structure inflationary

time. was $XX.X we’ve the since prior less three than despite the versus million quarter, acquisitions X% SG&A that year quarter $XX.X First in closed an of million increase

support number we to footprint in for on management. data and offshore level, cost including corporate our call, and to real-estate by telemarketing, an outlined at significant rationalizing functions, opening Manila of improvements support As sales structure last our our the a made including we’ve hub ramp

for XX, $XXX of versus of the as million we as XXXX, XXXX. had $XXX March As and cash securities balance XX, sheet, million of marketable December

spent including the discussed, free credit million the our Lodestone buy total quarter. accounted paid is the balance million, Our and quarter $X.X The $XXX stock we back million $XX.X initial I $XXX in full cash the cash end for million acquisition the on for offset liquidity by flow availability consideration facility. to just

lead customer for mentioned, relatively has Hervé show historically and the economic industry performed the shows. long well times booking As cycles, trade given through deposits

on widespread in segment to company’s investment to that we As face are outlining return BXB the a budgets uncertainty, essential Emerald on explicitly that where progress fortunate considered marketing and offers we be making is customers. are more to markets

type Fed’s commitments progress and rate another believe that the uncertainty will marketing, and market beyond to We more current recovery get with companies boost BXB providing begin larger the longer-term we of live may as economic and ongoing abate some to dollar in making cycle, events. to comfortable the

ability for reduction our our the cash grow buybacks strength on greatest share to opportunities support own shareholders. We see to balance generation opportunistically balance acquisitions, investments Our and business, and we and value continue debt allocation between business. the execute sheet in plan capital to invest to opportunistic flow in where

To of of cost total an approximately we repurchased shares of as Hervé end, that price million. common or in $XX million stock average a share at $X.XX X.X mentioned, QX, per

We have $X repurchase million remaining on share authorization. our

of debt in net March we to agreement million. EBITDA of XX, ratio $XXX debt of month of $XXX and of as As trailing gross XX our leverage our million. times, $XXX.X defined net This had credit leads million consolidated a X.X

XX $XXX.X our our can total by represented million Factoring million and shares of basis million share found the overview of would of be capital our on an Briefly, on shares. of as converted shares shares an in outstanding structure earnings XXX.X $XX.X March convertible at XX XX, March Slide common common presentation. additional as count preferred be

Based consideration to approximately closing in of asset on leads equates market a worth deferred debt, contingent our this enterprise estimated $XX tax of billion. and an $X.X to on sheet balance million. our net for value cap acquisitions This $XXX yesterday’s price, million. Adding

continued our $XXX XXXX on we reflects In revenue EBITDA. insurance excess EBITDA, XXXX, stated full of and than increase we guidance our $XXX adjusted last million earnings in expect over of XX% excluding a proceeds. call, year guidance This for more million to over as in

margin prior we COVID. XX% approximately EBITDA to we believe we we and number saw Our margins adjusted work improving guidance our back of implies plus to runway continue as have way XX%, this considerable an on the to

expect to cash ratio would over assuming incremental accounting working free of times, bring to capital EBITDA to M&A. continued of in benefits closer inflows. flow $XX for XXXX our million also We debt no X This adjusted before the net

line the much very with And open we’ll you your Thank questions. that, for time. for now

Your please ahead. go question Maxim Allen first Allen, Thank from Group. you. comes [Operator Instructions] Klee from

Yes, taking and grow to the hello! momentum Congratulations that on all the business. strong actions you’re

Thank you.

doing will how about you’re go the and My add through first like trade new we that the we how Xcelerator should shows question if today, think to what we look seasonality impact like at as year? acquisitions, with

with start let’s acquisitions. the So,

have our at changed Over a events of the fourth in has their or of we’ve are least the fourth the definitely last seasonality made revenue in business. of have primary years, generating number couple acquisitions events quarter, the quarter that which the

as of almost change was as quarter that’s quite while So in our XQ to XQ so terms the for smallest been a the XQ, large forward seasonality, we which expect be in going and historically company historically seasonality. largest the has us in big

a that because determine little and calendar right come to to is from properly. On we on the they they it’s the new industry say it’s as shift towards what launches depend I the very it predict, harder have launches launch side, little serve coming start out bit in the it QX, just where those up, QX, time weighting would I that a up will does but we the likely in that more small. see

So there, seasonality success and in about update unless we’d there overall of was that. meaningfully the breakaway in it impact future company wouldn’t the you the a

combining a of pillars little all and value exhibitors how should and your different one your more customers? And of more that’s things to offer go the you add adding more great. that strategic the of Could is engagement. strategy centricity, bit into customer That’s – you

around through as Allen! mentioned instance is centricity, really friction I customers as data to last that as data customer hub much better easier we’ve over leverage that technology So for make the that to it we so Absolutely our couple of focus the assets capabilities our and years have, platforms well remove for exists the built the our single and to, leads. get data earlier,

products to So marketplace. journey are as shows, much different customers get entire our only at easier the leads and ecommerce for they content throughout while leads interact in they with but Emerald as trade not get such

centricity, want and a has it We that participate So choice way of customers’ a our for so sense our things number makes that terms, activate that include like to also do capabilities different business pricing. on they in for while customers, can customer them. offer

to pricing what as Event a strong experience progress significantly some making Future, create initiatives, of leveraging call We’re technology as for the data good well we the really enhanced around and customers.

Thank you.

guidance $XX by you capital the mean cash flow working You capital for what ‘XX prior least say reiterated of explain just at could to you you Could your free that’s million, – improvements but improvements. working the be? what

number capital. So we’re working neutral assuming that in

about show paying our event. the customers event to event, the closer mostly ahead economic yet of and And is the or model we signing one the the However, of full we’re in great our of up or an collecting of business are a deposits trade advance payment staging after things year days event. of the pay XX, XX more vendors and to the contracts

deposits as to thus a And working balance, so our business grows, the to in lead cash inflow the increase larger a capital company. negative

paid the up of The led out flush again. builds amount ultimately and we over recoveries back, at our you deposit customer back there as But pandemic XXXX, refunds had financing plug that look to reversed a our XXXX all significant insurance cash, financials that, which the that a of of balance business is through which comes to through had. we if and

It to to. so exact last referring that, year so neutral this make all a accurate do it, year which we’ve and the tried timing of assumption and predict admittedly we’re on the is to that’s throughout weren’t what we decided that’s the how then tracking. and So year update little hard we’ll

XXXX, cash from past. more of of to the and flow overall in the that made the working seasonality you amount to look was So to able our swing, first of capital about cash a was a outflow typically the XXXX, quarter where XXXX, nice year significant comments is much quarter we generate talked were back prepared with very relative business pleased this how working a if outflow the thus moderate capital, I I where first free

great. That’s

increasing moved one rate X%, offices SG&A there pretty Manila? leases only a exited that Thank done the was some in you. mentioned in some that? some you from utilizing and you what opening you’ve – and expected about the the Manila for of your from from also understand, all actions and is or quarter maybe lease expected is – this SG&A the into kind abandonments and go from had more things. reflected and you I’m done, You run talk operations benefit Could XQ a good from be trying little to to

Sure.

this our was place was Manila the latter about part at year doing a in all in full but this A facility The in XXXX. the point, in and it the lot took this implied accelerate guidance. slowly the leverage to cost. So setup that, ago at of nine opportunity so some reasonable more months and ramping of beginning we’ve of to invest been we’re to business, of

out we estate, physical of quarter so XX, In four closed have offices we fourth offices. remaining terms of six real the in and only

is we for it have, largely remote workforce the few to and folks seems be and hybrid in business. well Our a offices our really working that

that live we our events together some we events to teams opportunity on able for get run, that of Given that drive us there’s we plenty are run front. our efficiency to at and the

likely the of the there we we’re managing, inflation through general SG&A wage always on of of the as be managing small overall, bit a kind change run based build move that well around acquisitions barring we terms rate investment that we throughout incremental as by have year expect will continued increase a our offset that don’t in initiatives. hopefully that. In hub, year, as a the meaningful resource some business But plan could offshore

have and the quarter? for that That’s the attendees the exhibitors during were great. the you Do numbers there

you that Allen on I some follow-up don’t with of handy. have that. We could

fine. that’s Okay,

buyback? the be you that buyback, consider would for to time could to the amount the On would a kind it, re-upping you that of see, it’s very there do encouraging continue

prepared share the have gets of way good at at shareholders. imagine think use and around time-to-time, value in share we’d level the it Board buyback probably discussion From do if capital, price share remaining as that to again. create right for down remarks, a the as a prices we stays per philosophically think I I the discussed is indicated would here, the we

And very – then the how same potential benefits just anything overall. last would in shows I’m my mean shows positive, relative that’s great. there exhibitors trade about apples-to-apples I to on. it of and just thinking you’re be to of sounds is kind the kind to else just for on your of increased – Okay, question from add pricing. trying – relative could trade going of I’m metrics you attendees of terms maybe more the – everything

we’ve one initiatives As taken from in putting science pricing our value the is past, and for discussed have the benefited more we’ve the and services of that that more deliver. and around focus they products

couple able better of pricing help square It to a be us the order a years within experts we to or have we trade With where so brands. our into And We opportunity of pricing ago, optimizing department in centralized decentralized was, models space. our here. show dedicated yield improve understand price. build in and our used been up frankly down that per foot hired

to low single the was year, we kind and digits double relative up expect in up be high from XXXX would XXXX this digits to pre-pandemic. Pricing of from XXXX

the there’s had up tremendous believe, in footage our net than And pricing here we back up square four, versus to in so and you revenue a what so we XXXX. if amount of do ago, years higher ramps we’re leverage in meaningfully XX% events plus drive math, five as

to is tied reason centricity, because to adding of comment that value. we’re maniacally able we’re increase I’ll customer and focused Allen, add way earlier to customer pricing just able is the that on we’re your And the

our us more customers, through match level to are place creating because initiatives deliver more frequently, customers, and get qualified opportunity put through that compensated and leads to the we’re data, of that to so leads the allows more technology we in that value to our the the able the driving for for And value customers intelligently leveraging customers. around we’ve more

results. so and could we how Thank of of of much some what building coming you on That’s the congrats kind you certain and for the great your strategy opportunities kind XQ the are shows other and trade scale for great. question, verticals One there? can of in up highlight look maybe

Allen. Thanks,

in design So of Vegas. in place Hospitality the Couture, which jewelry now Vegas are luxury the a Retailer quarter New later Salt Las and the Design, in second taking Outdoor Lake York in larger here show some June a is actually furniture event events in as Las right is in in which City. ICFF, which well quarter, is as

Our is event our calendar on website. full

up see are every there. single So XXX-ish events when throughout they and our one you year can of XXX, the

Okay, much. that’s great. you so Thank

you. Thank

Allen. Thanks

Your from Barton next question Crockett comes Rosenblatt. please ahead. go Barton, from

– potential point this I’m of Okay, interested unreached the kind to to about the great. the think very tied what how in some revenues metrics. of at

years acquisitions you So footage five versus the gave pricing ago. four to up you four done much up with in five How square say? you in to you’ve us versus years XX% are ago would

square we’re of for for Well, because square there’s were of of footage it’s our and of in an numbers, apples-to-apples say go. at to the XX% looking to footage impact I’d before. pandemic of on a ways basis, time on things length implied the so volume taking behind we XXXX XX%, still recover, this the year fully what we’re versus

business earnings pandemic And just back. about know reminder, this but International are as business. for of few our purposes fully we’ve the travel for on is calls, impacts lingering a not I still there talked a

you travelers. did the reopened reopen China end lingering at to from lockdowns. only last that. Only If U.S. recall, There summer the of really its of impacts the are year, did

of who States, and and back because people come for we’re hearing get department cut visa stories visas on There’s the to come still pandemic who appointment want up state customers over to to employees year, a to they’re trouble delay during United the of ramping massive here. service the the having can’t back getting in volume a a

someone impacting can to don’t so if show buying know trade is even it’s booth commit to here at so hard a get they really if they to that And a us. get and

show. If another market, deferring industries, can the some year if The we to a their to get trade they’re supply chain they serve. product so of they continue based attendance for issues, while some at industries know impact better, don’t manufacturing getting

two And next we the growth incremental when could so help get the this customers, play out around mean with value revenue for and And of to will those excited driving footage. what over to value pre-pandemic our pretty things us company. our efforts pricing square we’re expect does, and one years that the it about towards to back

I to appreciate the there I your way trying I kind get and potential up mean said question that the – to you answer helpful. what But was square I appreciate is potential the XX%? is, that? what trying would how exactly now with was the get but the very footage XX%, is what wasn’t acquisitions, I’m How I think what to to, of pre-pandemic? I versus you you phrased assess would

me an to potential it’s second, something XX% say XX% one I’m incremental in math Give head. my of doing I’d NSS.

that exhibitors pre-pandemic? kind Okay. from right with now you quantify how these China down you now in are now of would say? much levels, are versus a for you’re pre-pandemic little bit, even headwinds. at versus Where revenue And baseline you us Can we

a So in at say say least essentially overall XX-ish still I’d still international. XXXX, see sorry we’re XXXX In XXX%, XX% down starting – sorry, probably we’re down it China about on because to XX% we’re – and that. came. I’d none down XXXX in trickle. percent was

international and say exhibitor base? pre-pandemic And as your of percent China what a was you would

was our pre-pandemic. business of International XX% about

we the also processing The is and challenges back on had international. visa had sales. bringing reality mentioned of like focus international that times and things One haven’t add other David the that in to that, we’ve around a I’d

so, So would a an I in we’ve less sales the or last, just year, built months say international nine than team.

hunting around the So across inside also are countries strategy with to very a around agents world but initiative with directly opportunities, that we targeted customers, dozen now Emerald of international. resources dedicated working have build international driving a really and working

bigger combination, international combination visa make our the future we’re of international will pre-pandemic. borders sales international The international. efforts of post-pandemic and why was opening, in drive plus that’s on processing the part in easing the own diet and the initiatives of than bullish to a and recovery it return even our So of

how the did some was I talk in international of Is mix? you you, sense was about give us Thank Hervé. can you curious, – China. that China but large

to not so X% simple a XXXX, simple not there’s with simple it’s Well, The more, Chinese China, Trump and there there under The but the answer the under was with answer. hit trade is a the back a believe in wars Trump a used of administration be So, to those not U.S., in beyond simple ‘XX revenue. hit a protectionist on more policies. the business ‘XX, administration, coming policies to X% that answer during in could trade see administration this those the X% bounce answer simple a the we that was – it policies, X% from so current was was we based or there’s and it answer. so to potentially

you didn’t I the hopefully so well, but say of really sorry got gist So that it. I’m

on you this going and effort sounds tease Hervé, then thing later. And a very Okay. to pro-sports that of we’re a get info consumer league that kind facing about interesting more

you add can there this said, more is to come you say fit that? sit else can strategically So maybe I is us help information to on this kind And you you of for to and that a with opportunity. Why just for consumer-facing guys? just what get anything have to but prepared anything

what share revenue important, One, importantly, is strategy. is more very our of strategically a and can and it like consumer two reasons. is to I’d part Of bit diversification course. for I little why more add

us. we diversify we growth significant an there’s in, segment sectors, also that high-growth for to but in one types is drive not opportunity that were of diversifying we’re we believe in business we’re believe the So in, that BXC will and

related served play fields underserved and role very are we we We or focused culture well sports sports in that and related they not sports there. categories, and think and are can a

that business-to-consumer know, direct strategies. late have as is many reason of developed you second The companies

consumers while So and to they in market target and continue ways talk to for want them serve environment, directly we to a directly. business-to-business consumers to also to looking are

it’s continue us, way customers. for to to So a our serve

centricity, new continuously and doing for customer make the customers, are being on customers. providing our make customers, the serving focused on new even to where We’re products, on that they on relevant things really more on sense us that our offerings

Live So Events in business, business. but also the in it’s business the in the commerce content and

in liberty In signed, share not with today, that and we’re I’m announce to agreement closely the working specific promise weeks the league terms but very of more the sports ahead. things at to we

very Thank guys much. that’s I Okay, appreciate very all helpful. you it.

Barton. you, Thank

Barton. Thanks

it this There further no for remarks. turn back questions are closing at I’ll time.

Thank you all Colin. Very good, much very us today. for joining

Emerald’s you improvement, extremely of next pleased revenue speaking Take participation and and year, significant putting and care. another today for on very much forward I growth. track quarter. continued our EBITDA you us look with the to for your of start engagement to Thank I’m As mentioned, year quarter-over-quarter

Ladies disconnect call gentlemen, for that for concludes and your you you today. please thank and ask your participating We this conference lines.