EEX - Earnings call transcript Q3 2019

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Operator

Good morning, ladies and gentlemen, and welcome to Emerald Expositions Third Quarter 2019 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded.

I'd now like to turn the call over to Mr. Philip Evans, Chief Financial Officer. sir. you, Thank ahead. Please go

Philip Evans

and operator, today. participation and call. We you, Officer, Emerald's morning, very Field, and our Chief good in our your Operating President Shankland, today Sally earnings me to appreciate Executive third Officer; pleased Brian here Thank with have everyone. Chief quarter I'm XXXX

posted p.m. the of the also company's As a this supplemental of XXXX. section replay a on call will XX, through accompany Investors on XX:XX Eastern to reminder, a be Time November available investor.emeraldexpositions.com. today's on website our presentation website We've discussion at

to Before that variety Private about of prospects. beliefs, estimates, certain within contain we a XXXX. Litigation me implied are Such from cause such reports could materially filings. update Such those begin, forward-looking and other differ meaning future expectations, on that statements in the Form forth let undertake set of remind and remarks Securities this statements. or indicated recent risks and not call statements duty company's include and constitute XX-K any the actual filed to factors that everyone risks, plans We subsequent XX-Q Reform forward-looking most may to periodic statements. subject the such other results and are of uncertainties Act statements Form by do These factors

measure these information found release. to of as prepared additional GAAP. we most be or of in non-GAAP useful can for this results earnings believe not in in call, be GAAP which performance. the with Additionally, in measures, today's our our The non-GAAP measures U.S. substitute comparable during presentation discuss we'll be Reconciliation can a evaluating accordance isolation should considered

Sally. turn call the Now to I'll over

Sally Shankland

and return designed critical on with our today's overseeing growth. call, and Brian improve the of spend of to to plan, is is Thank our to is plan which my here of sustainable us time success. COO, you, the today. the Brian its majority across business execution Field, reviewing Emerald facets organic is execution our strategic all Phil. the our call On I'll

additional the So action. that some have provide I've asked we him on put to recently initiatives into several color of

Finally, on Phil the for provide expectations year. quarter and more results in third detail update our will an review full our

the will session. a then We open for question-and-answer up call

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Brian Field

you, and Thank morning. good Sally,

and dynamics each a the sectors our in understanding the customers markets and their motivations, needs understanding of and process forecasting up instrument framework. diagnostic XX. how kinds evaluating build planning a analyzing the and for in are with approach, of and I reach great their we is of and successfully them. Page of used we health A standardized an to of strategies, the points will then a place this and that industry. pain show in and and With operates customers' in is sales and to event. holistic up have which within our A framework Sally building the opportunities putting marketing this optimal event rooted channels the in is component an planning resonate our foundational key process success. we content Turning approach This rigorous implemented outside-in in and the kind past target

Event Using has benefits. Plans this framework several

our seek. everything so what customers' do important and us they the focuses needs it First, that is on we to is around them designed outcomes

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metrics and inputs Event finance, requires unified participation management of planning provides and flags of and due organization, an our across kind Third, greater and of rigor our creates since the invested it the teams. From outcomes show the this a confidence dashboard brand Plan provide cycle from across as marketing, Emerald's in any perspective, events the the sales, to understanding should during fall management operations below of purpose us benchmarks from overall framework progresses. transparency to the established process and thinking particular also

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Page Moving on to XX.

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these the of start currently XXXX. path designing marketing our plan to to over data integration We're sets and data teams for rolling the enriched today course out

Sally Shankland

Thanks, Brian.

So second diversifying XX is let on effort set concerted Page our me revenue up more to we've streams. give our where toward pick which strategy, growth out a

for value several would this Just but for that to to growth of conference our doesn't brands. opportunity with believe us. rather practices a opportunities. opportunities applied to started to the individual there brands, right several drive to executives adoption buyer with entire untapped now revenues, horizontal sponsorship markets senior responsibilities We helping with to any opportunities in advertising core deliver significant I We and space-based programs revenues portfolio. them And have more revenue next be see our years. adjacent new clear, drive drive the revenues development that streams, attention our over and and pilot substantial of less best plan resources rolled hosted across revenue with the the and be incremental revenue mean we attention that streams, number once pay we they're will Working of Emerald our and out,

to initiatives area outline integrated me Let the in customer Brian over hand to again our solutions. of

Brian Field

Thanks, Sally.

through for programs diversifying by integrated outcome. solutions, customer beyond and solutions sponsorship our creating So packages is a customers of customer value programs. to integrated the pure one conference blend digital or ways go will booth increased on-site on These driving that reach focus we're desired revenue print with

speed-dating of sponsorship holistic is value this curated content year-round more content customers' year-round of series our on that series, pages. at-show as customers, approach on bands guys, webinar takeovers offerings websites, show opportunities. our ads ad digital as tracks print options and are media even opportunities, and our display beyond delivering topical bundling this to more with and belly such of extending to extending around as our our on websites section the pavilions part of and For Examples event magazines extends of such traditional wallpaper sponsored a sponsorship days relevant

to scale profitable integrated one-off maximize As these on versus focus standardization we're growth. designing bespoke for our solutions, opportunity and will be new efforts revenue

Sally Shankland

our efficiently that Page and is and strategy, third procurement. On Brian. budgeting, Thanks, discipline in An important and which effectively. more XX, decision-making, is I've component more so organization to set the operate cost out financial rigor growth of strategy around there's culture strengthening the forecasting the

We profitability. and the portfolio and will be organization to the optimized structure efficient also

we the considerable for to dramatically or sense Flipping that acquisitions to that continue acquisition plan they to M&A XX, business growth existing us, we pursue means which enhances to trajectory. Page that the make meaningfully strengthen opportunities bring we the already where where own value

this process and higher an to rigor will than in discipline the past. We we even of apply level have

of This right, of our Communications, XX, our considerably. GX announced and in which acquisition I've services and business example that perfect exhibitors tuck-in across strengthens for to great out our the acquisition, purchased opportunities a attractive is own models and to also events. a create we we expand provide education in expertise price, most is that attendees also retail marketing transformation. solutions has set its Emerald Through monetize we but yesterday. ongoing the that retail see and the namely this GX BXB Page the at content and acquisition, recent On business an a

Turning to Page XX.

flow at We to our dividend business, capital our continue free down our be deploy our to and invest quarterly to What after we is cash value. drives growth a pay specific a financial responsibly and core to acquisitions that business shareholder in both that are in on As look remaining way balanced same that We quite trajectory will line, debt. line fit earlier, using regular for to I improve bottom and its tuck-in the criteria. very time, payments aim top plan means that straightforward. objectives noted we

of more are is as repurchases valuable the the in reflected not buy a core company we believe we that shares to price. and share share capital allocation back meaningfully may continue strategy, While part our it's

and an organization some use XX, data as Frankly, and out of is driven line, our the the discipline Page of processes, to driving on technology. simply throughout key time path set growth. that indicative be data-informed I On much the this accountability of showing will milestones execution. by new believe and better better success new

the can growth cycles, to investment full more given will to key our have release XXXX time, show so we our quarter performance return track February we're change take what to community many we our considering when While across success. this need the earnings can in drive you to and will fourth say provide on I indicators year results.

day told need training customer XX. opportunities. have be expand to Page we [indiscernible] our the employees to need to employees X that successful. I place value to constituencies addressed is our the and Flipping Starting from that work, But be and joined Emerald, are our Emerald important including to there make obvious. I first development to also great a fairly with

of and expect business we all this the which that in where sustainable where live. to effort all valuable we our and if industry into highly benefit we both the will local a have our put Next, And we stakeholders. right, operate communities we need to communities, communities have more we offices do and

quarter the discuss turn third I to Now call results. will Phil our over to

Philip Evans

again. and pick on begin our brief Sally, a and XX third you, with morning, of good up shows. Page Thank I'll quarter review

the X%, equivalent great trade is adversely the ongoing versus affected show U.S.-China a result. the revenues category flat were grew which revenues show's When the last excluding was by dispute, ASD, that with sourcing Starting year.

now that execution and hold. together sales have has XXXX. for taken the Brian stabilized that poised we implementation franchise further earlier, the to is structure with And improvements changes confident Our discussed the and of the other feel in growth initiatives

our pacing In revenues for fact, already are next show well. the March in

NOW. quarter in the largest second edition York summer Our was show of New the

York category declined show by co-locate the to allow a of low NOW. New section the improve attributable for percentage, the show As of revenues around the the digit quality both expected, decline the with our lifestyle to curation in gift double and to of overall XX% summer with JA to

be the Based clear XX% the to the increased NOW by approximately for post-show show was mentioned category summer While continued previous the earlier, just than momentum New attendees. less our that by research, on challenging, overall home for in show. most exhibitors positive some show and York the York NOW there New XX% score, over Brian

Looking New analysis we see have opening enhanced show February to assess next improve continue XXXX. and the to before NOW research process York in post-show time forward, the the extra an and to opportunity taken for sales

pacing booth, brand short-term impacted longer the return and has term. revenues, New that on remain NOW and are we York the growth to this While long-term of confident health can focused we

put our imminently closely to to staff suppliers our largest we year's of Expo. this to the September a third difficult and threatening show announced first. was ensure were in to the canceling show that we Hurricane co-located safety Surf which our This our Dorian, early with various We strike Turning show decision, ISS customers, Orlando in quarter, but that stakeholders also the is and we Florida. due worked

we've agreed net financial to the our cancel recorded insurance as shows, cancellation other insurance, the disappointed were proceeds we While income event covered in was and loss quarter. the by

cancellations. the that this a these adversely January a booth On in to Surf profitability flows pleased were we're see show insurance cash very for our Expo of next are note, nicely. pacing result revenues and affected positive show our not by As coverage,

update a our give Finally, show, took place me September. in which Expo brief CEDIA let on

revenues, to show's in tech communities a This home by the trade seen enjoy in affected been down While industry be moving really U.S.-China mid-single-digit has latest the which can particularly were the to the venue recent seemed percentage. the Denver, show's by dispute.

overhang Looking modest forward, trade next performance the remain the a to we'd expect year. tensions on show's

of these available third in Turning I'll items. to Page just More touch issued the a is time, our this and release on interest few detail our XX, of on in morning. quarter results earnings

market, decreased quarter net to staged million versus notably third ago $XX.X to of quarter reflected Revenues reduction XX.X% a the second quarter. differences in million show by quarter decline $XX.X outdoor compared which year or in XXXX, $XX.X several the XXXX. most The the million of the third scheduling this retailer year to due summer

did also of not Our revenues able quarter Surf which shows of And affected particularly Expo to by that a noted the shows million to and revenues of moment ISS Orlando weren't repeat adversely were discontinued in shows, XXXX, we the this I that cancellation also $X.X by in both Interbike. anticipated book due the XXXX ago.

by half third last and completed adjusting Organic the excluding after million acquisitions the or on year. in revenues of million revenues items $X.X the of the declined X the in incremental $X.X quarter X.X% for second we aforementioned

Adjusted was organic discontinued of XX.X% cost, for higher million EBITDA on compared shortfall our equivalent million incremental of adjusted $XX.X organizational the for of the period, third by events. to quarter with the contribution of XXXX timing XXXX driven the for mainly loss planned in differences. decrease of our The and million and show operating or our event the $XX.X $XX.X mainly investments impact due revenues, flow-through

define largely which or of compared reflected we in the the operating $XX.X provided quarter quarter. capital net XXXX in less cash activities This by third XXXX, million the decrease reduction million XX.X%. flow, a Free was in to of of cash the the third $X.X as operating $XX.X quarter performance million business expenditures, of

the of uses XXX,XXX shares, still On with additional acquired end XXX,XXX approximately in $XX quarter, notably, the leaving the the approved Page of available. we've of shares quarter. an the of $X.XX the million common company during stock program at over our the cash XX, I've of repurchased set average we quarter. Since price approximately Most out

resulted a hand our million $XXX.X EBITDA. the With of approximately term net of balance was debt in leverage a ratio this $XXX.X outstanding end revolving the adjusted outstanding At last X.Xx on of million, credit loan and $X XX months and we September, on million of cash net our $XX.X million, facility. had

and Turning fourth guidance. to quarter year full the our

outdoor year, in year largest we nicely respective BDNY, expected are and are shows couple in we weeks planned combine against Back + season their of This XXXX in million which Design of Winter today it with will place Retailer Market winter the Retailer August, for last versus we announced X stages industry. show customers year which represented but solidly and Show, at financial successful grow Healthcare considerable the had to for over staging events. decision take QX our Retailer and our Snow for the was a Our decided following end community, right as our Market show year. to Outdoor acquired is the revenues the a we week Outdoor pacing last of next January next winter season setback $X Both with Winter shows. profitable, the Ultimately, well that and Outdoor more November customers first single consultation and trade that previous believe be decision show its the was

Snow So around the Retailer for pacing Show who + XX% both show presence. edition. their signed the show. the of a far, number are exhibitors we've well is who winter converting been had ahead up upsized of the the into have of shows just XXXX And Outdoor winter for XXXX now those January exhibitors successful up XXXX Overall, signed January in XXXX

to the reduced range. currently third due Hurricane revenues of XXXX year Orlando the absorb the And the said, ranges to expect million. for guidance guidance approximately full within that fall pleased by ISS low end adjusted XXXX. That our been of guidance and anticipated and I'm able quarter to we total cancellation consequently, we've not modestly Dorian Surf have our impact Expo that revenue below $X to note

However, doesn't as result the these of of other our show cancellation any shows, management impact measures. coverage cancellations for a events the expect to

back Sally remarks. At hand her to for final this point, I'll

Sally Shankland

are Emerald's regain it appreciate Phil, table to your on is a confidence. call the take and today. financial us need our that the path time the to achieve your return will deliver and hope understand thanks what Thanks, the away reset to prove from the have to performance, we taken we growth improve time have better right I fundamentally to to execution to results. things on to take And is feed financial for and business believe everyone it that be through you what and I for that do call our may you that we and I business while trust the sound. are time to objectives. to But We successful. and to doing this

please Thank open call questions. for you again. Operator, the

Operator

[Operator Instructions].

comes question Meuler of Baird. first with Jeff from the Your line

Jeffrey Meuler

fighting the wishes Sally, on best personal first, just you're challenges through.

business, it's early, February so against. On track the us measure I to give the that till going your get to to progress wait kind of and and you're KPIs

too made that you've soon? that of changes far, early just it the from any thus Just indicators you kind can is share or

Sally Shankland

some are in saw that At little I of experience seeing I exhibitors. New NOW York green shoots mean, among in Jeff. XX% we're there terms a think improvement customer soon, improvement it's we certainly, scores. a summer,

place out heard, you've we're XXXX we're its the before show the as to doing as those and got and measurements various of implemented in that undertaking. some But be really everything really to impact rolling some effect. positive are So things initiatives starting putting we've going that to it's gone we've through full list we're of

Jeffrey Meuler

the Got I little a And cancellation -- cancellation by hurricane confused just math guess, Phil, insurance. and then the I'm it.

million lost insurance So million business and $X there that benefit would insured that high. be lost a I just on for of know disruption. I revenue, that sounds surprised profitability $X I'm guess, you're

out-of-pocket that about expenses. something exhibitors is was Q And in So for maybe right? point there the needing reimburse at to some

$X accrued. against is, the some quarter, future there's wondering is recognized expense what but So benefit that's million all I'm this not that,

Just so the revenue. insurance million $X high would to why million help -- on trying $X understand of lost proceeds the be

Philip Evans

running the million. anticipated but I in million costs $X.X saved show were incurred that Sure. the take mean We didn't We show. didn't revenue -- the didn't the book was we $X of beforehand. place, most obviously

impact saved that's works. why us. to net lost event the that's cancellation revenue, and financial how we versus It's million $X -- So the the

says quarter the So around of you'll in versus affecting was the of the the revenues it see in cost quarter items that the commentary savings previous the one show.

we then The million. to having one we us that that's that's the to cost. will and receive us were we and incremental out exhibitors the to So policies. two to how had we insurance had we customers policy, cash had QX purchased to that We and refunds get pay to for give is a for reimbursement $X.X they one in secondary the reimburse was which cost for exhibitors booth will

and costs costs then them back referenced pays us. what And a which So they to the booth secondary we the what Q. paid sponsorship is is primary their in one, had

Jeffrey Meuler

Okay. And implementing expense of are much to initiatives lots you've just be them obviously in rough recognized in Any year-end the last will kind how Like for much initiatives. versus related then XXXX of is of -- how with XXXX? incremental of me. sizing expense in-flight for

Philip Evans

we million the million it's to have we next another off. and initiatives the probably approximately that, be that year. So $X annualize $X team of cost If the new of started kicked

of the next have there become are as will talked other a to that are off, to lot is impact in $X pipeline -- start could in well. that already So kicked or that year. run things We've XXXX maybe other things subject initiatives rate the million investments about we be an a implemented but

Operator

Your of Patnaik Manav Barclays. next line the comes with question from

Ryan Leonard

wishing Sally. Manav, is and Leonard best, the you This for also Ryan on

you if -- this targets, us of was -- terms before. wondering out we've could in thrown been I has mid-single-digit just long-term there help out mean, Just I the

us about break it So it at in how terms just you buckets? that launches. I'm expect is that of some show just just if from Can of help growth, is can from is down there, terms volume -- we all get think pricing, new wondering you in

Philip Evans

I I mean where growth terms add. does are start mid-single-digit initiatives over then we the show. improving within value-based can you pricing time. I'll in talked from, The focused come the opportunities and about mean on of think I

of And show expect launches term. the So we are we considered. shows new growth ideas, have that would over number volume longer within being show new a

at all point. a think combination So of no the it's others things. more I One, of than this those

Sally Shankland

earlier, believe, discussed to we revenue is the of also diversification going to the Brian which lead Plus growth. stream,

Ryan Leonard

Got you exist to current on focused is it. that need of Or a really existing on that that the diversification, is shows? today? And there then shows portfolio think diversify do just

Brian Field

right existing happen arise. wherever we all our outlook at then launches we're future. those diversify in And looking we now current opportunities how new as The of that contemplate the may is shows, revenue can in

built course, them Of we'll types from bundles looking those be into are contemplate to day how the X. of

Ryan Leonard

mid-single-digit, EBITDA just it. is should the then in with a say the that, side finally on Got line be better? at revenue for to management growth profitable if not me, safe growth and it if that cost is growing And margin,

Sally Shankland

at key. than that's at think think, getting possible is at plays time, more business is good margin. would a is growth because, looking suggest, is our highest lower revenue -- a growth. the because a I the growth question high a a business So probably over focus. slightly for growing obviously, worth EBITDA revenue contracting than rates, primary ultimately Margin growth margin more I And I But important very pushing matters margin at you're EBITDA slightly what That's when role.

Operator

with line Chu comes question the from next David of America. Bank of Your

David Chu

'XX next So be we would based years until mean, pricing, the how helpful. for I in show should X on portfolio increases but not implemented total about over this just being know that I really it's XXXX, like the price and value-based 'XX? think thoughts

Brian Field

Yes.

introducing moment. effect, aren't run, of earlier, once. shows pricing So of way modeling really across the right, going very handful upon mentioned the the the this everything XXXX our whereas to Can't overall bear until the cyclicality at do out shows you're value-based based at I a

this which rolls to over of pricing We'll X. the batches. will next have course forward those forward how as on additional we're moving So them value-based shows year, shows effect be in into and doing stage

we're So will be into XXXX looking -- XXXX. those and

Philip Evans

pricing the always And David, Phil. current and growth is pretty yield -- we've couple over the pretty in to which X%, this typical is last The X% years. is of seen

a of then that's a expectation introduction of and of potentially into the in the value-based I bit a XXXX in pricing of little from boost shows. bunch XXXX think sort So our going

David Chu

Okay, just And assessment on any the current shows? discontinuing any That's given then just helpful. potentially the great. update of portfolio,

Sally Shankland

an we But about point, to anything that makes don't we're always open no. as discontinue. point, what the continue to And portfolio. this continue we the that go for may at question. it's of for and tactics same makes our looking the sense time, see the always At We're sense At effectiveness employing, change. proof at and analyze to points look this most

David Chu

Got it.

And last for a just one, Okay. just three the quick was housekeeping. What growth organic segments?

Philip Evans

on shows, but marketing events breakdown have in it's front materials other and between right right trade the website, services. the the other of don't supplemental I now, me

Operator

line McVeigh Your Suisse. Crédit the Kevin comes next of question from with

Kevin McVeigh

best Sally, on the to road wishes recovery.

kind accelerated rate, does of of the does what revenue of that, change revenue you of percentage non-booth of the contribution? In sense any on been of as the experience it what's there? bigger the non-booth business -- as And seasonality the the predictability a Sally, then the the booth? context terms within your at -- revenue, and/or And that look versus the start like an becomes

Sally Shankland

us right pilots of process now the the running opportunity there things will and effective what some pursue help in variability. because could of and us be at help we the pilots will will be we're Those So see shows in most various which size XXXX.

that is it revenue Emerald, think of opportunity smaller percentage show over than a trade our for it's overall, considerable I many for the is producers. because time So

Philip Evans

the pure revenues the to our of related our some are other revenues. then -- revenue booth commissions Our And includes X/X and booth really trade show. things of about non-booth

than bit little or of X/X X/X with we kind the have terms less work of to a in what is So non-booth.

Kevin McVeigh

traditional more a be would mix? what And

Sally Shankland

on because to dependence it years revenue, in we should continue to future not from my it. I'm model to be say would but like Hard grow look the that what But privy decrease our details. booth our exact certainly,

half us a given our revenue. place other whole So that our today. XX% fact not from we're a things in booth digital have of revenue I from the could offering comes that see can presence from sponsorships, And list the be we we where a is marketing, from doing content that total of from education, conferences,

Kevin McVeigh

then And it. faster? Got similar expect would you non-booth you And would be revenue -- contribution? Sally, that would there theoretically, growth grow obviously would

Sally Shankland

to really pilots at until our are this It's point hard predict done.

in that how we're much we markets we'll we hard changing do it growth we're matter. predict -- it And like over that to there's things see where. So time. confident can it's if education where obviously, it's and But there gather right,

Operator

Your next Sabadra Deutsche question line with from Ashish of the Bank. comes

Ashish Sabadra

Sally, best wishes for speedy recovery as well.

Just the a question should start show? provide can in NOW? Is just for some to we -- XXXX on And on expectations much if for the revenue when Feb York New New turn color to NOW, the could see decline how turnaround for can we see -- revenues, the there? you summer it when York start around

Philip Evans

and I you I'll in. Phil, have over mean, It's come show. Sally, a then the new leader can this we try

into detailed first things And it little So and in to analysis. going taking a show in through. prepared we've as we're come through. the franchise. there's of to what flow and believe that research in certainly research look do. will when -- difficult new to long-term to bit the and got a we XXXX say maybe time really soon growth happening. at initiatives responding we and this the really remarks, We February, said to that opportunities some But We're what It's really the see need of for lot

game it NOW, soon to -- But it's forward. to a which your I long New summer expect York playing on so move And was stabilize. the we'll XXXX to and maybe little we're XXXX continue think and question

Sally Shankland

seen feel about returning to ASD, growth. is we good which with general, now as In retail we've

York that customer-focused So New a not to retail we could haven't as we issues category, but more in I executed are clear that have. want related be the we think to way our as as fact NOW to

Ashish Sabadra

some require for solution, for of on and exhibitors that, money to -- spend. integrated value-based or the including more to may pricing initiatives. spend helpful, My seem just particularly slowing some really strategic customer does the -- environment maybe exhibitors thoughts be require in around Sally. to their money, details That's spend these And that an again, the thanks providing more exhibitors propensity question businesses just where down was

So that any front. on thoughts

Sally Shankland

it's So Brian ROI. about all is only address I'm to ask to that. going My remark that

Brian Field

Yes.

find in variety And of We've for the that purchases. company gets the as value seen we've is that the the really that receive out customer these expectation around and transparency, as there's sectors long a model. in value other that, is promotional there's of oftentimes, value-based package that price aggregate that what when in in about, not and so that that past there a transparency. it's to that they things, again, the something with because a as different will value -- types the that of exhibitor rolled customers come the before welcome -- brings the very and again, set There's well packages, opportunities but is space it that attractive package considering just something tend the along are

Operator

[Operator Instructions].

from of RBC comes Seth with Markets. Weber Your next question the line Capital

Gunnar Hansen

to to size that, Seth. across This the Sally, categories strategy among color benefit and Or pricing? types this is your of et guess, should sectors And best show it sort certain success value-based I shows, Gunnar us to for are Hansen there in to wishes or you, sizes or suited implement even best are positioned just pricing on the again, be had Is beneficial Is with that you've shows? in or different some fairly even follow-on of the from on recovery. based a Brian, it it -- maybe categories give of easier cetera? portfolio? various value

Brian Field

supportive The where most of educational kind a a fairly where conference-led the be value-based it, wouldn't that across should time a shows whole the sense, of expo may spend conference trade an contribution floor not our a that be of extremely large of are small, of It ones a type lot where That the revenue. portfolio. educational-led, there beneficial component isn't major plays model on there element, mostly in to in said, or pricing particularly that role, show we role but make are event.

Gunnar Hansen

enough. kind some you pricing? in And retrain regarding kind this the commission to require I of of plans to kind of or of your have fair communicate guess, in value-based message is staff that of quickly guys I Okay, sales the going more dynamic can the easily different, place? mean, how a some you existing guys salespeople

Brian Field

events light the where of one why of piece it part that's turn it's don't And right? reason not There's cyclicality question. is of you good overnight, component. the a that's Yes, which on it, switch the a

messaging how communicate able part customers time communicate the be that teams around of design the the value takes to to other floor sales the plan, actual The to is -- that effectively. to the also for

And are designing the seeing at we're value these models, delivery in the at the elasticity customers involved pricing kinds of receive. going so very looking they're packages and so sales while time team and the to are process, that this themselves same and

happening So become they're communicate able that even months in much that effectively, message they're to packages some becoming more tuned to so crisply as to customers available to value the as and deliver internally then are them that discussions it the future. the

Operator

we gentlemen, and call the the the closing to remarks. I'd of reached back turn have session, management to like Ladies end question-and-answer and for

Sally Shankland

we right grow We know path but get historically are you've and where going. that Thank unacceptable want to and the about we're achieving we is you excited we've line. but portfolio we're we've can to today. that for as think that also participating I this multiyear results, order there, grateful a We realistic for and your be all delivered in believe about found absolutely heard, This is patience. story, turnaround time forward the a things

thank again, your So and you, everyone. good for afternoon, participation, have a

Operator

This concludes today's conference.

Thank time. at You lines may you this your your for disconnect participation.

Emerald Holding (EEX) 10 Nov 192019 Q3 Earnings call transcript