EEX - Earnings call transcript Q4 2019

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Operator

Good morning, ladies and gentlemen, and welcome to the Emerald Fourth Quarter and Full Year 2019 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. David Doft, incoming Chief Financial Officer. sir. ahead, go Please

David Doft

Emerald's and our everyone. Year Fourth very today. Brian Call. operator, Officer. Chief participation me With XXXX appreciate today I'm here Field, have to in Quarter pleased President good you, and We Executive morning, your Earnings Interim Thank and Full

As February company's be XX:XX website on a P.M. of XX, Investors the Eastern will a call replay on XXXX. through section reminder, time this available of the

contain that everyone private materially XX-Q estimates, and Before to actual that remarks recently by company's certain factors Act could we may filed factors or and me implied the are reports of cause this the statements the from expectations, remind plans XX-K forward-looking filings. of that statements. indicated of Such set statements on begin, risks, Securities differ subject within Form statements beliefs, Such risks include are most prospects. and about periodic future constitute such call a let subsequent other to and and Reform results XXXX. meaning those These in uncertainties Litigation forth other variety Form

duty do We such forward-looking any update statements. not to undertake

adjusted for non-GAAP a cash be today's should as U.S. GAAP. be will during in we of additional adjusted and presentation evaluating or this our including in prepared considered isolation substitute flow, information useful not income discuss accordance call, revenue, organic EBITDA, which Additionally, we can in net free measures, results believe with performance. The

to comparable release. found the our GAAP most measure reconciliation be A in these non-GAAP can earnings measures of

call the over turn Now Brian. I'll to

Brian Field

open we of making, strategic call we this to questions. results, call, we our followed earnings outlined We'll initiatives will your by On and David. reviewing you, then review release. Thank our press begin morning's which the in XXXX a today's are progress by

continues to address fight we continuing be to is team. leader search and and visionary mentor, in against her her her treatment like incredible I would our resignation and Before replacement. cancer begin, our Sally's to for Sally an

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While initiatives, the considered, we Board initiated on continue and both CEO. permanent from my expressed I the being in personally industry outside to our for the role. search have a Candidates has are interest events execute a inside and

Emerald's strategy success. is utilized Sally Turning in at this which at we it can of to performance point, mainly successfully our aspects future drive to expect we have major our results remain and current confident Emerald, that past execution. and achieve similar the about here the I

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our of cornerstone the is business. satisfaction Customer

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the XXXX, this We over additional with work course X an to are of process. continuing shows the scheduled undertake

cycles. timing materialize our financial events, we to to Given seasonality our implementations the models the and XXXX of of expect of value-based begin impact pricing our in show the

second The of on streams. of diversification revenue focuses the strategy our our pillar

increased new We are an to focus pursuing on launches. this sponsorship show in addition through sales integrated

that to at-show address their selling can platforms for and introducing unified guides, and customers customers to with extend designed opportunities. for example, together areas, own profitable together Our our at and and is bundle print sponsor goals, take types sponsored booth year-round such content where over our growth solutions our aimed activation across These sales integrated of offer our driving needs as content Emerald. audiences targeted content programs new program channels while nonbooth packages event publications, their live relevant websites specific offerings, and content physical tracks revenue

engineering living are hosted-buyer and our anticipated include year. targeting in to We By also facilities. leveraging expertise several show stores planned architecture, for senior our events of expanding offering construction, we the launches events, this convenience both have

American and and with designers, a Institute, and Building of focused AP International the ASID, and WELL the we where launch and health of on our partnered to new have Society program spend the the We also Building Well which the wellness develops the places Interior Standard simplifications conference administers lives. WELL spaces

existing new relationships growth customer in addressing these launch from customer we believe inception, won't areas our be profitable opportunities investing us that every needs. While while expand to leveraging further portfolio, offers and

to Our third cost efficiently strategic pillar operate and effectively. is

We our consolidation financial for core and staff. Through By automation lens example, provide supporting sets, assess continue scale creating our the and to marketing our a of of operations more will and rigorous commercial to applying training for which and the of operations, impact our allow in all systematic analyze greater and of sales a of and centralization marketing tool investments. critically of and spending we are effective ROI functions activities.

our the Expo focused BXB strategy industry, which customers, Along acquisitions accretive, is year-round financially being and is we the pillars acquisitions existing December Shop Along Eat year. X Surf of customer of integrated on attractive our to the content last these on our communities last Outdoor of selling. support and align and completed pursue that leading surf before while support Surf Communications, website for earnings The tuck-in acquisition the announced day Shop nurture building our and continuously cross-platform platforms with fourth opportunities GX engage Eat we that call, of of which offering events. business. our news supportive Surf in both with a Retailer of that also acquisition participate strategic our the is

time The growth execution industry pillars Emerald is or at of to to organic X our return sustainable levels. designed above strategic over

As growth. well and as deliver EBITDA adjusted solid consistent

is for XXXX Our all execution. focus about

to continue the we our well plan, strategic aspects which As implement underway. of are foundational

We benefits expect financial operational see and begin to in XXXX. the tangible to

year. look you through We this the we updating as move forward to on

last David results. Phil turn X-plus contributions to I the fourth year-end to call thank to would the Before years. over and over I our review to Emerald like Evans quarter his for

in building provided and Phil our the company of last June and during interim joining CFO, April XXXX. year. tenure leadership company also of the then public prior Sally as taking to in to instrumental in business company the was As me employees and his the important CEO to Phil

We his contributions many are all thankful to Emerald. very for

strategic welcome in Emerald David's to upon and formidable and As broad him situations we very execute turnaround pleased look management we to turnaround background, team our and execution will strategy. to as Doft including forward, growth and to proven add executive David financial depth leadership, introduce I our am you. skills officially

I Welcome, will over to David. the David. call turn Now

David Doft

morning. good Brian, you, Thank and

of team global have execute I'd growth Emerald. XX to The extremely over here. over laid Brian sharing with leadership excited MDC business very here strategy I helpful believe is combined as has communications out last Emerald I've has seen in he First, into month. for been with insights years' I team we thanking join I've Based at the in and clear my a to it. look that what me last on be solid, been with to am the strong marketing like a and and weeks, Partners, turnaround Phil, working his already the runway business, previously forward transitioned several experience to as the I CFO a as

Given my and the enables. believer it the interactions leading portfolio sellers firm marketing staying of Emerald buyers MDC, desirable believe capitalize events in power and is in experience positioned a face-to-face power to of at I experiential in on a U.S. between the that I'm well

of briefly with year. the Beginning XXXX this results. revenues XXXX, about quarter million year fourth with and quarter future, shows variance by financial of due talk I staging year versus of the quarter or million fourth in review the the company's $XX.X to me quarter the $X the Before more fourth last XX% let over quarter, fourth the full decreased third

we addition, Snow XXXX. the Outdoor fold Winter did the Market quarter during it fourth Instead, decision the Winter XXXX of OR staged in XXXX, the we into made repeat Retailer which not to In we Show.

adjusted timing growth for revenue noted Winter Organic Outdoor discontinued and was the Retailer quarter, for differences show the X.X%. Market excluding show previously the down

quarter by the million. a and for the Winter show improving Market with loss Outdoor million increased growth. EBITDA decreased future Reflecting adjusted discontinued towards investments of directed the $X.X show, corporate impact to together Retailer $X.X the of Our

acquisition, November adjusted and revenue EBITDA added the fourth quarter. Communications in GX closed which modestly in to The

related charge impairment new of to by booked senior reporting about by a also our noncash of We segments brought million changes in the management our and quarter operating impairment reevaluation as team the result the of triggered units $XX.X reporting the fourth goodwill structure. a

the charge. of both in units, reporting and segments the As a reporting increased number result, underperformance certain impairment and operating necessitated our we units

X%, year to million. and credit to to contributions events. a to of acquisition Organic replace in lost insurance proceeds Dorian incremental by approximately and declined the XXXX also after Turning we by the excluding revenues result Hurricane as received full X.X% declined disruption caused revenue XXXX, discontinued revenues giving $XXX.X by

full company's the the full and XXXX. the organic of and year shows, EBITDA $XXX.X the revenue million the investments XX.X% increased of Winter notably decline, Market performance. discontinuance Adjusted improving several for Due by Retailer year the decreased versus future to Outdoor aimed XXXX Interbike at

reflected over Free GX annual through of our of million million term the cash modest We $XX.X reduced the debt deployed for by of outflow capital. flow year's cash our $XX.X XX.X% of our debt. a of free XXXX working a the This million, or XXXX performance acquisition was financial on reduction decrease $XX.X and Communications amortization balances million revolver of paydown XXXX. flow and $XX.X and the

dividends, stock quarterly debt of ratio X paid XXXX adjusted finished an totaling average representing of approximately We we $XX.X of XXX,XXX per $X.XX our with addition, million of X.Xx at million common In million, $X.X repurchase share. cost and a leverage shares to our $XXX.X used EBITDA. XXXX net net

not reflect the which were long-term believe results, are portfolio We legacy not underlying importantly, of its with impacted operational growth these Emerald's potential. do execution and issues, and we satisfied by and quality

near-term have changed. we move not our for As into capital XXXX, allocation priorities

are We committed our to dividend. quarterly

to M&A strengthen we opportunities to to can leverage continue in tuck-in and right our expect net reduce strong that their own brands. We existing that continue and are evaluate also performers

last to paying the the over headlines the news attention start, the well. To spread we discuss like been close weeks, coronavirus year. have would has coming I Now the as of dominated few and

our Nevertheless, produced exhibitors, be viewed X% until of United the risk. last in is risk under virus as Fortunately, came in at from must which our the events, unlike year, entirely industry, are X% minimizes the revenues to Chinese control. which States, others the

of We from pursue the impact a cancellations any will expect insurance and from to hope financial minimal. our providers recovery losses be that

is time Emerald has historically, coming guidance for the the Now indicated year. that financial this

given discussed been company's that strategic management, events. the not XXXX, are being and are positively most previously of of the currently the impact growth by expected to initiatives out rolled nature has seasonal operational As in

see of in financial not headwind the and the hires and to is spending benefits the term to the do In structure XXXX. expect weigh to in near and until a addition, profitability annualized implement will new We the turnaround growth company the on XXXX. cost investment plan,

future. That for the our opportunities uncover investments said, unpacking return not money behind the structure bottom-up only on growth free in personally to cost to order each incremental but from and am the focused company's ensure that I opportunities, to invest get the in up efficiency of a we

at At will that to can I'm guidance is QX earnings be speed and days, Given my here am I appropriately we Again, XXXX premature And these Instead, bullish excited very in lay feel our go-forward although today. XXXX recent Emerald. up on I our strategy. fully to expectations. it be early so report. give arrival, out our are time, to with do plan conjunction I to that

the turn concluding call Brian to I for will now back his remarks.

Brian Field

you, Thank David.

the and open confident the the in line term. and the to united much medium to with than have Emerald to to long realize to have David and organic beyond. excited, do our and once I, your are that right our articulated XXXX we sustainable management for We on over executing time you questions. Operator, in company XXXX success. to or the team growth Thank the deliver for strategy goal return in the have better strategy again I'm the growth right with entire drive today. please future focused along we team to call industry

Operator

Instructions]. [Operator

is question Our America. first Bank from David Chu, of

David Chu

just But guidance. you're Maybe get any for even trends worse So if before better. expectations discussing, can us revenue providing year? you like, the not expect of, gets to it sense I know give you

David Doft

for not morning. comment on we've for that. apologize the to going year. outlook the made. that the We're decision that's good I But David,

plan. release the I the our lot be we'll think focus in in on report And to continuing of have about That's both execute on on cost. against drive quote against read that strategic revenue. progress my And and order end able what hopefully, Brian's comments, focused my if been we're ends comments to continue plan here. to the is you earnings to a that

David Chu

and events just off like base provide a Can then other -- don't other like, are Okay. segment a like, have, XQ we trade revenue, presenting new given that show, a looks of? recast provide like, you so of to marketing you for, you work And fashion. historic in guys it

David Doft

by is we're that segment report going new company report a structure we by being reporting The managed there, Brian in was to segments place in so and forward. segments that dictated put the change how now the the going the that are was and

unable really to past. ways may other been have that done we're the revenue out that in Given in break

David Chu

we events, I the that trade think about mean, to think trying get business is I like do into I how your services, the a two sense of know -- segments. three just about to majority Is how other marketing the show, other of those fall should buckets? mean, just but they it?

David Doft

Sure.

is segments are. are help in company. the who streams because on can the primary trade of other a the split I the essentially the way. That's think the services I this segments you perfect dictated of portfolios marketing two all are that and Ultimately, are other of and portfolio It's by other not up individual those that. revenue of bucket portfolio. And managed is leaders show the how -- parts

And a the to going of little business. rule work But how at thumb as bit crossover. so in a look you it's that's of generally,

I will So show named trade segments, generally you if two aggregated think the you have a bucket.

will If you you have other, generally looked everything at all else.

David Chu

guys to main about detailed can is to lastly. just shows going similar going we've of more a kind to in Or past? And provide, kind what information look of X by we segments? so Are the had think high-level be it just like, the you

David Doft

that's Sure. not show and level to and by going out with going our products you Brian our and those financial shows think Ultimately, services. attendees at customer Sally. go extending It's We're the information put forward. base shows really exhibitors about and if been more forth leveraging about strategy into

at financials we see show limiting it about actually is type that opportunity thinking level those in so And properties. trade the

be will going of clarity may see a growth and growth is, that the that you'll to performance, choose work show working is numbers. the because another benefit the more future one for how part segment over because management the portfolio show in is as the And extension. give to is and the through actually And -- that's better we be there hopefully, color numbers so in total able to, why that time, us. change lot And optimizing I strategy of the kind is to reality think,

also that's the level forward. why so going metrics, not believe, are relevant And show as we

going from shift we're at level. to away so that And commenting

David Chu

Okay.

historical like, XXXX a time? so expect, sense we by should maybe what So over of and quarter a happened XXXX, have we

David Doft

think working some to the we'll that. Yes, believe of of aspect some it's I trending. historical we're provide that And finalizing on reasonable

Operator

next RBC Capital Markets. Our is question Seth from Weber,

Seth Weber

or you picture, forward? changed a just, do feel have and talk about mean, industry outpacing kind guys still like X% this of really you of big talked the single-digit feel of type is can going Brian, growth growth picture X% couple ultimately here -- I dynamics to a industry you the what target the softened you I all? in mean, do times. of like that, big the like do about industry industry you you kind you at could be back Or think used grower number. I to a is low think

industry think you guess? do where I is, but growth question, long So

Brian Field

Yes. those the industry to I continuing at same mean, to overall, pace seems levels. be

committed impacts growth contained, ideally through. we those international -- a Ours we that some of will heavily be versus growth specifically stays or and example, are overall you've on that the is international that of -- -- a is areas Certainly, to bit coronavirus a to Asian little and some to weighted lines the be highly footprint, focused Informa because other are that of a have those areas players, of for those big States continue able the The But is to believe different United kinds to The international Reed, our aspiration heavy we're return global those an we'll won't mentioned. industry Asian this we're of likes the seeing some particularly impact have. markets. likely than players companies with hopefully, to globally distributed. along will

Okay.

Seth Weber

M&A? at want you're bit question little that on be guess, And like sheet? maybe X turns for focused about you're thinking that Does mean, the feel you about over here. Are lower? you're I How leverage? four you do can just just it leverage then turns balance Do needs I you at David. your impact business pretty and the get comfortable sounds control. appetite -- It a you operating for you level? to need But to that feel like Or do you cost lower? like talk a

David Doft

the the Ultimately, the company for Sure. X.X course the by Thank over of year increased you. turn leverage EBITDA. of

think pursue right be better a we're combination right I growth organically increased to I there we're There opportunities make ultimately, but bit if we an of investment business investments of nimble this much mindset whether a right have to is is time lower, acquisition think more that making the sit is risk no to have the factors. we -- returning more or little We're lower sure here. investment than the at that's increased where off flexibility. we now, from but standpoint. -- don't that and to it's Part the wherewithal the able of

growth investment do. that I actually of an the can go taking those is so cutting need we really about can not of balance what the hand-in-hand. they And believe cost. really redeploy of them of level to sheet, it's absolute cost costs cutting a in sort here been structure. is One hasn't that I of place other see is way we I view And think that to about that at my really It's from a unproductive

Seth Weber

Right.

should an expect that, on shows adequate adequate adding up -- are more a aggressive some like you're that the some not new expect shows, of return? sounds providing exiting pruning just more tact returning on but we following So an should aggressive It portfolio? we not

Brian Field

sentiment. So and been we have with customer we've example, that knowledge, unprofitable public media is properties, and have been for have -- some off this closed that misaligned

year. this our those So redeploy so misaligned to that charge of are can unprofitable, to that taken very those we've that we early assets into sentiment of customers' point, and David's areas And are things are on things growth.

Operator

Patnaik, from is Manav question next Our Barclays.

Ryan Leonard

Manav. for you I I'm moving that, and pieces and Yes, QX. just there's obviously, on some Leonard Ryan appreciate curious, is can on provide This guidance

last the in March, at sales of visibility business the changed are years? benefit that been here XX% of by think of couple in has the part all I completed booth is historically, the there's

David Doft

trying In the Under of stream, consistent. revenue to and really looking fairly eyes things. some I'm here, been core data fresh bring has at to these visibility the the some I think

For example, versus stable, have rates the retention been XXXX. XXXX

less I an there off point are there on wake is underlying and some predictable, company other data more what hoping the was been little last for other of little couple and they an important we greatest streams around the that the services At I versus a think the of when stability of what build booked of. the of same around marketing to going a publications. can was that's time, And revenue year the near-term the get not there's the that variance a in reported company over lot think that's though, the that's years for. the where

going than some going to to visibility forward. processes already us to been centralizing us of even of around the have we're hopefully, our So that are is in in nature some enhance consistent past. Part try of and at allow of functions going put have forecasting will to initiatives allow That that pipelines that place things that. that be, forward, views we better to around underway the certain

Brian Field

And chime One I overall mean, well, X.XX% that of our our year. last inside of at It top if our XX thing customer only historically you represents customers of top represented X.XX% this look topic our in I'd revenue the company. on -- is as revenue. like to

of them ties multi-brand element of sales. business cross-platform customers and parts Taking the overall expanding only maybe out sales. Now individual that's cross-platform of to back piece multiple to as and business. we're who one focusing our our opportunity a And huge the us that revenue expanding diversifying have on on sponsorships, for

one upside -- there is there amount us. is of for tremendous that's where So example

Ryan Leonard

Got it.

David Doft

that add with -- those you initiatives When could ahead right? to multiple have would up plan sign I around visibility, that. shows of to just services clients that's it, for you marketing add And sort broader

You're of will over the visibility things looking those things add the of course year, business to our forward. at going sort

Ryan Leonard

just bit it. And if coronavirus. Got on a I clarify the could little

be XXXX, year. some tensions impact your I the some ending risk, been insurance clarify some just I want risk? as want either of on because And up had applies To your incremental to there trade said Chinese insured at comment there's that. that just you thought of I this? exhibitors, confirm against. this of then that could to of not is So the revenue to that So showing from meaning

David Doft

course. Of

full I right? as real in metric and total company there the the our revenue. from was lot, the of exhibitors And Chinese X% that for between gave year, So about exhibitors Not was X% of not from the China money. pressure revenue XXXX, That's our throughout but tariffs. inconsequential, and the the war talked year, their trade was last calls, earnings because on on year a

And down that of XXXX issue. because from so XXXX was

People XXXX at not at it a in XXXX of in year-over-year what have because right risk little X% that was already China So there's sit opposed can't And total. shows at say now, said. traded, revenue XXX% here. risk, would but the there looking we're but I as was we're a is we modestly from I terms a ban. come that metric. of some higher It travel X% north number in -- looking of as than And to between and X%.

come play over that. to from would shows and through so never up of will would coming And We control they can't is has that guarantee ban as in And travel that come I expect. is going our not the travel an There's which because to the And ban, not who When control. believe what to to that person we out insurance the there working be exhibitor they're that. somebody signs long show. and it of to theoretical the weeks, place. no contracted We're as has insurance. insurance, our to our already cancel comes is recoverability cover and if can't

of likely because X%. dynamic, so exhibitors year quantify. last And But be our X% I Chinese from the with full during as impact totality, year was insurance to some the year the hard really course there's between of said, or that the without and over to all of that's revenue

Ryan Leonard

a kind little of or just in a plans do where will in now you the a to to you've gap in people said it. period could track base don't your think on, metrics on do broader in We're business investors guidance grow kind expectations. of Got underperformed the sneak XXXX a put what that -- And of you've laid out anything business XXXX a the has see really are have what the are bit if you -- question. Obviously, see what I XXXX? we that to tell

Brian Field

really is we'll this on since now earlier an be are I how talk very about year. call. and we're plans, today's focused principal the So we're continuing executional right things outlined that progressing to in things the The

how advancing across how value-based of data the progressing deploying customer. so against have Explori we research a all in the tools, view we're So against How XXX-degree our we're full portfolio. that joining we're tracking studies our our tools, of pricing

All of the these drive XXXX, which focused things growth elements that be is inherently in what on. will we're

Operator

from Our Deutsche Ashish next Sabadra, Bank. is question

Ashish Sabadra

just So a question on quick on follow-up earlier industry the question trend.

do secular NOW being is York turning the like been consumer some with report, you it the single-digit, on the And if given despite services, trend this the initiative including of your shows, focused top think have around consumer seems industry industry exhibition goods and even the and goods declining. in industry and how growing and New -- about strategic on ASD business? low discretionary So based headwinds services your discretionary

Brian Field

Yes.

types offerings, To around portfolio being the this portfolio value-based of the The we inside pivot and So opposed X industries to particular to do closer, around and define ongoing how understanding define will of and are to refine evolve overall, focusing who company. -- overall around types on sectors all them. these the allow pricing, customers around the begin and a to needs. of and new change and point is evolve us just of service and the we the all tracking and to continue grow part our our of new David's as elements our as their of needs things -- of couple customers show management, research,

focused trends. we're And But customer are will to we're going shift. things needs will the we evolving, The very based do upon revenue. continue of will we that believe the makeup on dynamics pushing, bolt-on So and continue products our those we'll to individual intelligence depending portfolio -- drive of the we're markets on as we're shows organic tuck-in as overall our acquisitions, be secular overall shift the as of to gathering.

Ashish Sabadra

I coming That's are And to just winter quick question. York preliminary colors NOW maybe March. on which those helpful, is expectations? on compared New any provide a shows? Any could up the ASD, in those you Brian. How your show color if was or the wondering trending just

Brian Field

the for overall we already, very now It's shows that been portfolio is of occurred speaking, of understanding and, across have deeper So now shows reflective of sentiment strong. the very the need, our been that has kind David customer earlier, customers generally actually, has supportive going -- to been That individual shows. that around about to the alluded speak which research we have very what gratifying. now through specifically have we're Explori as said, not

Ashish Sabadra

leverage. leverage the on we about down? given question should as comes maybe think investment, particularly, think slightly leverage going And thoughts it higher was leverage, There about on as but wellbeing on a that, final a on question helpful. David? side, up earlier we that's before the Okay, Any

David Doft

generating free last free hiccup business. And cash still flow year, is EBITDA a This still with strong a in pretty Sure. even cash-generating the business. strong

go from can't -- or hope would year, think I'm look our down. And so to be up meaningfully here. after, we but our quarter quarter the the to not I leverage I going next I of as the is that leverage don't will speak believe end that, that

Operator

Our from Jeff next Baird. Mueler, is question

Jeffrey Meuler

Stephen. for on Jeff

As rebase year of then growth spending, part of of incremental of we and roll investments off going is getting back reach is in sort sort occur XXXX? normalized are a we in the the -- of half mostly to level about the and first to Or consistent of of or that at sort sort think more sort level the the a quarter-to-quarter?

David Doft

of and that the increase half are and some Brian year-over-year we the a to first the and that going year they've but -- surely changes going and in is of right? move post the Well, Sure. year. get investment as some place, came of annualize we're that through brunt really first the quarter, There think I through of the so the things of to last half that XXXX. in of So third lot through Sally the investment put -- incremental arrival flowed

can you the that think model So way. about

recasted seasonality. tweak that deck the quarters shows I the quarters point for entire of kind The moved our four in a make all want other just between thing supplemental to of around website for -- posted to to gave XXXX out We the did XXXX. that we color year where we

the model have EBITDA which XXXX. income, of base off revenue, of and adjusted quarters of the you to operating So

continue shows which to that's know So could in I ways business, tough often been our for look around. that move of aid helpful. we modeling hope how has given We'll I

Jeffrey Meuler

XXXX? understand in Or said, XXXX, of then I then of Great. the yield that referenced, just and it to be XXXX? benefit not to going be that so goes, until you XXXX is the low is come versus for value-based that is assume as there to XXXX. to taking of going pricing just far pricing that that it comes retention? this most But want the place pretty I through some And lot in is I Or are flat? And And a all mid-single-digit revenue? benefits yes, as then, the will to from in value-based I benefit like clarify, that

Brian Field

the for That's yield.

the communication is. based the There's as pricing the customers. of almost As far process what will benefit, the entirely the the it mechanics to seasonality overall shows. XXXX then But understanding -- financial happen of upon benefit the there's in

And so the that's the part actually ramp-up. that is

David Doft

shows the actually in around keep And happens. show recognition when our are revenue -- the our mind,

revenue actually selling the show, until the for might on. we don't show months of we so XX the And put is but book ahead be

Brian Field

about because want the -- benefit And yield I just actually I being amend comment retention there to it made a is too. also, frankly,

quantify. what satisfaction, generally for about. a so based is is all value translate value-based ought and they've upon overall the customers' trend that's retention. and amount into There acknowledgment received, to the Now also the to it's paid of pricing they appreciation customer that slightly But harder of greater

Operator

closing the question-and-answer the have turn end remarks. will We Field back over And for session. now I Brian to call the reached of

Brian Field

to around in reiterate management that the to just David this I I we're entire and delivering that and and everyone dialing is senior So for the wanted really call. strategy today's thank extremely year confident want team, I, executional an attending are that that. and focused on

of you forward over course look all in you updating we very progress to much, everyone. Thank this year. So the

Operator

today's conference. concludes This

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

Emerald Holding (EEX) 14 Feb 202019 Q4 Earnings call transcript