EEX - Earnings call transcript Q2 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Emerald Holding Second Quarter 2020 Earnings Conference Call.

During today's call, all parties will be in a listen-only mode.

Following the prepared remarks, the conference will be opened for questions and instructions to follow at that time.

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

David Doft

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

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

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

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

the call over turn Now, to Brian. I'll

Brian Field

challenges there that on are to questions. significant we I our state continue points, will Thank as open six then quarter call, due our have strategic to the On implementing away. current you and to you, the take the your call our progress achieved well of review significant despite COVID-XX. will of as initiatives, David. provide an that I business, second hope afternoon, ongoing David update we today's the impact face, results, will the we This main

quality First, businesses. have we our of industry received to are as importance the return soon in through pandemic, of their remain our our to they confident as leading able, and as live given from events, to importance consistent the wish our customers feedback events and marketplaces they the

we our implementing across significant strategic accountability which Second, drive have progress believe improved execution company. we initiatives, will and made the

deeper by allow underway to are both selling, month. the current raised with a to million liquidity to structure have is by of open the us and scheduled our We Emerald well will is stock, as expected ability which second to the decisions trade flexibility the provides to during our products led door in a well business our the close the right virtual with this environment of preferred And to through improve for time. services. Third, the as This as of landscape which shows, customers' as engage raise our issuance for lastly, insights portion streams interests adapted customers uncertain behaviors final and to and Fifth, of capital the revenue cross we successful customer normalize. environment and year-round. convertible over new make near-term, through delivering to as believe Emerald, have we to begins webinars new $XXX us process we customer continue this understanding building and which expense later our we over capital conserve to reduce open development the Fourth, longer-term centralized the hub, positions which the the quarter, of the data. product profitability will well data across and

industry the exhibition long return bridge raise the time, provides While health will state. will equity to to know we that not its remain how This vitality confident former capital industry simply take. to more normal that over when do and we events a returns the

trade the that to rescheduled COVID-XX nearly that beyond revenues. were our or rapid our shows, spread given of and approximately have have of we quarter to for $XXX stage cancelled we third all In XXXX country. shows the that, XX cancelled Turning the across million several of through events total, accounted

approximately for XXXX postponed of also have revenues. second-half year, of which events XX to this We $X the accounted million

that us. best employees, country. as continue decisions a paramount surge the to the our to COVID-XX and their very environment we'll importance in much especially watch will recent And of the the health safety interest closely, given We across of are make of and cases customers are

about think you Orlando, New to Las York are our most which and Denver, our cities the City Vegas, schedule. shows, As are relevant Atlanta, event

claims David make to on communicable As touch more insurance will our we policy, in for against continue diseases. which cancellation includes coverage detail, event

claims in in million $XX.X previously place through July. that year, in received scheduled report pre-payments million first-half the interim submitted to take to the pleased of are have already very $XX.X and canceled events, have for we We

While we the also the insurance finalize over processing coming weeks. to wave work of submissions are those next claims, we

team we're more While we of that our I first the not me little lack siloed And I encouraged allowed structure, When of all a a addressed. over a initiatives. able through result achieving. the be the were and which Emerald, been with year to couldn't success challenges shows second ago, accelerate of of the the it execution, poor quarter, we aggressively largely organizational stage was this strategic have to our has implementation joined that company's accountability a have clear to

improved company like previously seen the can One foundation how marketing upon strategic the future functions our the profitability. for growth are of trying initiatives, we brand Emerald, we transforming As our handled and and operate, individually in we level. to progress function, example approach many our building which was our at execute be

practices common and and across customer more marketing and deliver shows allowing best the or our solve marketing that To result, brand technology have products. functions plans, a out reorganized our staff. less quantifiable clearly across data, could XX% teams spend this, value leverage marketing deliver processes, we utilizing it As nor and impactful central to benefits while exists data insights operations scale marketing we of portfolios, could into we to us with more not

provide Tech, in to understanding Smart hub, events us allowing allow have sales the account and We online, their ways of being the our up-selling, we're year. back initiatives data generalist success they engage goal satisfaction, development, they also teams end to do on of a from in read our away who and first our us content points. calling higher and is front with, our the year-round. with us the our functional to utilization, deeper footprint improve this commenced velocity This intent, and our moves to touch of that them, them cohesive value insight them and market quarter other of improved the customers many to greater phase This structure reorganization of These webinars on how in delivered to end this to of the structure us year-round. technology customers greater and us a to allow provide the specific sell be will designing designed next on August, interact view solutions stack. with to will about, more customer deeper so sales and deep customers excited events, Central data with into focused believe, fully centralized selling the roles. marketing markets. behaviors, a product them is initiative, customer both will our customer for I'm customer process, through targeted more attend, specific retention unified completed what an a across with which with those one their effectively customer our products, the This care among structures of behaviors, view, in roles these all they with and structures pod understanding end to of speak, a include customers' sales they first information they have that have very interests our tying lead what we technology holistic their data be success. We engage and what management of will the new

drive to As data, and this continue augment deep customer should product service continued innovation it we insight. informed customer by

have excited one has customers. digital hosted over solutions, the quarter, are XXX by, Through out for internal pandemic also is webinars that offer second content valuable of very events. area the XXX of we we library acceleration than webinars built an more grown and rich virtual our of including which podcasts, Another our the and content

many have their in our products host including load scheduled trade We with of with of found a awards the booths, features year. number successful same our speakers, more also allowing virtual hosted live meetings virtual and These to shows virtual buyers. exhibitors shows, small the second-half virtual the events, keynote and at of several

feedback over shows in-person outspoken do the the events they and will from their whereby our live desire an virtual are emergent the model, value believe in to that said, once traditional, replace customers received While medium they shows hybrid also is events return to not enthusiastic, note in That we is that found we've complement live is face-to-face in safe. year. the there

is In and over serve the revenue strong we opportunity platforms virtual past value meaningful more to to as near-term, $X a new $XX new in generated these provide million customer events engage webinar range Over XX,XXX important quarter, today's a as customer also this exhibitors our our ability acquisition in our with them products environment. prospects. to have year-round, at and modest commercial of While solutions, These event the project well. margin. particularly million contribution the vehicles

as we digital to and Our value expand to products in the we innovate provide continue continue explore team to as space that well the new services, our as will customers.

which the and our can prolonged with downturn to events the we raise, weather industry. provides recent was capital key that management in confidence a success Another our flexibility

U.S. to this safety value we are large time. it of our normalized customers, during unclear level shows when a the continue ensuring considerations and top health While our more challenging that business, might return trade of and is provide to

may with raise caused result continuing customers, make and of invest liquidity opportunities the a pandemic. to to as company dislocation that right our capital decisions advantage provides themselves present the in take while the Our by us of for the

additions vast Media media the to deep Linda Both Levin in Linda of and the highlight and potential to knowledge going Emerald is like expertise the continue digital at working looking as with are to had for the be of over years. several event I our also of am formerly and and David them. executives great Linda where I previously industry experience call we forward Nielsen, as that each sector U.S. the turning UBM, to the Directors. him CEO strive to accomplished served Notably, President Board David of Before with pleasure value, David the within ecosystem. of as I exists working and to Clarizio of to would with today. Their David, served unleash of

Now, let to turn call over me the David.

David Doft

Thank you, good Brian, and afternoon.

million of year. events HD $XXX second The ago quarter, Show, the $X the Collection which due in we postponement most of For was all to and the to due the market, and compares primarily COVID-XX, second-half to year of million, the to cancellation summer XX Expo, of reported RetailX the revenues eight Couture decrease notably the events our quarter.

decrease prior due adjusted EBITDA compared adjusted $XX.X adjusted postponements quarter by million million differences, scheduling claim in same million to million. for adjusted million, EBITDA insurance second This shows COVID-XX. in second $XX.X was the cancellation $X.X to the the the year, of period as was was other proceeds. including event last The $XX.X EBITDA representing event year event of Our mainly income the in $XX.X offset recognition for cancellations, COVID-XX-related partially due to of related quarter to

note is quarterly net income. X% to will and offset reflected One convertible cost appropriated adjusted accrete lower The I implementing, combined accounting be treatment on offering continued moment. there savings are preferred we further a in item the measures revenues, will will preferred Second quarter income net of coupon that to holders. of our XXXX the effect discuss EBITDA and the which organic also by

paid of minor a results that financial tranche You become This in first very amount offering more as of collected in. offset the trends can and from for $XX future there were of million will as the participated severance, expect refunds refund two million proceeds. the see outflows for second our a of converted Onex’s canceled Onex events. customer by canceled XX.X% will well insurance $XX shows, days $XX we quarter, million was accretion as underlying quarter. flow for ownership including the of which payroll the pronounced of use for in includes of media, liability $XX XX, largely on for for The the expenses, $XX for reflected of of million offering be Pro cash second as business which June have an million events third in quarter. the company is $XX At we basis. million, third Free quarter cash the cash a approximately out in forma

for on that scheduled Additionally, in we have million many are $XX of all an hand including events, to customer incremental XXXX. pre-payment future stage

touched As prepayment events. we canceled for our have against full of on, claim event by of Brian had insurance received for expected those carrier, events the reimbursement $XX have cancellation value seven approved million $XX and million

quarter. third through incremental XX, $XX claims and have June million another an We submitted of events for pending are the events $X for million in that

shows, million in expect to those million pending. expect of another We have $XX value approximately claim Upon which canceled approximately coming are we further the we submission weeks. for of of insurance submit claims to claims, preparing $XX

Given XXXX well preferred that policy, of of will of event our have cash fall cancel avoidance we if specific our limit event all from Onex's for had the cancellation hand, the event. Summer the success to limit claims our as for million $X purchase convertible XXXX, canceled million insurance within quarter on insurance as at of initial remainder even proceeds we events, separate million primary of amount our $XXX.X cost $XXX Surf for At cancellation reflects anticipate stock. XXXX the which we events end, Expo to

access full rights and revolver, million our to from at we million Post million on quarter. claims. have the a proceeds our $XXX was $XX in peak further of quarter pre-payments we $XXX have form in We as against drawn our down to insurance paid the offering, $X.X in received also million the that end,

$XXX offering, weeks, will leave financing. convertible would approximately of the in couple on $XXX balance to bring with us cash backstop which incremental sheet. which the on million next Onex rights $XXX preferred the million, stock expect an Over close we our completes of million That our

would million, ratio second $XXX.X our than terms We credit net exhibitor representing our proxy of refunds X.X for consolidated As through finished EBITDA of for per times, more a expect quarter cash, $XXX.X we leverage a remaining TTM deposits. agreement. with of proceeds insurance debt cash of offset to million the the net

times, our of XX, if net facility our more had kicks-in, credit credit borrowings capital borrowings XX% in no our a under reminder, given million. our and to As draw springing of do has a the revolver near-term, agreement our revolver raise. of we exceed our total leverage covenant not under X.X $XXX than recent expect revolver, which on capacity June At no

reviewing line overhead costs, current results made notice, expense cost you process structure, quarter. the can direct circumstances. needed have avoided in had stage, structure the Direct our to of costs order direct assets. this managing about of business which enough costs to we the to which avoid costs every see the over think for to our And advance to however, million costs avoided, Turning almost we yet in is carefully be item. commitments model, that for are can maximize typically all expenses, are given ground-up we're understand a the have portfolio largely flexible with to events, you variable, very from or our $XX cancel. to fully in XX%, ability run our manage When those SG&A we've direct with To-date, further we company events up and execute to our and needed the

as continue our appropriate. and we will our we this, evaluate estate closed three of real offices part to of XX have footprint As

is expense less million Our than rent $X annually. now

operating reducing outlined. furloughed million the cultivating initiative spending touched also to to has said, ensure staff, and expense at we on the consolidated been our Brian run as decline aggressively year reduced have initiatives sales rate permanently significant marketing beginning XX% of approximately the our expenses, million like of Brian important from We our having technology approximately or $X on. our XX. earlier That such and business, to monthly June at a contributed that money the functions This in $XX are which we're groups,

beginning come also relates of proceeds and as as bonuses to insurance expensive accountability driving are in. We spending. and a Overall, commissions culture it accrue to we're sales

this established we the for whose maximize As procurement part spent. of from this, mandate terms department we've ensure efficiencies, quarter, we a scale dollars to further and to drive our is better the vendors, pricing company drive value use and

remain streamline will focused very as We our we operations.

environment and the Given long the execute and we to our a that, feel as good the shows. begin We when turn is position in continue initiatives exited business, to our we I'll that staging we success a determine capital, to the sufficiently his achieved reducing the now strategic invest Brian we have base remarks. believe expense runway normalized, back have further With call for to we're quarter. second in concluding raising

Brian Field

you, Thank David.

the to strategic high for events, be with engage existed globally our to I'm allow business that by new These aspects capital have highlighted all return exhibition positioning initiatives, which digital our the digital our will while streams improve decisions revenue pleased to future, in that to of our before. the new implement important our leading continue second designed flexibility our us industry the through industry achieved to for not will customer quarter, to right round, of allow also and the This will the remained experience with offerings team offerings. investing opening customers at have flexibility shows. progress make the raise for extremely provide While environment challenging we our portfolio by financial Emerald

we of $XX and events foundation opportunities profitable more further. organic company conclude, to to reduced a to the costs When begin We again, a time. employees growth. more cost safety a you have Emerald of dedication like year-to-date, will to committed would drive time with million such we than today. for see stage for your all structure be once please Operator, reduce I for call To remain expect our we to and Lastly, challenging thank our work tireless open by Thank and during customers. health again and staff our their questions. the

Operator

Thank you.

a proceed conducting of the Please Baird. be Instructions] Our questions. [Operator now come first will line We from session. Jeff of Meuler your questions with question-and-answer

Jeff Meuler

you just the direct net the to in you me that? a understand help or understand Good just run Thanks afternoon, expect quarter? was quarters for me were it just So, the not and over a refund. benefit Can drove kind would they looks know And David. you in of any scenario negative Or I help may few Brian question. not continue there taking the if if like what costs to can next that you looking don't cost, zero? around shows, staging then direct be out you're some

David Doft

Good afternoon. Jeff. Thanks,

right. had So, direct we in the tied in the quarter. success small of that to were a costs aggressively, It's events quarter, the And lot costs you're credit. a avoiding

were might successful local we cancellation or and COVID to were the around be otherwise of situation, fees be We forced say that venues conditions get of where the if contracts majeure very force because out to governments. the not it by were COVID, also shut subject to, for, of

are can. direct about or we're the other harder a us with the that talk as negotiation, of entirely from The able great of but looking we we circumstances contracts out we're credit little benefit some cost credit of, we contracts certain XX% line almost a reversed around be When generally so of XQ. where variable versus get some ultimately, comes XX% having variable, were to those is the the for to time that. under XQ things through have down of negotiations fixed. in that a out expenses we contracts example the and And some that around of get in at XQ, expenses booked certain little enough we but so, And bit to able helped to

Jeff Meuler

if all loan the And between expense hate pro you go the prepared through a closes? preferred, the little to convertible and remarks will the P&L? how that on you us bit once term quarterly? maybe give is But what And guess, Okay. And accounting. forma through could detail I just that accreting you coupon then on in now flow the what X% hit make interest about more the the

David Doft

Of course.

a So, to debt. the be is of piece equity, not clear, convertible preferred

interest So, that through security flows nothing from expense.

prepared expense So I or remarks, potential soon. to loan expect don't entirely anytime any tied said as be will the borrowings term the But interest revolver. under our any we on

have that term rate plus loan on XXX. We is floating the LIBOR

rate an we're related X%, that would and take actually give before our gets additional is to is right below net net to So income The income, a after available it the essentially dividend borrowings. annual coupon an stock, on net to booked common shareholders. paying or now convertible preferred as income then about expense which down it, have so

do take for And quarterly so net accretion is the what below would be would income. you it the expense an and coupon,

of to You of net would the assumed also the shares, preferred shares, of income to preferred expense tied shares preferred of be common shares. shares issued take to income portion on common number and the net would to number net to shares percent would you also converted an tied allocate the as before allocated that income basis

Jeff Meuler

planning. on just one maybe And then kind of show like Okay.

kind guess restrictions, more there's in including geographies host more of some where Just I mentioned, spread you obviously you as and and COVID states shows. the typically travel there's

how planning So, actually the guess, advance in just of those shows you canceling, planning occurring what's you're calendar, I assessing where on probability guess calendar? the I or about the business around far thinking how how or that. out on the operations Thanks. you're you're update have Just,

Brian Field

thanks. Yes, Brian Jeff, here.

are approaching even is state, city basis. a states state as by out, way really, this city pointed sometimes it very the So by you on that

changes cases, day. day for example, of to example, available expectations cases, they around be in might for some so that stringent in from In And very very types some have it's business. and open there cases, when flexible and almost of are kind Chicago, for

trying as a while what and the reasoned our customers, might business doing this, to take and A, at looking because soon are possible. be hoping safety large bear customers, to kind on to and as show be able to as stage as into we're at balanced actually and approach urgently take to also so of schedule our by into And to do we have And well we the have of brought health the take shows. hand, account to that the that one account staff those is

to might and over preparedness, plan viable the to management how there's So, these we're local created see out design that. takes the a show we from months a given might necessary restrictions that place looking We really that venue few next many still communication can be the take actually prevention that to to show. where with safely. any to And local response account everything in able into working be things, as PPE of

point with conditions, kind And becomes that us we meaningfully a significant that whether to to And when from we see come thing that One are every is end we we base are beyond. as get have mentioned of levers And still cost there call show closer. single that so, we're a closer overlaying milestones. other year for in certain not upon accounted the those or real for. even and to that's cost here David due show being big that on that a make the as that the also and about schedule to of is there stage can focal

to too. can I'm trying balanced is appreciate, very you And So, holistic to sure and the approach as we're continuously this. a shifting take landscape

Jeff Meuler

Yes.

thank Okay, you.

Operator

Thank you.

your questions of of Leonard next question. the come with from Our Ryan proceed Barclays. Please line

Ryan Leonard

Yes. Hi, for Thanks guys. time. the

almost looking the guess canceled shows been if all So, XQ. your at have it I like calendar looks not website, on for most

that. if of and confirm maybe guess talking the is virtual is of number some everything to million the the want based that you kind I revenue an just number gets about $X publications on canceled? where events in are case, right event I So And the

David Doft

Sure.

of have had it's canceled end events understanding beyond we but related of So, The business in different is at the growth a that business on bit this our XX%. And of as organic in the of especially some little webinars. million the that revenue media been based not that surrounding media round surround is been even have is most to the their down event. event our different peak of business plus September, specifically hit tend correct issues in a September the point COVID all. about line, through quarter from availability the an you revenue $X canceled, the It municipalities. circumstances certainly have an publications The see that from environment, venues, taking

make look like. event We're that. an quarter guiding percent not a next look so sponsorship of dollars, So, of numbers quarter whether could at assumption happening, that's of tell that if the what aspect historical lot there. going is not off you not aren't next any given our will XXXX, and But I'm you year-over-year and the the change within that,

Ryan Leonard

modeling Got And nitpicky it. one then one.

till the sure to the I is come not through everything but I'm really count think take what I if around out guess to with flow million, think numbers? $XXX fourth quarter I share converted? about So, right fully it'll

David Doft

share million all if preferred [ph] the count, $XXX.X offering. the convert shares of on day the converted as one is of So,

outstanding converted right shares not weighted even weighted our if You're outstanding, the average will in in the average they're are the up shares mind, terms shares out. in show to not of the common there. common, share count don't fall preferred But only in shares keep the

I below is net you're income income impact accretion of in the to as shareholders. to So, and indicated much impact. line, common see the will an you going net see Where before not

amount stock right. The the amount by up of other thing shares to converts convertible keep of common in mind the is the that shares the into amount that does go the preferred accretion, of

point So, any changing around number coupon X% the nature see time. have model at of would the to shares interior be of you what in run as converted to an the

Ryan Leonard

picture a Okay, bigger got then I if one I it. And could. guess

if the As attendees that if this experience what that you data I go, potentially back? or events. talk if it, come two on assuming to they exhibitors into are track lasts events last, lot of consecutive based there's clients years? odds or -- haven't exhibitors your if attendees of or guess just how trying two you will versions this really think think XXXX, and coronavirus gone either or about two impact I'm and a they they skip to,

Brian Field

additions for is looking and good the reasons event question. be real are customers, or that. for to going a corporate get to gathering. at much there just the plane, whatever the why we're make shows, attendees, maybe be maybe restrictions, to a reasons, virtual one our that as right, exhibitors show, don't to that next offerings, example, very virtual large this addition And digital to those who, to and the they don't a and want the they both could companions of following they're That's the or on reason, go travel want because offerings even scared, Actually, the can't for

that to is And to our who things show. afraid, satisfy to so customers, the look elements but to those done companion we've those perhaps the are help wants one of offerings at as virtual

some still as the ability typical new serendipitous the be learning they'll full key live going not live browse live They're those might a isn't some event show that a have elements new interact, products show So, to colleagues find sort show of going itself. well, variety wide that see appointments, online, the discovery new on encountering schedule floor. necessarily and they're that of as have But products as of robust not a event. live to of certainly, they now to and

there's the much the no through plan before, continuity, knows never while ensure to certainly in to the that going third, as pieces this have but is having one gone that place they're this fourth, if through possible, one course, going time, of this customer fifth as continuity nth come we're time. we back of of So,

Ryan Leonard

you. Thank it. Got

Operator

next Our line questions Instructions] the [Operator Seth of your Please Markets. Weber come question. RBC from of Capital with proceed

Seth Weber

Hey, model guys, just hope second. I the good doing that, on well. emerging to stick afternoon. point I a you're for wanted hybrid

a it's your near-term. you So, you margin. I three million next idea could five think like said attractive something Do of an you revenue? what to pretty represent as to years the I have say $XX over, Thanks. $X a percentage bench, assume that revenue think of a

Brian Field

Sure. Thanks, Seth.

attractive kind do things So, even quite a frankly, our right, they're are take something actually meaningfully. execute get first they out them the shows, providers, And is innovation/experimentation of that or you're to customers. online. those wait out. chance see a how just is very and going lot when us other event for it And the try one could We've And good. out. We say Right at them sizes for some time, smaller better. and work now, I'd that had so the it's have margin successful before we them work scale pleased lot a people think far of some phase, on so to had willing much know it we for a it we to fairly same in and not try What with, events to reviews. goes strong we events the at make generally But forward. is to kinks others, and were want of can and

or be the million to And to move two we'll next this there's be double think model. years can over of is forward, I what our it triple we $XX of so, from hybrid a we no believe year part And as three while that. could $X reason could why revenue XX% million now, couple as we generate of years able be this to

Seth Weber

you bit quarter And hub off type like of just the this? of around And comments making to How you I you like Thanks. with the assume interested was pretty first how invest much you're that data kind in can it? What you you and benefits have interesting. in Thanks. are stages. get of that's just is feel talk about early first product? your think XXXX. customer it pretty more you I that's about of you talk you a But Can it, developing. like much that? Or kick expect just in investment out some Okay, runway the sounds little of that

Brian Field

Sure, absolutely.

And of what next And it's we suddenly of is because -- first little and a together, on on told at is of the Emerald. a consolidation things the by show dozens saw a certainly of the bring year different it, quarter year. us. end now, just version the pockets to these and switch there's all it'll individual first when first customers beginning we're of teams, over we We of isn't this month. when we're that ago saw dozens is kind around of way, will opportunity this this this had this So sets. that This flip fully actually data one came really I and least, of in looking at data to in a tremendous something of roll all be a the out that place be, of light

you're we're you. wedding your them. to photographer photographer, us photographer and or how exactly tell a just you whether You newsletters, We're send that's going wedding you, not to open wedding and going treat

well starting photographer increasing photographer is own drones doing up we signing used whitepapers when conference in that newsletter, through amounts about of actually information photographer is tracks customer, tracks CRM begin wedding her be example, what a not of anymore, to the conference up wedding about selling of she's information to so footprint been realized We’ve customers they're because for see wedding explicitly online, for might reading for is be primed bring going, to going but photographer a the from shows, just doing. a wedding a they're example, what our actually the what show, going. content we drone registration told the And downloads now for at what business as example. this just together particular that for what a or photography they're of very our behavioral a to not solutions. and just us doing some she's part of who customer bring someone, Suddenly, And bank tracks about suddenly, they're a

we if opportunities. a to kind set to our different whole allows of a of and of myopic And sell begin and so, more understand expansive, of very suddenly view historically much becomes market are us new those what customers types dynamics doing,

each exciting what they're gives our interactions things, basically, and opportunity, it very a are customers around having they because content doing, how and it's too. other So, products of with us and so with all our interact much our the more depth

Seth Weber

do then, interesting. the costs you permanent million shows back postponed? Okay, save assuming Clarification $XX those shows Is I Thanks. come that's or Or should on of come all year-to-date. number will think as pretty are if that back the And the could in be that the just. cost to of we think some that on? going And second-half, higher here -- cuts? canceled

David Doft

Sure.

the out. basis looks million on costs will depending that related rate There about flex on event to COVID. $XX ongoing is is out taken taken So, to some incremental how we've temporary an well, run as we've continue landscape the

the of play bunch a depending But levers cost, both around have we our we're and temporary things rate good what million run on pretty a is disposal, at out. permanent down. how So, proxy $XX of

structure significant part off the year. bit talk gave into say, to you're of, the I talk needless that cetera. had runway year. of makes guidance progress the very this an we've cost et If was, little to never really to But coming dynamic publicly because original about made we can't a what we budget

Seth Weber

but you're permanent Okay. those characterizing as kind of cuts. And just --

won't those So even back? come come costs back, if shows

David Doft

out not we a million hard on doing come look as $XX million basis. structure may there an What not will invest part as not our in of to that the we ongoing cost. things about because promising, of we're underlying back, year next we is $XX is some But There's cost other the expect that's planning.

Seth Weber

Thank I you guys. Okay. help appreciate very much. the

Operator

further questions the this closing back no over now are remarks. like to time. would any call at to I turn management There for

Brian Field

for you And forward like everyone. progress much, to we our continued joining next would I our you. Thank thank opportunity look you and very today. further growth Thank share us to all to with you.

Operator

conclude does conference. today's This

and Thank this your disconnect lines may for your great participation day. have time. You a you at

Emerald Holding (EEX) 3 Aug 202020 Q2 Earnings call transcript