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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Reportable Segment Revenues, Other Income and Adjusted EBITDA to Net Income (Loss) Before Income Taxes

The following table presents a reconciliation of reportable segment revenues, other income, and Adjusted EBITDA to net income (loss) before income taxes:

		Years Ended December 31,
(in millions)		2024				2023				2022
Revenues
Connections Segment		$	355.1			$	340.2			$	282.6
All Other Category			43.7				42.6				43.3
Total revenues		$	398.8			$	382.8			$	325.9
Other income, net
Connections Segment		$	1.5			$	2.8			$	34.2
Non-segment related(1)			—				—				148.6
Total other income, net		$	1.5			$	2.8			$	182.8
Connections Segment expenses
Cost of Revenues		$	136.0			$	127.4			$	106.9
Selling, general and administrative			78.3				78.8				76.9
Total expenses		$	214.3			$	206.2			$	183.8
Adjusted EBITDA
Connections Segment		$	142.3			$	136.8			$	133.0
Segment Adjusted EBITDA		$	142.3			$	136.8			$	133.0
All Other Category Adjusted EBITDA		$	6.2			$	3.6			$	0.2
Other Income, net(1)			—				—				148.6
General corporate and other expenses(2)			(46.8	)			(42.6	)			(42.2	)
Interest expense, net			(39.3	)			(35.1	)			(21.8	)
Loss on extinguishment of debt			—				(2.3	)			—
Goodwill impairment charge			—				—				(6.3	)
Intangible asset impairment charge			(7.3	)			—				(1.6	)
Depreciation and amortization expense			(28.3	)			(45.0	)			(59.5	)
Stock-based compensation expense			(5.8	)			(7.8	)			(5.8	)
Deferred revenue adjustment			—				—				(0.6	)
Other items(3)			(13.5	)			(10.5	)			14.0
Income (loss) before income taxes		$	7.5			$	(2.9	)		$	158.0

(1)On August 3, 2022, the Company reached an agreement for a one-time settlement of outstanding insurance litigation relating to event cancellation insurance for proceeds of $148.6 million. The one-time settlement payment was not specifically attributable to any of the Company’s outstanding event cancellation insurance claims and therefore was not recorded at the segment level. The other income, net related to this one-time settlement is not indicative of any one segment’s performance and is not included in the measure of segment profit and loss analyzed by the CODM on a regular basis.

(2)General corporate and other expenses are primarily related to corporate level expenditures.

(3)Other items for the year ended December 31, 2024 included: (i) $1.2 million in gains related to the remeasurement of contingent consideration; (ii) $8.3 million in acquisition-related integration and restructuring-related transition costs, including a one-time severance expense of $3.7 million; (iii) $3.4 million in acquisition-related transaction costs and (iv) $3.0 million in non-recurring legal, audit and consulting fees. Other items for the year ended December 31, 2023 included: (i) $2.3 million in gains related to the remeasurement of contingent consideration; (ii) $6.1 million in acquisition-related integration and restructuring-related transition costs, including a one-time severance expense of $1.5 million; (iii) $2.6 million in acquisition-related transaction costs and (iv) $4.1 million in non-recurring legal, audit and consulting fees. Other items for the year ended December 31, 2022 included: (i) $33.3 million in gains related to the remeasurement of contingent consideration; (ii) $6.1 million in restructuring-related transition costs, including $3.0 million in non-cash lease abandonment charges; (iii) $3.6 million in transaction costs in connection with certain acquisition transactions; (iv) $1.7 million in non-recurring legal, audit and consulting fees and (v) $7.9 million in insurance settlement related expenses.

The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:

		Years Ended December 31,
		2024				2023				2022
		(dollars in millions)
Cost of revenues
Connections Segment		$	136.0			$	127.4			$	106.9
All Other Category			10.8				9.6				9.5
Other items(1)			0.7				0.6				0.1
Total cost of revenues		$	147.5			$	137.6			$	116.5
Selling, general and administrative expenses
Connections Segment		$	78.3			$	78.8			$	76.9
All Other Category			26.7				29.4				33.6
Corporate			46.8				42.6				42.2
Other items(1)			18.6				17.5				(7.7	)
Total selling, general and administrative expenses		$	170.4			$	168.3			$	145.0

(1)Other items included in cost of revenues and selling, general and administrative expenses relate to one-time adjustments that are considered to not be indicative of ongoing segment operative performance.

Schedule of Reportable Segment Revenues Cost of Revenues and Selling General and Administrative Expenses

The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:

		Years Ended December 31,
		2024				2023				2022
		(dollars in millions)
Cost of revenues
Connections Segment		$	136.0			$	127.4			$	106.9
All Other Category			10.8				9.6				9.5
Other items(1)			0.7				0.6				0.1
Total cost of revenues		$	147.5			$	137.6			$	116.5
Selling, general and administrative expenses
Connections Segment		$	78.3			$	78.8			$	76.9
All Other Category			26.7				29.4				33.6
Corporate			46.8				42.6				42.2
Other items(1)			18.6				17.5				(7.7	)
Total selling, general and administrative expenses		$	170.4			$	168.3			$	145.0

(1)Other items included in cost of revenues and selling, general and administrative expenses relate to one-time adjustments that are considered to not be indicative of ongoing segment operative performance.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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