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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | 15. Segment Information The Company routinely evaluates whether its operating and reportable segments continue to reflect the way the CODM evaluates the business. The determination is based on: (1) how the Company’s CODM evaluates the performance of the business, including resource allocation decisions, and (2) whether discrete financial information for each operating segment is available. The Company considers its Chief Executive Officer to be its CODM. The CODM evaluates performance based on the results of three business lines, which represent the Company’s three operating segments. The Connections segment is the only operating segment which meets the criteria to be classified as a reportable segment. The Connections reportable segment includes all of Emerald’s trade shows and other live events. The other two operating segments, which provide diverse media services and e-commerce software solutions, did not meet the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification 280 (“ASC 280”), Segment Reporting and as such are referred to as “All Other.” Operating segment performance is evaluated by the Company’s CODM based on Adjusted EBITDA, defined as EBITDA exclusive of general corporate expenses, stock-based compensation expense, impairments and other items. These adjustments are primarily related to items that are managed on a consolidated basis at the corporate level. The exclusion of such charges from each segment is consistent with how the CODM evaluates segment performance. The following table presents a reconciliation of reportable segment revenues, other income, net, and Adjusted EBITDA to net income before income taxes:
|  | Three Months Ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |
Connections Segment |  | $ | 138.3 |  |  | $ | 123.4 |
All Other Category |  |  | 9.4 |  |  |  | 10.0 |
Total revenues |  | $ | 147.7 |  |  | $ | 133.4 |
Other income, net |  |  |  |  |  |
Connections Segment |  | $ | — |  |  | $ | 1.0 |
Total other income, net |  | $ | — |  |  | $ | 1.0 |
Connections Segment expenses |  |  |  |  |  |
Cost of Revenues |  | $ | 48.8 |  |  | $ | 45.3 |
Selling, general and administrative |  |  | 23.4 |  |  |  | 23.0 |
Total expenses |  | $ | 72.2 |  |  | $ | 68.3 |
Adjusted EBITDA |  |  |  |  |  |
Connections Segment |  | $ | 66.2 |  |  | $ | 56.1 |
Segment Adjusted EBITDA |  | $ | 66.2 |  |  | $ | 56.1 |
All Other Category Adjusted EBITDA |  | $ | 0.7 |  |  | $ | 0.2 |
General corporate and other expenses(1) |  |  | (13.3 | ) |  |  | (15.5 | )
Interest expense, net |  |  | (15.1 | ) |  |  | (9.8 | )
Depreciation and amortization expense |  |  | (6.4 | ) |  |  | (7.1 | )
Stock-based compensation expense |  |  | (2.6 | ) |  |  | (2.5 | )
Other items(2) |  |  | (8.8 | ) |  |  | (6.9 | )
Income before income taxes |  | $ | 20.7 |  |  | $ | 14.5 |
(1) General corporate and other expenses are primarily related to corporate level expenditures. (2) Other items for the three months ended March 31, 2025 included: (i) $3.7 million in acquisition-related transaction costs; (ii) $0.6 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.4 million in non-recurring legal, audit and consulting fees; and (iv) $3.1 million in expense related to the remeasurement of contingent consideration. Other items for the three months ended March 31, 2024 included: (i) $0.3 million in acquisition-related transaction costs; (ii) $4.8 million in transition expenses; (iii) $0.3 million in non-recurring legal, audit and consulting fees; and (iv) $1.5 million in expense related to the remeasurement of contingent consideration. The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
(in millions) |  |  |  |  |  |
Cost of revenues |  |  |  |  |  |
Connections Segment |  | $ | 48.8 |  |  | $ | 45.3 |
All Other Category |  |  | 2.6 |  |  |  | 2.2 |
Total cost of revenues |  | $ | 51.4 |  |  | $ | 47.5 |
Selling, general and administrative expenses |  |  |  |  |  |
Connections Segment |  | $ | 23.4 |  |  | $ | 23.0 |
All Other Category |  |  | 6.1 |  |  |  | 7.6 |
Corporate |  |  | 13.3 |  |  |  | 15.5 |
Other items(1) |  |  | 11.3 |  |  |  | 9.4 |
Total selling, general and administrative expenses |  | $ | 54.1 |  |  | $ | 55.5 |
(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. The Company’s CODM does not receive information with a measure of total assets or capital expenditures for each operating segment as this information is not used for the evaluation of operating segment performance as the Company’s operations are not capital intensive. Capital expenditure information is provided to the CODM on a consolidated basis. Therefore, the Company has not provided asset and capital expenditure information by reportable segment. Intersegment revenues were immaterial for the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025 and 2024, substantially all revenues were derived from transactions in the United States.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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