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Emerald (EEX) Financials

$4.85 -0.12 (-2.37%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$4.84 -0.01 (-0.14%)

As of 08/1/2025 07:12 PM Eastern

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Annual Income Statements for Emerald

This table shows Emerald's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	20	22	82	-25	-50	-649	-115	92	-50	-11
Consolidated Net Income / (Loss)	20	22	82	-25	-50	-634	-80	131	-8.00	2.20
Net Income / (Loss) Continuing Operations	20	22	82	-25	-50	-634	-80	131	-8.00	2.20
Total Pre-Tax Income	30	36	47	-33	-55	-691	-81	158	-2.90	7.50
Total Operating Income	82	100	88	-4.30	-25	-671	-65	180	35	47
Total Gross Profit	223	239	247	269	241	70	88	209	245	399
Total Revenue	306	324	342	381	361	127	146	326	383	399
Operating Revenue	306	324	342	381	361	127	146	326	383	399
Total Cost of Revenue	83	84	95	112	120	58	57	117	138	0.00
Total Operating Expenses	141	139	159	273	265	740	154	30	211	352
Selling, General & Admin Expense	93	99	122	122	133	119	143	145	168	170
Depreciation Expense	39	40	43	47	52	49	48	60	45	28
Other Operating Expenses / (Income)	0.00	-	-6.50	0.00	-6.10	-107	-77	-183	-2.80	146
Impairment Charge	8.90	0.00	0.00	104	86	680	40	7.90	0.00	7.30
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	0.40	0.00	0.20	0.00
Total Other Income / (Expense), net	-52	-64	-41	-29	-30	-21	-16	-22	-37	-39
Interest Expense	52	64	41	29	30	21	16	25	46	48
Interest & Investment Income	-	-	-	-	-	0.10	0.10	2.70	8.20	8.50
Other Income / (Expense), net	-	-	-	-	-	-0.10	-0.10	0.00	0.00	0.00
Income Tax Expense	10	14	-35	-8.30	-5.00	-58	-1.30	27	5.30	5.30
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	16	36	39	42	13
Basic Earnings per Share	$0.32	$0.36	$1.19	($0.34)	($0.70)	($9.09)	($1.62)	$0.46	($0.78)	($0.07)
Weighted Average Basic Shares Outstanding	61.85M	61.86M	68.91M	72.89M	71.72M	71.43M	71.31M	69.00M	63.96M	156.59M
Diluted Earnings per Share	$0.31	$0.35	$1.13	($0.34)	($0.70)	($9.09)	($1.62)	$0.46	($0.78)	($0.07)
Weighted Average Diluted Shares Outstanding	62.52M	63.29M	72.12M	72.89M	71.72M	71.43M	71.31M	69.15M	63.96M	156.59M
Weighted Average Basic & Diluted Shares Outstanding	-	-	68.70M	73.80M	71.38M	72.37M	70.35M	67.88M	63.03M	200.05M

This table shows Emerald's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	83	12	-3.00	-19	0.00	-29	0.30	-4.80	-11	5.10	15
Consolidated Net Income / (Loss)	93	22	7.10	-8.10	11	-18	11	-2.80	-11	5.10	15
Net Income / (Loss) Continuing Operations	93	22	7.10	-8.10	11	-18	11	-2.80	-11	5.10	15
Total Pre-Tax Income	121	19	9.80	-13	-12	11	15	-3.50	-15	11	21
Total Operating Income	127	27	17	-1.00	-1.00	20	24	6.40	-4.70	21	36
Total Gross Profit	40	34	122	87	73	-36	86	86	73	154	148
Total Revenue	62	94	122	87	73	102	133	86	73	107	148
Operating Revenue	62	94	122	87	73	102	133	86	73	107	148
Total Cost of Revenue	23	60	0.00	0.00	0.00	138	48	0.00	0.00	-48	0.00
Total Operating Expenses	-88	7.50	106	88	74	-56	62	80	77	134	112
Selling, General & Admin Expense	49	17	49	42	42	36	56	40	41	35	54
Depreciation Expense	15	17	14	13	8.80	9.80	7.10	7.00	7.10	7.10	6.40
Other Operating Expenses / (Income)	-151	-26	43	33	23	-102	-1.00	33	23	91	51
Impairment Charge	0.00	-	-	-	0.00	-	0.00	-	6.30	-	0.00
Total Other Income / (Expense), net	-6.10	-7.20	-7.00	-12	-11	-8.30	-9.80	-9.90	-10	-9.50	-15
Interest Expense	6.80	9.00	8.00	14	12	12	12	12	12	11	17
Interest & Investment Income	0.80	1.70	1.10	2.30	1.60	3.20	2.30	2.10	2.20	1.90	2.30
Other Income / (Expense), net	-0.10	0.10	-0.10	-0.10	-0.10	0.30	0.00	0.00	0.00	-	0.00
Income Tax Expense	28	-3.10	2.70	-4.40	-22	29	3.50	-0.70	-3.70	6.20	5.40
Preferred Stock Dividends Declared	9.90	10	10	10	11	11	11	2.00	0.00	-	0.00
Basic Earnings per Share	$0.42	$0.15	($0.04)	($0.29)	$0.00	($0.45)	$0.00	($0.03)	($0.05)	$0.01	$0.08
Weighted Average Basic Shares Outstanding	68.43M	69.00M	67.28M	62.87M	63.59M	63.96M	63.04M	155.92M	203.89M	156.59M	200.60M
Diluted Earnings per Share	$0.41	$0.16	($0.04)	($0.29)	$0.00	($0.45)	$0.00	($0.03)	($0.05)	$0.01	$0.08
Weighted Average Diluted Shares Outstanding	68.64M	69.15M	67.28M	62.87M	63.59M	63.96M	65.21M	155.92M	203.89M	156.59M	200.84M
Weighted Average Basic & Diluted Shares Outstanding	67.61M	67.88M	62.87M	62.88M	62.89M	63.03M	203.84M	203.93M	202.98M	200.05M	198.86M

This table details how cash moves in and out of Emerald's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-26	-1.40	-4.00	9.60	-11	286	-64	7.90	-35	-9.40
Net Cash From Operating Activities	88	93	111	104	68	-37	90	175	40	47
Net Cash From Continuing Operating Activities	88	93	111	104	68	-37	90	175	40	47
Net Income / (Loss) Continuing Operations	20	22	82	-25	-50	-634	-80	131	-8.20	2.20
Consolidated Net Income / (Loss)	20	22	82	-25	-50	-634	-80	131	-8.20	2.20
Depreciation Expense	39	40	43	47	52	49	48	60	45	28
Amortization Expense	4.70	5.20	4.60	1.70	1.40	1.50	1.50	1.70	3.00	4.30
Non-Cash Adjustments To Reconcile Net Income	14	7.60	6.40	111	98	692	57	-13	12	15
Changes in Operating Assets and Liabilities, net	10	18	-25	-31	-33	-146	64	-4.10	-11	-2.90
Net Cash From Investing Activities	-87	-52	-96	-75	-17	-37	-132	-48	-21	-25
Net Cash From Continuing Investing Activities	-87	-52	-96	-75	-17	-37	-132	-48	-21	-25
Purchase of Property, Plant & Equipment	-1.00	-2.40	-0.90	-0.80	-1.60	-0.90	-1.50	-1.80	-0.60	-1.30
Acquisitions	-86	-50	-95	-74	-15	-36	-130	-46	-20	-25
Purchase of Investments	-	-	-	-	-	0.00	0.00	-50	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	50	0.00	0.00
Other Investing Activities, net	-	-	-	0.00	0.00	-	-	0.00	0.00	1.00
Net Cash From Financing Activities	-26	-43	-19	-20	-62	360	-22	-119	-54	-31
Net Cash From Continuing Financing Activities	-26	-43	-19	-20	-62	360	-22	-119	-54	-31
Repayment of Debt	-38	-246	-212	-36	-52	-111	-5.70	-105	-244	-4.20
Repurchase of Common Equity	0.00	0.00	-6.40	-19	-8.30	-0.90	-12	-10	-17	-14
Payment of Dividends	0.00	0.00	-15	-21	-21	-5.40	0.00	0.00	-17	-15
Issuance of Debt	12	208	56	50	16	95	0.00	0.00	239	0.00
Issuance of Common Equity	0.00	0.10	166	6.50	4.30	0.20	0.10	0.10	0.20	1.50
Other Financing Activities, net	0.00	-4.60	-7.30	0.00	-1.00	-0.80	-4.20	-4.40	-16	0.00
Cash Interest Paid	50	46	35	29	29	19	14	23	38	44
Cash Income Taxes Paid	1.20	3.70	3.90	15	12	1.10	0.20	26	6.90	4.60

This table details how cash moves in and out of Emerald's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	184	-127	-22	-13	-4.40	3.90	-17	6.40	-4.30	5.90	82
Net Cash From Operating Activities	154	-24	8.90	7.30	8.50	16	7.30	9.80	9.10	21	13
Net Cash From Continuing Operating Activities	154	-24	8.90	7.30	8.50	16	7.30	9.80	9.10	21	13
Net Income / (Loss) Continuing Operations	93	22	7.10	-8.10	11	-18	11	-2.80	-11	5.10	15
Consolidated Net Income / (Loss)	93	22	7.10	-8.10	11	-18	11	-2.80	-11	5.10	15
Depreciation Expense	15	17	14	13	8.80	9.80	7.10	7.00	7.10	7.10	6.40
Amortization Expense	0.40	0.70	0.40	0.50	1.00	1.10	1.10	1.10	1.10	1.00	0.70
Non-Cash Adjustments To Reconcile Net Income	-0.80	-20	3.10	4.20	0.90	3.60	4.80	-0.10	7.90	2.30	6.60
Changes in Operating Assets and Liabilities, net	46	-43	-15	-2.20	-13	19	-17	4.60	4.10	5.10	-16
Net Cash From Investing Activities	38	-2.80	-13	-2.70	-3.00	-2.10	-14	-2.80	-5.90	-2.20	-21
Net Cash From Continuing Investing Activities	38	-2.80	-13	-2.70	-3.00	-2.10	-14	-2.80	-5.90	-2.20	-21
Purchase of Property, Plant & Equipment	-0.40	-0.30	-0.30	-0.20	-	-0.10	-0.30	-0.20	-0.10	-0.70	-0.20
Acquisitions	-11	-2.50	-13	-2.50	-3.00	-2.00	-14	-3.60	-5.80	-1.50	-21
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-7.30	-101	-18	-17	-9.90	-9.60	-11	-0.60	-7.50	-13	91
Net Cash From Continuing Financing Activities	-7.30	-101	-18	-17	-9.90	-9.60	-11	-0.60	-7.50	-13	91
Repayment of Debt	-1.40	-100	-0.60	-240	-1.40	-1.10	-1.10	-1.00	-1.00	-1.10	-171
Repurchase of Common Equity	-5.90	-0.20	-17	-	-	-	-1.80	-	-3.60	-8.40	-8.80
Payment of Dividends	-	-	0.00	-	-8.60	-8.60	-8.60	-	-3.10	-3.00	-3.00
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	275
Issuance of Common Equity	-	-	0.00	-	0.10	0.10	0.90	0.40	0.20	-	0.10
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-1.70

This table presents Emerald's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,573	1,638	1,580	1,472	1,054	1,062	1,098	1,054	1,049
Total Current Assets	96	94	103	94	352	290	332	311	307
Cash & Equivalents	15	11	21	9.60	295	231	239	204	195
Accounts Receivable	58	63	63	60	31	46	75	85	83
Prepaid Expenses	23	20	20	24	8.50	13	18	22	30
Plant, Property, & Equipment, net	3.80	3.80	3.70	4.20	3.90	3.70	2.20	1.50	1.80
Total Noncurrent Assets	1,473	1,541	1,473	1,374	698	769	764	742	740
Goodwill	930	994	1,037	980	404	514	546	554	574
Intangible Assets	541	545	435	374	275	237	205	175	156
Other Noncurrent Operating Assets	1.70	1.90	1.50	20	19	18	14	13	10
Total Liabilities & Shareholders' Equity	1,573	1,638	1,580	1,472	1,054	1,062	1,098	1,054	1,049
Total Liabilities	1,045	877	872	832	660	750	659	649	663
Total Current Liabilities	209	223	269	229	116	192	222	230	241
Short-Term Debt	8.80	5.70	46	16	5.70	5.70	0.00	4.20	4.20
Accounts Payable	28	25	31	22	31	48	58	47	41
Current Deferred Revenue	172	193	192	187	49	118	151	174	191
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00	1.20	0.20	0.00
Other Current Liabilities	-	-	-	4.10	30	20	12	4.80	5.90
Total Noncurrent Liabilities	836	653	603	602	544	558	437	419	422
Long-Term Debt	693	549	524	520	515	511	414	399	399
Noncurrent Deferred & Payable Income Tax Liabilities	140	100	75	60	1.90	1.50	1.80	3.10	4.90
Other Noncurrent Operating Liabilities	2.80	4.70	3.50	23	27	45	21	17	18
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	0.00	398	434	472	497	0.00
Total Equity & Noncontrolling Interests	528	761	708	640	-3.80	-121	-33	-93	386
Total Preferred & Common Equity	528	761	708	640	-3.80	-121	-33	-93	386
Total Common Equity	528	761	708	640	-3.80	-121	-33	-93	386
Common Stock	511	678	690	702	691	654	611	560	1,036
Retained Earnings	17	83	18	-62	-695	-775	-644	-652	-650

This table presents Emerald's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,115	1,251	1,101	1,073	1,081	1,080	1,063	1,060	1,183
Total Current Assets	329	468	333	315	328	326	311	312	414
Cash & Equivalents	182	366	217	205	200	187	193	189	277
Accounts Receivable	80	83	105	92	79	123	94	86	122
Prepaid Expenses	18	19	11	18	49	17	24	37	15
Plant, Property, & Equipment, net	4.20	4.00	2.00	1.90	1.70	1.60	1.50	1.70	1.70
Total Noncurrent Assets	781	779	766	757	751	752	750	746	768
Goodwill	538	546	554	554	554	566	568	573	602
Intangible Assets	227	217	198	188	183	175	171	162	156
Other Noncurrent Operating Assets	17	17	13	15	14	12	11	10	10
Total Liabilities & Shareholders' Equity	1,115	1,251	1,101	1,073	1,081	1,080	1,063	1,060	1,183
Total Liabilities	787	835	669	648	652	672	655	669	791
Total Current Liabilities	257	303	230	226	232	247	233	247	260
Short-Term Debt	5.70	5.70	-	4.20	4.20	4.20	4.20	4.20	3.90
Accounts Payable	66	65	55	50	46	61	48	46	61
Current Deferred Revenue	144	167	162	162	176	175	176	190	185
Current Deferred & Payable Income Tax Liabilities	-	28	2.30	1.10	0.00	1.90	0.00	0.00	1.90
Other Current Liabilities	42	38	11	7.60	5.30	4.90	5.10	5.80	8.10
Total Noncurrent Liabilities	530	531	439	422	420	425	422	422	531
Long-Term Debt	509	508	414	399	399	399	399	399	503
Noncurrent Deferred & Payable Income Tax Liabilities	1.70	2.00	2.80	2.60	2.40	5.50	5.70	5.70	5.40
Other Noncurrent Operating Liabilities	7.50	22	22	21	19	20	18	18	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	453	462	483	493	495	499	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-125	-46	-51	-68	-66	-91	408	391	392
Total Preferred & Common Equity	-125	-46	-51	-68	-66	-91	408	391	392
Total Common Equity	-125	-46	-51	-68	-66	-91	408	391	392
Common Stock	635	620	586	578	569	551	1,052	1,046	1,027
Retained Earnings	-760	-667	-637	-645	-634	-641	-644	-655	-635

This table displays calculated financial ratios and metrics derived from Emerald's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	5.65%	5.56%	11.41%	-5.20%	-64.70%	14.21%	123.99%	17.46%	4.18%
EBITDA Growth	0.00%	15.83%	-6.66%	-67.48%	-35.07%	-2,262.37%	97.47%	1,635.03%	-65.68%	-3.99%
EBIT Growth	0.00%	22.59%	-12.25%	-104.88%	-474.42%	-2,615.38%	90.34%	377.47%	-80.70%	34.87%
NOPAT Growth	0.00%	14.69%	150.10%	-101.95%	-474.42%	-2,614.98%	90.35%	428.65%	-83.68%	-43.48%
Net Income Growth	0.00%	13.27%	268.47%	-130.68%	-99.20%	-1,167.20%	87.42%	264.12%	-106.12%	127.50%
EPS Growth	0.00%	12.90%	222.86%	-130.09%	-105.88%	-1,198.57%	82.18%	128.40%	-269.57%	91.03%
Operating Cash Flow Growth	0.00%	5.92%	19.14%	-6.23%	-34.74%	-154.72%	342.59%	94.56%	-76.98%	16.13%
Free Cash Flow Firm Growth	0.00%	0.00%	105.58%	-31.99%	69.92%	2.65%	-130.62%	668.82%	-73.63%	-33.80%
Invested Capital Growth	0.00%	0.00%	7.38%	-3.59%	-7.29%	-46.81%	-3.53%	2.64%	-1.76%	-1.57%
Revenue Q/Q Growth	0.00%	0.00%	0.32%	7.18%	-3.24%	-20.42%	24.79%	19.20%	2.11%	1.35%
EBITDA Q/Q Growth	0.00%	0.00%	-0.94%	-68.36%	510.00%	6.86%	59.33%	18.89%	-13.31%	-2.70%
EBIT Q/Q Growth	0.00%	0.00%	-1.29%	-104.63%	59.04%	6.55%	26.03%	22.48%	-15.57%	1.30%
NOPAT Q/Q Growth	0.00%	0.00%	191.92%	-101.98%	59.04%	6.56%	26.14%	30.34%	-90.84%	110.93%
Net Income Q/Q Growth	0.00%	0.00%	371.01%	-123.84%	30.36%	5.14%	23.88%	31.46%	-124.92%	110.58%
EPS Q/Q Growth	0.00%	0.00%	413.64%	-124.46%	26.32%	3.91%	16.06%	1,433.33%	-358.82%	86.79%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	30.20%	-5.72%	-22.07%	-40.00%	114.80%	-30.63%	3,563.64%	11.96%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-41.85%	20.42%	-14.09%	-150.87%	54.88%	-82.16%	123.53%
Invested Capital Q/Q Growth	0.00%	0.00%	3.44%	-5.99%	-5.50%	-3.47%	11.79%	8.98%	-4.53%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.78%	73.93%	72.20%	70.55%	66.69%	54.79%	60.76%	64.25%	64.05%	100.00%
EBITDA Margin	41.02%	44.98%	39.77%	11.61%	7.95%	-487.13%	-10.79%	73.95%	21.60%	19.91%
Operating Margin	26.73%	31.02%	25.78%	-1.13%	-6.84%	-526.37%	-44.47%	55.17%	9.06%	11.74%
EBIT Margin	26.73%	31.02%	25.78%	-1.13%	-6.84%	-526.45%	-44.54%	55.17%	9.06%	11.74%
Profit (Net Income) Margin	6.40%	6.86%	23.94%	-6.59%	-13.85%	-497.33%	-54.78%	40.14%	-2.09%	0.55%
Tax Burden Percent	65.55%	61.33%	174.79%	75.15%	90.91%	91.67%	98.40%	82.78%	275.86%	29.33%
Interest Burden Percent	36.51%	36.06%	53.12%	776.74%	222.67%	103.06%	125.00%	87.88%	-8.36%	16.03%
Effective Tax Rate	34.45%	38.67%	-74.79%	0.00%	0.00%	0.00%	0.00%	17.22%	0.00%	70.67%
Return on Invested Capital (ROIC)	0.00%	10.14%	12.22%	-0.24%	-1.43%	-52.56%	-7.43%	24.55%	3.99%	2.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-1.32%	0.49%	-4.28%	-7.51%	-96.25%	-20.90%	16.71%	-13.30%	-3.38%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.72%	0.47%	-3.18%	-5.99%	-69.91%	-15.10%	10.22%	-5.89%	-1.74%
Return on Equity (ROE)	0.00%	8.41%	12.69%	-3.42%	-7.42%	-122.47%	-22.53%	34.78%	-1.90%	0.56%
Cash Return on Invested Capital (CROIC)	0.00%	-189.86%	5.11%	3.42%	6.14%	8.55%	-3.84%	21.95%	5.76%	3.88%
Operating Return on Assets (OROA)	0.00%	6.38%	5.49%	-0.27%	-1.62%	-53.10%	-6.12%	16.64%	3.22%	4.45%
Return on Assets (ROA)	0.00%	1.41%	5.10%	-1.56%	-3.28%	-50.16%	-7.53%	12.11%	-0.74%	0.21%
Return on Common Equity (ROCE)	0.00%	8.41%	12.69%	-3.42%	-7.42%	-75.33%	3.98%	-7.12%	0.28%	0.21%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.21%	10.75%	-3.54%	-7.81%	0.00%	65.87%	-395.17%	8.65%	0.57%
Net Operating Profit after Tax (NOPAT)	54	62	154	-3.01	-17	-469	-45	149	24	14
NOPAT Margin	17.52%	19.02%	45.06%	-0.79%	-4.79%	-368.46%	-31.13%	45.67%	6.35%	3.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.46%	11.73%	4.04%	6.08%	43.69%	13.47%	7.84%	17.29%	5.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	39.09%	7.83%	1.74%
Cost of Revenue to Revenue	27.22%	26.07%	27.80%	29.45%	33.31%	45.21%	39.24%	35.75%	35.95%	0.00%
SG&A Expenses to Revenue	30.39%	30.55%	35.67%	31.99%	36.96%	93.09%	98.28%	44.49%	43.97%	42.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.05%	42.91%	46.42%	71.68%	73.54%	581.16%	105.50%	9.08%	55.04%	88.26%
Earnings before Interest and Taxes (EBIT)	82	100	88	-4.30	-25	-671	-65	180	35	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	126	146	136	44	29	-621	-16	241	83	79
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.82	1.23	1.16	0.00	0.00	0.00	0.00	2.53
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	4.07	2.28	2.06	3.03	1.91	0.73	0.97	2.44
Price to Earnings (P/E)	0.00	0.00	16.98	0.00	0.00	0.00	0.00	2.58	0.00	0.00
Dividend Yield	0.00%	0.00%	1.09%	2.42%	2.85%	5.55%	0.00%	0.00%	0.00%	0.62%
Earnings Yield	0.00%	0.00%	5.89%	0.00%	0.00%	0.00%	0.00%	38.83%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.48	1.13	1.09	1.63	1.67	1.44	1.77	1.99
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	5.66	3.73	3.52	7.93	6.85	2.71	2.79	2.97
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	14.22	32.11	44.29	0.00	0.00	3.67	12.92	14.89
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	21.93	0.00	0.00	0.00	0.00	4.92	30.78	25.27
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	12.55	0.00	0.00	0.00	0.00	5.94	43.98	86.14
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	17.44	13.66	18.75	0.00	11.08	5.05	26.51	25.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	30.01	32.41	17.08	13.22	0.00	6.65	30.44	50.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.33	0.73	0.80	0.84	1.32	1.65	0.94	1.00	1.04
Long-Term Debt to Equity	0.00	1.31	0.72	0.74	0.81	1.31	1.63	0.94	0.99	1.03
Financial Leverage	0.00	1.30	0.95	0.74	0.80	0.73	0.72	0.61	0.44	0.51
Leverage Ratio	0.00	2.98	2.49	2.19	2.26	2.44	2.99	2.87	2.55	2.66
Compound Leverage Factor	0.00	1.07	1.32	17.01	5.04	2.52	3.74	2.52	-0.21	0.43
Debt to Total Capital	0.00%	57.09%	42.13%	44.59%	45.54%	56.91%	62.28%	48.51%	49.89%	51.07%
Short-Term Debt to Total Capital	0.00%	0.72%	0.43%	3.58%	1.34%	0.62%	0.69%	0.00%	0.52%	0.53%
Long-Term Debt to Total Capital	0.00%	56.38%	41.70%	41.01%	44.21%	56.29%	61.59%	48.51%	49.37%	50.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	43.51%	52.31%	55.37%	61.56%	0.00%
Common Equity to Total Capital	0.00%	42.91%	57.87%	55.41%	54.46%	-0.42%	-14.59%	-3.88%	-11.46%	48.93%
Debt to EBITDA	0.00	4.82	4.08	12.89	18.66	-0.84	-32.90	1.72	4.87	5.07
Net Debt to EBITDA	0.00	4.72	4.00	12.43	18.32	-0.36	-18.18	0.73	2.40	2.62
Long-Term Debt to EBITDA	0.00	4.76	4.04	11.86	18.11	-0.83	-32.54	1.72	4.82	5.02
Debt to NOPAT	0.00	11.40	3.60	-189.34	-30.97	-1.11	-11.41	2.78	16.59	29.33
Net Debt to NOPAT	0.00	11.16	3.53	-182.52	-30.41	-0.48	-6.30	1.17	8.18	15.14
Long-Term Debt to NOPAT	0.00	11.26	3.56	-174.15	-30.06	-1.10	-11.28	2.78	16.41	29.03
Altman Z-Score	0.00	0.00	1.31	0.72	0.56	-2.28	-0.75	0.35	0.04	0.62
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	38.49%	117.64%	120.49%	114.88%	62.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.46	0.42	0.38	0.41	3.05	1.51	1.49	1.35	1.27
Quick Ratio	0.00	0.35	0.33	0.31	0.30	2.82	1.45	1.41	1.26	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,153	64	44	74	76	-23	133	35	23
Operating Cash Flow to CapEx	8,780.00%	3,875.00%	12,311.11%	12,987.50%	4,237.50%	-4,122.22%	6,000.00%	9,727.78%	6,716.67%	3,600.00%
Free Cash Flow to Firm to Interest Expense	0.00	-17.96	1.56	1.50	2.46	3.71	-1.47	5.43	0.77	0.49
Operating Cash Flow to Interest Expense	1.69	1.45	2.68	3.57	2.24	-1.80	5.66	7.15	0.88	0.98
Operating Cash Flow Less CapEx to Interest Expense	1.67	1.41	2.66	3.54	2.18	-1.84	5.57	7.07	0.87	0.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.21	0.21	0.24	0.24	0.10	0.14	0.30	0.36	0.38
Accounts Receivable Turnover	0.00	5.62	5.68	6.07	5.88	2.81	3.77	5.37	4.78	4.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	85.18	89.92	101.52	91.37	31.46	38.29	110.47	206.92	241.70
Accounts Payable Turnover	0.00	2.99	3.57	4.04	4.56	2.16	1.44	2.19	2.63	0.00
Days Sales Outstanding (DSO)	0.00	64.95	64.25	60.11	62.10	130.07	96.71	67.93	76.33	76.74
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	121.96	102.20	90.35	80.01	168.88	253.77	166.68	138.86	0.00
Cash Conversion Cycle (CCC)	0.00	-57.01	-37.95	-30.24	-17.92	-38.81	-157.07	-98.75	-62.54	76.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,215	1,305	1,258	1,166	620	598	614	603	594
Invested Capital Turnover	0.00	0.53	0.27	0.30	0.30	0.14	0.24	0.54	0.63	0.67
Increase / (Decrease) in Invested Capital	0.00	1,215	90	-47	-92	-546	-22	16	-11	-9.50
Enterprise Value (EV)	0.00	0.00	1,932	1,419	1,271	1,010	997	884	1,068	1,183
Market Capitalization	0.00	0.00	1,389	870	745	386	278	237	372	975
Book Value per Share	$0.00	$8.53	$10.54	$9.68	$8.96	($0.05)	($1.73)	($0.49)	($1.47)	$1.90
Tangible Book Value per Share	$0.00	($15.26)	($10.77)	($10.43)	($10.00)	($9.56)	($12.43)	($11.59)	($13.06)	($1.69)
Total Capital	0.00	1,230	1,315	1,278	1,176	916	830	853	808	789
Total Debt	0.00	702	554	570	535	521	517	414	403	403
Total Long-Term Debt	0.00	693	549	524	520	515	511	414	399	399
Net Debt	0.00	687	543	549	526	226	285	175	199	208
Capital Expenditures (CapEx)	1.00	2.40	0.90	0.80	1.60	0.90	1.50	1.80	0.60	1.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-119	-135	-140	-130	-53	-127	-130	-119	-125
Debt-free Net Working Capital (DFNWC)	0.00	-104	-124	-120	-120	242	104	110	85	70
Net Working Capital (NWC)	0.00	-113	-130	-166	-136	237	98	110	81	66
Net Nonoperating Expense (NNE)	34	39	72	22	33	164	34	18	32	12
Net Nonoperating Obligations (NNO)	0.00	687	543	549	526	226	285	175	199	208
Total Depreciation and Amortization (D&A)	44	45	48	49	53	50	49	61	48	33
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-36.82%	-39.51%	-36.88%	-35.88%	-41.52%	-87.35%	-39.74%	-31.14%	-31.34%
Debt-free Net Working Capital to Revenue	0.00%	-32.22%	-36.32%	-31.49%	-33.22%	190.27%	71.55%	33.63%	22.20%	17.50%
Net Working Capital to Revenue	0.00%	-34.94%	-37.99%	-43.50%	-37.57%	185.79%	67.63%	33.63%	21.11%	16.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	$0.36	$1.19	($0.34)	($0.70)	$0.00	($1.59)	$0.46	($0.78)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	61.85M	61.86M	68.91M	72.89M	71.72M	0.00	71.31M	69.00M	63.96M	156.59M
Adjusted Diluted Earnings per Share	$0.31	$0.35	$1.13	($0.34)	($0.70)	$0.00	($1.59)	$0.46	($0.78)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	62.52M	63.29M	72.12M	72.89M	71.72M	0.00	71.31M	69.15M	63.96M	156.59M
Adjusted Basic & Diluted Earnings per Share	$0.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	72.78M	71.84M	71.38M	0.00	70.35M	67.88M	63.03M	200.05M
Normalized Net Operating Profit after Tax (NOPAT)	60	62	62	70	43	6.72	-17	155	24	38
Normalized NOPAT Margin	19.43%	19.02%	18.05%	18.39%	11.91%	5.27%	-11.74%	47.68%	6.38%	9.50%
Pre Tax Income Margin	9.76%	11.18%	13.70%	-8.77%	-15.24%	-542.54%	-55.67%	48.48%	-0.76%	1.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.58	1.56	2.13	-0.15	-0.82	-32.56	-4.08	7.34	0.76	0.98
NOPAT to Interest Expense	1.03	0.96	3.73	-0.10	-0.57	-22.79	-2.85	6.08	0.53	0.29
EBIT Less CapEx to Interest Expense	1.56	1.53	2.11	-0.18	-0.87	-32.60	-4.17	7.27	0.75	0.95
NOPAT Less CapEx to Interest Expense	1.01	0.92	3.71	-0.13	-0.62	-22.83	-2.94	6.00	0.52	0.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	18.58%	-83.67%	-42.60%	-0.85%	0.00%	0.00%	-215.00%	668.18%
Augmented Payout Ratio	0.00%	0.00%	26.41%	-160.96%	-59.20%	-0.99%	-15.56%	7.95%	-426.25%	1,295.45%

This table displays calculated financial ratios and metrics derived from Emerald's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.43%	127.74%	24.16%	21.15%	16.19%	8.44%	9.08%	-0.58%	0.14%	5.22%	10.72%
EBITDA Growth	2,535.19%	711.11%	-9.47%	-41.71%	-93.89%	-29.00%	6.21%	17.89%	-59.77%	-7.07%	32.00%
EBIT Growth	1,891.55%	509.23%	-13.02%	-116.18%	-100.86%	-24.06%	45.51%	681.82%	-327.27%	2.97%	47.33%
NOPAT Growth	2,065.41%	775.97%	-39.76%	67.65%	-100.72%	-201.59%	51.46%	740.00%	-370.00%	130.04%	43.54%
Net Income Growth	1,133.33%	351.69%	-55.90%	-1,057.14%	-88.49%	-179.02%	54.93%	65.43%	-203.74%	128.81%	39.09%
EPS Growth	264.00%	159.26%	-200.00%	-93.33%	-100.00%	-381.25%	100.00%	89.66%	0.00%	102.22%	0.00%
Operating Cash Flow Growth	1,498.96%	-143.95%	-73.03%	-40.16%	-94.46%	166.10%	-17.98%	34.25%	7.06%	32.05%	72.60%
Free Cash Flow Firm Growth	-32.20%	-13.80%	-154.05%	97.21%	-199.60%	-236.71%	271.43%	622.86%	134.17%	192.38%	30.56%
Invested Capital Growth	5.29%	2.64%	4.18%	0.23%	12.14%	-1.76%	-0.62%	-1.04%	-4.26%	-1.57%	-0.43%
Revenue Q/Q Growth	-12.61%	50.00%	30.66%	-29.27%	-16.19%	40.00%	31.43%	-35.53%	-15.58%	47.11%	38.30%
EBITDA Q/Q Growth	574.41%	-69.22%	-30.14%	-59.80%	-29.27%	257.47%	4.50%	-55.38%	-75.86%	725.71%	48.44%
EBIT Q/Q Growth	1,770.59%	-79.09%	-37.22%	-106.59%	0.00%	1,936.36%	20.30%	-73.66%	-173.44%	542.55%	72.12%
NOPAT Q/Q Growth	4,614.65%	-68.51%	-60.43%	-105.75%	0.00%	-4,363.78%	159.00%	-75.70%	-173.44%	385.34%	181.87%
Net Income Q/Q Growth	13,385.71%	-75.91%	-68.30%	-214.08%	232.10%	-265.42%	161.45%	-125.45%	-296.43%	145.95%	200.00%
EPS Q/Q Growth	373.33%	-60.98%	-125.00%	-625.00%	100.00%	0.00%	100.00%	0.00%	-66.67%	120.00%	700.00%
Operating Cash Flow Q/Q Growth	1,158.20%	-115.37%	137.71%	-17.98%	16.44%	83.53%	-53.21%	34.25%	-7.14%	126.37%	-38.84%
Free Cash Flow Firm Q/Q Growth	192.18%	-78.44%	-187.11%	83.88%	-3,190.48%	70.41%	209.23%	-50.84%	115.03%	-20.00%	54.39%
Invested Capital Q/Q Growth	-9.45%	8.98%	2.34%	-0.76%	1.31%	-4.53%	3.53%	-1.18%	-1.98%	-1.85%	4.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.62%	36.32%	100.00%	100.00%	100.00%	-35.57%	64.39%	100.00%	100.00%	144.48%	100.00%
EBITDA Margin	228.04%	46.79%	25.02%	14.22%	12.00%	30.64%	24.36%	16.86%	4.82%	27.06%	29.05%
Operating Margin	204.01%	28.31%	13.74%	-1.16%	-1.38%	19.61%	18.22%	7.44%	-6.47%	19.48%	24.24%
EBIT Margin	203.85%	28.42%	13.65%	-1.27%	-1.52%	19.90%	18.22%	7.44%	-6.47%	19.48%	24.24%
Profit (Net Income) Margin	149.04%	23.93%	5.81%	-9.36%	14.76%	-17.44%	8.25%	-3.26%	-15.29%	4.78%	10.36%
Tax Burden Percent	76.73%	116.06%	72.45%	64.80%	-92.24%	-155.26%	75.86%	80.00%	75.00%	45.13%	73.91%
Interest Burden Percent	95.28%	72.56%	58.68%	1,136.36%	1,054.55%	56.44%	59.67%	-54.69%	314.89%	54.33%	57.82%
Effective Tax Rate	23.27%	-16.06%	27.55%	0.00%	0.00%	257.02%	24.14%	0.00%	0.00%	54.87%	26.09%
Return on Invested Capital (ROIC)	77.91%	17.67%	5.65%	-0.47%	-0.61%	-19.36%	8.69%	3.30%	-2.88%	5.86%	11.87%
ROIC Less NNEP Spread (ROIC-NNEP)	75.32%	14.03%	3.49%	-3.48%	5.91%	-12.11%	5.09%	-0.27%	-6.63%	3.75%	6.87%
Return on Net Nonoperating Assets (RNNOA)	36.90%	8.59%	2.15%	-2.28%	2.45%	-5.36%	2.50%	-0.13%	-3.37%	1.93%	3.83%
Return on Equity (ROE)	114.81%	26.25%	7.81%	-2.75%	1.84%	-24.72%	11.19%	3.17%	-6.25%	7.78%	15.70%
Cash Return on Invested Capital (CROIC)	15.64%	21.95%	18.91%	22.38%	32.92%	5.76%	-15.47%	1.79%	-15.96%	3.88%	4.87%
Operating Return on Assets (OROA)	48.87%	8.57%	4.31%	-0.42%	-0.49%	7.08%	6.58%	2.74%	-2.38%	7.39%	8.85%
Return on Assets (ROA)	35.73%	7.22%	1.83%	-3.12%	4.75%	-6.20%	2.98%	-1.20%	-5.62%	1.81%	3.78%
Return on Common Equity (ROCE)	-23.29%	-5.38%	-1.68%	0.70%	-0.24%	3.68%	-1.89%	1.30%	-2.48%	2.89%	5.91%
Return on Equity Simple (ROE_SIMPLE)	-215.84%	0.00%	-239.29%	-169.48%	-48.86%	0.00%	4.74%	0.25%	-5.32%	0.00%	1.66%
Net Operating Profit after Tax (NOPAT)	98	31	12	-0.70	-0.70	-31	18	4.48	-3.29	9.39	26
NOPAT Margin	156.54%	32.86%	9.95%	-0.81%	-0.97%	-30.78%	13.82%	5.21%	-4.53%	8.79%	17.92%
Net Nonoperating Expense Percent (NNEP)	2.59%	3.63%	2.16%	3.00%	-6.52%	-7.25%	3.60%	3.57%	3.75%	2.11%	5.01%
Return On Investment Capital (ROIC_SIMPLE)	-	8.08%	-	-	-	-10.07%	-	-	-	1.19%	2.94%
Cost of Revenue to Revenue	36.38%	63.68%	0.00%	0.00%	0.00%	135.57%	35.61%	0.00%	0.00%	-44.48%	0.00%
SG&A Expenses to Revenue	78.04%	18.59%	39.90%	48.32%	57.38%	35.57%	41.60%	45.93%	56.20%	32.40%	36.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-140.38%	8.01%	86.26%	101.16%	101.38%	-54.98%	46.18%	92.56%	106.47%	125.00%	75.76%
Earnings before Interest and Taxes (EBIT)	127	27	17	-1.10	-1.10	20	24	6.40	-4.70	21	36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	142	44	31	12	8.70	31	33	15	3.50	29	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.84	2.60	2.53	2.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.85	0.73	0.72	0.70	0.76	0.97	1.09	2.94	2.59	2.44	1.90
Price to Earnings (P/E)	3.79	2.58	3.07	3.48	0.00	0.00	0.00	0.00	0.00	0.00	174.71
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.30%	0.62%	1.15%
Earnings Yield	26.40%	38.83%	32.61%	28.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.57%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.44	1.48	1.52	1.55	1.77	1.83	2.21	2.04	1.99	1.63
Enterprise Value to Revenue (EV/Rev)	3.08	2.71	2.66	2.60	2.62	2.79	2.90	3.47	3.13	2.97	2.46
Enterprise Value to EBITDA (EV/EBITDA)	4.16	3.67	3.92	4.14	10.28	12.92	13.51	15.74	15.09	14.89	11.31
Enterprise Value to EBIT (EV/EBIT)	5.74	4.92	5.25	5.60	23.87	30.78	27.03	27.43	26.66	25.27	17.43
Enterprise Value to NOPAT (EV/NOPAT)	7.38	5.94	6.57	6.73	3.70	43.98	0.00	297.45	0.00	86.14	36.73
Enterprise Value to Operating Cash Flow (EV/OCF)	3.34	5.05	6.17	6.49	891.80	26.51	29.54	33.16	29.46	25.27	19.50
Enterprise Value to Free Cash Flow (EV/FCFF)	9.81	6.65	7.99	6.80	4.99	30.44	0.00	123.15	0.00	50.91	33.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.23	0.94	0.96	0.95	0.94	1.00	0.99	0.99	1.03	1.04	1.29
Long-Term Debt to Equity	1.22	0.94	0.96	0.94	0.93	0.99	0.98	0.98	1.02	1.03	1.28
Financial Leverage	0.49	0.61	0.62	0.65	0.41	0.44	0.49	0.49	0.51	0.51	0.56
Leverage Ratio	3.09	2.87	2.91	2.91	2.76	2.55	2.60	2.56	2.61	2.66	2.83
Compound Leverage Factor	2.95	2.08	1.71	33.01	29.08	1.44	1.55	-1.40	8.22	1.45	1.63
Debt to Total Capital	55.22%	48.51%	48.97%	48.66%	48.43%	49.89%	49.65%	49.70%	50.74%	51.07%	56.37%
Short-Term Debt to Total Capital	0.61%	0.00%	0.00%	0.51%	0.50%	0.52%	0.52%	0.52%	0.53%	0.53%	0.43%
Long-Term Debt to Total Capital	54.60%	48.51%	48.97%	48.15%	47.92%	49.37%	49.14%	49.19%	50.21%	50.53%	55.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	49.74%	55.37%	57.05%	59.49%	59.47%	61.56%	61.52%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-4.96%	-3.88%	-6.02%	-8.15%	-7.89%	-11.46%	-11.18%	50.30%	49.26%	48.93%	43.63%
Debt to EBITDA	2.53	1.72	1.74	1.76	4.22	4.87	4.76	4.64	4.94	5.07	5.64
Net Debt to EBITDA	0.73	0.73	0.83	0.87	2.12	2.40	2.55	2.41	2.62	2.62	2.56
Long-Term Debt to EBITDA	2.50	1.72	1.74	1.74	4.18	4.82	4.71	4.59	4.88	5.02	5.60
Debt to NOPAT	4.49	2.78	2.92	2.86	1.52	16.59	-4.00	87.71	-3.21	29.33	18.31
Net Debt to NOPAT	1.29	1.17	1.39	1.41	0.76	8.18	-2.14	45.64	-1.70	15.14	8.31
Long-Term Debt to NOPAT	4.44	2.78	2.92	2.83	1.50	16.41	-3.95	86.79	-3.17	29.03	18.17
Altman Z-Score	0.13	-0.11	-0.10	-0.17	-0.11	0.00	0.08	0.69	0.48	0.54	0.45
Noncontrolling Interest Sharing Ratio	120.29%	120.49%	121.50%	125.54%	113.22%	114.88%	116.86%	59.17%	60.33%	62.88%	62.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.54	1.49	1.45	1.39	1.42	1.35	1.32	1.34	1.27	1.27	1.59
Quick Ratio	1.48	1.41	1.40	1.32	1.20	1.26	1.25	1.23	1.12	1.15	1.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	69	15	-13	-2.10	-69	-20	22	11	24	19	29
Operating Cash Flow to CapEx	38,375.00%	-7,866.67%	2,966.67%	3,650.00%	0.00%	15,600.00%	2,433.33%	4,900.00%	9,100.00%	2,942.86%	6,300.00%
Free Cash Flow to Firm to Interest Expense	10.20	1.66	-1.63	-0.15	-5.71	-1.73	1.85	0.92	1.92	1.66	1.68
Operating Cash Flow to Interest Expense	22.57	-2.62	1.11	0.53	0.70	1.32	0.60	0.82	0.74	1.81	0.72
Operating Cash Flow Less CapEx to Interest Expense	22.51	-2.66	1.08	0.52	0.70	1.31	0.58	0.80	0.73	1.75	0.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.30	0.32	0.33	0.32	0.36	0.36	0.37	0.37	0.38	0.37
Accounts Receivable Turnover	4.49	5.37	3.66	4.24	4.65	4.78	3.46	4.23	4.77	4.76	3.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	70.10	110.47	109.28	119.61	131.54	206.92	218.83	231.41	231.47	241.70	250.36
Accounts Payable Turnover	1.22	2.19	1.43	1.41	1.07	2.63	3.20	3.76	4.00	0.00	0.00
Days Sales Outstanding (DSO)	81.24	67.93	99.68	86.00	78.57	76.33	105.59	86.33	76.52	76.74	108.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	298.98	166.68	255.90	258.12	340.50	138.86	114.17	97.12	91.20	0.00	0.00
Cash Conversion Cycle (CCC)	-217.74	-98.75	-156.22	-172.12	-261.93	-62.54	-8.58	-10.78	-14.68	76.74	108.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	564	614	629	624	632	603	625	617	605	594	622
Invested Capital Turnover	0.50	0.54	0.57	0.59	0.63	0.63	0.63	0.63	0.64	0.67	0.66
Increase / (Decrease) in Invested Capital	28	16	25	1.40	68	-11	-3.90	-6.50	-27	-9.50	-2.70
Enterprise Value (EV)	843	884	931	948	981	1,068	1,143	1,366	1,231	1,183	1,016
Market Capitalization	233	237	252	257	283	372	428	1,156	1,018	975	786
Book Value per Share	($0.67)	($0.49)	($0.75)	($1.07)	($1.04)	($1.47)	($1.44)	$2.00	$1.92	$1.90	$1.96
Tangible Book Value per Share	($11.69)	($11.59)	($11.83)	($12.88)	($12.76)	($13.06)	($13.19)	($1.63)	($1.69)	($1.69)	($1.83)
Total Capital	930	853	846	828	832	808	811	810	794	789	899
Total Debt	513	414	414	403	403	403	403	403	403	403	507
Total Long-Term Debt	508	414	414	399	399	399	399	399	399	399	503
Net Debt	147	175	197	198	203	199	216	210	214	208	230
Capital Expenditures (CapEx)	0.40	0.30	0.30	0.20	0.00	0.10	0.30	0.20	0.10	0.70	0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-196	-130	-115	-112	-99	-119	-104	-111	-119	-125	-119
Debt-free Net Working Capital (DFNWC)	170	110	103	93	101	85	83	82	70	70	157
Net Working Capital (NWC)	164	110	103	89	97	81	79	78	66	66	154
Net Nonoperating Expense (NNE)	4.68	8.36	5.07	7.40	-11	-14	7.43	7.28	7.81	4.29	11
Net Nonoperating Obligations (NNO)	147	175	197	198	203	199	216	210	214	208	230
Total Depreciation and Amortization (D&A)	15	17	14	13	9.80	11	8.20	8.10	8.20	8.10	7.10
Debt-free, Cash-free Net Working Capital to Revenue	-71.73%	-39.74%	-32.77%	-30.56%	-26.49%	-31.14%	-26.30%	-28.16%	-30.22%	-31.34%	-28.90%
Debt-free Net Working Capital to Revenue	62.18%	33.63%	29.37%	25.55%	26.94%	22.20%	21.12%	20.95%	17.79%	17.50%	38.10%
Net Working Capital to Revenue	60.10%	33.63%	29.37%	24.40%	25.82%	21.11%	20.06%	19.88%	16.72%	16.45%	37.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$0.15	($0.04)	($0.29)	$0.00	($0.45)	$0.00	($0.03)	($0.05)	$0.01	$0.08
Adjusted Weighted Average Basic Shares Outstanding	68.43M	69.00M	67.28M	62.87M	63.59M	63.96M	63.04M	155.92M	203.89M	156.59M	200.60M
Adjusted Diluted Earnings per Share	$0.41	$0.16	($0.04)	($0.29)	$0.00	($0.45)	$0.00	($0.03)	($0.05)	$0.01	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	68.64M	69.15M	67.28M	62.87M	63.59M	63.96M	65.21M	155.92M	203.89M	156.59M	200.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.61M	67.88M	62.87M	62.88M	62.89M	63.03M	203.84M	203.93M	202.98M	200.05M	198.86M
Normalized Net Operating Profit after Tax (NOPAT)	98	19	12	-0.70	-0.70	14	18	4.48	1.12	15	26
Normalized NOPAT Margin	156.54%	19.82%	9.95%	-0.81%	-0.97%	13.72%	13.82%	5.21%	1.54%	13.63%	17.92%
Pre Tax Income Margin	194.23%	20.62%	8.01%	-14.45%	-16.00%	11.23%	10.87%	-4.07%	-20.39%	10.58%	14.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.71	2.96	2.09	-0.08	-0.09	1.71	2.01	0.53	-0.38	1.82	2.06
NOPAT to Interest Expense	14.36	3.42	1.52	-0.05	-0.06	-2.65	1.52	0.37	-0.27	0.82	1.52
EBIT Less CapEx to Interest Expense	18.65	2.92	2.05	-0.09	-0.09	1.70	1.98	0.52	-0.39	1.76	2.05
NOPAT Less CapEx to Interest Expense	14.31	3.38	1.48	-0.07	-0.06	-2.66	1.50	0.36	-0.28	0.76	1.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	26.79%	-215.00%	-600.00%	2,580.00%	-97.60%	668.18%	140.00%
Augmented Payout Ratio	11.96%	7.95%	21.67%	20.10%	80.06%	-426.25%	-641.86%	2,760.00%	-123.56%	1,295.45%	460.00%

Key Financial Trends

Emerald Holding, Inc. (NYSE:EEX) has shown several notable financial trends over the past four years ending Q1 2025. Here's an overview of key positive, neutral, and negative trends derived from the income statements, cash flow statements, and balance sheets:

Revenue Growth: The company’s operating revenue increased to $147.7 million in Q1 2025 from $62.4 million in Q3 2022, showing a strong growth trajectory over several quarters.
Improvement in Operating Income: Q1 2025 operating income was $35.8 million, recovering from operating losses in several quarters during 2023 and early 2024.
Net Income Recovery: Emerald reported a net income of $15.3 million in Q1 2025 compared to net losses as recent as Q3 2023 (-$11.1 million), indicating operational improvements.
Increasing Cash and Equivalents: Cash & equivalents rose significantly to $276.8 million in Q1 2025 from $200.3 million in Q3 2023, enhancing the company's liquidity position.
Substantial Reduction in Debt Repayment Activity: Q1 2025 saw issuance of $275 million in debt compared to significant repayments in earlier periods, potentially improving capital structure flexibility.
Stable Depreciation and Amortization: Expenses related to depreciation and amortization have remained relatively steady, reflecting consistent asset base usage.
Steady Goodwill Balance: Goodwill on the balance sheet stayed around $550-$600 million, indicating stable acquisition valuation without impairments noted in latest quarters.
Fluctuating Other Operating Expenses: This line item has shown volatility with both significant charges and credits, indicating episodic adjustments impacting earnings.
High Interest Expense: Interest expenses remain elevated, $17.4 million in Q1 2025, limiting net income gains due to financing costs.
Negative Impact from Preferred Dividends: Preferred stock dividends continue to reduce common shareholders' earnings, with $10 million+ in several quarters.
Continuing Net Losses in Several Quarters: Despite recent recovery, earlier quarters in 2023 reflect losses, highlighting operational or market challenges faced.

Overall, Emerald's financials suggest it is recovering well from losses experienced in prior years with improving revenue and income, enhanced liquidity, and controlled expenses. However, persistent interest costs and dividend obligations remain pressure points on net profitability. Investors should monitor how ongoing operational improvements translate to sustained earnings growth and reduced financial costs.

08/04/25 03:03 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Emerald's Financials

When does Emerald's fiscal year end?

According to the most recent income statement we have on file, Emerald's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Emerald's net income changed over the last 9 years?

Emerald's net income appears to be on an upward trend, with a most recent value of $2.20 million in 2024, falling from $19.60 million in 2015. The previous period was -$8 million in 2023. See Emerald's forecast for analyst expectations on what’s next for the company.

What is Emerald's operating income?

Emerald's total operating income in 2024 was $46.80 million, based on the following breakdown:

Total Gross Profit: $398.80 million
Total Operating Expenses: $352 million

How has Emerald's revenue changed over the last 9 years?

Over the last 9 years, Emerald's total revenue changed from $306.40 million in 2015 to $398.80 million in 2024, a change of 30.2%.

How much debt does Emerald have?

Emerald's total liabilities were at $662.80 million at the end of 2024, a 2.1% increase from 2023, and a 36.6% decrease since 2016.

How much cash does Emerald have?

In the past 8 years, Emerald's cash and equivalents has ranged from $9.60 million in 2019 to $295.30 million in 2020, and is currently $194.80 million as of their latest financial filing in 2024.

How has Emerald's book value per share changed over the last 9 years?

Over the last 9 years, Emerald's book value per share changed from 0.00 in 2015 to 1.90 in 2024, a change of 190.1%.

Related Companies

This page (NYSE:EEX) was last updated on 8/4/2025 by MarketBeat.com Staff

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Emerald (EEX) Financials

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Emerald (EEX) Financials

Annual Income Statements for Emerald

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Quarterly Cash Flow Statements for Emerald

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