Emerald Reports Second Quarter 2025 Financial Results
"These results are in line with expectations and reflect the disciplined execution of our focused strategy, reinforcing our confidence in achieving our full-year 2025 guidance."
Financial Highlights
Revenues of $105.5 million for the second quarter 2025, an increase of $19.5 million, or 22.7%, over the second quarter 2024, primarily due to revenues from acquisitions, offset by three discontinued events that were not contributing to profitability.
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $80.2 million for the second quarter 2025, an increase of $0.3 million, or 0.4%, from $79.9 million for the second quarter 2024. The recent acquisitions of This is Beyond, Insurtech Insights and GRC World Forums would have driven 4.6% year-over-year growth in Organic Revenues had they been part of Emerald's portfolio in the second quarter ended June 30, 2024 (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure).
Net loss of $1.4 million for the second quarter 2025, compared to net loss of $2.8 million for the second quarter 2024.
Adjusted EBITDA, a non-GAAP measure, of $24.4 million for the second quarter 2025, compared to $15.3 million for the second quarter 2024, a 59.5% increase (Refer to Schedule 3 for a reconciliation to net (loss) income, the most directly comparable GAAP measure).
Ended the quarter with $156.4 million in cash and full availability of its $110.0 million revolving credit facility.
Emerald reaffirms its previously stated Full Year 2025 guidance of $450 - 460 million of Revenue and $120-125 million of Adjusted EBITDA.
Operational and Capital Structure Updates
Emerald repurchased $6.9 million of its common stock in the second quarter at an average price of $4.24 per share. Year to date, Emerald repurchased $15.7 million of its common stock at an average price of $4.29 per share.
On July 29, 2025, Emerald's Board of Directors declared a dividend for the quarter ending September 30, 2025, of $0.015 per share.
Hervé Sedky, Emerald's President and Chief Executive Officer, said, 'Our second quarter results reflect focused execution and the resilience of our business model. We've taken meaningful steps to streamline the portfolio, concentrate on high-growth markets, and strengthen our value proposition. As a result, Emerald is evolving into a more performance-oriented platform with a strong foundation for long-term growth.
'Our strategy is grounded in creating long-term value through a customer-centric platform that delivers measurable outcomes and fosters year-round engagement. The acquisition of This is Beyond and Insurtech Insights supports this vision, broadening our reach in key growth markets that deepen client relationships and enhance our ability to scale through targeted portfolio expansion. At the same time, we're navigating dynamic market conditions with continued discipline and focus. These efforts reflect our evolution into a more focused and operationally agile organization, well-positioned to scale with intention and deliver lasting value.'
David Doft, Emerald's Chief Financial Officer, added, 'We continued to build on our momentum in the second quarter, delivering solid year-over-year growth in both Revenue and Adjusted EBITDA. As anticipated, reported organic growth was muted at 0.4% this quarter, due to event timing and mix. However, on a pro-forma basis, assuming the recently completed acquisitions were part of the portfolio in the second quarter of 2024, organic growth would have been 4.6% this quarter, a more accurate reflection of the performance of our business as it is constituted on a go-forward basis with the inclusion of these acquisitions. Similarly, while reported free cash flow was impacted by the timing of these acquisitions, underlying cash generation was stronger when adjusted for these effects. As we cycle past these transactions, we expect free cash flow conversion to improve and more accurately reflect the cash generating power of the business.
'These results are in line with expectations and reflect the disciplined execution of our focused strategy, reinforcing our confidence in achieving our full-year 2025 guidance. Encouraging booking trends into the first half of 2026, combined with trade shows consistently delivering among the highest ROI of any marketing channel, give us continued confidence in our trajectory for sustained year-over-year growth.'
Second quarter 2025 revenues were $105.5 million, an increase of $19.5 million or 22.7% versus the second quarter 2024, driven primarily by $23.6 million in revenue from acquisitions and scheduling adjustments of $1.6 million, offset by prior year revenue of $2.8 million related to three discontinued events that were not contributing to profitability and a $0.3 million increase in Organic Revenues. The recent acquisitions of This is Beyond, Insurtech Insights and GRC World Forums would have driven 4.6% year-over-year growth in Organic Revenues had they been part of Emerald's portfolio in the second quarter ended June 30, 2024.
Second quarter 2025 Organic Revenues from the Connections reportable segment were $70.1 million, an increase of $1.2 million or 1.7% versus the second quarter 2024, due to an increase in recurring revenues.
Second quarter 2025 Organic Revenues from the All Other category were $10.1 million, a decrease of $0.9 million or 8.2% versus the second quarter 2024, due to a $1.0 million decrease in Content revenues, offset by a $0.1 million increase in Commerce revenues.
Second quarter 2025 net loss was $1.4 million, compared to net loss of $2.8 million for the second quarter 2024, principally as a result of higher income from ongoing operations, largely attributable to acquisitions, offset by higher non-recurring expenses, primarily related to contingent consideration remeasurement adjustments and higher provision for income taxes recognized during the quarter of 2025.
Second quarter 2025 Adjusted EBITDA was $24.4 million, compared to $15.3 million for the second quarter 2024.
For a discussion of the Company's presentation of Organic revenues and Adjusted EBITDA, which are non-GAAP measures, see below under the heading 'Non-GAAP Financial Information.' Refer to Schedule 1 for a reconciliation of Organic revenues to revenues (discussed in the first paragraph of this section), the most directly comparable GAAP measure, and refer to Schedule 3 for a reconciliation of Adjusted EBITDA to net income (loss) (discussed in the second paragraph of this section), the most directly comparable GAAP measure.
Cash Flow
Second quarter 2025 net cash provided by operating activities was $15.9 million, compared to $9.8 million in the second quarter 2024.
Second quarter 2025 capital expenditures were $2.1 million, compared to $2.7 million in the second quarter 2024.
Second quarter 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, which the Company defines as net cash provided by operating activities less capital expenditures, event cancellation insurance proceeds and taxes paid on event cancellation insurance proceeds, was $13.8 million, compared to $7.1 million in the second quarter 2024. The calculation of second quarter 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $1.1 million, acquisition integration and restructuring-related transition costs of $1.9 million and non-recurring financing fees charged to interest expense of $0.9 million for the January 2025 debt refinancing. The calculation of second quarter 2024 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $0.9 million, acquisition integration, restructuring-related transition costs of $1.0 million, and non-recurring legal and consulting fees of $0.7 million. The total of these items is $3.9 million and $2.6 million for the quarters ended June 30, 2025 and 2024, respectively.
Free Cash Flow in second quarter 2025 as reported reflects the impact of certain acquisition-timing effects. As the This is Beyond acquisition closed shortly before its major events staged, a portion of event-related cash was reflected in the purchase price, rather than being captured in Emerald's operating cash flow. The amount of this impact would have represented approximately $17.0 million of incremental cash flows from operations.
For a review of the Company's presentation of Free Cash Flow, which is a non-GAAP measure, see below under the heading 'Non-GAAP Financial Information.' Refer to Schedule 4 for a reconciliation of Free Cash Flow to net cash provided by operating activities (discussed in the first paragraph of this section), the most directly comparable GAAP measure.
Dividend
On July 29, 2025, Emerald's Board of Director's declared a dividend for the quarter ending September 30, 2025, of $0.015 per share payable on August 25, 2025 to holders of Emerald's common stock as of August 14, 2025.
Emerald Share Repurchase Program
On April 30, 2025, Emerald's Board of Directors approved an expansion of the Company's share repurchase program that allows for the repurchase of $25.0 million of its common stock through December 31, 2025. In the three months ended June 30, 2025, Emerald bought back 1,630,679 shares for $6.9 million at an average price of $4.24 per share. Year-to-date ended June 30, 2025, Emerald bought back 3,660,124 shares for $15.7 million at an average price of $4.29 per share. At quarter end, Emerald had $20.8 million remaining available under the existing repurchase authorization.
Since the restart of the share repurchase program in 2021 through June 30, 2025, the Company has bought back a total of 16.9 million shares of common stock for an aggregate of $69.4 million.
Conference Call Webcast Details
As previously announced, the Company's leadership will hold a conference call to discuss its second quarter 2025 results at 8:30 am EDT on Monday, August 4, 2025.
The conference call can be accessed by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). A telephonic replay will be available beginning at 11:30 am ET by dialing 1-800-770-2030, or for international callers, 1-647-362-9199. The passcode for the replay is 1558503. The replay will be available until 11:59 pm ET on August 11, 2025.
Interested investors and other parties can access the webcast of the live conference call by visiting the Investors section of Emerald's website at https://investor.emeraldx.com. An online replay will be available on the same website immediately following the call.
About Emerald
Emerald Holding, Inc. (NYSE: EEX) is the largest U.S.-based B2B event organizer, empowering businesses year-round by expanding meaningful connections, developing influential content, and delivering powerful commerce-driven solutions. As the owner and operator of a curated portfolio of B2B events spanning trade shows, conferences, B2C showcases and a scaled hosted buyer platform, Emerald also delivers dynamic solutions across leading industries through its robust content and e-commerce marketplace. Emerald is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce through streamlined buying, selling, and networking opportunities. Powered by an experienced team, Emerald is fostering impactful engagement and delivering unparalleled market access with a commitment to driving business growth 365 days a year.
Non-GAAP Financial Information
This press release presents certain 'non-GAAP' financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ('GAAP'). These non-GAAP financial measures are in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The Company believes that these non-GAAP financial measures enhance the reader's understanding of our past financial performance and our prospects for the future. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the schedules attached hereto.
Organic Revenue
We define 'Organic revenue growth' and 'Organic revenue decline' as the growth or decline, respectively, in our revenue from one period to the next, adjusted for the revenue impact of: (i) acquisitions and dispositions, (ii) discontinued events and (iii) material show scheduling adjustments. We disclose changes in Organic revenue because we believe it assists investors and analysts in comparing Emerald's operating performance across reporting periods on a consistent basis by excluding items that we do not believe provide a fair comparison of the trends underlying our existing event portfolio given changes in timing or strategy. Management and Emerald's board of directors evaluate changes in Organic revenue to evaluate our historical and prospective financial performance and understand underlying revenue trends of our events.
Adjusted EBITDA
We use Adjusted EBITDA because we believe it assists investors and analysts in comparing Emerald's operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management and Emerald's board of directors use Adjusted EBITDA to assess our financial performance and believe it is helpful in highlighting trends because it excludes the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Adjusted EBITDA should not be considered as an alternative to net income (loss) as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income (loss) before (i) interest expense, net, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, (v) goodwill and other intangible asset impairment charges and (vi) other items that management believes are not part of our core operations.
We have also presented Adjusted EBITDA excluding event cancellation insurance proceeds in order to illustrate the amount of Adjusted EBITDA from continuing operations.
Note: Schedule 3 provides reconciliations for 2025 and 2024 Adjusted EBITDA to net income (loss), however, it is not possible, without unreasonable efforts, to estimate the impacts of show scheduling adjustments, acquisitions and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of 2025 projected Adjusted EBITDA to projected net income (loss) without unreasonable efforts and has not provided reconciliations for these forward-looking non-GAAP financial measures.
Free Cash Flow
We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after capital expenditures, can be used to maintain and grow our business, for the repayment of indebtedness, payment of dividends and to fund strategic opportunities. Free Cash Flow is a supplemental non-GAAP measure of liquidity and is not based on any standardized methodology prescribed by GAAP. Free Cash Flow should not be considered in isolation or as an alternative to cash flows from operating activities or other measures determined in accordance with GAAP.
We have also presented Free Cash Flow excluding event cancellation insurance proceeds, net in order to illustrate the amount of Free Cash Flow from continuing operations.
Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains and our earnings call will contain certain forward-looking statements, including, but not limited to, statements regarding our ability to return our business to pre-COVID levels; general economic conditions, or more specifically about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance; the multiple avenues to return to organic growth; expectations regarding interest rates and economic conditions, among others; our guidance with respect to estimated revenues and Adjusted EBITDA; our ability or inability to obtain insurance coverage relating to event cancellations or interruptions; our intention to continue to pay regular quarterly dividends; our ability to successfully identify and acquire acquisition targets; our expectations arising from the ongoing impact of natural disasters, or outbreaks of contagious disease or the potential for infection (including COVID-19) on our business; how we integrate and grow acquired businesses; and how we expand our international operations. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including the Company's results of operations, cash flows, financial position and capital requirements, any applicable restrictions under the Company's debt facilities, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. These statements are based on management's current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company's control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
Emerald Holding, Inc.
Condensed Consolidated Balance Sheets
(dollars in millions, share data in thousands, except par value)
June 30,
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
156.4
$
194.8
Trade and other receivables, net of allowances of $2.1 million and $1.6 million, as of June 30, 2025 and December 31, 2024, respectively
102.0
82.5
Prepaid expenses and other current assets
20.6
29.6
Total current assets
279.0
306.9
Noncurrent assets
Property and equipment, net
1.7
1.8
Intangible assets, net
184.5
155.9
Goodwill, net
726.7
573.8
Right-of-use assets
6.1
6.4
Other noncurrent assets
4.1
3.9
Total assets
$
1,202.1
$
1,048.7
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and other current liabilities
$
49.6
$
40.7
Income taxes payable
1.7
—
Cancelled event liabilities
1.1
1.2
Deferred revenues
199.9
190.5
Contingent consideration
2.7
0.7
Right-of-use liabilities, current portion
4.5
4.0
Term loan, current portion
5.2
4.2
Total current liabilities
264.7
241.3
Noncurrent liabilities
Term loan, net of discount and deferred financing fees
501.6
398.5
Deferred tax liabilities, net
12.6
4.9
Right-of-use liabilities, noncurrent portion
4.1
5.5
Other noncurrent liabilities
29.7
12.6
Total liabilities
812.7
662.8
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value; authorized shares at June 30, 2025and December 31, 2024: 800,000; 197,977 and 201,447 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
2.0
2.0
Additional paid-in capital
1,018.1
1,034.0
Accumulated other comprehensive income
5.5
—
Accumulated deficit
(636.2
)
(650.1
)
Total stockholders' equity
389.4
385.9
Total liabilities and stockholders' equity
$
1,202.1
$
1,048.7
Expand
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
Revenues
$
95.4
$
75.0
$
20.4
27.2
%
$
233.7
$
198.4
$
35.3
17.8
%
Deduct:
Acquisition revenues
(23.6
)
—
(28.6
)
—
Discontinued events
—
(2.8
)
—
(4.6
)
Scheduling adjustments (2)
(1.7
)
(3.3
)
(1.7
)
(0.2
)
Organic revenues
$
70.1
$
68.9
$
1.2
1.7
%
$
203.4
$
193.6
$
9.8
5.1
%
Expand
Notes:
(1)
For the three months ended June 30, 2025, represents revenues from the acquisitions of This is Beyond, Insurtech and GRC World Forums. For the comparable period in the prior year, these businesses generated revenues of $18.1 million. Assuming prior year foreign currency rates, these revenues would have been $22.3 million for the three months ended June 30, 2025, resulting in a 4.6% year-over-year increase in Organic Revenues. For the six months ended June 30, 2025, represents revenues from the acquisitions of This is Beyond, Insurtech and GRC World Forums. For the comparable period in the prior year, these businesses generated revenues of $22.7 million. Assuming prior year foreign currency rates, these revenues would have been $27.2 million for the six months ended June 30, 2025, resulting in a 5.6% year-over-year increase in Organic Revenues.
(2)
For the three months ended June 30, 2025, represents revenues from three events that staged in the second quarter of fiscal 2025, but staged in a different quarter in fiscal 2024, and revenues from two events that staged in the second quarter of fiscal 2024 but are scheduled to stage in a different quarter in fiscal 2025. For the six months ended June 30, 2025, represents revenues from four events that staged in the first six months of fiscal 2025, but staged later in fiscal 2024, and revenues from one event that staged in the first six months of fiscal 2024 but is scheduled to stage in the second half of fiscal 2025.
Expand
Schedule 3
Emerald Holding, Inc.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
(dollars in millions)
(unaudited)
Net (loss) income
$
(1.4
)
$
(2.8
)
$
13.9
$
8.2
Add (deduct):
Interest expense, net
9.6
9.9
24.7
19.7
Provision for (benefit from) income taxes
2.0
(0.7
)
7.4
2.8
Depreciation and amortization
7.6
7.0
14.0
14.1
Stock-based compensation
3.0
1.5
5.6
4.0
Other items (1)
3.6
0.4
12.4
7.3
Adjusted EBITDA
$
24.4
$
15.3
$
78.0
$
56.1
Deduct:
Event cancellation insurance proceeds
—
—
—
1.0
Adjusted EBITDA excluding event cancellation insurance proceeds
$
24.4
$
15.3
$
78.0
$
55.1
Expand
Notes:
(1)
Other items for the three months ended June 30, 2025 included: (i) $1.1 million in acquisition-related transaction costs; (ii) $1.9 million in acquisition integration and restructuring-related transition costs and (iii) $0.6 million in expense related to the remeasurement of contingent consideration. Other items for the three months ended June 30, 2024 included: (i) $0.9 million in acquisition-related transaction costs; (ii) $1.0 million in acquisition integration and restructuring related transition costs; (iii) $0.7 million in non-recurring legal, audit and consulting fees and (iv) $2.2 million in gains related to the remeasurement of contingent consideration. Other items for the six months ended June 30, 2025 included: (i) $4.9 million in acquisition-related transaction costs; (ii) $2.5 million in acquisition integration and restructuring-related transition costs; (iii) $1.4 million in non-recurring legal, audit and consulting fees and (iv) $3.6 million in expense related to the remeasurement of contingent consideration. Other items for the six months ended June 30, 2024 included:(i) $1.2 million in acquisition-related transaction costs; (ii) $5.8 million in acquisition integration and restructuring related transition costs; (iii) $1.0 million in non-recurring legal, audit and consulting fees and (iv) $0.7 million in gains related to the remeasurement of contingent consideration.
Expand
Schedule 5
Emerald Holding, Inc.
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
(dollars in millions)
(unaudited)
Revenues
Connections
$
95.4
$
75.0
$
233.7
$
198.4
All Other
10.1
11.0
19.5
21.0
Total revenues
$
105.5
$
86.0
$
253.2
$
219.4
Other income, net
Connections
$
—
$
—
$
—
$
1.0
Total other income, net
$
—
$
—
$
—
$
1.0
Adjusted EBITDA
Connections
$
35.2
$
26.4
$
101.3
$
82.6
All Other
1.8
1.8
2.5
2.1
Adjusted EBITDA (excluding General corporate expenses)
$
37.0
$
28.2
$
103.8
$
84.7
General corporate expenses
(12.6
)
(12.9
)
(25.8
)
(28.6
)
Interest expense, net
(9.6
)
(9.9
)
(24.7
)
(19.7
)
Depreciation and amortization expense
(7.6
)
(7.0
)
(14.0
)
(14.1
)
Stock-based compensation expense
(3.0
)
(1.5
)
(5.6
)
(4.0
)
Other items
(3.6
)
(0.4
)
(12.4
)
(7.3
)
Income (loss) before income taxes
$
0.6
$
(3.5
)
$
21.3
$
11.0
Expand
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Excelerate Energy Reports Strong Second Quarter 2025 Results and Raises Full-Year Guidance
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Once installed, this technology will help eliminate all excess cargo losses due to boil off and lower Excelerate's Scope 1 emissions, while upgrading the performance and life expectancy of the floating LNG terminal. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2025, Excelerate had $426.0 million in unrestricted cash and cash equivalents and the Company had no letters of credit under its revolving credit facility. All of the $500 million of undrawn capacity under the revolving credit facility was available for additional borrowings as of June 30, 2025. QUARTERLY CASH DIVIDEND UPDATE On July 31, 2025, Excelerate's Board of Directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock, representing approximately a 33 percent increase from the prior quarter. The dividend is payable on September 4, 2025, to Class A common stockholders of record as of the close of business on August 20, 2025. With even greater confidence in its forward cash flow outlook following the Jamaica acquisition, Excelerate is now targeting a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028. REVISED 2025 FINANCIAL OUTLOOK Excelerate has revised its full year 2025 guidance range. On July 29th, the Company announced that it had raised its full year 2025 Adjusted EBITDA guidance to include the anticipated contribution from the Jamaica acquisition from May 14, 2025 through December 31, 2025. As announced, the Company expects Adjusted EBITDA to range between $420 million and $440 million for the full year 2025. Maintenance capex for 2025 is now expected to range between $65 million and $75 million. Committed Growth Capital for 2025 is now expected to range between $95 million and $105 million. The increase to Committed Growth Capital is primarily driven by the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter. Actual results may differ materially from the Company's outlook as a result of, among other things, the factors described under 'Forward-Looking Statements' below. The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Monday, August 11, 2025. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company's website at An archived replay of the call and a copy of the presentation will be on the website following the call. ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit USE OF NON-GAAP FINANCIAL MEASURES The Company reports financial results in accordance with accounting principles generally accepted in the United States ('GAAP'). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate's financial information presented in accordance with GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies, and you are cautioned not to place undue reliance on this information. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate's future results, cash flows or leverage will be unaffected by other non-recurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company's 2025 Financial Outlook, in the section titled 'Non-GAAP Reconciliation' below. Adjusted Gross Margin The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight into profitability and true operating performance excluding the implications of the historical cost basis of the Company's assets. Adjusted Net Income The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus tax-effected transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because management believes it is a useful indicator of the Company's operating performance. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. This measure has limitations as certain excluded items are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. For the foregoing reasons, Adjusted EBITDA has significant limitations that affect its use as an indicator of the Company's profitability and valuation. Adjusted Earnings Per Share The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, which it defines as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses. Management believes Adjusted EPSis useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the ongoing integration of the Jamaica acquisition; our future results of operations or financial condition, business strategy and plans, expansion plans and strategy, both generally and specifically in the Caribbean region; economic conditions, both generally and in particular in the regions in which we operate or plan to operate; the use of the new LNG carrier Excelerate Shenandoah; plans for the reliquefaction unit on the floating regasification terminal Experience; and projections regarding annual dividend rate growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will' or 'would' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under 'Risk Factors' in Excelerate's Annual Report on Form 10‐K for the year ended December 31, 2024, our other filings with the Securities and Exchange Commission (the 'SEC'), and those identified in this press release, including, but not limited to, the following: our ability to successfully complete and realize the anticipated benefits of the Jamaica acquisition, our ability to manage integration risks of the Jamaica acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellation; the competitive market for liquefied natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our floating regasification terminals; our ability to enter into or extend contracts with customers and our customers' failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our infrastructure assets; the risks inherent in operating our infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our floating regasification terminals; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. For example, the current global economic uncertainty and geopolitical climate, including wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Excelerate Energy, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (Unaudited) ASSETS (In thousands) Current assets Cash and cash equivalents $ 425,998 $ 537,522 Current portion of restricted cash 3,245 2,612 Accounts receivable, net 78,831 119,960 Current portion of net investments in sales-type leases 45,367 43,471 Other current assets 55,898 50,714 Total current assets 609,339 754,279 Restricted cash 14,838 14,361 Property and equipment, net 2,098,767 1,622,896 Intangible assets, net 365,378 — Goodwill 249,240 — Operating lease right-of-use assets 177,123 4,563 Net investments in sales-type leases 353,817 376,814 Investments in equity method investee 19,801 19,295 Deferred tax assets, net 31,295 27,559 Other assets 90,482 63,448 Total assets $ 4,010,080 $ 2,883,215 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 20,586 $ 7,135 Accrued liabilities and other liabilities 101,902 70,022 Current portion of deferred revenues 34,670 58,185 Current portion of long-term debt 20,097 46,793 Current portion of long-term debt – related party 9,291 8,943 Current portion of operating lease liabilities 23,217 1,551 Current portion of finance lease liabilities 24,212 23,475 Total current liabilities 233,975 216,104 Long-term debt, net 926,141 286,760 Long-term debt, net – related party 156,836 161,952 Operating lease liabilities 149,098 3,447 Finance lease liabilities 156,457 167,908 TRA liability 58,955 58,736 Asset retirement obligations 50,163 43,690 Long-term deferred revenues 27,430 27,722 Other long-term liabilities 101,622 28,395 Total liabilities $ 1,860,677 $ 994,714 Commitments and contingencies Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 34,675,087 shares issued as of June 30, 2025 and 26,432,131 shares issued as of December 31, 2024) 35 26 Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of June 30, 2025 and December 31, 2024) 82 82 Additional paid-in capital 633,700 467,429 Retained earnings 84,898 72,322 Accumulated other comprehensive income 113 502 Treasury stock (2,674,030 shares as of June 30, 2025 and 2,564,058 shares as of December 31, 2024) (54,688 ) (52,375 ) Non-controlling interests 1,485,263 1,400,515 Total equity $ 2,149,403 $ 1,888,501 Total liabilities and equity $ 4,010,080 $ 2,883,215 Expand Excelerate Energy, Inc. Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2025 June 30, 2024 Cash flows from operating activities (In thousands) Net income 72,888 $ 61,417 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 47,161 53,310 Amortization of operating lease right-of-use assets 3,343 860 ARO accretion expense 960 918 Amortization of debt issuance costs 4,444 1,715 Deferred income taxes 845 2,566 Share of net earnings in equity method investee (1,196 ) (1,123 ) Distributions from equity method investee 1,530 — Long-term incentive compensation expense 5,358 3,297 (Gain) loss on non-cash items — (44 ) Changes in operating assets and liabilities: Accounts receivable 85,578 51,511 Other current assets and other assets 1,864 (10,892 ) Accounts payable and accrued liabilities 16,182 (23,935 ) Current portion of deferred revenue (28,218 ) 2,331 Net investments in sales-type leases 21,101 8,004 Operating lease assets and liabilities (3,196 ) (871 ) Other long-term liabilities 13,305 5,976 Net cash provided by operating activities $ 241,949 $ 155,040 Cash flows from investing activities Net cash paid for acquisition (1,048,091 ) — Purchases of property and equipment (77,408 ) (38,268 ) Net cash used in investing activities $ (1,125,499 ) $ (38,268 ) Cash flows from financing activities Proceeds from issuance of Class A Common stock, net 201,904 — Repurchase of Class A Common Stock — (20,324 ) Proceeds from issuance of long-term debt 800,000 — Repayments of long-term debt (175,172 ) (20,627 ) Repayments of long-term debt – related party (4,768 ) (4,455 ) Payment of debt issuance costs (19,376 ) — Principal payments under finance lease liabilities (10,714 ) (10,081 ) Taxes withheld for long-term incentive compensation (1,027 ) (253 ) Dividends paid (3,382 ) (1,278 ) Distributions (13,984 ) (6,541 ) Other financing activities (433 ) 477 Net cash provided by (used in) financing activities $ 773,048 $ (63,082 ) Effect of exchange rate on cash, cash equivalents, and restricted cash 88 (6 ) Net increase (decrease) in cash, cash equivalents and restricted cash (110,414 ) 53,684 Cash, cash equivalents and restricted cash Beginning of period $ 554,495 $ 572,458 End of period $ 444,081 $ 626,142 Expand Excelerate Energy, Inc. Non-GAAP Reconciliation (Unaudited) The following table presents a reconciliation of Adjusted Gross Margin to the GAAP financial measures of gross margin for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Cost of LNG, gas and power (40,427 ) (160,759 ) (31,173 ) Operating expenses (46,023 ) (41,938 ) (46,579 ) Depreciation and amortization expense (25,518 ) (21,643 ) (30,400 ) Gross Margin $ 92,588 $ 90,750 $ 75,181 Depreciation and amortization expense 25,518 21,643 30,400 Adjusted Gross Margin $ 118,106 $ 112,393 $ 105,581 Expand The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Interest expense 23,932 14,316 15,476 Provision for income taxes 5,574 6,027 7,427 Depreciation and amortization expense 25,518 21,643 30,400 Accretion expense 483 477 463 Long-term incentive compensation expense 3,206 2,152 1,920 Transition and transaction expenses 27,659 3,682 — Adjusted EBITDA $ 107,137 $ 100,420 $ 88,963 Expand The following table presents a reconciliation of Adjusted Dilutive EPS to the GAAP financial measures of dilutive EPS for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 Add back: Transition and transaction expenses 0.24 0.03 — Tax impact on adjustments (0.05 ) — — Adjusted Earnings Per Share (diluted) $ 0.34 $ 0.49 $ 0.26 Expand 2025E 2025E (In millions) Low Case High Case Income before income taxes $ 167 $ 197 Interest expense 95 90 Depreciation and amortization expense 110 105 Accretion expense 2 2 Long-term incentive compensation expense 10 15 Transition and transaction expenses 36 31 Adjusted EBITDA $ 420 $ 440 Note: We have not reconciled the Adjusted EBITDA outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes. Expand
Business Wire
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First Foundation Bank Appoints Stuart Bernstein as Chief Banking Officer
IRVINE, Calif.--(BUSINESS WIRE)--First Foundation Inc. (NYSE: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors ('FFA') and First Foundation Bank ('FFB'), is pleased to announce the appointment of Stuart Bernstein as Executive Vice President, Chief Banking Officer of FFB, effective August 11, 2025. In this role, Mr. Bernstein will oversee FFB's consumer services, business banking, and private client strategy. 'We are pleased to welcome Stuart to First Foundation's executive leadership team,' said Thomas C. Shafer, CEO of First Foundation Inc. 'His extensive experience leading multi-billion-dollar banking operations, along with a consistent focus on talent development and client engagement, makes him ideally suited to drive the next phase of our banking evolution.' Mr. Bernstein brings over 25 years of leadership experience across consumer banking, wealth management, and lending. Most recently, he served as Head of Branch and Private Client at Santander Bank, where he led a network of 500 branches across eight states, managed over $40 billion in deposits and $15 billion in client assets, and directed teams spanning financial advisory, mortgage, and private client channels. 'There's no easing in. I'm joining a team that's navigating change with purpose, and I'm here to accelerate that momentum from day one,' said Mr. Bernstein. Prior to Santander, Mr. Bernstein spent over a decade at MUFG Union Bank, serving in executive roles including Head of Private Banking and Investment Sales, Head of Residential Lending, and Head of Branch and Private Banking. His responsibilities included leading high-performing teams, launching digital banking initiatives, and managing portfolios exceeding $35 billion. He began his career at Wells Fargo and Bank of America in regional and national leadership roles. Mr. Bernstein holds a Bachelor of Arts from the University of Southern California and is a graduate of the Pacific Coast Banking School at the University of Washington. About First Foundation First Foundation Inc. (NYSE: FFWM) and its subsidiaries offer personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy services. This comprehensive platform of financial services is designed to help clients at any stage in their financial journey. The broad range of financial products and services offered by First Foundation are more consistent with those offered by larger financial institutions, while its high level of personalized service, accessibility, and responsiveness to clients is more aligned with community banks and boutique wealth management firms. This combination of an integrated platform of comprehensive financial products and personalized service differentiates First Foundation from many of its competitors and has contributed to the growth of its client base and business. Learn more at or connect with us on LinkedIn.
Business Wire
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- Business Wire
AECOM selected to deliver project management and engineering services for The Avenues
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the trusted global infrastructure leader, today announced it has been appointed by Shomoul Holding Company as the Project Management Consultant (PMC) and engineer for Phase II of The Avenues - Riyadh, a transformative mixed-use development in North Riyadh City, Saudi Arabia, following the successful delivery of The Avenues Phase I. The Avenues aims to be one of the most prominent commercial and investment destinations in the Middle East, elevating Saudi Arabia's position as a regional hub for business, innovation and lifestyle. 'We are honored that Shomoul Holding Company has entrusted us to extend our key role on The Avenues - Riyadh,' said Hamed Zaghw, chief executive of AECOM's Middle East and Africa region. 'This award is a testament to the transformational outcomes we are delivering for our clients across the Kingdom, and we are excited to shape a development that aligns with Vision 2030 and sets a new benchmark for mixed-use environments in the Middle East.' Valued at over $4 billion, the project spans 1,870,000 square meters of built-up area and 370,000 square meters of leasable area. It will include a luxury shopping mall and five towers featuring mixed-use functionalities such as hospitality, commercial and residential spaces. The Avenues - Riyadh is scheduled to open in early 2026. 'This appointment builds on our track record of delivering complex, high-profile developments that shape the cities of tomorrow,' said Jason Kroll, chief executive of AECOM Arabia. 'Our integrated team brings deep regional experience, digital delivery capabilities and industry-leading expertise in sustainability, and we look forward to collaborating with our partners to bring this world-class destination to life.' AECOM will deploy advanced digital project management tools, data-driven dashboards and lean construction methodologies to optimize project tracking, enhance stakeholder communications, and proactively mitigate risks—setting new standards for project delivery in the region. About AECOM AECOM (NYSE: ACM) is the global infrastructure leader, committed to delivering a better world. As a trusted professional services firm powered by deep technical abilities, we solve our clients' complex challenges in water, environment, energy, transportation and buildings. Our teams partner with public- and private-sector clients to create innovative, sustainable and resilient solutions throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. AECOM is a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2024. Learn more at Forward-Looking Statements All statements in this communication other than statements of historical fact are 'forward-looking statements' for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, capital allocation strategy including stock repurchases, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; potential government shutdowns, changes in administration or other funding directives and circumstances that may cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price contracts; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; changes in government laws, regulations and policies, including failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real estate development projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including the risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
