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Emerald Reports First Quarter 2021 Financial Results NEW YORK , N.Y. - April 30 , 2021 - Emerald Holding , Inc. ( NYSE : EEX ) ( " Emerald " or the " Company " ) , a leading U.S. business - to business platform producer of trade shows , events , conferences , marketing and B2B software solutions , today reported financial results for the first quarter ended March 31 , 2021 . Highlights ● ● First quarter results continue to be negatively impacted by event cancellations due to the COVID - 19 pandemic Impact of revenue declines on operating income partially offset by claim payments received under Emerald's event cancellation insurance policy . Emerald is actively pursuing collection of the remaining unpaid amounts of filed insurance claims for its cancelled and impacted 2020 events , in addition to claims for its cancelled and impacted 2021 events ● To date , Emerald has submitted $ 167 million in claims , which represents the net amount of budgeted gross revenues less avoided costs for impacted or cancelled events previously scheduled to take place in 2020 Insurance claim payments received to date total $ 121.1 million , of which $ 89.1 million was received in 2020 , $ 29.6 million was received in the first quarter of 2021 and $ 2.4 million was received in April 2021 Emerald has also submitted $ 52.9 million in incremental event cancellation insurance claims to date for events that were originally scheduled to take place in the first half of 2021 , but have been cancelled or otherwise impacted Net loss of $ 15.3 million for the first quarter 2021 , compared to net loss of $ 570.1 million for the first quarter 2020 First quarter 2020 net loss included non - cash charges of $ 623.4 million related to impairment of goodwill and certain intangible assets as compared to no impairment of goodwill or intangible assets in the first quarter 2021 . Adjusted EBITDA , a non - GAAP measure , of negative $ 2.7 million for the first quarter 2021 , compared to positive $ 23.6 million for the first quarter 2020 ( Refer to Schedule 2 for a reconciliation to net income , the most directly comparable GAAP measure ) Emerald ended the first quarter with $ 293.6 million in cash as compared to the fourth quarter of 2020's cash balance of $ 295.3 million . The Company also had full availability of its $ 150 million revolving credit facility at quarter end Subsequent to quarter end , Emerald acquired substantially all the assets of Sue Bryce Education , a member - based portrait photography education platform , and its affiliate , The Portrait Masters , an online photo education destination and conference . First Quarter 2021 Financial Performance Revenues Net loss Net cash provided by operating activities Diluted loss per share Non - GAAP measures : Adjusted EBITDA Free Cash Flow LA LA LA LA $ $ Exhibit 99.1 $ $ $ 2021 Three Months Ended March 31 , Change 2020 % Change ( unaudited , dollars in millions , except percentages and per share data ) 12.9 $ 99.7 $ ( 86.8 ) ( 570.1 ) $ 8.8 ( 7.99 ) ( 15.3 ) 554.8 $ 1.6 $ ( 0.31 ) $ ( 2.7 ) $ 0.6 $ 23.6 7.7 $ ( 7.2 ) 7.68 ( 26.3 ) ( 7.1 ) ( 87.1 % ) 97.3 % ( 81.8 % ) 96.1 % NM ( 92.2 % ) Hervé Sedky , Emerald's President and Chief Executive Officer , commented , " Our business is at an important inflection point as the COVID 19 vaccines are now widely available and vaccination rates are rapidly increasing . We are pleased to see many states planning for large , in person events over the next two months . As a result , we expect a safe resumption of our trade shows this summer as we plan for the busiest second half of the year in Emerald's history in terms of the number of events we plan to execute . But our planning