EEX · CIK 1579214
What Emerald Holding, Inc. told the SEC could break it.
Emerald Holding's results hinge on in-person events: trade shows and other events generated about 91% of its revenue in 2025, leaving it heavily exposed to event attendance and the risk of show cancellations or disruptions from pandemics, travel shocks or economic downturns. About 10.6% of revenue comes from outside the U.S. (the UK, Canada, Mexico, Morocco, Italy and Hong Kong), adding foreign-currency exposure, particularly to the British pound. Its balance sheet carries constraints on both sides — Senior Secured Credit Facilities that restrict additional debt, dividends and asset sales and impose a revolver covenant, plus $783.6 million of goodwill that could be impaired if performance or its stock price falls — and it is a controlled company, with Onex holding majority ownership and the power to decide matters put to stockholders.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- ~91% of revenue from trade shows/events (cancellation/attendance vulnerability)high
Trade shows and other events generate ~91% of Emerald's revenue, so its results are heavily exposed to in-person event attendance and the risk of show cancellations or disruptions (e.g. pandemics, travel/economic shocks).
“Trade show and other events generated approximately 91%, 89% and 89% of revenues for the years ended December 31, 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026 - controlled company — Onex majority ownershipmedium
Onex controls Emerald and can determine all matters submitted to stockholders (director elections, mergers, asset sales), and could take actions that conflict with other stockholders or deter a beneficial change-of-control.
“Onex could cause corporate actions to be taken that conflict with the interests of our other stockholders. This concentration of ownership could have the effect of deterring or preventing a change in control transaction that might otherwise be beneficial to our stock”
SEC filing →As of 2026
Currency (FX)
- international operations (10.6% of revenue) with U.K. Pound Sterling exposuremedium
About 10.6% of Emerald's 2025 revenue came from trade shows outside the US (UK, Canada, Mexico, Morocco, Italy, Hong Kong), exposing it to foreign-currency risk, especially the U.K. Pound Sterling, plus other international operating risks.
“For the year ended December 31, 2025, approximately 10.6% of our revenue was generated outside of the United States.”
SEC filing →As of 2026
Liquidity & debt
- Senior Secured Credit Facilities covenants; $783.6M goodwill impairment riskmedium
Emerald's Second Amended Senior Secured Credit Facilities restrict additional debt, dividends, liens and asset sales and impose a financial covenant on the revolver; it also carries $783.6M of goodwill that could be impaired if reporting-unit performance or its stock price decline.
“the revolving credit facility portion of our Second Amended and Restated Senior Secured Credit Facilities also contains a financial covenant requiring”
SEC filing →As of 2026
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