Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $77.5 million, up from $72.6 million in Q3 2024, reflecting a year-over-year increase of 12.6% [14] - Reported organic revenue decreased by 6.8% year-over-year, primarily due to construction impacts at the Las Vegas Convention Center [14][15] - Year-to-date total revenue reached $330.7 million, a 13.3% increase compared to the previous year, driven by acquisitions and higher organic revenues [15] - Adjusted EBITDA for Q3 was $12.8 million, a 2.4% increase from $12.5 million in the prior year [16] - Year-to-date adjusted EBITDA totaled $90.8 million, up 32.4% from $68.6 million in the prior year [16] Business Line Data and Key Metrics Changes - The acquisition of Generis expanded Emerald's portfolio into high-growth sectors, enhancing resilience across market cycles [5][11] - Generis did not contribute revenue in Q3 2025, but the acquisition is expected to positively impact future revenue [15][37] Market Data and Key Metrics Changes - International exhibitors accounted for approximately 10% of total revenue, with growth observed in markets such as Italy, Germany, the UAE, and Brazil [8][9] - The company anticipates a more constructive environment heading into 2026 as trade conditions stabilize [9] Company Strategy and Development Direction - The company is focused on diversifying its portfolio into higher growth sectors and optimizing its operations through strategic acquisitions [11][51] - Continued investment in technology, including an AI-powered event agent, aims to enhance customer experience and operational efficiency [9][44] - The company is committed to disciplined capital deployment across M&A, organic growth, and shareholder returns [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year commitments and building momentum into 2026 despite ongoing economic pressures [13][57] - The construction at the Las Vegas Convention Center has impacted customer experience, but completion is expected by the end of the year, improving future event structures [27][42] Other Important Information - The company repurchased approximately 116,000 shares at an average price of $4.87 per share, with a total of 17 million shares repurchased since the program's inception [21] - A quarterly dividend of $0.015 per share was declared, reflecting the company's commitment to returning value to shareholders [22] Q&A Session Summary Question: Impact of tariffs and construction on financial results - The $6 million impact mentioned includes both tariff and construction effects, with construction being the more significant factor affecting customer experience [25][26] Question: Future trade environment and tariff impacts - The company anticipates a more normalized environment next year, with manageable impacts from tariffs as international sales efforts continue to expand [30][31] Question: Guidance without Generis acquisition - Excluding Generis, the company remains within the lower half of its guidance range for revenue, with more mid-range expectations for EBITDA [34][35] Question: AI-powered event agent functionality - The AI tool simplifies attendee interactions by providing answers throughout the customer journey, enhancing overall satisfaction [44][45] Question: M&A environment and valuations - The company sees a strong pipeline for M&A opportunities, with no significant changes in valuations compared to the past [50][51]