Financial Data and Key Metrics Changes - For Q4 2025, revenue was $132.7 million, up from $106.8 million in the prior year, driven by acquisitions and a 0.3% reported organic revenue growth [12] - Full year 2025 total revenue reached $463.4 million, a 16.2% increase year-over-year, primarily due to acquisitions and higher organic revenue [13] - Adjusted EBITDA for Q4 was $36.3 million, compared to $33.1 million in the prior year, marking a 9.7% increase [14] - Full year adjusted EBITDA totaled $127.1 million, up 25% from $101.7 million in the previous year [14] - Free cash flow for Q4 was $10.1 million, down from $18.4 million in the prior year, while full year free cash flow was $34.3 million, compared to $37.0 million in 2024 [15][16] Business Line Data and Key Metrics Changes - Reported organic revenue growth for the full year was 1.1%, but if acquisitions were included in 2024, organic revenue growth would have been 4.8% [5][13] - The company focused on reshaping its portfolio to increase exposure to higher growth markets while exiting underperforming brands [6][7] Market Data and Key Metrics Changes - The demand for the company's events remains strong, particularly in the U.S. market, which serves as a key marketplace for both domestic and international participants [9] - The company continues to see solid interest from international exhibitors seeking access to U.S. buyers, presenting opportunities for global customer engagement [9] Company Strategy and Development Direction - The company aims to maintain disciplined execution and build on the strong foundation established across its business in 2026 [10] - Focus areas include organic efficiencies through investments in automation and scalable platforms, as well as selective M&A to strengthen the portfolio [10][11] - The company is actively evaluating strategic options, with no updates to share at this time [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the predictability of earnings, with a positive outlook for 2026 [8][19] - The company expects revenue in the range of $490 million to $495 million and adjusted EBITDA between $137.5 million and $142.5 million for 2026, reflecting approximately 6% revenue and 10% adjusted EBITDA growth year-over-year [19] Other Important Information - The company had $100.9 million in cash as of December 31, 2025, with total liquidity of $210.4 million [18] - A quarterly dividend of $0.015 per share was declared, demonstrating a commitment to returning capital to shareholders [19] Q&A Session Summary Question: Free cash flow conversion for 2026 guidance - Management expects free cash flow to be between $85 million and $90 million, assuming normalized conditions [22][24] Question: Impact of current Middle East situation on travel to trade shows - Management indicated minimal impact, with less than 1% of revenue coming from Middle Eastern exhibitors [26][27] Question: Status of acquisitions and integration - Acquisitions are performing as expected, and integration is on plan [37] Question: Update on Las Vegas Convention Center construction - Construction is completed, and the company expects to cycle past the impacts in 2026 [39] Question: AI initiatives and plans for 2026 - The company is implementing AI agents to improve exhibitor experience and has early signs of success in various business areas [49][50] Question: M&A environment characterization - The M&A environment remains strong, with many opportunities in a fragmented industry [54]