Core Insights - The company is planning a debt refinancing to enhance liquidity and provide operational flexibility, with a new debt package receiving over 99% acceptance from lenders [3] - The company reported fourth quarter net revenues of $785 million, a 3% year-over-year increase, driven by improvements in Experiential Services [4] - The company is focusing on divestitures of non-core businesses to sharpen strategic focus and redeploy capital towards higher-return priorities [2] Financial Performance - Fourth quarter Adjusted EBITDA was $88 million, reflecting a shift towards more labor-intensive, lower-margin businesses [4] - For the full year 2025, Branded Services revenue was approximately $259 million, down 9% year-over-year, while Experiential Services revenue was approximately $280 million, up 19% year-over-year [8] - The company generated $174 million in unlevered free cash flow in the second half of 2025, compared to $50 million in the first half [11] Segment Performance - In Experiential Services, revenue increased by 15% in the fourth quarter, with EBITDA margin exceeding 30% despite elevated labor costs [5] - Retailer Services faced weaker profitability due to delayed projects and increased costs, with revenue of $246 million, up 1% year-over-year [6][8] - Branded Services experienced sustained softness in consumer packaged goods spending, impacting revenue and profitability [9] 2026 Outlook - The company expects revenue for 2026 to be flat to up low single digits, with Adjusted EBITDA anticipated to be flat to down mid-single digits [14] - Management guided for unlevered free cash flow of approximately $250 million to $275 million in 2026 [15] - The company is entering 2026 with cautious optimism, shifting focus from heavy investment to enhanced execution [13]