Emerald Holding Inc (EEX) 2025 Q4 法說會逐字稿

Welcome to the Emerald Holding fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) I will now turn the call over to Erica Bartsch, EVP of Strategy and Communications at Emerald.

歡迎參加 Emerald Holding 2025 年第四季及全年財報電話會議。（接線員指示）現在我將把電話交給 Emerald 策略與傳播執行副總裁 Erica Bartsch。

Good morning, everyone, and welcome. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes remarks about future expectations, beliefs, estimates, plans and prospects.

各位早安，歡迎各位。在開始之前，提醒各位，本次電話會議將包含若干陳述，依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之定義，構成前瞻性陳述。其中包括對未來預期、信念、估計、計畫與前景的評論。

In particular, the company's statements about projected results for 2026 are forward-looking statements. Such statements are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements.

特別是，公司對 2026 年預測結果的陳述屬於前瞻性陳述。此類陳述受多項風險、不確定性及其他因素影響，可能導致實際結果與該等陳述所指示或暗示者出現重大差異。

For a discussion of these risks, uncertainties and other factors, please refer to the company's SEC filings including its most recently filed periodic reports on Form 10-K and Form 10-Q as well as the company's earnings release, all of which can be found on the company's Investor Relations website. The company does not undertake any duty to update such forward-looking statements.

關於上述風險、不確定性及其他因素之討論，請參閱公司向美國證券交易委員會（SEC）提交的文件，包括最近提交的 Form 10-K 與 Form 10-Q 定期報告，以及公司的財報新聞稿；上述資料皆可於公司投資人關係網站查閱。公司不承擔更新該等前瞻性陳述之任何義務。

Additionally, during today's call, management will discuss non-GAAP measures, which I believe can be useful in evaluating the company's performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with US GAAP.

此外，在今天的電話會議中，管理層將討論非 GAAP 指標，我認為這些指標有助於評估公司的表現。此等補充資訊不應被孤立看待，亦不應作為依據美國 GAAP 編製之結果的替代。

The reconciliation of these non-GAAP measures to their most comparable GAAP measures can be found in the company's earnings release, which is available on the company's Investor Relations website. As a reminder, this conference is being recorded, and a replay of this call will be available on the company's Investor Relations website through 11:59 p.m.

非 GAAP 指標與其最可比 GAAP 指標之調節表，可於公司財報新聞稿中查閱；該新聞稿可在公司投資人關係網站取得。提醒各位，本次會議將被錄音，且本次電話會議的重播將於公司投資人關係網站提供至晚上 11:59。

Eastern Time on March 20, 2026. I would now like to turn the call over to Mr. Herve Sedky, President and Chief Executive Officer. Please go ahead.

美東時間 2026 年 3 月 20 日。現在我想把電話交給總裁兼執行長 Herve Sedky 先生。請開始。

Thank you, Erica, and good morning, everyone. On today's call, I'll begin with a review of our fourth quarter and full year 2025 performance followed by an update on our strategic priorities and outlook. And then I'll turn the call over to David Doft, CFO, to review our financial results in greater detail.

謝謝你，Erica，各位早安。在今天的電話會議中，我將先回顧我們 2025 年第四季及全年表現，接著更新我們的策略優先事項與展望。之後我會把電話交給財務長 David Doft，請他更詳細地說明我們的財務結果。

2025 marks a transformational year for Emerald. Our teams remained focused on execution, translating strategic priorities into amenable progress and positioning the business to be more resilient, better diversified and proximately stronger as we enter 2026. Over the course of the year, we delivered solid year-on-year growth in revenue and adjusted EBITDA, excluding insurance proceeds of 16.2% and 26.8%, respectively, along with healthy organic growth.

2025 年是 Emerald 的轉型之年。我們的團隊持續專注於執行，將策略優先事項轉化為可觀的進展，並在邁入 2026 年之際，使業務更具韌性、更多元分散，且在近期更為強健。全年期間，在不含保險理賠收入的情況下，我們分別實現營收與調整後 EBITDA 年增 16.2% 與 26.8%，並同時帶來健康的有機成長。

Reported organic revenue grew 1.1% in the full year. And if we assume the recently completed acquisitions of This is beyond Insurtech Insights and Generis, were part of the portfolio in 2024. Organic revenue for full year 2025 was up a solid 4.8%. These results reflect the strength of our diversified portfolio with balanced contributions from organic growth positions and sustained customer demand across our core businesses.

全年申報的有機營收成長 1.1%。若假設近期完成收購的 This is beyond、Insurtech Insights 與 Generis 在 2024 年即已納入投資組合，則 2025 年全年有機營收將穩健成長 4.8%。這些結果反映我們多元化投資組合的實力：有機成長部位貢獻均衡，且核心業務的客戶需求持續強勁。

Importantly, this performance highlights the predictability and durability of our earnings model and reinforces our confidence in our strategy. Over the past year, that strategy has continued to focus on actively reshaping the portfolio to increase our exposure to higher-growth end markets while completing the exit of several underperforming brands that didn't recover post-COVID.

重要的是，這項表現凸顯我們獲利模式的可預測性與耐久性，並強化我們對策略的信心。過去一年，我們的策略持續聚焦於主動重塑投資組合，以提高對高成長終端市場的曝險，同時完成退出數個在 COVID 之後未能復甦、表現不佳的品牌。

This was a deliberate strategy executed through a mix of organic actions and targeted acquisitions, including This is beyond Insurtech Insights and Generis, which expanded our presence in attractive sectors such as luxury, manufacturing and executive peer-to-peer networks. These moves were growth for growth's sake, but about ensuring that we own a well-diversified portfolio of only high-quality events that deliver real ROI for our customers and long-term value for shareholders.

這是一項經深思熟慮的策略，透過有機行動與精準收購的組合來執行，包括 This is beyond、Insurtech Insights 與 Generis，擴大我們在奢侈品、製造業與高階主管同儕交流網絡等具吸引力領域的布局。這些舉措並非為了成長而成長，而是為了確保我們擁有一個高度多元、且僅由高品質活動組成的投資組合，能為客戶帶來真正的投資報酬率（ROI），並為股東創造長期價值。

As a result, we believe we enter 2026 with the strongest and most diversified portfolio we have had, which we believe will drive predictable and highly cash flow generative growth in the years ahead. The mix of our business today, the quality of customer demand and our visibility into future bookings gives us confidence in the strength of the company. That confidence reflects the fundamentals of the portfolio and our execution independent of any future strategic actions.

因此，我們相信在邁入 2026 年時，我們擁有迄今最強且最多元的投資組合，並預期將在未來數年推動可預測且高度具現金流創造力的成長。我們當前的業務組合、客戶需求的品質，以及對未來預訂情況的能見度，使我們對公司的實力充滿信心。這份信心反映的是投資組合的基本面與我們的執行力，且不依賴任何未來的策略行動。

As we look ahead, we see clear momentum entering 2026. Pacing remains healthy across the business supported by strong rebooking activity and sustained customer engagement. These trends reflect continued confidence in the value our events deliver and the role of live, in-person engagement in our customers' go-to-market strategies.

展望未來，我們看到在進入 2026 年之際具備明確動能。在強勁的續訂活動與持續的客戶參與支持下，整體業務的預訂進度（pacing）仍維持健康。這些趨勢反映客戶對我們活動所帶來價值的持續信心，以及現場、面對面互動在客戶市場進入（go-to-market）策略中的角色。

Industry data consistently shows that face-to-face engagement remains one of the most effective ways to drive high-value B2B outcomes, particularly in complex or multi-stakeholder purchasing decisions. Taken together, this momentum reinforces our view that live engagement remains a critical and efficient growth channel across industries.

產業數據一再顯示，面對面互動仍是推動高價值 B2B 成果最有效的方法之一，特別是在複雜或多方利害關係人參與的採購決策中。綜合而言，這股動能強化了我們的觀點：現場互動仍是跨產業關鍵且高效率的成長通路。

Against that backdrop, we're initiating full year 2026 guidance that reflects the strength of the portfolio today and our expectations for continued disciplined execution. For 2026, we expect revenue in the range of $490 million to $495 million and adjusted EBITDA in the range of $137.5 million to $142.5 million. David will walk through our assumptions in more detail in a moment.

在此背景下，我們提出 2026 年全年財測，反映當前投資組合的實力，以及我們對持續嚴謹執行的預期。2026 年，我們預期營收介於 4.90 億至 4.95 億美元，調整後 EBITDA 介於 1.375 億至 1.425 億美元。David 稍後將更詳細說明我們的假設。

Building on our outlook for 2026. The demand supporting our business remains largely centered on the US market where our events serve as important marketplaces for both domestic and international participants. We continue to see solid interest from international exhibitors seeking access to US buyers, which represents a meaningful opportunity to further serve global customers over time.

在我們對 2026 年的展望基礎上，支撐我們業務的需求仍主要集中在美國市場；我們的活動對國內與國際參與者而言，都是重要的交易與交流平台。我們持續看到國際參展商對於接觸美國買家的濃厚興趣，這代表我們在時間推移下進一步服務全球客戶的一項重要機會。

As it relates to tariffs, we continue to monitor the situation closely and have incorporated the potential impacts into our planning for 2026. Developments in the Middle East have not had a meaningful effect on our operations to date, and we do not maintain a direct presence in the region.

就關稅而言，我們持續密切監控情勢，並已將潛在影響納入 2026 年規劃。迄今為止，中東地區的發展對我們的營運並未造成重大影響，且我們在該地區並無直接據點。

Overall, our exposure remains well balanced with no material concentration risk, and we remain disciplined in how we approach international expansion. This progress, along with the broader portfolio repositioning, shapes our priorities for the year ahead. In 2026, our focus will be on disciplined execution and building on the strong foundation established across the business. We will continue to drive organic efficiencies through targeted investments in automation, process optimization and scalable platforms that support margin expansion over time.

整體而言，我們的曝險仍相當均衡，沒有任何重大集中風險；在推動國際擴張方面，我們也維持嚴謹紀律。這些進展，加上更廣泛的投資組合重新定位，形塑了我們來年工作的優先事項。2026 年，我們將聚焦於嚴謹執行，並在全公司已建立的堅實基礎上持續深化。我們將透過在自動化、流程最佳化與可擴展平台上的精準投資，持續推動有機效率提升，以支持長期的利潤率擴張。

These efforts are designed to increase operating leverage, enhance the customer experience and generate incremental upside as the portfolio continues to scale. M&A will also remain a key part of our growth strategy. We will deploy capital selectively, focusing on tuck-in and bolt-on acquisitions that strengthened the portfolio, expand our presence in attractive end markets and drive long-term value within a disciplined return framework.

這些努力旨在提高營運槓桿、提升客戶體驗，並在投資組合持續擴張的同時帶來額外上行空間。併購（M&A）也將持續是我們成長策略的關鍵部分。我們將有選擇性地部署資本，聚焦於補強型（tuck-in）與加掛型（bolt-on）收購，以強化投資組合、擴大我們在具吸引力終端市場的布局，並在嚴謹的報酬框架下推動長期價值。

Alongside this ongoing execution, our Board continues to actively evaluate strategic options as previously announced in December. There are no updates to share at this time, and we will not be commenting further on this process until an agreement is reached or the review is otherwise completed.

在持續推進上述執行的同時，我們的董事會也如同先前於12月所公告，持續積極評估策略選項。目前沒有可分享的最新進展，在達成協議或審查程序以其他方式完成之前，我們將不再就此流程進一步評論。

In summary, 2025 was a transformational year. We strengthened the business, improved its quality and resilience and delivered a solid financial performance. As we enter 2026, we do so from a position of strength with strong demand, disciplined execution and a clear path for continued value creation.

總結而言，2025年是具有轉型意義的一年。我們強化了業務、提升其品質與韌性，並交出穩健的財務表現。邁入2026年，我們將以強勢姿態出發，具備強勁需求、紀律執行，以及持續創造價值的清晰路徑。

With that, I'll turn the call over to David to walk through our financial results and outlook in more detail.

接下來，我把電話會議交給David，請他更詳細說明我們的財務結果與展望。

Thank you, Herve, and good morning. Let's begin with a review of fourth quarter and full year financials. For the fourth quarter, revenue was $132.7 million compared to $106.8 million in the prior year quarter. This was driven primarily by the businesses we acquired in 2025 as well as 0.3% reported organic rent growth, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events.

謝謝你，Herve，各位早安。我們先回顧第四季與全年財務表現。第四季營收為1.327億美元，較去年同期的1.068億美元增加。成長主要來自我們於2025年收購的業務，以及0.3%的公告有機租金成長（已納入收購影響、排程調整與停辦活動）。

However, if we assume the recently included acquisitions of This is Beyond, Insurtech and Generis, we're part of the portfolio in Q4 2024. Organic revenue in Q4 2025 would be up 5.3% compared to the prior year quarter. For the full year 2025, total revenue was $463.4 million, an increase of 16.2% versus the prior year, primarily due to revenue from acquisitions and higher organic revenue.

不過，若假設近期納入的收購案（This is Beyond、Insurtech與Generis）在2024年第四季即已屬於我們的投資組合，則2025年第四季的有機營收將較去年同期成長5.3%。2025年全年總營收為4.634億美元，較去年增加16.2%，主要來自收購帶來的營收以及較高的有機營收。

Full year reported organic revenue increased 1.1% year-over-year. As Herve mentioned, had the acquisitions of Generis, This is Beyond and Insurtech been a part of our portfolio during the full year 2024, organic revenue growth would have increased 4.8% year-over-year. Adjusted EBITDA was $36.3 million in the fourth quarter compared to $33.1 million in the prior year period, an increase of 9.7%.

全年公告有機營收年增1.1%。如Herve所提，若Generis、This is Beyond與Insurtech的收購在2024年全年即已納入我們的投資組合，有機營收成長將達年增4.8%。第四季調整後EBITDA為3,630萬美元，較去年同期的3,310萬美元增加9.7%。

For the full year, adjusted EBITDA totaled $127.1 million as compared to $101.7 million in the prior year period, an increase of 25%. The improvement in both periods was driven by strong revenue growth, particularly from the acquired businesses, offset by higher bonus expense.

全年調整後EBITDA合計1.271億美元，較去年同期的1.017億美元增加25%。兩個期間的改善主要由強勁的營收成長所帶動，尤其來自收購業務的貢獻，但部分被較高的獎金費用所抵銷。

Turning to our expenses. On a reported basis, SG&A was $88.7 million in the fourth quarter versus $34.6 million in the prior year quarter. For the full year, SG&A was $241.2 million as compared to $170.4 million in the prior year period. The increase in both quarter and full year was primarily driven by contingent consideration remeasurement adjustments reflecting strong performance and outlooks of recently acquired businesses as well as transaction and integration costs.

接著看費用。以公告口徑計算，第四季銷售、一般及行政費用（SG&A）為8,870萬美元，去年同期為3,460萬美元。全年SG&A為2.412億美元，去年同期為1.704億美元。季度與全年增加主要來自或有對價重估調整（反映近期收購業務的強勁表現與展望），以及交易與整合成本。

In the fourth quarter, free cash flow was $10.1 million versus $18.4 million in the prior year quarter. For the full year, free cash flow came in at $34.3 million versus $37.0 million in 2024. As we noted in prior quarters, underlying free cash flow for the year would have been stronger than reported given the timing of recent acquisition.

第四季自由現金流為1,010萬美元，去年同期為1,840萬美元。全年自由現金流為3,430萬美元，2024年為3,700萬美元。如我們在前幾季所提，若考量近期收購的時間點，全年基礎自由現金流本應較公告數字更強。

Our full year cash flow was impacted by the acquisitions of Generis, This is Beyond and Insurtech Insights for a total of $30 million of cash flow from operations that would have been generated by the company if we had owned the businesses at the beginning of the year as a portion of event-related cash came to the company as an offset the purchase price rather than in Emerald's operating cash flow.

全年現金流亦受到收購Generis、This is Beyond與Insurtech Insights的影響，合計約3,000萬美元的營運現金流原本若我們在年初即持有這些業務便可由公司產生；但由於部分與活動相關的現金改以抵減收購價款的方式流入，而非計入Emerald的營運現金流。

Free cash flow was also impacted by $6.5 million of fees related to the January and August 2025 refinancing of our debt that flows through the financials. Therefore, when taken together, this impacted our free cash flow by $36.6 million in the full year. which we believe should be taken into account to understand the cash generation of the underlying operations of the company as those inflows are not reflected in reported free cash flow of capital from operations minus CapEx.

自由現金流也受到2025年1月與8月債務再融資相關費用6,50萬美元的影響，該費用已反映於財務報表中。因此，綜合上述因素，全年自由現金流合計受到3,660萬美元的影響。我們認為，為了理解公司基礎營運的現金創造能力，應將此納入考量，因為這些流入並未反映在公告自由現金流（營運現金流入減資本支出CapEx）之中。

This is important context when evaluating the free cash flow conversion and strength of our cash generation. Shifting to our balance sheet. We had $100.9 million in cash as of December 31 versus $95.4 million as of September 30. Our total liquidity is $210.4 million as of December 31, including $110 million available on our revolving credit facility.

這是在評估自由現金流轉換率與我們現金創造強度時的重要背景。接著看資產負債表。截至12月31日，我們持有現金1.009億美元，較9月30日的9,540萬美元增加。截至12月31日，我們總流動性為2.104億美元，其中包含循環信用額度下可動用的1.10億美元。

As of December 31, our net debt to covenant EBITDA ratio was 2.86 times, below our sub-3.0 times financial policy target. Going forward, we remain focused on disciplined capital allocation across M&A, organic growth, leverage management and return to shareholders. In the fourth quarter, we repurchased 282,386 shares of our common stock at an average price of $4.56 per share under our share repurchase program.

截至12月31日，我們淨負債對契約EBITDA比率為2.86倍，低於我們低於3.0倍的財務政策目標。展望未來，我們仍將專注於在併購（M&A）、有機成長、槓桿管理與回饋股東之間進行具紀律的資本配置。第四季，我們在庫藏股計畫下以每股平均4.56美元回購282,386股普通股。

For the full year, we repurchased 4,058,604 shares at an average price of $4.32 per share, reflecting our confidence in the business and a disciplined approach to capital allocation. As of December 31, 2025, we had $24.6 million remaining available under the current share repurchase authorization. The Board also declared a quarterly dividend of $0.015 per share, reflecting our continued commitment to returning capital to shareholders within a disciplined and balanced capital allocation framework.

全年我們以每股平均4.32美元回購4,058,604股，反映我們對業務的信心以及對資本配置的紀律性作法。截至2025年12月31日，現行庫藏股授權下仍有2,460萬美元可供回購。董事會亦宣告每股0.015美元的季度股利，反映我們在具紀律且均衡的資本配置框架下，持續回饋股東資本的承諾。

Finally, as Herve noted, given the solid pacing and strength and diversity of our portfolio, for full year 2025, we expect to deliver $490 million to $495 million in revenue, and $137.5 million to $142.5 million in adjusted EBITDA. At the midpoint, this represents approximately 6% revenue and 10% adjusted EBITDA growth year-over-year. This outlook reflects the benefits of our portfolio repositioning, continued demand for live engagement across our core markets and ongoing operational efficiencies while maintaining a balanced view of the broader macro environment.

最後，如Herve所提，鑑於我們投資組合穩健的進度、強度與多元性，對2025年全年，我們預期可達成4.90億至4.95億美元的營收，以及1.375億至1.425億美元的調整後EBITDA。以區間中值計算，這約代表營收年增6%、調整後EBITDA年增10%。此展望反映我們投資組合重新定位的效益、核心市場對現場互動（live engagement）的持續需求，以及持續的營運效率提升，同時也對更廣泛的總體環境維持平衡觀點。

In closing, we continue to execute with financial discipline, maintain a strong balance sheet and deliver consistent performance aligned with our expectations. With the progress we've made across the portfolio and the outlook we've provided, we are confident in our ability to execute in 2026 and continue creating long-term value for shareholders. With that, we will open the call for questions. Operator?

最後，我們將持續以財務紀律執行，維持強健的資產負債表，並交付符合我們預期的穩健表現。憑藉我們在整體投資組合所取得的進展以及我們所提供的展望，我們對於在 2026 年的執行能力充滿信心，並將持續為股東創造長期價值。接下來，我們開放提問。接線員？

(Operator Instructions)

(接線員指示)

Barton Crockett, Rosenblatt.

Barton Crockett，Rosenblatt。

Okay, thanks for taking the question. Good morning. I guess -- first thing I was just kind of curious about was the -- you mentioned some of the machinations around free cash flow this year. If we're looking at your guidance for 2026, can you give us a sense of presuming that this is a normalized period unlike last year, what the free cash flow conversion of EBITDA should be, in your opinion?

好的，謝謝讓我提問。早安。我想——第一個我有點好奇的是——你提到今年自由現金流的一些運作因素。如果我們看你們對 2026 年的指引，能否請你們談談，假設這是一個相較去年更正常化的期間，你認為 EBITDA 轉換為自由現金流的比率應該是多少？

Yes. We have high incremental flow-through of EBITDA to free cash flow. We would expect with that sort of EBITDA growth that free cash flow would be $85 million to $90 million. The 1 caveat to that is the level of acquisition and integration expense that might come with it, but as a onetime, but the underlying business, that's what we would expect.

是的。我們的 EBITDA 對自由現金流具有很高的增量轉換率。以那樣的 EBITDA 成長來看，我們預期自由現金流會是 8,500 萬到 9,000 萬美元。唯一需要注意的是，可能會伴隨一定程度的併購與整合費用，但那是一次性的；就基本面業務而言，我們的預期就是如此。

Okay. And in terms of -- I know you're not going to -- you can't really talk about the process that's happening right now, but was there any expense, discrete expense attached to this process that's worth calling out or was it just really immaterial to the P&L?

好的。另外，關於——我知道你們不會——你們現在也不能真正談正在進行的流程，但這個流程是否有任何費用、一次性的特定費用值得特別提出？還是對損益表其實影響不大？

There's a moderate amount that's in the onetime bucket related to the transaction that I don't think there's really that much of a needle mover at the end of the day. As this progresses, obviously, it could be more expensive in the first quarter of -- in the first half 2026. So we'll have to keep you updated.

有一筆中等規模、歸類在一次性項目中的費用，與該交易相關；我認為最終並不會造成太大的影響。隨著流程推進，顯然在 2026 年第一季——或 2026 年上半年——可能會更昂貴一些。所以我們會持續向各位更新。

Okay. And then I know your direct exposure to kind of the current war in the Middle East is really -- you don't really have direct exposure. But indirectly, is this doing anything to the environment for -- I know it's still early days and perhaps time will tell, but people's willingness to kind of travel the trade shows.

好的。然後我知道你們對目前中東戰事的直接曝險其實——你們並沒有直接曝險。但間接來看，這是否對環境造成任何影響——我知道現在還很早，可能要時間才能看得更清楚——例如大家是否還願意出差去參加展會？

No, I don't think so, Barton. We've been obviously staying very close to the impacts of the exposure that we have is really just about international exhibitors coming from the Middle East to the US events. And it's really limited. It's very, very -- it's minimal.

不，我不這麼認為，Barton。我們當然一直非常密切關注影響；我們的曝險主要只是來自中東的國際參展商前往美國的活動。而且這部分其實很有限。非常、非常——是極小的。

Less than 1% of our revenue come from exhibitors from, I'd say, very broadly of Middle East and contiguous region.

我們的營收中，來自我會說非常廣義的中東及其周邊地區參展商的占比不到 1%。

That's right. So the impact is -- we moderate closely, but we're not seeing anything meaningful at all.

沒錯。所以影響——我們會密切監控，但目前完全沒有看到任何顯著的影響。

Okay. All right. Well, that's great to hear. And then just also just so we kind of understand is this process is ongoing, there's not really going to be an opportunity for you guys to kind of look at acquisitions on your side. That's really -- you guys have been opportunistic purchasers in a consolidating industry, but that has to take a back seat while you go through these products. Is that correct?

好的。好。那很高興聽到。另外也想確認一下，既然這個流程仍在進行中，你們這邊應該就不太有機會去看併購了。你們一直是在產業整併中把握機會的買方，但在你們走完這些流程期間，這件事得先放一邊。是這樣嗎？

No. Our Board is continuing our strategy of diversifying, as I mentioned in our prepared remarks, and we have a good pipeline, and we're engaged in a number of conversations. So we don't expect things to change at least for the foreseeable future. We'll update you as we know more about the process.

不是。我們的董事會仍在推進我們的多元化策略，正如我在事先準備的發言中提到的；我們有不錯的案源管線，也正在進行多項對話。因此，至少在可預見的未來，我們不預期會有改變。隨著我們對流程了解更多，我們會再向各位更新。

Okay, all right. Well, that's it for me right now. Thank you guys very much.

好的，好。我目前就這些問題。非常感謝各位。

Thank you.

謝謝。

Allen Klee, Maxim Group.

Allen Klee，Maxim Group。

Yes, hi, can you give us any -- with your guidance, how it maybe takes into effect your visibility into revenues and how that kind of looks?

是的，你好。能否請你們談談——在你們的指引之下，它如何反映你們對營收的能見度，以及大致看起來是什麼樣子？

Sure. Our guidance takes into account, obviously, our -- not just our budget and plan, but our sales pacing that we track closely in our -- the year-over-year change in our sales pacing is tracking the guidance that we've given. At the same time, sitting here today, we've sold over 8 -- sorry, over 70% of the year's revenue is already contracted. And obviously, for the first half of the year are much higher and a little bit more to sell in the back half of the year.

當然。我們的指引當然會納入——不只是我們的預算與計畫，也包括我們密切追蹤的銷售進度；我們的銷售進度年對年變化與我們所給出的指引一致。同時，就目前而言，我們已經售出超過 8——抱歉，超過 70% 的年度營收已簽約。而且很明顯，上半年比例會高得多，下半年還有一些需要再銷售。

And any comment on the -- how the acquisitions you made last year of how they're performing and how you're feeling about integrating them and optimizing them?

另外能否評論一下——你們去年做的併購表現如何，以及你們對整合與最佳化的進展感受如何？

We're in different phases of integration for the various acquisitions, obviously, given the timing of the acquisitions, but they're all on plan to integrate and the performance is meeting our expectations and the plan that we have for them. So we're pleased with the acquisitions performance.

由於各項併購的時間點不同，我們在不同併購案上處於不同的整合階段；但它們都按計畫進行整合，且表現符合我們的預期與我們為它們制定的計畫。所以我們對併購的表現感到滿意。

Okay. Great. And on the Las Vegas Convention Center that had some -- due to some construction had an impact on the business of '25. How -- what's your status update there?

好的。很好。另外，拉斯維加斯會展中心因為一些施工，對 2025 年的業務造成了影響。目前那邊的狀態更新如何？

Yes, it's a good question. The construction in the Las Vegas Convention Center is now completed -- was completed at the end of 2025 and so our -- there were certain impact of Emerald brands that were impacted by the construction last year, as you know, and as we've discussed, but we really expect to cycle past that in 2026.

是的，這是個好問題。拉斯維加斯會展中心的施工現在已經完成——在 2025 年底完成——因此，我們——如你所知、也如我們先前討論過的，去年有一些 Emerald 品牌受到施工影響；但我們預期在 2026 年就能跨過這個影響週期。

When do you have your mix even there?

你們什麼時候會在那邊舉辦你們的 mix（活動）？

Next week. Monday or Tuesday.

下週。週一或週二。

Is it your sense that it's no longer going to be having an impact? Or you're not sure.

你們的感覺是它不會再造成影響了嗎？還是不確定？

Yes. I think that we need to obviously have the event. I think that we'll cycle through it in 2026. And I think some of the brands that have a couple of events in 2026. We'll do better in the second addition and then first as customers see the renovated convention center and the ease of doing business in the new venue. So we expect -- we'll keep you updated on that, but we expect to cycle through it through 2026.

是的。我認為我們顯然需要先把活動辦完。我認為我們會在 2026 年把這個影響週期走過去。而且我認為有些品牌在 2026 年會有兩場活動。當客戶看到翻新的會展中心，以及在新場地辦展的便利性後，第二次會比第一次更好。所以我們預期——我們會持續向各位更新，但我們預期在 2026 年把它走過去。

Okay. Great. And then any update on your commerce and content businesses of what your kind of objectives are for '26?

好的。很好。接著，關於你們的商務與內容業務，能否更新一下你們對於 2026 年的目標是什麼？

Sure. I'll start and turn it over to David. On the -- on both Content and Commerce, there are smaller parts of our business. single-digit percent revenue for Content and Commerce. And -- but our strategy remains the same. Our strategy, as we've discussed in the past, for the Commerce business, it continues to -- we continue to look at expanding across different verticals and look for customers in different verticals.

當然。我先開始，然後交給 David。就內容與商務兩塊而言，它們在我們的業務中占比較小；內容與商務的營收占比都是個位數百分比。不過——我們的策略仍然相同。如同我們過去討論過的，針對商務業務，我們會持續——我們持續尋求跨不同垂直領域擴張，並在不同垂直領域尋找客戶。

And for the Content business, we have launched a lead generation business from leveraging the content. And we have early signs of success and that there is customer interest and sales have begun in -- starting in October of last year. And so we're confident that the lead gen portion of the Content business will drive value to customers and that we'll recapture some of that value.

至於內容業務，我們已透過內容的槓桿效應推出一項名單開發（lead generation）業務。我們已看到初步成功跡象，客戶有興趣，且自去年 10 月起——已開始有銷售。因此我們有信心，內容業務中的名單開發部分將為客戶創造價值，而我們也將收回其中一部分價值。

I'd say overall, keep in mind the Events business at Emerald is over 90% of our revenue. It's the driver of our financial performance. And that includes the growth rate implied in our guidance. The Content business has had a tough couple of years post-COVID and broader disruption in digital advertising.

我想整體而言，請記住 Emerald 的活動（Events）業務占我們營收的 90% 以上。它是我們財務表現的驅動引擎。這也包含在我們指引中所隱含的成長率。內容業務在 COVID 之後的這幾年表現艱難，同時也受到數位廣告更廣泛的擾動影響。

The evolution of the offering in those different ways, we're beginning to monetize it are helpful in stabilizing that business. And we expect a more stable business, but not a meaningful contributor to growth in '26 as the new revenue streams ramp up.

我們以不同方式演進產品供給，並開始將其變現，這些都有助於穩定該業務。我們預期業務會更穩定，但隨著新營收來源逐步爬坡，內容業務在 2026 年不會是成長的重大貢獻者。

Great. Can you comment on what you've been doing on the AI front and what your plans are for '26?

很好。你能談談你們在 AI 方面做了哪些事，以及 2026 年的計畫嗎？

Sure. On the AI capabilities, we announced, I think it was last quarter that we were implementing AI agents across several of our events to improve the exhibitor experience. And so the agents essentially enable access to all of the information in real time that the exhibitors will need and that really improves our service.

當然。在 AI 能力方面，我想是上季我們宣布，我們正在於多個活動中導入 AI 代理（AI agents），以改善參展商體驗。這些代理基本上能讓參展商即時取得他們所需的所有資訊，並且確實提升我們的服務。

It helps them get information in real time and really makes it much easier to navigate the event. So that has been going well, and we expect to scale that across many more of our events moving forward. But beyond that, we also have some other AI pilots across the business.

它能幫助他們即時取得資訊，並讓活動的導覽與操作變得更容易。目前進展良好，我們預期未來會擴大到更多活動。除此之外，我們也在公司內部推行其他一些 AI 試點專案。

There are some in finance and marketing and customer service and content. I think I said marketing. So we have some early results and the adoption is growing within the company. And we will start to measure the gains of all of these AI pilots that we've put in place.

有些在財務、行銷、客服與內容等領域。我想我剛剛提到行銷。因此我們已有一些初步成果，公司內部的採用率也在提升。我們也將開始衡量這些已落地的 AI 試點專案所帶來的效益。

This real incremental scalability that we're already seeing. I think the AI agent for events on their website, it sounds like a kind of obvious thing, but I think what might not be as well understood is that down the line, it means that the number of calls into salespeople or customer success people is dropping, which makes those roles more scalable as our salespeople to focus more on selling, not answering questions about the goings on at an event or how does someone handle something.

我們已經看到這種真正的、額外的可擴展性。我認為活動網站上的 AI 代理聽起來像是很直覺的事情，但可能不那麼容易被理解的是，長期來看，它意味著打進業務人員或客戶成功團隊的來電數量會下降，這讓這些職能更具可擴展性，讓業務人員能把更多時間放在銷售上，而不是回答活動現場的各種問題，或是某人該如何處理某件事。

And so we're already seeing the benefits of that as the shows that have rolled out the agent. And again, given the cadence of our events, right, our shows roll out all year long. So you have to wait for the show to launch for the marketing of that event to kick off for the agent to then go live. So it's not like we could just flip the switch on everything because it's just not how our business operates.

因此，隨著已導入代理的展會，我們已經看到其效益。而且再次強調，考量到我們活動的節奏——我們的展會全年陸續推出。所以你必須等到展會啟動、該活動的行銷開始推進後，代理才會上線。因此不可能像按下開關一樣一次把所有都打開，因為我們的業務運作方式不是那樣。

I'd also add, Herve have mentioned finance, a key part of our modernization of the finance stack at Emerald is taking place in 2026. And with that, newer, more modern solutions, AI might be overstating a term, but there's a whole lot more automation and again, makes us -- and will make us a lot more scalable.

我也補充一下，Herve 提到財務；在 Emerald，我們財務技術堆疊（finance stack）的現代化改造有一個關鍵部分會在 2026 年進行。隨之而來的是更新、更現代的解決方案；稱之為 AI 可能有點誇大，但會有更多自動化，同樣也讓我們——並將讓我們——更具可擴展性。

And a key part of our longer-term margin plans is around automation and scalability to allow us to drive more incremental flow-through of revenue to the bottom line. And we're in the middle right now of some very important projects that as we finish this year and roll into next year, will make us that much more efficient and that much more strong.

而我們長期毛利率/利潤率規劃的一個關鍵部分，就是圍繞自動化與可擴展性，讓我們能把更多新增營收的流量（flow-through）轉化到最終盈餘。我們目前正在進行一些非常重要的專案；當我們在今年完成並延續到明年時，將使我們更有效率、也更強健。

That's great. My last question is, could you comment on since you said earlier that you're continuing to look at M&A, how would you characterize the M&A environment?

太好了。我最後一個問題是：既然你先前提到你們仍在持續尋找併購（M&A）機會，你會如何形容目前的併購環境？

The M&A environment remains strong. We're such a fragmented industry. There are so many smaller independent entrepreneurs that launch events in so many different sectors. So the amount of opportunity is not lacking. And we've built, as we've shared in the past, our own proprietary database of M&A opportunities in the high-growth sectors that are really attractive to us.

併購環境仍然強勁。我們所處的產業非常分散。有非常多小型的獨立創業者在許多不同領域推出活動。因此機會並不匱乏。而且如同我們過去分享的，我們已建立自有的專有併購機會資料庫，聚焦在對我們非常有吸引力的高成長領域。

And so we are pursuing these opportunities and have -- are engaged in meaningful conversations with many of them. We'll update you as things progress.

因此我們正在推進這些機會，並且——正與其中許多對象進行實質性的洽談。隨著進展，我們會向各位更新。

Okay, great. Thanks, thank you all so much.

好的，很好。謝謝，也非常感謝各位。

Thank you.

謝謝。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Herve Sedky for closing remarks.

我們的問答環節到此結束。我現在把電話交回給 Herve Sedky 作結語。

Very good. Well, thank you all very much for joining us today. 2025 was a transformational year, as I've said, and we made the business stronger, improved its resilience and delivered strong results. And as we head into 2026, demand remains strong. Our execution is disciplined, and we see a clear path to continued building value. So with that, I thank you for joining us and wish you a good day.

非常好。非常感謝各位今天加入我們。正如我所說，2025 年是轉型的一年；我們讓業務更強健、提升韌性，並交出強勁的成果。展望 2026 年，需求仍然強勁。我們的執行有紀律，也看見一條清晰的路徑，能持續創造價值。因此，再次感謝各位參與，祝各位有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。