Encore is the largest B2B live event production company in the world, producing and managing corporate events — conferences, trade shows, product launches, and experiential activations — primarily at hotels, convention centers, and corporate campuses. Encore handles the full event technology stack for its customers, including AV systems, LED screens, lighting, rigging, internet services, live streaming, staging, and show production, along with creative direction, content development, and post-event analytics. Encore's customers include corporations, associations, and event planners; roughly 95% of Fortune 500 companies used Encore in FY25. The customer base is highly diversified, with the top 10 customers accounting for only about 3% of revenue. Encore reaches customers primarily through exclusive on-site provider contracts at approximately 2,200 venues globally, which funnel event business directly to Encore. Encore also pursues high-value accounts directly through a growing customer-direct model. Encore charges customers on an event-by-event basis, with revenue driven by the number of events serviced and average revenue per event. In exchange for exclusive venue access, Encore pays venues a revenue-based commission — its single largest cost at roughly 36% of revenue — and makes upfront payments to secure multi-year venue contracts. Encore operates two segments: U.S. (~83% of revenue) and International (~17%). Encore's heavy debt load, a legacy of private equity ownership, has driven consistent GAAP net losses despite growing operating income, with interest expense roughly offsetting operating income in FY25. Post-IPO, Blackstone retains majority voting control.