Allen Klee: Thank you. I know that one of the comments that I was really impressed by during advertising week and the panel that Herve was on, which was shared by the participant in a trade show for kitchen and bath-type appliances was that the number of — the size of the kitchen and bath events was greater than CES. And I guess I didn’t appreciate like what — how valuable for industries, what you guys can do — and so the whole — and then I know I get e-mails almost every day from advertising week from attending it. So — if you could just — my last question is kind of related to — as you’re pushing to try to be touching the customers every single — all year round and get them more engaged. Could you talk a little about what you’re actually doing to do that and the potential benefits from it? Thank you.
Herve Sedky: Sure. On the CX comment, I didn’t make that comment. I think the person on stage might have — I have not compared our performance to CES, but it was an interesting comment. In terms of what we’re doing on a 365-day year engagement, this goes back to one of our key growth pillars of 365-day engagement where what we have is this unique and incredible platform of events that we can leverage with people that are attending events, that are looking to discover new and sellers are looking to get more leads, and we take that. And then the content business, as I mentioned, is evolving into more of a lead-generating engine for our customers where not only will they get leads at the events as we’re now doing most of our large trade shows.
But now they will also get them through the content business on a year-round basis. And then we can close the loop through the marketplace. That gives us an incredible amount of data that compares what people are interested in, who they’re seeing through the matchmaking, what their — what leads they’re getting both at the events, but also through the content business. And then ultimately, what they’re looking to buy, what they’re looking to sell, as well as what’s actually being bought and sold. And so as you continue to build this MRO platform, this richness of data will allow us to build more products and services on top. And we’ve hired, as I think we announced in the last quarter or two, a Head of Product, to really help us think and design new products that sit on top of this customer data hub that will continue to add value to our clients.
So another one of the exciting developments that we’ve been building and investing in over the course of the last couple of years that will produce value to clients. And therefore, as David mentioned, our entire pricing strategy and philosophy is all around pricing for value. So as we deliver value to our customers, we want to recapture that value. And that is, in essence, the basis of how we monetize the work that we’ve been doing.
Allen Klee: That’s great. Thank you so much.
Herve Sedky: Thank you.
Operator: Thank you. Next question today is coming from Sami Kassab from BNP Paribas. Your line is now live.
Herve Sedky: Hi, Sami.
Sami Kassab: Thank you. Good morning, Herve. Good morning, David. Two questions, if I may, please. The first one, you talked about pricing to value. You talked about mid-single digit annual contribution from pricing. If you take a midterm outlook, can we discuss how much volume growth you may add on top of the mid-single-digit pricing and how much contribution from new show launches you see in the growth characteristic of the company, please? And secondly, can you comment on labor cost inflation and how difficult it may be to recruit people and whether you see the pressure seen into next year? And perhaps whether profit margins may benefit from lower labor cost inflation in the U.S. trade show industry? Thank you.
