Technology
STAGWELL INC. (NASDAQ: STGW) REPORTS RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
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Q3 YoY Revenue Growth of 15%, With 25% Growth in Digital Transformation
Q3 YoY Net Revenue Growth of 8%, Organic Net Revenue Growth of 8%, Digital Transformation Net Revenue Growth of 18%
Q3 Net Income Attributable to Stagwell Inc. Common Shareholders of $3 million
Q3 Adjusted EBITDA of $111 million; Adjusted EBITDA Margin of 19%
Q3 EPS of $0.03; Adjusted EPS of $0.22
Seventh Consecutive Quarter of Record LTM Net New Business
Net New Business of $101 million in Q3; LTM Net New Business of $345 million
Reaffirm Guidance for 2024 of Organic Net Revenue Growth of 5% to 7%; Adjusted EBITDA of $400 million to $450 million; Free Cash Flow Conversion of ~50%
Company Announces $125 Million Increase in Stock Repurchase Program
NEW YORK, Nov. 7, 2024 /PRNewswire/ — (NASDAQ: STGW) – Stagwell Inc. (“Stagwell”) today announced financial results for the three and nine months ended September 30, 2024.
THIRD QUARTER RESULTS:
Q3 Revenue of $711 million, an increase of 15% versus the prior year period; YTD Revenue of $2.1 billion, an increase of 10% versus the prior year periodQ3 Net Revenue of $580 million, an increase of 8% versus the prior year period; YTD Net Revenue of $1.7 billion, an increase of 4% versus the prior year periodQ3 Organic Net Revenue increased 8% versus the prior year period; YTD Organic Net Revenue increased 4% versus the prior year periodQ3 Net Income attributable to Stagwell Inc. Common Shareholders of $3 million versus $1 million in the prior year period; YTD Net Loss attributable to Stagwell Inc. Common Shareholders of $1 million versus $1 million in the prior year periodQ3 Adjusted EBITDA of $111 million, an increase of 9% versus the prior year period; YTD Adjusted EBITDA of $288 million, an increase of 8% versus the prior year periodQ3 Adjusted EBITDA Margin of 19% on net revenue; YTD Adjusted EBITDA Margin of 17% on net revenueQ3 Earnings Per Share Attributable to Stagwell Inc. Common Shareholders of $0.03 versus $0.00 in the prior year period; YTD Earnings Per Share Attributable to Stagwell Inc. Common Shareholders of $(0.01) versus $(0.01) in the prior year periodQ3 Adjusted Earnings Per Share attributable to Stagwell Inc. Common Shareholders of $0.22 versus $0.18 in the prior year period; YTD Adjusted Earnings Per Share attributable to Stagwell Inc. Common Shareholders of $0.52 versus $0.45 in the prior year periodNet new business of $101 million in the third quarter, last twelve-month net new business of $345 million
See “Non-GAAP Financial Measures” below for explanations and reconciliations of the Company’s non-GAAP financial measures.
Mark Penn, Chairman and CEO, said, “Stagwell delivered 15% year-over-year revenue growth in the third quarter, led by a return to double-digit growth from our Digital Transformation capability as AI has required companies to rethink the ways they engage with consumers. On the heels of our single largest deal to date with Adobe and expanded relationships with leading brands like United and Microsoft, net new business of over $100 million in the third quarter brings our last twelve-month net new business figure to $345 million, another record for Stagwell.
“New business momentum, robust performance from Digital Transformation, and the culmination of a political season that broke fundraising records, gives us confidence that our vision is resonating with customers, and sets the stage for a strong close to H2,” added Penn.
Frank Lanuto, Chief Financial Officer, commented: “Stagwell posted growth across all our principal capabilities in the third quarter, as the inflection we anticipated played out. Driven by double-digit growth in both Digital Transformation and the Stagwell Marketing Cloud, we delivered third quarter revenue of $711 million. Simultaneously, we grew our adjusted EBITDA to $111 million, representing a 19% margin on net revenue, an improvement of approximately 15 bps over the prior year. These results give us confidence to reiterate our full-year guidance.”
Financial Outlook
2024 financial guidance is reiterated as follows:
Organic Net Revenue growth of 5% to 7%Organic Net Revenue excluding Advocacy growth of 4% to 5%Adjusted EBITDA of $400 million to $450 millionFree Cash Flow Conversion of approximately 50%Adjusted EPS of $0.75 – $0.88Guidance assumes no impact from foreign exchange, acquisitions or dispositions.
* The Company has excluded a quantitative reconciliation with respect to the Company’s 2024 guidance under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. See “Non-GAAP Financial Measures” below for additional information.
Stock Repurchase Program
On November 6, 2024, the Board of Directors authorized an extension and a $125,000,000 increase in the size of Stagwell’s previously approved stock repurchase program (the “Repurchase Program”). Under the Repurchase Program, as amended, Stagwell may repurchase up to an aggregate of $375,000,000 of shares of its outstanding Class A common stock, with any previous purchases under the Repurchase Program continuing to count against that limit. The Repurchase Program will expire on November 6, 2027.
Video Webcast
Management will host a video webcast on Thursday, November 7, 2024, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three and nine months ended September 30, 2024. The video webcast will be accessible at https://stgw.io/Earnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the webcast.
A recording of the webcast will be accessible one hour after the webcast and available for ninety days at www.stagwellglobal.com.
Stagwell Inc.
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contacts
For Investors:
Ben Allanson
IR@stagwellglobal.com
For Press:
Beth Sidhu
PR@stagwellglobal.com
Non-GAAP Financial Measures
In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as “non-GAAP Financial Measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company’s results. Such non-GAAP financial measures include the following:
(1) Organic Net Revenue: “Organic net revenue growth” and “Organic net revenue decline” reflects the year-over-year change in the Company’s reported net revenue attributable to the Company’s management of the entities it owns. We calculate organic net revenue growth (decline) by subtracting the net impact of acquisitions (divestitures) and the impact of foreign currency exchange fluctuations from the aggregate year-over-year increase or decrease in the Company’s reported net revenue. The net impact of acquisitions (divestitures) reflects the year-over-year change in the Company’s reported net revenue attributable to the impact of all individual entities that were acquired or divested in the current and prior year. We calculate impact of an acquisition as follows: (a) for an entity acquired during the current year, we present the entity’s prior year net revenue for the same period during which we owned it in the current year as impact of the acquisition in the current year; and (b) for an entity acquired in the prior year, we present the entity’s prior year net revenue for the period during which we did not own the entity in the prior year as impact of the acquisition in the current year. We calculate impact of a divestiture as follows: (a) for a divestiture in the current year, we present the entity’s prior year net revenue for the same period during which we no longer owned it in the current year as impact of the divestiture in the current year; and (b) for a divestiture in the prior year, we present the entity’s prior year net revenue for the period during which we owned it in the prior year as impact of the divestiture in the current year. We calculate the impact of any acquisition or divestiture without adjusting for foreign currency exchange fluctuations. The impact of foreign currency exchange fluctuations reflects the year-over-year change in the Company’s reported net revenue attributable to changes in foreign currency exchange rates. We calculate the impact of foreign currency exchange fluctuations for the portion of the reporting period in which we recognized revenue from a foreign entity in both the current year and the prior year. The impact is calculated as the difference between (1) reported prior period net revenue (converted to U.S. dollars at historical foreign currency exchange rates) and (2) prior period net revenue converted to U.S. dollars at current period foreign exchange rates.
(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items.
(4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding, (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.
(5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments. Free Cash Flow Conversion is the percentage of adjusted EBITDA.
Included in this earnings release are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.
This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance, growth, and future prospects, the Company’s strategy, business and economic trends and growth, technological leadership and differentiation, potential and completed acquisitions, anticipated operating efficiencies and synergies and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “create,” “develop,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “goal,” “guidance,” “in development,” “intend,” “likely,” “look,” “maintain,” “may,” “ongoing,” “opportunity,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.
Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:
risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients;demand for the Company’s services, which may precipitate or exacerbate other risks and uncertainties;inflation and actions taken by central banks to counter inflation;the Company’s ability to attract new clients and retain existing clients; the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements;financial failure of the Company’s clients;the Company’s ability to retain and attract key employees;the Company’s ability to compete in the markets in which it operates;the Company’s ability to achieve its cost saving initiatives;the Company’s implementation of strategic initiatives;the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;the Company’s ability to manage its growth effectively;the Company’s ability to identify, complete and integrate acquisitions that complement and expand the Company’s business capabilities and realize cost savings, synergies or other anticipated benefits of newly acquired businesses, or that even if realized, such benefits may take longer to realize than expected;the Company’s ability to identify and complete divestitures and to achieve the anticipated benefits therefrom;the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;the Company’s use of artificial intelligence, including generative artificial intelligence;adverse tax consequences for the Company, its operations and its stockholders, that may differ from the expectations of the Company, including that future changes in tax laws, potential increases to corporate tax rates in the United States and disagreements with tax authorities on the Company’s determinations that may result in increased tax costs;adverse tax consequences in connection with the Transactions, including the incurrence of material Canadian federal income tax (including material “emigration tax”);the Company’s unremediated material weaknesses in internal control over financial reporting and its ability to establish and maintain an effective system of internal control over financial reporting, including the risk that the Company’s internal controls will fail to detect misstatements in its financial statements;the Company’s ability to accurately forecast its future financial performance and provide accurate guidance;the Company’s ability to protect client data from security incidents or cyberattacks;economic disruptions resulting from war and other geopolitical tensions (such as the ongoing military conflicts between Russia and Ukraine and in the Middle East), terrorist activities and natural disasters;stock price volatility; andforeign currency fluctuations.
Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2023 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2024, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.
SCHEDULE 1
STAGWELL INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue
$ 711,281
$ 617,573
$ 2,052,508
$ 1,872,282
Operating Expenses
Cost of services
457,018
384,980
1,340,456
1,201,309
Office and general expenses
176,440
160,021
507,916
481,379
Depreciation and amortization
36,044
38,830
112,881
107,795
Impairment and other losses
—
—
1,715
10,562
669,502
583,831
1,962,968
1,801,045
Operating Income (Loss)
41,779
33,742
89,540
71,237
Other income (expenses):
Interest expense, net
(23,781)
(25,886)
(68,279)
(67,755)
Foreign exchange, net
1,312
(140)
(2,301)
(2,288)
Other, net
249
(271)
(825)
(467)
(22,220)
(26,297)
(71,405)
(70,510)
Income before income taxes and equity in earnings of non-consolidated affiliates
19,559
7,445
18,135
727
Income tax expense
5,691
4,324
9,441
4,997
Income (loss) before equity in earnings of non-consolidated affiliates
13,868
3,121
8,694
(4,270)
Equity in income (loss) of non-consolidated affiliates
(4)
(4)
503
(447)
Net income (loss)
13,864
3,117
9,197
(4,717)
Net (income) loss attributable to noncontrolling and redeemable noncontrolling interests
(10,593)
(2,464)
(10,173)
3,565
Net income (loss) attributable to Stagwell Inc. common shareholders
$ 3,271
$ 653
$ (976)
$ (1,152)
Earnings (Loss) Per Common Share:
Basic
$ 0.03
$ 0.01
$ (0.01)
$ (0.01)
Diluted
$ 0.03
$ —
$ (0.01)
$ (0.01)
Weighted Average Number of Common Shares Outstanding:
Basic
108,198
110,787
111,436
118,772
Diluted
112,190
265,006
111,436
274,864
SCHEDULE 2
STAGWELL INC.
UNAUDITED COMPONENTS OF NET REVENUE CHANGE
(amounts in thousands)
Net Revenue – Components of Change
Change
Three Months
Ended
September 30,
2023
Foreign
Currency
Net
Acquisitions
(Divestitures)
Organic
Total Change
Three Months
Ended
September
30, 2024
Organic
Total
Integrated Agencies Network
$ 306,327
$ 217
$ 906
$ 16,294
$ 17,417
$ 323,744
5.3 %
5.7 %
Brand Performance Network
153,169
767
—
2,984
3,751
156,920
1.9 %
2.4 %
Communications Network
62,416
79
2,970
20,755
23,804
86,220
33.3 %
38.1 %
All Other
12,952
(253)
(263)
873
357
13,309
6.7 %
2.8 %
$ 534,864
$ 810
$ 3,613
$ 40,906
$ 45,329
$ 580,193
7.6 %
8.5 %
Net Revenue – Components of Change
Change
Nine Months
Ended
September 30,
2023
Foreign
Currency
Net
Acquisitions
(Divestitures)
Organic
Total Change
Nine Months
Ended
September
30, 2024
Organic
Total
Integrated Agencies Network
$ 930,660
$ 200
$ 2,408
$ 5,118
$ 7,726
$ 938,386
0.5 %
0.8 %
Brand Performance Network
459,291
2,145
2,252
12,902
$ 17,299
476,590
2.8 %
3.8 %
Communications Network
177,032
(70)
6,421
$ 42,718
$ 49,069
226,101
24.1 %
27.7 %
All Other
34,404
(822)
(3,559)
(4,061)
(8,442)
25,962
(11.8) %
(24.5) %
$ 1,601,387
$ 1,453
$ 7,522
$ 56,677
$ 65,652
$ 1,667,039
3.5 %
4.1 %
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Note: The Company made changes to its internal management and reporting structure in the first quarter of 2024, resulting in a change to its reportable segments (Networks). Specifically, certain agencies previously within the Brand Performance Network are now in the Integrated Agencies Network. Periods presented prior to the first quarter of 2024 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.
SCHEDULE 3
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended September 30, 2024
Integrated
Agencies
Network
Brand
Performance
Network
Communications
Network
All Other
Corporate
Total
Net Revenue
$ 323,744
$ 156,920
$ 86,220
$ 13,309
$ —
$ 580,193
Billable costs
65,924
15,429
49,760
(25)
—
131,088
Revenue
389,668
172,349
135,980
13,284
—
711,281
Billable costs
65,924
15,429
49,760
(25)
—
131,088
Staff costs
198,252
98,716
42,644
9,207
13,160
361,979
Administrative costs
31,593
22,600
9,034
3,978
2,351
69,556
Unbillable and other costs, net
15,993
16,498
424
4,574
—
37,489
Adjusted EBITDA (1)
77,906
19,106
34,118
(4,450)
(15,511)
111,169
Stock-based compensation
11,000
1,500
855
379
3,201
16,935
Depreciation and amortization
19,878
7,295
3,023
2,573
3,275
36,044
Deferred acquisition consideration
1,114
(6,949)
6,778
(383)
—
560
Other items, net (1)
3,664
8,076
1,432
98
2,581
15,851
Operating income (loss)
$ 42,250
$ 9,184
$ 22,030
$ (7,117)
$ (24,568)
$ 41,779
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Note: The Company made changes to its internal management and reporting structure in the first quarter of 2024, resulting in a change to its reportable segments (Networks). Specifically, certain agencies previously within the Brand Performance Network are now in the Integrated Agencies Network. Periods presented prior to the first quarter of 2024 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.
SCHEDULE 4
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Nine Months Ended September 30, 2024
Integrated
Agencies
Network
Brand
Performance
Network
Communications
Network
All Other
Corporate
Total
Net Revenue
$ 938,386
$ 476,590
$ 226,101
$ 25,962
$ —
$ 1,667,039
Billable costs
189,134
86,966
109,195
174
—
385,469
Revenue
1,127,520
563,556
335,296
26,136
—
2,052,508
Billable costs
189,134
86,966
109,195
174
—
385,469
Staff costs
579,979
296,411
123,039
24,635
35,421
1,059,485
Administrative costs
96,097
69,196
26,117
3,447
11,396
206,253
Unbillable and other costs, net
56,301
46,677
1,270
9,465
—
113,713
Adjusted EBITDA (1)
206,009
64,306
75,675
(11,585)
(46,817)
287,588
Stock-based compensation
25,170
4,988
2,731
729
5,308
38,926
Depreciation and amortization
58,731
26,524
9,007
9,938
8,681
112,881
Deferred acquisition consideration
5,690
(6,454)
9,097
(383)
—
7,950
Impairment and other losses
1,500
—
—
—
215
1,715
Other items, net (1)
13,204
16,363
2,104
702
4,203
36,576
Operating income (loss)
$ 101,714
$ 22,885
$ 52,736
$ (22,571)
$ (65,224)
$ 89,540
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Note: The Company made changes to its internal management and reporting structure in the first quarter of 2024, resulting in a change to its reportable segments (Networks). Specifically, certain agencies previously within the Brand Performance Network are now in the Integrated Agencies Network. Periods presented prior to the first quarter of 2024 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.
SCHEDULE 5
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended September 30, 2023
Integrated
Agencies
Network
Brand
Performance
Network
Communications
Network
All Other
Corporate
Total
Net Revenue
$ 306,327
$ 153,169
$ 62,416
$ 12,952
$ —
$ 534,864
Billable costs
51,742
10,904
20,089
(26)
—
82,709
Revenue
358,069
164,073
82,505
12,926
—
617,573
Billable costs
51,742
10,904
20,089
(26)
—
82,709
Staff costs
185,034
95,488
37,412
10,391
10,589
338,914
Administrative costs
30,983
20,580
7,626
1,849
1,301
62,339
Unbillable and other costs, net
14,173
12,868
84
4,717
—
31,842
Adjusted EBITDA (1)
76,137
24,233
17,294
(4,005)
(11,890)
101,769
Stock-based compensation
6,051
2,399
1,252
268
2,095
12,065
Depreciation and amortization
22,817
8,971
2,784
2,138
2,120
38,830
Deferred acquisition consideration
1,018
2,130
3,757
(504)
—
6,401
Other items, net (1)
6,047
3,337
244
292
811
10,731
Operating income (loss)
$ 40,204
$ 7,396
$ 9,257
$ (6,199)
$ (16,916)
$ 33,742
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items.
Note: The Company made changes to its internal management and reporting structure in the first quarter of 2024, resulting in a change to its reportable segments (Networks). Specifically, certain agencies previously within the Brand Performance Network are now in the Integrated Agencies Network. Periods presented prior to the first quarter of 2024 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.
SCHEDULE 6
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Nine Months Ended September 30, 2023
Integrated
Agencies
Network
Brand
Performance
Network
Communications
Network
All Other
Corporate
Total
Net Revenue
$ 930,660
$ 459,291
$ 177,032
$ 34,404
$ —
$ 1,601,387
Billable costs
134,249
83,443
53,229
(26)
—
270,895
Revenue
1,064,909
542,734
230,261
34,378
—
1,872,282
Billable costs
134,249
83,443
53,229
(26)
—
270,895
Staff costs
572,893
288,932
115,846
31,124
25,850
1,034,645
Administrative costs
93,000
64,163
25,096
1,244
13,343
196,846
Unbillable and other costs, net
53,665
38,534
336
12,202
—
104,737
Adjusted EBITDA (1)
211,102
67,662
35,754
(10,166)
(39,193)
265,159
Stock-based compensation
15,470
3,840
2,177
427
12,701
34,615
Depreciation and amortization
62,277
25,160
8,216
6,152
5,990
107,795
Deferred acquisition consideration
8,118
1,112
3,403
(1,752)
—
10,881
Impairment and other losses
10,562
—
—
—
—
10,562
Other items, net (1)
13,822
8,493
1,337
1,079
5,338
30,069
Operating income (loss)
$ 100,853
$ 29,057
$ 20,621
$ (16,072)
$ (63,222)
$ 71,237
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Note: The Company made changes to its internal management and reporting structure in the first quarter of 2024, resulting in a change to its reportable segments (Networks). Specifically, certain agencies previously within the Brand Performance Network are now in the Integrated Agencies Network. Periods presented prior to the first quarter of 2024 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.
SCHEDULE 7
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Three Months Ended September 30, 2024
GAAP
Adjustments
Non-GAAP
Net income attributable to Stagwell Inc. common shareholders
$ 3,271
$ 19,762
$ 23,033
Net income attributable to Class C shareholders
—
36,060
36,060
Net income attributable to Stagwell Inc. and Class C shareholders and adjusted net income
$ 3,271
$ 55,822
$ 59,093
Weighted average number of common shares outstanding
112,190
1,497
113,687
Weighted average number of common Class C shares outstanding
—
151,649
151,649
Weighted average number of shares outstanding
112,190
153,146
265,336
Diluted EPS and Adjusted Diluted EPS
$ 0.03
$ 0.22
Adjustments to Net income (1)
Amortization
$ 28,659
Stock-based compensation
16,935
Deferred acquisition consideration
560
Other items, net
15,851
62,005
Adjusted tax expense
(15,615)
46,390
Net loss attributable to Class C shareholders
9,432
$ 55,822
Allocation of adjustments to Net income
Net income attributable to Stagwell Inc. common shareholders – add-backs
$ 19,762
Net income attributable to Class C shareholders – add-backs
26,628
Net income attributable to Class C shareholders
9,432
36,060
$ 55,822
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.
SCHEDULE 8
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Nine Months Ended September 30, 2024
GAAP
Adjustments
Non-GAAP
Net income (loss) attributable to Stagwell Inc. common shareholders
$ (976)
$ 58,177
$ 57,201
Net income attributable to Class C shareholders
—
83,442
83,442
Net income (loss) attributable to Stagwell Inc. and Class C and adjusted net income
$ (976)
$ 141,619
$ 140,643
Weighted average number of common shares outstanding
111,436
5,780
117,216
Weighted average number of common Class C shares outstanding
—
151,649
151,649
Weighted average number of shares outstanding
111,436
157,429
268,865
Diluted EPS and Adjusted Diluted EPS
$ (0.01)
$ 0.52
Adjustments to Net Income (loss) (1)
Amortization
$ 91,870
Impairment and other losses
1,715
Stock-based compensation
38,926
Deferred acquisition consideration
7,950
Other items, net
36,576
177,037
Adjusted tax expense
(41,268)
135,769
Net loss attributable to Class C shareholders
5,850
$ 141,619
Allocation of adjustments to net income (loss) 1
Net income attributable to Stagwell Inc. common shareholders – add-backs
$ 58,177
Net income attributable to Class C shareholders – add-backs
77,592
Net income attributable to Class C shareholders
5,850
83,442
$ 141,619
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.
SCHEDULE 9
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Three Months Ended September 30, 2023
GAAP
Adjustments
Non-GAAP
Net income attributable to Stagwell Inc. common shareholders
$ 653
$ 20,844
$ 21,497
Net income attributable to Class C shareholders
33
26,530
26,563
Net income attributable to Stagwell Inc. and Class C and adjusted net income
$ 686
$ 47,374
$ 48,060
Weighted average number of common shares outstanding
113,357
5,663
119,020
Weighted average number of common Class C shares outstanding
151,649
—
151,649
Weighted average number of shares outstanding
265,006
5,663
270,669
Diluted EPS and Adjusted Diluted EPS
$ —
$ 0.18
Adjustments to Net income (1)
Amortization
$ 31,182
Stock-based compensation
12,065
Deferred acquisition consideration
6,401
Other items, net
10,731
60,379
Adjusted tax expense
(13,005)
$ 47,374
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.
SCHEDULE 10
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Nine Months Ended September 30, 2023
GAAP
Adjustments
Non-GAAP
Net income (loss) attributable to Stagwell Inc. common shareholders
$ (1,152)
$ 57,927
$ 56,775
Net income attributable to Class C shareholders
(2,702)
73,725
71,023
Net income (loss) attributable to Stagwell Inc. and Class C and adjusted net income
$ (3,854)
$ 131,652
$ 127,798
Weighted average number of common shares outstanding
118,772
10,736
129,508
Weighted average number of common Class C shares outstanding
156,092
—
156,092
Weighted average number of shares outstanding
274,864
10,736
285,600
Diluted EPS and Adjusted Diluted EPS
$ (0.01)
$ 0.45
Adjustments to Net income (loss) (1)
Amortization
$ 86,605
Impairment and other losses
10,562
Stock-based compensation
34,615
Deferred acquisition consideration
10,881
Other items, net
30,069
172,732
Adjusted tax expense
(41,080)
$ 131,652
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.
SCHEDULE 11
STAGWELL INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
September 30, 2024
December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents
$ 145,807
$ 119,737
Accounts receivable, net
716,394
697,178
Expenditures billable to clients
137,443
114,097
Other current assets
108,187
94,054
Total Current Assets
1,107,831
1,025,066
Fixed assets, net
77,766
77,825
Right-of-use assets – operating leases
223,194
254,278
Goodwill
1,521,005
1,498,815
Other intangible assets, net
769,596
818,220
Other assets
97,425
92,843
Total Assets
$ 3,796,817
$ 3,767,047
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS (“RNCI”), AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable
$ 338,649
$ 414,980
Accrued media
206,512
291,777
Accruals and other liabilities
210,146
233,046
Advance billings
338,789
301,674
Current portion of lease liabilities – operating leases
61,897
65,899
Current portion of deferred acquisition consideration
8,618
66,953
Total Current Liabilities
1,164,611
1,374,329
Long-term debt
1,463,925
1,145,828
Long-term portion of deferred acquisition consideration
53,055
34,105
Long-term lease liabilities – operating leases
250,388
281,307
Deferred tax liabilities, net
41,728
40,509
Other liabilities
60,220
54,905
Total Liabilities
3,033,927
2,930,983
Redeemable Noncontrolling Interests
18,618
10,792
Commitments, Contingencies and Guarantees
Shareholders’ Equity
Common shares – Class A & B
110
118
Common shares – Class C
2
2
Paid-in capital
287,941
348,494
Retained earnings
11,416
21,148
Accumulated other comprehensive loss
(13,057)
(13,067)
Stagwell Inc. Shareholders’ Equity
286,412
356,695
Noncontrolling interests
457,860
468,577
Total Shareholders’ Equity
744,272
825,272
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity
$ 3,796,817
$ 3,767,047
SCHEDULE 12
STAGWELL INC.
UNAUDITED SUMMARY CASH FLOW DATA
(amounts in thousands)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net income
$ 9,197
$ (4,717)
Adjustments to reconcile net income to cash used in operating activities:
Stock-based compensation
38,926
34,615
Depreciation and amortization
112,881
107,795
Amortization of right-of-use lease assets and lease liability interest
58,052
57,583
Impairment and other losses
1,715
10,562
Deferred income taxes
(3,446)
(5,635)
Adjustment to deferred acquisition consideration
7,950
10,881
Other, net
6,371
(4,248)
Changes in working capital:
Accounts receivable
(6,212)
(25,405)
Expenditures billable to clients
(15,705)
(36,217)
Other assets
(9,068)
6,539
Accounts payable
(94,160)
(49,204)
Accrued expenses and other liabilities
(121,647)
(152,216)
Advance billings
23,984
(1,759)
Current portion of lease liabilities – operating leases
(63,956)
(67,095)
Deferred acquisition related payments
(14,112)
(9,021)
Net cash used in operating activities
(69,230)
(127,542)
Cash flows from investing activities:
Capital expenditures
(16,728)
(12,205)
Acquisitions, net of cash acquired
(23,781)
(6,678)
Capitalized software
(19,320)
(19,026)
Other
(6,656)
(6,939)
Net cash used in investing activities
(66,485)
(44,848)
Cash flows from financing activities:
Repayment of borrowings under revolving credit facility
(1,176,000)
(1,250,500)
Proceeds from borrowings under revolving credit facility
1,492,000
1,562,500
Shares repurchased and cancelled
(101,249)
(203,958)
Distributions to noncontrolling interests
(23,583)
(24,538)
Payment of deferred consideration
(28,721)
(31,666)
Purchase of noncontrolling interest
(3,316)
—
Debt issuance costs
—
(150)
Net cash provided by financing activities
159,131
51,688
Effect of exchange rate changes on cash and cash equivalents
2,654
(1,182)
Net increase (decrease) in cash and cash equivalents
26,070
(121,884)
Cash and cash equivalents at beginning of period
119,737
220,589
Cash and cash equivalents at end of period
$ 145,807
$ 98,705
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SOURCE Stagwell Inc.
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“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024
Published
2 hours agoon
November 24, 2024By
India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session
DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.
“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.
“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.
Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.
The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.
The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.
Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”
Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”
Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:
IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South.
These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.
Key Speakers across the event include:
H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy
About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity. To know more, click here
Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE
Photo – https://mma.prnewswire.com/media/2566068/IGF_Finance_Minister.jpg
Logo – https://mma.prnewswire.com/media/2566069/IGF_Logo.jpg
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Zooming into the green transformation, the “Together We Act” platform for China’s dual-carbon talent plan was released
Published
6 hours agoon
November 24, 2024By
“Empowering Green Value Chains, Contributing to New Productive Forces” Side Event was Successfully Held at COP29
BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — The side event titled “Empowering Green Value Chains, Contributing to New Productive Forces” was held in Baku, Azerbaijan, during COP29. The event was jointly organized by the Vanke Foundation, C Team, and Phoenix TV. The aim of the event was to explore how industries in China can empower human capital and implement green value chains to achieve green, efficient, and low-carbon operational models under the country’s dual-carbon strategy. The goal was also to inspire new productive forces and drive the green transformation of economic and social development.
The side event brought together experts, scholars, business representatives, and NGO partners from both China and abroad to discuss the latest global trends and developments in green value chains across key industries. The event was chaired by Yang Peidan, Director of C Team. In her opening remarks, Liu Xi, Senior Manager of Climate Change and Biodiversity at the Vanke Foundation, highlighted the foundation’s vision of a “beautiful and shared future home” and its commitment to promoting environmental protection and social public welfare. She also introduced the “Net Zero Drive” Talents Acceleration Initiative, unveiling the “Together We Act” platform, a significant new step in the foundation’s efforts to align with its strategies.
Liu Yifeng, Deputy Director of C Team, provided an in-depth introduction to the “Together We Act” platform. This platform aims to cultivate and empower talents in the field of China’s dual-carbon strategy, equipping individuals with the knowledge and skills needed to better adapt to and lead the green low-carbon transformation.
C Team is implementing a strategic upgrade to support the development of emerging industry talents while facilitating the transition of workers from traditional industries. This initiative aims to create a green employment market system. According to Liu, workers in traditional industries need to adapt to the “new wave” of industry transformation, while employees in emerging sectors must quickly update their knowledge and skills to keep pace with technological advancements. Through effective training and accelerated efforts, industries, businesses, and regions can better apply technologies and management practices, achieving both technological and energy transformations.
To this end, C Team has partnered with Tencent to develop the “Together We Act” platform. The platform breaks down knowledge into “knowledge cards,” which are categorized and tailored for workers in need of transformation or upskilling. The platform offers smart, content-driven training and quantitative assessments. By using algorithms, the platform provides personalized knowledge to users and includes management features that allow administrators to assign tasks and learning objectives. Knowledge and exercises are managed separately, creating a flexible and intelligent learning system.
Additionally, C Team plans to leverage the data on workforce technology upgrades and training behaviors collected by the platform to analyze the impact of dual-transformation policies and strategies on the workforce in both corporate supply chains and regional areas. This data will help companies and local governments better understand workforce trends and provide support for industry and regional transitions.
Media’s role is also essential in promoting new productive forces. Yang Yuntong, Director of International Cooperation and Project Operations at Phoenix TV, shared that as the largest well-rounded Chinese-language cultural media group overseas, Phoenix TV has long been committed to advancing new productive forces through practical actions. The group has been actively involved in climate-change communication in China and has hosted the annual “Zero-Carbon Mission International Climate Summit” for the past four years in the lead-up to COP, providing a platform for dialogue and discussion among stakeholders and influencing corporate practices and public advocacy.
Xu Shilun, head of the ESG projects at Onewo’s Sustainable Development Center, shared that reducing energy consumption and carbon emissions in property management are key concerns for the company. Onewo is integrating its experience from managing various spaces, such as communities and office buildings, into its “Magic Stone” AI system, focusing on energy management to improve carbon management efficiency in public spaces and encourage owners and tenants to adopt greener lifestyles.
The roundtable discussion focused on two main themes: “Collaborative Innovation of Diverse Forces in Creating New Productive Forces” and “Empowering Green Value Chains to Drive the Green Transformation of Economic and Social Development”. Representatives from leading companies such as JA Solar, Anta Group, Lenovo, Carbonstop, PES, Exiss, ACT, Dasso, Hainan Deeprock, and SQUAKE participated in the discussion. The Secretary of the CPC Municipal Committee of Huzhou City, Chen Hao, also joined via video to introduce the innovative concept of “Bamboo Forest Carbon Sequestration.”
The organizers stated that the side event was not only a deep exploration of green development concepts but also a firm commitment to future sustainable development. C Team plans to further collaborate with nonprofit organizations, environmental foundations, leading enterprises, research institutions, and knowledge service platforms to jointly promote public and inclusive transformation, ensuring that high-quality training content is presented on the platform. Through collective effort and the pooling of knowledge and resources, the event sought to support industry development, regional transformation, and the green transformation of society.
About C Team：
C Team is a non-profit organization dedicated to promoting corporate climate action and sustainable development.
View original content:https://www.prnewswire.com/news-releases/zooming-into-the-green-transformation-the-together-we-act-platform-for-chinas-dual-carbon-talent-plan-was-released-302314780.html
SOURCE C Team
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Urgent Call: Donate Electronics to Empower Charities Nationwide
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November 23, 2024By
TORONTO, Nov. 23, 2024 /CNW/ – This holiday season, the Electronic Recycling Association (ERA) is spreading the spirit of giving with its annual 12 Days of Electronic Giving campaign. Aiming to donate over 200 electronic devices to charities across Canada, ERA is committed to empowering organizations to deliver critical services to their communities.
However, the demand for electronics remains pressing. More than 500 charities are still on ERA’s waitlist—a number that highlights the urgent need for public and corporate donations of pre-loved technology.
“Together, We Can Create Impact”
Bojan Paduh, Founder and President of ERA, urges individuals and businesses to step up this holiday season:
“We’ve accomplished so much, but hundreds of charities are still waiting for essential technology to continue their work. I encourage everyone to consider donating their unused laptops, tablets, or cell phones. Your generosity can transform lives and reduce e-waste at the same time.”
ERA’s 12 Days of Electronic Giving campaign is already making an impact, supporting a wide range of organizations across the country, including:
Children’s Autism Services of Edmonton – Edmonton, ABWinnipeg Humane Society – Winnipeg, MBBent Arrow Traditional Healing Society – Edmonton, ABCanadian Mental Health Association – Toronto, ONYork Region Educational Services – Toronto, ONIt Takes a Village Community Outreach and Advocacy – Halifax, NSToronto Fringe – Toronto, ONMarina Housing Co-op – Vancouver, BCAgape Table Inc. – Winnipeg, MBGreater Edmonton Live-In Society – Edmonton, ABEqual Housing Initiative Inc. – Winnipeg, MBValley Community Learning Association – Kentville, NSAlberta Children’s Hospital – Calgary, AB
How You Can Help
The holidays are the perfect time to give back. If you or your organization have unused electronic devices gathering dust, ERA invites you to donate and make a meaningful difference. Whether it’s a laptop, tablet, or cell phone, every device can create opportunities, reduce e-waste, and bring hope to someone in need.
Donating is Simple
ERA offers convenient, free pickup services across Canada.
Call: 1-877-9EWASTE / Email: info@era.ca / Visit: www.era.ca to schedule a pickup.
Let’s Make This Season Count
“Your donation today can change lives tomorrow,” adds Paduh. “Together, we can meet the urgent needs of these charities while fostering a sustainable future.” Don’t wait—help ERA ensure no charity is left behind this holiday season.
SOURCE Electronic Recycling Association
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