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STAGWELL INC. (NASDAQ: STGW) REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2023

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Revenue of $622 Million

Adjusted EBITDA of $72 million

First Quarter Results in line with Management Expectations

Reaffirms 2023 Full Year Guidance

Announces Share Repurchase Agreement for over 23.3 million Class A Shares in Stagwell Inc.

Aggregate Class A and Class C Shares reduced 8% to 267 million

NEW YORK, May 9, 2023 /PRNewswire/ -- (NASDAQ: STGW) – Stagwell Inc. ("Stagwell") today announced financial results in line with internal expectations for the three months ended March 31, 2023.

Announces Share Repurchase Agreement for over 23.3 million Class A Shares in Stagwell Inc.

FIRST QUARTER RESULTS:

  • Revenue and EBITDA in line with management expectations
  • Revenue of $622 million, a decrease of 3% versus the prior year period.
  • First quarter net revenue of $522 million, a decrease of 1% versus the prior period.
  • Organic net revenue decline of 3%, and excluding advocacy of 1%, versus the prior year period.
  • On a two-year growth stack basis, organic net revenue growth of 21%
  • First quarter net income attributable to Stagwell Inc. Common Shareholders of $0.4 million versus $13 million in the prior year period.
  • First quarter Adjusted EBITDA of $72 million, a decrease of 29% versus the prior year period.
  • First quarter Adjusted Earnings Per Share for Stagwell Inc. Common Shareholders of $0.13 versus $0.22 in the prior year period.
  • Net bew business wins of $53 million in the quarter and $212 million for the trailing twelve months.

"Stagwell is stronger than ever today with the removal of an overhang on the stock and Q1 results in line with management's expectations, allowing us to reaffirm guidance for another year of significant growth," said Mark Penn, Chairman and CEO of Stagwell Inc. "This quarter is compared to Q1 2022 which had 24% of organic growth compared to 14% for the year. We expect to return to double-digit growth in the later quarters, especially given strong new business wins within the quarter and after the close. We are moving forward with the Stagwell Marketing Cloud and all investors are invited to try our generative A.I. product at www.PRProphet.ai."

"We have additionally announced entry into a definitive agreement, approved unanimously by Stagwell's independent and disinterested directors who were advised by outside counsel and advisers, to repurchase approximately 23.3 million shares of Stagwell Inc. Class A Stock from AlpInvest," Penn added. "I believe this purchase will help create value for shareholders in the marketplace given our undervalued stock." 

Frank Lanuto, Chief Financial Officer, commented: "Coming off a record Q1 performance in 2022, the Company posted first quarter results in a challenging environment that were in line with management expectations. We are beginning to see positive signs, including strong new business wins, and improving client conditions, which give us confidence about the outlook for the remainder of the year."

Financial Outlook

2023 financial guidance is as follows:

  • Organic Net Revenue growth of 7.5%10%
  • Organic Net Revenue growth ex-Advocacy of 10%14%
  • Adjusted EBITDA of $450 million$490 million
  • Free Cash Flow Conversion of 50%60%
  • Adjusted EPS of $0.90$1.05
  • Guidance assumes no impact from foreign exchange, acquisitions or dispositions.

* The Company has excluded a quantitative reconciliation with respect to the Company's 2023 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

In the first quarter, the Company repurchased approximately 2.6 million shares of Class A Common Stock at an average price of $6.91 per share for an aggregate value of approximately $18 million. The remaining value of shares permitted to be repurchased was approximately $180 million as of March 31, 2023.

Stock Repurchase Transaction

On May 9, 2023, Stagwell Inc. agreed to repurchase approximately 23.3 million shares from AlpInvest Partners at a share price of $6.43 which is a total value of approximately $150 million. As announced separately, Stagwell Media LP, a shareholder in Stagwell Inc., and AlpInvest are engaged in advanced negotiations to redeem AlpInvest's remaining interests in Stagwell Media LP., subject to final documentation. Upon completion of these transactions, AlpInvest Partners will no longer be an investor in Stagwell Inc.

Conference Call

Management will host a video webcast and conference call on Tuesday, May 9, 2023, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three months ended March 31, 2023. The video webcast will be accessible at https://stgw.io/Q12023Earnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the conference call.

A recording of the conference call will be accessible one hour after the call 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 13,000+ 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 Revenue: "Organic revenue growth" and "organic revenue decline" refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) "non-GAAP acquisitions (dispositions), net". Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.

(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.

(6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results.

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 and future prospects, business and economic trends, potential acquisitions, 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 "anticipate," "assume," "believe," "continue," "could," "create," "estimate," "expect," "focus," "forecast," "foresee," "future," "guidance," "intend," "look," "may," "opportunity," "outlook," "plan," "possible," "potential," "predict," "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;
  • the continued impact of the coronavirus pandemic ("COVID-19"), and evolving strains of COVID-19 on the economy and 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, including the successful completion and integration of acquisitions that complement and expand the Company's business capabilities;
  • the Company's ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;
  • an inability to realize expected benefits of the combination of the Company's business with the business of MDC;
  • adverse tax consequences in connection with the Transactions for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company's determination of value and computations of its attributes may result in increased tax costs;
  • the occurrence of material Canadian federal income tax (including material "emigration tax") as a result of the Transactions;
  • 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;
  • 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 conflict between Russia and Ukraine), terrorist activities and natural disasters;
  • stock price volatility; and
  • foreign 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 2022 Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 6, 2023, 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 March 31,



2023


2022

Revenue


$        622,444


$        642,903

Operating Expenses





Cost of services


413,898


411,970

Office and general expenses


158,836


144,512

Depreciation and amortization


33,477


31,204

Impairment and other losses



557



606,211


588,243

Operating Income


16,233


54,660

Other income (expenses):





Interest expense, net


(18,189)


(18,729)

Foreign exchange, net


(670)


(306)

Other, net


220


156



(18,639)


(18,879)

Income (loss) before income taxes and equity in earnings of non-consolidated affiliates


(2,406)


35,781

Income tax expense


2,384


3,189

Income (loss) before equity in earnings of non-consolidated affiliates


(4,790)


32,592

Equity in income (loss) of non-consolidated affiliates


(227)


1,030

Net income (loss)


(5,017)


33,622

Net (income) loss attributable to noncontrolling and redeemable noncontrolling interests


5,460


(20,947)

 Net income attributable to Stagwell Inc. common shareholders


$                443


$           12,675

Income (loss) Per Common Share:





   Basic


$               0.00


$               0.10

   Diluted


$              (0.01)


$               0.10

Weighted Average Number of Common Shares Outstanding:





   Basic


125,199


122,285

   Diluted


289,806


297,484

 

SCHEDULE 2

STAGWELL INC.

UNAUDITED COMPONENTS OF NET REVENUE CHANGE

(amounts in thousands)





Net Revenue - Components of Change






Change


Three
Months
Ended
March 31, 2022


Foreign
Currency


Net
Acquisitions
(Divestitures)


Organic


Total Change


Three
Months
Ended
March 31, 2023


Organic


Total







Integrated Agencies Network

$        303,666


$         (2,793)


$           2,465


$       (10,434)


$       (10,762)


$       292,904


(3.4) %


(3.5) %

Brand Performance Network

155,482


(4,118)


5,911


5,659


7,452


162,934


3.6 %


4.8 %

Communications Network

64,379


(281)


1,069


$       (12,195)


(11,407)


52,972


(18.9) %


(17.7) %

All Other

3,110


(157)


9,038


861


9,742


12,852


27.7 %


313.2 %


$        526,637


$         (7,349)


$         18,483


$       (16,109)


$         (4,975)


$       521,662


(3.1) %


(0.9) %


Note: The Company made changes to its internal management and reporting structure in the first quarter of 2023, resulting in an update to our reportable segments (Networks). The change in reportable segments was that Mono, previously in the Integrated Agencies Network, is now within Allison & Partners in the Communications Network, and Storyline (a Brand specializing in research and survey generation), previously in the Communications Network, is now within Constellation in the Integrated Agencies Network. Periods presented prior to the first quarter of 2023 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 March 31, 2023



Integrated
Agencies
Network


Brand
Performance
Network


Communications
Network


All Other


Corporate


Total

Net Revenue

$    292,904


$        162,934


$                 52,972


$    12,852


$              —


$     521,662

Billable costs

36,888


50,406


13,488




100,782

Revenue

329,792


213,340


66,460


12,852



622,444













Billable costs

36,888


50,406


13,488




100,782

Staff costs

187,693


104,596


40,077


10,487


6,824


349,677

Administrative costs

29,166


23,082


8,756


3,195


3,977


68,176

Unbillable and other costs, net

16,660


11,835


126


2,975


(9)


31,587

Adjusted EBITDA (1)

59,385


23,421


4,013


(3,805)


(10,792)


72,222













Stock-based compensation

8,198


657


507


32


2,610


12,004

Depreciation and amortization

18,643


8,244


2,713


1,948


1,929


33,477

Deferred acquisition consideration

5,991


(1,179)


539


(1,263)



4,088

Other items, net (1)

3,025


1,992


605



798


6,420

Operating income (loss)

$      23,528


$          13,707


$                     (351)


$    (4,522)


$    (16,129)


$       16,233



(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 2023, resulting in an update to our reportable segments (Networks). The change in reportable segments was that Mono, previously in the Integrated Agencies Network, is now within Allison & Partners in the Communications Network, and Storyline (a Brand specializing in research and survey generation), previously in the Communications Network, is now within Constellation in the Integrated Agencies Network. Periods presented prior to the first quarter of 2023 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 Three Months Ended March 31, 2022



Integrated
Agencies
Network


Brand
Performance
Network


Communications
Network


All Other


Corporate


Total

Net Revenue

$    303,666


$        155,482


$                  64,379


$      3,110


$              —


$     526,637

Billable costs

45,085


42,305


28,876




116,266

Revenue

348,751


197,787


93,255


3,110



642,903













Billable costs

45,085


42,305


28,876




116,266

Staff costs

192,096


96,024


40,826


2,536


9,156


340,638

Administrative costs

25,609


17,040


7,068


695


5,882


56,294

Unbillable and other costs, net

17,073


11,170


47


3



28,293

Adjusted EBITDA (1)

68,888


31,248


16,438


(124)


(15,038)


101,412













Stock-based compensation

5,073


1,260


(243)


8


1,923


8,021

Depreciation and amortization

18,860


8,196


2,560


501


1,087


31,204

Deferred acquisition consideration

(1,325)


2,132


1,090




1,897

Impairment and other losses


557





557

Other items, net (1)

764


1,061


72



3,176


5,073

Operating income (loss)

$      45,516


$          18,042


$                  12,959


$        (633)


$    (21,224)


$       54,660



(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 2023, resulting in an update to our reportable segments (Networks). The change in reportable segments was that Mono, previously in the Integrated Agencies Network, is now within Allison & Partners in the Communications Network, and Storyline (a Brand specializing in research and survey generation), previously in the Communications Network, is now within Constellation in the Integrated Agencies Network. Periods presented prior to the first quarter of 2023 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

 

SCHEDULE 5

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 March 31, 2023




GAAP


Adjustments


Non-GAAP

Net income attributable to Stagwell Inc. common shareholders


$                 443


$            18,623


$            19,066

Net income (loss) attributable to Class C shareholders


(3,165)


23,104


19,939

Net income (loss) - Diluted EPS


(2,722)


41,727


39,005








Weighted average number of common shares outstanding


128,897




128,897

Weighted average number of common Class C shares outstanding


160,909




160,909

Weighted average number of shares outstanding


289,806




289,806








Diluted EPS and Adjusted Diluted EPS


$              (0.01)




$                0.13















Adjustments to Net Income(1)



Pre-Tax


Tax


Net

Amortization


$            26,732


$            (5,346)


$            21,386

Stock-based compensation


12,004


(2,401)


9,603

Deferred acquisition consideration


4,088


(818)


3,270

Other items, net


6,420


(1,283)


5,137

Tax adjustments



2,331


2,331

Total add-backs


$            49,244


$            (7,517)


$            41,727



(1)

Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.

 

SCHEDULE 5

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, March 31, 2022




GAAP


Adjustments


Non-GAAP

Net income attributable to Stagwell Inc. common shareholders


$            12,675


$            15,865


$            28,540

Net income attributable to Class C shareholders


17,721


20,100


37,821

Net income - Diluted EPS


30,396


35,965


66,361








Weighted average number of common shares outstanding


297,484




297,484








Diluted EPS and Adjusted Diluted EPS


$                0.10




$                0.22















Adjustments to Net Income(1)



Pre-Tax


Tax


Net

Amortization


$            24,904


$            (4,981)


$            19,923

Stock-based compensation


8,021


(1,604)


6,417

Deferred acquisition consideration


1,897


(379)


1,518

Other items, net (1)


5,073


(985)


4,088

Tax adjustments



3,573


3,573

Total add-backs


$            39,895


$            (4,376)


$            35,519



(1)

Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.

 

SCHEDULE 6

STAGWELL INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)



March 31, 2023


December 31, 2022





ASSETS




Current Assets




Cash and cash equivalents

$                  138,529


$                  220,589

Accounts receivable, net

659,068


645,846

Expenditures billable to clients

97,590


93,077

Other current assets

77,930


71,443

Total Current Assets

973,117


1,030,955

Fixed assets, net

94,839


98,878

Right-of-use assets - operating leases

260,763


273,567

Goodwill

1,569,532


1,566,956

Other intangible assets, net

888,455


907,529

Other assets

114,227


115,447

Total Assets

$               3,900,933


$               3,993,332

LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY




Current Liabilities




Accounts payable

$                  308,759


$                  357,253

Accrued media

283,578


240,506

Accruals and other liabilities

152,937


248,477

Advance billings

334,933


337,034

Current portion of lease liabilities - operating leases

75,939


76,349

Current portion of deferred acquisition consideration

94,039


90,183

Total Current Liabilities

1,250,185


1,349,802

Long-term debt

1,235,281


1,184,707

Long-term portion of deferred acquisition consideration

71,645


71,140

Long-term lease liabilities - operating leases

278,978


294,049

Deferred tax liabilities, net

43,023


40,109

Other liabilities

70,371


69,780

Total Liabilities

2,949,483


3,009,587

Redeemable Noncontrolling Interests

32,517


39,111

Commitments, Contingencies and Guarantees




Shareholders' Equity




Common shares - Class A & B

130


132

Common shares - Class C

2


2

Paid-in capital

469,891


491,899

Retained earnings

30,324


29,445

Accumulated other comprehensive loss

(13,253)


(38,941)

Stagwell Inc. Shareholders' Equity

487,094


482,537

Noncontrolling interests

431,839


462,097

Total Shareholders' Equity

918,933


944,634

Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity

$               3,900,933


$               3,993,332

 

SCHEDULE 7

STAGWELL INC.

UNAUDITED SUMMARY CASH FLOW DATA

(amounts in thousands)



Three Months Ended March 31,


2023


2022

Cash flows from operating activities:




Net income

$                   (5,017)


$                   33,622

Adjustments to reconcile net income to cash used in operating activities:




Stock-based compensation

12,004


8,021

Depreciation and amortization

33,477


31,204

Impairment and other losses


557

Deferred income taxes

3,809


(1,350)

Adjustment to deferred acquisition consideration

4,088


1,897

Other, net

(1,550)


(2,647)

Changes in working capital:




Accounts receivable

(12,425)


(70,039)

Expenditures billable to clients

(4,173)


11,996

Other assets

(5,986)


(6,100)

Accounts payable

(51,670)


(32,386)

Accrued expenses and other liabilities

(54,684)


(5,592)

Advance billings

(2,986)


(17,760)

Net cash used in operating activities

(85,113)


(48,577)

Cash flows from investing activities:




Capital expenditures

(3,435)


(4,760)

Acquisitions, net of cash acquired

(220)


(935)

Capitalized software

(6,735)


(1,778)

Other

(425)


(816)

Net cash used in investing activities

(10,815)


(8,289)

Cash flows from financing activities:




Repayment of borrowings under revolving credit facility

(426,500)


(209,500)

Proceeds from borrowings under revolving credit facility

476,500


239,000

Shares acquired and cancelled

(8,263)


(14,926)

Distributions to noncontrolling interests

(10,948)


(6,464)

Payment of deferred consideration


(1,581)

Repurchase of Common Stock

(17,866)


Net cash provided by financing activities

12,923


6,529

Effect of exchange rate changes on cash and cash equivalents

945


1,481

Net decrease in cash and cash equivalents

(82,060)


(48,856)

Cash and cash equivalents at beginning of period

220,589


184,009

Cash and cash equivalents at end of period

$                 138,529


$                 135,153

 

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SOURCE Stagwell Inc.

Stagwell Inc.

NASDAQ:STGW

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