STAGWELL INC. $(STGW)$ REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2025
PR Newswire
NEW YORK, May 8, 2025
Q1 YoY Revenue Decline of 3%, Q1 YoY Net Revenue Growth of 6%
Q1 YoY Net Revenue Growth excluding Advocacy of 9%, Digital Transformation Net Revenue ex. Advocacy Growth of 15%
Q1 Net Loss Attributable to Stagwell Inc. Common Shareholders of $3 million; Q1 Adjusted EBITDA of $81 million; Adjusted EBITDA Margin of 14%
Q1 EPS of $(0.04); Adjusted EPS of $0.12
Net New Business of $130 million in Q1; LTM Net New Business of $446 million
Reiterate Guidance for 2025 of Total Net Revenue Growth of 8%; Adjusted EBITDA of $410 million to $460 million; Free Cash Flow Conversion in excess of 45%
NEW YORK, May 8, 2025 /PRNewswire/ -- (NASDAQ: STGW) -- Stagwell Inc. ("Stagwell") today announced financial results for the quarter and three months ended March 31, 2025.
FIRST QUARTER RESULTS:
-- Q1 Revenue of $652 million, a decrease of 3% versus the prior year
period;
-- Q1 Revenue ex. Advocacy of $610 million, an increase of 1% versus the
prior year period;
-- Q1 Net Revenue of $564 million, an increase of 6% versus the prior year
period;
-- Q1 Net Revenue ex. Advocacy of $535 million, an increase of 9% versus the
prior year period;
-- Q1 Net Loss attributable to Stagwell Inc. Common Shareholders of
$3 million versus $1 million in the prior year period;
-- Q1 Adjusted EBITDA of $81 million, a decrease of 11% versus the prior
year period;
-- Q1 Adjusted EBITDA Margin of 14% on net revenue;
-- Q1 Earnings Per Share Attributable to Stagwell Inc. Common Shareholders
of $(0.04) versus $(0.01) in the prior year period;
-- Q1 Adjusted Earnings Per Share attributable to Stagwell Inc. Common
Shareholders of $0.12 versus $0.16 in the prior year period;
-- Net new business of $130 million in the first quarter, last twelve-month
net new business of $446 million
See "Non-GAAP Financial Measures" below for explanations and reconciliations of the Company's non-GAAP financial measures.
Mark Penn, Chairman and CEO of Stagwell, said, "Despite the macro noise from tariffs, Stagwell's first quarter results were in-line with our expectations, setting us up for a strong year ahead. Q1 is a low point in the political cycle and yet we delivered solid growth in the quarter, led by double-digit increases in our Digital Transformation, Creativity and Stagwell Marketing Cloud capabilities. We hit a record $130M of net new business and, consequently, we remain optimistic about our outlook for the rest of the year."
Frank Lanuto, Chief Financial Officer, commented: "Stagwell delivered solid first quarter results. We reported 9% total net revenue growth excluding advocacy, while posting $81 million in adjusted EBITDA as we effectively managed costs. Additionally, we have made significant progress in simplifying our capital structure and refinancing our revolving credit facility. Our results and these actions position us well for the year ahead."
Financial Outlook
2025 financial guidance is reiterated as follows:
-- Total Net Revenue growth of approximately 8% -- Adjusted EBITDA of $410 million to $460 million -- Free Cash Flow Conversion in excess of 45% -- Adjusted EPS of $0.75 - $0.88 -- Guidance includes anticipated impact from acquisitions or dispositions. * The Company has excluded a quantitative reconciliation with respect to the Company's 2025 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.
Video Webcast
Management will host a video webcast on Thursday, May 8, 2025, at 8:30 a.m. $(ET)$ to discuss results for Stagwell Inc. for the quarter and three months ended March 31, 2025. The video webcast will be accessible at https://bit.ly/436rkSP. 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 45+ 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 $(SEC.UK)$ 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) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(2) 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.
(3) 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 and actual 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 "ability," "aim," "anticipate," "assume," "believe," "build," "consider," "continue," "could," "develop," "drive," "estimate, " "expect," "focus," "forecast," "future," "guidance," "intend," "likely, " "maintain," "may," "ongoing," "opportunity," "outlook," "plan," "possible," "potential," "probable," "project," "seek," "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, including the effect of changing tariff and other
trade policies, inflation and other macroeconomic factors 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 and complete acquisitions or other
strategic transactions that complement and expand the Company's business
capabilities and successfully integrate newly acquired businesses into
the Company's operations, retain key employees, and realize cost savings,
synergies and other related anticipated benefits within the expected time
period;
-- 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 business combination that
formed the Company in August 2021, including the incurrence of material
Canadian federal income tax (including material "emigration tax");
-- the Company's ability to 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 economic and
geopolitical tensions (such as the ongoing military conflicts between
Russia and Ukraine and in the Middle East), terrorist activities, natural
disasters, public health events and tariff and trade policies;
-- 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 2024 Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 11, 2025, 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,
------------------------------------------
2025 2024
-------------------- --------------------
Revenue $ 651,740 $ 670,059
Operating Expenses
Cost of services 412,087 444,526
Office and general expenses 179,362 163,343
Depreciation and amortization 42,006 34,836
Impairment and other losses -- 1,500
-------------------- --------------------
633,455 644,205
-------------------- --------------------
Operating Income 18,285 25,854
Other income (expenses):
Interest expense, net (23,356) (20,965)
Foreign exchange, net 1,220 (2,258)
Other, net 249 (1,267)
-------------------- --------------------
(21,887) (24,490)
-------------------- --------------------
Income (loss) before income
taxes and equity in earnings of
non-consolidated affiliates (3,602) 1,364
Income tax expense 1,722 2,585
-------------------- --------------------
Loss before equity in earnings
of non-consolidated affiliates (5,324) (1,221)
Equity in income (loss) of
non-consolidated affiliates (1) 508
-------------------- --------------------
Net loss (5,325) (713)
Net (income) loss attributable
to noncontrolling and
redeemable noncontrolling
interests 2,408 $(569.SI)$
-------------------- --------------------
Net loss attributable to
Stagwell Inc. common
shareholders $ (2,917) $ (1,282)
==================== ====================
Loss Per Common Share:
Basic $ (0.03) $ (0.01)
==================== ====================
Diluted $ (0.04) $ (0.01)
==================== ====================
Weighted Average Number of
Common Shares Outstanding:
Basic 112,088 112,633
Diluted 263,737 116,405
SCHEDULE 3
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended March 31, 2025
Integrated Brand
Agencies Performance Communications
Network Network Network All Other Corporate Total
---------------- ------------ -------------------- ------------------------- ---------- ---------------- -------------
Net Revenue $ 325,794 $ 146,858 $ 66,998 $ 24,537 $ -- $ 564,187
Billable costs 51,560 15,360 20,630 3 -- 87,553
------------ -------------------- ------------------------- ---------- ---------------- -------------
Revenue 377,354 162,218 87,628 24,540 -- 651,740
------------ -------------------- ------------------------- ---------- ---------------- -------------
Billable costs 51,560 15,360 20,630 3 -- 87,553
Staff costs 199,882 96,450 44,577 15,455 11,898 368,262
Administrative
costs 31,644 23,407 10,174 8,225 1,659 75,109
Unbillable and
other costs,
net 17,099 15,458 490 7,187 -- 40,234
------------ -------------------- ------------------------- ---------- ---------------- -------------
Adjusted EBITDA
(1) 77,169 11,543 11,757 (6,330) (13,557) 80,582
Stock-based
compensation 4,145 1,368 693 229 5,108 11,543
Depreciation
and
amortization 21,364 7,722 5,175 4,301 3,444 42,006
Deferred
acquisition
consideration 5,863 (1,282) 1,213 863 -- 6,657
Other items,
net (1) (2,246) 3,654 128 311 244 2,091
------------ -------------------- ------------------------- ---------- ---------------- -------------
Operating income
(loss) $ 48,043 $ 81 $ 4,548 $ (12,034) $ (22,353) $ 18,285
============ ==================== ========================= ========== ================ =============
(1) See Non-GAAP Financial Measures section above for the definition of
Adjusted EBITDA and Other items, net.
SCHEDULE 4
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended March 31, 2024
Integrated Brand
Agencies Performance Communications
Network Network Network All Other Corporate Total
---------------- ------------ ---------------- ------------------------ ----------- ---------------- -------------
Net Revenue $ 292,772 $ 162,562 $ 67,488 $ 9,632 $ -- $ 532,454
Billable costs 59,947 51,400 26,258 -- -- 137,605
------------ ---------------- ------------------------ ----------- ---------------- -------------
Revenue 352,719 213,962 93,746 9,632 -- 670,059
------------ ---------------- ------------------------ ----------- ---------------- -------------
Billable costs 59,947 51,400 26,258 -- -- 137,605
Staff costs 186,534 98,431 39,264 7,821 10,107 342,157
Administrative
costs 30,602 22,071 8,704 3,209 2,577 67,163
Unbillable and
other costs,
net 15,528 14,566 136 2,588 -- 32,818
------------ ---------------- ------------------------ ----------- ---------------- -------------
Adjusted EBITDA
(1) 60,108 27,494 19,384 (3,986) (12,684) 90,316
Stock-based
compensation 9,321 2,043 1,049 98 3,605 16,116
Depreciation
and
amortization 19,381 7,514 2,894 2,421 2,626 34,836
Deferred
acquisition
consideration 2,045 (777) (1,114) -- -- 154
Impairment and
other losses 1,500 -- -- -- -- 1,500
Other items,
net (1) 5,511 5,019 282 174 870 11,856
------------ ---------------- ------------------------ ----------- ---------------- -------------
Operating income
(loss) $ 22,350 $ 13,695 $ 16,273 $ (6,679) $ (19,785) $ 25,854
============ ================ ======================== =========== ================ =============
(1) See Non-GAAP Financial Measures section above for the definition of
Adjusted EBITDA and Other items, net.
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, 2025
GAAP Adjustments Non-GAAP
-------------- -------------------- ------------------ --------------------
Net income
(loss)
attributable
to Stagwell
Inc. common
shareholders $ (2,917) $ 18,439 $ 15,522
Net income
(loss)
attributable
to Class C
shareholders (6,637) 24,513 17,876
-------------------- ------------------ --------------------
Net income
(loss)
attributable
to Stagwell
Inc. and Class
C shareholders
and adjusted
net income $ (9,554) $ 42,952 $ 33,398
Weighted
average number
of common
shares
outstanding 112,088 9,462 121,550
Weighted
average number
of shares of
Class C Common
Stock
outstanding 151,649 -- 151,649
-------------------- ------------------ --------------------
Weighted
average number
of shares
outstanding 263,737 9,462 273,199
Diluted EPS and
Adjusted
Diluted EPS
(1) $ (0.04) $ 0.12
==================== ====================
Adjustments to Net Income (loss)
Amortization $ 32,981
Stock-based
compensation 11,543
Deferred
acquisition
consideration 6,657
Other items,
net 2,091
------------------
53,272
Adjusted tax
expense (10,320)
------------------
$ 42,952
==================
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures
section of the Executive Summary.
SCHEDULE 6
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, 2024
GAAP Adjustments Non-GAAP
-------------- -------------------- ------------------ --------------------
Net income
(loss)
attributable
to Stagwell
Inc. common
shareholders $ (1,506) $ 19,480 $ 17,974
Net income
attributable
to Class C
shareholders -- 24,554 24,554
-------------------- ------------------ --------------------
Net income
(loss)
attributable
to Stagwell
Inc. and Class
C shareholders
and adjusted
net income $ (1,506) $ 44,034 $ 42,528
Weighted
average number
of common
shares
outstanding 116,405 4,534 120,939
Weighted
average number
of shares of
Class C Common
Stock
outstanding -- 151,649 151,649
-------------------- ------------------ --------------------
Weighted
average number
of shares
outstanding 116,405 156,183 272,588
Diluted EPS and
Adjusted
Diluted EPS
(1) $ (0.01) $ 0.16
==================== ====================
Adjustments to Net income (loss)
Amortization $ 28,203
Impairment and
other losses 1,500
Stock-based
compensation 16,116
Deferred
acquisition
consideration 154
Other items,
net 11,856
------------------
57,829
Adjusted tax
expense (12,748)
------------------
45,081
Net loss
attributable
to Class C
shareholders (1,047)
------------------
$ 44,034
Allocation of
adjustments to
Net income
Net income
attributable
to Stagwell
Inc. common
shareholders $ 19,480
Net income
attributable
to Class C
shareholders -
add-backs 25,601
Net loss
attributable
to Class C
shareholders (1,047)
------------------
24,554
------------------
$ 44,034
==================
(1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures
section of the Executive Summary.
SCHEDULE 7
STAGWELL INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
March 31, 2025 December 31, 2024
------------------------- -------------------------
ASSETS
Current Assets
Cash and cash
equivalents $ 137,653 $ 131,339
Accounts receivable,
net 772,974 716,415
Expenditures billable
to clients 163,702 173,194
Other current assets 147,163 114,200
------------------------- -------------------------
Total Current Assets 1,221,492 1,135,148
Fixed assets, net 69,017 72,706
Right-of-use assets -
operating leases 209,720 219,400
Goodwill 1,562,490 1,554,146
Other intangible
assets, net 822,964 836,783
Other assets 96,671 90,038
------------------------- -------------------------
Total Assets $ 3,982,354 $ 3,908,221
========================= =========================
LIABILITIES,
REDEEMABLE
NONCONTROLLING
INTERESTS ("RNCI"),
AND SHAREHOLDERS'
EQUITY
Current Liabilities
Accounts payable $ 420,779 $ 449,347
Accrued media 295,964 245,883
Accruals and other
liabilities 219,047 265,356
Advance billings 311,329 294,609
Current portion of
lease liabilities -
operating leases 56,390 60,195
Current portion of
deferred acquisition
consideration 37,336 51,906
------------------------- -------------------------
Total Current
Liabilities 1,340,845 1,367,296
Long-term debt 1,465,323 1,353,624
Long-term portion of
deferred acquisition
consideration 55,941 50,209
Long-term lease
liabilities -
operating leases 224,323 245,397
Deferred tax
liabilities, net 47,323 47,239
Other liabilities 57,850 59,139
------------------------- -------------------------
Total Liabilities 3,191,605 3,122,904
Redeemable
Noncontrolling
Interests 10,856 8,412
Commitments,
Contingencies and
Guarantees
Shareholders' Equity
Common shares - Class
A 114 115
Common shares - Class
C 2 2
Paid-in capital 343,082 343,647
Retained earnings 10,504 11,740
Accumulated other
comprehensive loss (19,302) (23,773)
------------------------- -------------------------
Stagwell Inc.
Shareholders' Equity 334,400 331,731
Noncontrolling
interests 445,493 445,174
------------------------- -------------------------
Total Shareholders'
Equity 779,893 776,905
------------------------- -------------------------
Total Liabilities,
Redeemable
Noncontrolling
Interests and
Shareholders' Equity $ 3,982,354 $ 3,908,221
========================= =========================
SCHEDULE 8
STAGWELL INC.
UNAUDITED SUMMARY CASH FLOW DATA
(amounts in thousands)
Three Months Ended March 31,
2025 2024
-------------------------- ---------------------------
Cash flows from
operating
activities:
Net loss $ (5,325) $ (713)
Adjustments to
reconcile net
income to cash used
in operating
activities:
Stock-based
compensation 11,543 16,116
Depreciation and
amortization 42,006 34,836
Amortization of
right-of-use
lease assets and
lease liability
interest 17,118 20,912
Impairment and
other (gains)
losses (3,529) 1,500
Deferred income
taxes (747) (655)
Adjustment to
deferred
acquisition
consideration 6,657 154
Other, net (2,060) 292
Changes in working
capital:
Accounts receivable (44,701) (42,976)
Expenditures
billable to
clients 11,095 6,681
Other assets (32,778) (19,584)
Accounts payable (35,287) 22,206
Accrued expenses
and other
liabilities (19,075) (63,856)
Advance billings 15,628 (6,124)
Current portion of
lease liabilities
- operating
leases (20,558) (21,660)
Deferred
acquisition
related payments -- (250)
-------------------------- ---------------------------
Net cash used in
operating
activities (60,013) (53,121)
-------------------------- ---------------------------
Cash flows from
investing
activities:
Capitalized
software (11,966) (8,794)
Capital
expenditures (3,912) (5,439)
Acquisitions, net
of cash acquired (1,090) (11,673)
Other (3,391) (218)
-------------------------- ---------------------------
Net cash used in
investing
activities (20,359) (26,124)
-------------------------- ---------------------------
Cash flows from
financing
activities:
Repayment of
borrowings under
revolving credit
facility (432,000) (417,000)
Proceeds from
borrowings under
revolving credit
facility 543,000 540,000
Shares repurchased
and cancelled (11,068) (29,698)
Distributions to
noncontrolling
interests $(581.SI)$ (559)
Payment of deferred
consideration (16,103) (1,657)
Net cash provided
by financing
activities 83,248 91,086
-------------------------- ---------------------------
Effect of exchange
rate changes on
cash and cash
equivalents 3,438 (1,754)
Net increase in
cash and cash
equivalents 6,314 10,087
Cash and cash
equivalents at
beginning of
period 131,339 119,737
-------------------------- ---------------------------
Cash and cash
equivalents at end
of period $ 137,653 $ 129,824
========================== ===========================
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SOURCE Stagwell Inc.
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