MDCA - Earnings call transcript Q4 2017

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Operator

Good day, everyone, and welcome to the MDC Partners Fourth Quarter and Year-End Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note, today’s event is being recorded. At this time, I’d like to turn the conference call over to Mr. of and President Vice Chesler, investor Finance. Relations Matt please go ahead. Sir,

Matt Chesler

for thank everyone. the taking call of I’d afternoon, you MDC fourth XXXX. like conference to Good listen to for quarter to the Partners the time

me and and Chairman David Scott Officer. CEO; Financial today from Chief Joining are Kauffman, MDC Doft,

I’d begin contains non-GAAP and forward-looking remarks, remind all like we Before prepared that you statements financial to our the discussion data. following

statement the statements forward-looking referenced we the in are subject release know, uncertainties slide SEC further cautionary XX-K As to and in the subsequent and company about included earnings Company’s our are all and filings. presentation detailed Form in

For presentation to your investor an we reference, our website. posted

afternoon’s I’d Chairman and We it And financial slide release our data. and definitions, like over to to Kauffman. of Scott also this presentation the start to non-GAAP refer now you turn call, press explanations to CEO, for and reconciliations

Scott Kauffman

a MDC invested we position. Thanks, were place XXXX future everyone. significant firmly reestablished story, industry’s was Matt, as what our strengthened and on our of executed our the for good disruptive and said to We do, growth year progress in going afternoon, financial we Partners.

over declined We EBITDA double-digit in points, with and in times margins on on by Reported consumer X%. these also basis States our communications, packaged growth revenue our X% of year spot and XX% cases, goods our agency XX%, expanding our in holding achieve saw an All of with client industry X% delivered with media guidance financials Organic helped of best-in-class for gains by with outside America. increased United businesses. the increase We X to companies. ever. average of increased nearly revenue million, guidance. financial and spot industry-leading approximately adjusted in Canada growth guidance, and factors North of $X.XX X.X%, us billion, best XX $XXX.X the metrics. GAAP big generated over the many verticals, our double-digit revenue and led legacy We organic X%

full traction agencies Bacardi, with Monte Hershey’s, with Del expanded companies, key General clients becoming able recent of XXXX the in business as and our beneficiary finished leveraging $XXX and consideration by times, we’ve Banking particular MillerCoors, who Diageo, to now began to ongoing year our passed revolver, analytics; we items consumer gained a million nearly no We equity acquisition to reduced low. driven Merchant as packaged ratio position a net-to-debt was the of X.X structure. Mills, investments and growth out with profitability our we a relationships seeking from was milestone terms areas, with same position. a payoffs such in improved acquisition-related strengthened and brought deleverage. share, traditional EBITDA cost After our success We down significantly with financial Dean XXXX. from interests. in lower disrupt strong be million, in with line reported we Coca-Cola exception. to from year, year-end cash our ability million XXXX was expected. market these This $XX year, XXXX, business; to consistent and the and the of non-controlling to key commitment This wins additional of investment Our in also Goldman goods our international segments. of We a significant and the $XX reducing data funding our are new continues growth a our X.X-year and payments of and deferred gain ingredient Foods. to and Net time, approximately than At new Sachs turn The

collectively of innovators tech XX% major go-to importantly, revenue this the Just of group And the in brands, disruptors MDC increasingly And X% Uber. most grew over won their an respective as disruptive for the revenue. one companies, partner fourth creative of players which by industries. now for many the the we’re of and accounts of for global the with year, and account as example, FANG quarter, cutting-edge we XXandSunny

to continue outside strategy, levels we North at of America in capabilities We where share and recent playing the where we’re highest innovation. expanded years and gain of our increasingly creativity

international Huawei, Uber, deliver to MDC this revenue XX% of assignments global of their IKEA honoring for added our to a for this all agency lift is we the addition eBay, ago. year Electrolux, more. XX% international to total ability increasingly or partners from our In revenue helping and And industry year, to and

proud Media Agency that own as week, Age of Assembly, named especially just our of Advertising partners, this of We’re Year. the one

partners and the annual companies the most spots sector. gaining two an market differentiation punching Anomaly & this of our publication’s of far in XX + and recognized and XXandSunny their earned a is competitiveness MDC marketing Company consistently validation are in advertising great week, Additionally, and Crispin the the and the Porter of named as innovative by That Bogusky of recognition agency among Fast above was Also terms in weight Forsman A-list, share the industry as portfolio. standout. Bodenfors was

and opinion our results core to of With a for teams yields culture understand success clients. our technology MDC company: foundation for we the the growing comes we These entrepreneurial traditional around work, impactful Our Talent, more value thought we position companies. results agencies clients, MDC driving form stakeholders. progressive promoting and workforce, best and puts in focused which impactful pillars and XXXX Empowering to effort produce to in creativity. represent behavior teams, our and and consumer that management to a growth beyond diverse for business recruiting, holding enables pillars for consistently on the that and alternative a believe down diversity formed

Lives. We are Place Great Where The Talent

creative that the agencies. strategic and the been changing innovative Our be landscape, a talented, in bet has will services rapidly market winners most

capabilities leveraging diligently will so creativity, meet creativity New believe we of front the evolving in will our And Chief strong Officers. will ensure by the portfolio the to continue needs that to data to core. Marketing fueled move always we’ve be and emerge technologies at worked expanding center, of strongly continues to definition win and very these but

approach there to take need consumer strategy and position. leading space done agencies our successfully is a at in big combining by this digital into think products and is by times Our offering. a to growth where where data-driven have insights, client areas opportunity our integrated we and scaling increasingly look advertising we the We’ve many

and agency, to & MDC their leverage strategy our is behalf customer and the we projects ability partners top in examples, And organically brings strategic As from together empowers launched of expertise a complex management in live in the activate that communication customer and harness mobile extract data and over strategies a and journey which captive only to problems. that world-class insights data, number data-driven clients. this insights. with XXX launched on three to marketing business We’ve with the the people & a portfolio, a to customer has incubated order solve over year. practices past scaled interaction of and data-at-the-center launched Gale This market better understand firm Zero platform of available AI-driven in One business underway. and One, development invested to we’ve years. Gale, we consultancy consultancy just Zero

gain Many an of uniquely Looking model modern big opportunity positions incremental change. to the great ahead, for ail challenges holding the market share in environment legacy companies us MDC’s us. of agency represent marketing that

attracts. talent shaped Our it cultures This existed. firms Digital born us. hasn’t it defines where has a were and our world in the us, Internet changed already

opportunities more organizational tearing solutions. positioned under don’t agents looking While our pitch we’re active we It’s of constantly for means The down The to us, fresh, to overhaul, many MDC out incumbent integrated favors to refining are born omni-channel only and relationships. are an pressure The environment diverse change reviews. breaking industries with model, our partnering fiefdoms of for disruption who undergoing requires and at-bat with expense like-minded in long-term the solutions. increasingly in walls agencies is need delivering MDC’s accustomed entrenched communications at we specialists. that DNA. of specialist other progressive That means the complexity also entrepreneurs compete. welcome brands be teams more firms previously

well top where four or of collaborate need client-centric, to There’s current be why MDC form. for buzzword three-plus an no with a separate we XX in another largest agencies our year clients better already even average we by the So our more are that’s a one ago. agencies, served currently than stood

our under data-driven our even services always we competitors of measurable expanding more the legacy capabilities in increasingly are purview just reevaluating creativity are clients This dollars in more their means never to on own infrastructure focused efficiency that New invested don’t great creativity performance, or needed global the driving expensive marketing disintermediate. the our means difficult have and marketing Officer, for isn’t Chief budget excellence to consumer drive and We’ve their the insights of of anymore. are power that ensure the The disrupted but automate Marketing is with as sit strategy. on angling their been be may programs returns. that many case for share

four reduce We’re looking offices and demand transparency don’t This to Assembly reactive years Partners, at model. building, that swell how for which emotional in to made strategic and our the down. powered to from offices right data secret digital no The allows to launched and X the plays enough. far MDC XXX. We’ve by of about how ago we XX things us a about breaking have think accountability XXX that thoughtful grow offices, not be and not agencies competitors they was just gone from of client and age Media fully transparent with strength we

we’re defined continue our reasons, to to that in agencies world-class thrive positioned an change. constant are these all industry For confident ideally by highly

And capture To in so we’re record industry, fueling as the track initiatives to opportunities our growth market strength we complement led gains. creatively place existing fortify long-term of agencies. strategic to continue key of a share a leader our our XXXX, in to number in absolutely expect

a challenges customers. as our understanding they and Zero CMO’s continuing & better to our partners which revolve business increasingly data-at-the-center most We’re with address the scale around resource to One, their communicating as platform, toughest

to adding wallet channels. towards digital across and greater experiences design our share digital product of budgets client capture to We’re connected CMO increasingly are expertise allocated as

importance of geographic new expanding our of Singapore more the firms production of and meet to office seek earned capabilities we’re support media. expand the continuing recent content as and footprint into rising our Berlin, needs number the expansion a client geographies, And with Sydney. of through to in they to openings cost-efficient scaling We’re and

We’re health capture members a just take to over moment investments the share of disruption. to most in industry. that, better to I dedicated X,XXX-plus and the making And prospects the like with the group thank family turn care to before And capabilities this to people the significant marketing the call for to for I area the scale I’d additional our exciting in David. we MDC over David, making of our turn business, excited like MDC do, Partners work year believe with to the in call the I’m and I’d the ahead.

David Doft

you, afternoon. Thank and Scott, good

we XX.X% year and both ended revenue with full included EBITDA guidance. X.X%, year for revenue, This XX full we the in costs. or indicated, of exactly also Scott As Adjusted benefit approximately XX.X% expansion and guidance points grew to, the basis was $XXX.X year-over-year, up how our of million margin. with Organic The from pass-through terms with year at consistent higher had points X.X%. $XX.X QX QX was million, consistent adjusted with X% hoped and EBITDA guided plus at billable XXX basis margin up was year-over-year.

of of on lead updated still guidance basis. trend, year, the And at net margins unbudgeted of given efforts overcome in XXX LBN, us four new points. basis in which recognition million a revenue be compliance they able up incurred pass-through the incremental higher strong and that we costs professional would local $X.X year. about over middle when full the results came gen sale to despite XXX the in we X% adjusted cost in months. for mostly We for in costs relate mentioned to of business, delivered half August, $X points million basis primarily back the year These past better, plus successfully Importantly, fact, the EBITDA the rules. our fees We of of also were revenue

convert percentage pleased to acquisition we as $X to adding our deal simplify Finally, beginning EBITDA stopped back on this our approximately, have of higher XXXX, as with considered, flow. our also sheet quarter. with $XX $XX with on of cost all sheet With to This as to would and added reporting. ability growth a We like more from fourth year our bottom number finished our this non-GAAP drawn of of We credit X million a it revenue cash reminder, revolving for of working items year even balance our effort a adjusted part the to to the with the cash million million, highlight we’re the pleased of very another and balance our generated line. capital related voluntarily and expected. the cash year. facility, in I’d

full For timing of we and $XX due payments. used year, million to the certain the collections

$XXX December In our liability, of on our goal as accrued Consistent from relative balance the million year with an terms the deferred as basis, million absolute acquisition this our consideration and XX. ago. of of remains of $XXX there DAC on down reducing sheet is liability

dollars, profit, expenditures, lower. by out. higher driven reimbursement While net final call Two cash to items taxes landlord largely came was in overseas of higher, capital

income a little where the of increased profitability XXX% earnings the $XX less period. in current we net rights that the obtained to certain in own driven interest attributable non-controlling million well the by to to the as P&L of firms at distribution than over XXXX, First, in recovery firms as

to Second, $XXX Cuts was XXXX. We benefits. a related to Jobs XX% tax revaluation the assets our included tax-related the million tax from non-cash the the quarter million allowance recorded XX%. of of corporate rate in deferred Act federal $XXX.X a that and Tax to of to full amount, related reduction Of $XX.X valuation due of the year benefit and enactment combined of and million

of under We portion changes forward. allowance more also us our allow of deferred a million and tax to benefit $XX.X due the of act valuation record that to will assets a our going reduced realize

reform. benefit reversal $XXX.X the that us primarily as a last benefit over recorded remainder tax of reflecting based as was deferred our the will on income tax XX forward our was of our pretax The significant part the of as to quarters going also expectation release allowance of reversed million, not that U.S. of We cumulative future allow the income of well our taxable valuation assets. realize

our we jumping ASC I’d X, XXXX. the XXXX like on rules, recognition new into January adopted to Before XXX, revenue outlook, discuss which

performance will to new is have going than method the the look that, of straight-line. While pattern nuances similar there proportional are recognition many is timing the historical through recognize when GAAP, it revenue This to forward, likely year. standard, will main to impact more lead may there the to it EBITDA on adjusted in quarterly able to shifts impact we are and the therefore, revenue relative as a the be to relates to moving seasonality

is be While revenue changes in client unaffected. nothing be more gross Expense in there may arrangements Form recognition the accounting, with immaterial or will billing contracts our disclosures changes in also our clients. There some XX-K. versus net

important shared only is, look business to on will annual, some I relates this presents we outlook, an critically that our all to turning notion it basis. quarter-to-quarter say our is Before occasions. have modeling challenges to and that as That many not it with the reinforces on you at

business shown, has our way XXXX financial that a are on focused executing targets. and we performance As our in meets operating

at XXXX looking Now outlook. our

competitors We well of challenges are not the our many agencies are facing. positioned. are blind to Thankfully, our

We have with ability good gives year. growth the deliver business robust a and new pipeline. us for very on plan momentum to comfort a This our

growth. assuming a point LBN on the revenue basis XXXX, that the revenue. divestiture terms XXX organic currency year’s acquisition We negative for full foreign And X% positive approximately year. same, net for we specific will targeting guidance points In should of roughly the are financial impact last basis have be of exchange, remain of impact estimate currently XXX rates

of $X year, as a those additional but basis which improvement million we’re as next future. XXXX’s ourselves initiatives, This approximately set by above beginning $X including of XX an cost profitability, XXXX. to million terms well as year, includes things in behind XX.X%. fueling estate This we’re scenes targeting growth such will of initiatives, the up adjusted for of benefit efficiency doing Scott; drive points lot in real discussed level EBITDA margin In targeting the to consolidation

standard environment due of data time. We’re continuation also regulation the in same accounting regulatory the to hitting changes at onerous increasingly an operating and

margins improvement annual percent in points, right basis improvement at XXXX, in expect we and aforementioned improvement ASC adjusted we in seen on the adjusted improvement Keep by other compliance a you in past. basis the few base hopefully our year, will target the XXX-related with of help the And put in A is expectation this in which $X.X XXXX. of of lower, reflecting million mind near-term are from points $X of professional smaller to other line fees of in in LBN a timing begins of revenue be settle year-over-year year’s medium-term all financial the with as not down year growth basis over a So back in XXXX. framework. items unfortunately, that basis than should of of full XXXX two-year targeted up in down. that because cycling net contribution of eight points to and our average XX EBITDA, terms months we costs XXX XXX our the this, This going EBITDA Despite initiatives, XX million XXX point shifts QX have basis on this modeling. of to

about approximately In less previously payment $XX of million to to $XX our than $XX half. to levels. XXXX XXXX, have we million million terms first means to of will to be the in is compared weighted acquisition-related we our payments million half $XX and obligations, payments expect make This indicated

of form In reduced reform U.S. to taxes, expect taxes we the cash of from time. over terms tax in benefit

our lower higher coming on to we through eat NOLs those profits. remaining to have expect over rate continue profitability years increases, we as the our and As a

this we the more depending the in than $X pay years roughly taxes from to the be new happening, absent it law. year. next near be could the we few We a away results on to business, the estimate only however, We’re In early but due as will million tax would of otherwise term reform cash likely slightly incremental within XXXX. provisions certain as

million We we versus tax $X.X a taxes of were even in previously reform, that range profitability, All likely creep cash indicated, in XXXX. overseas. increasing higher to be $XX our in, have the million to cash as to $XX without XXXX expect taxes particularly in million of function

reform taxable tax-deductible income. utilize our impact to does year the plan of down reduce we We change some higher our CapEx goodwill by tax incremental as ability not back XXXX. taxes settling more normalized to of to expect expansion in office-related levels Importantly, this mitigate of cash lower to

currently CapEx, million are like We budgeting reimbursement for now We’d landlord $XX your of take dollars. questions. net to

Operator

ahead gentlemen, and with question-and-answer your Janedis today Jefferies. Please this time begin from [Operator Ladies Instructions] at the first And question. session. go our we’ll John question comes from

John Janedis

you. be cost talked about bit initiatives know Thank to terms with David, Scott’s, more structure? specific bit your I you be and you And prioritizing you year. strategic growth and there this margin in little was about spoke leveraging maybe but growth comments divestments, when the of it, hoping a can would the more both little dollars, a I

something so to if more? margin XX. the you $X million kind that’s opposed just growth of is as So to XX in I it the point Because basis or million, a it’s think, like $X more or spoke

will helpful. So any be there help

David Doft

Sure.

year are So the related not that there items impacting margin really real three underlying were to operations. the this agency are that

million end So mid-single growth digit somewhere initiatives, that of in range. will the being it one likely is and sort up

$X upfront some savings third that’s those new going, little million. the an I that on, run, the tune professional us fees to million. $X once we estate professional which fade away. it real but substantial mentioned And fees The offers the need regulations will going opportunity related second a of is to get that’s is that And over to been the gets million to long cost the higher $X of in has but identified

double-digit So initiatives. on a when those dollar line, looking you add at you’re the bottom on all of up, those impact million based

John Janedis

moderate. the separately, an on guess, As wondering low update international then got I it’s I Thanks. big it. a business, and know, growth driver, us to for understanding can a piece been give of or if continue And you year? that’s it’s expectations was to expected your Okay, this double-digit you

David Doft

So continue is our expectation growth overseas. see solid to to

on picking We wins XXXX, and the a continue basis. down. some up, of invited opportunities mentioned to be to Scott are more and global those pitches in not more slowing

the that’s So in we’re about very openings that. new what’s around regions of excited some incremental And office leading world. the to

John Janedis

are And to up [indiscernible] reasons no? open more or (XX:XX) there

David Doft

sort. didn’t through. a There sorry, I’m some of quite was that beep come

John Janedis

Are you sort to we what in relative open the of more are on just spoke call? there on there? expansion the to XXXX to done Or

David Doft

opened ultimately, XXXX for always incremental offices opportunities. And into evaluating to need We’re investment budget in we’ve the scale. built that the that those

so operate XXXX. loss they at to continue come. opportunities we’ll in And as evaluate we’ll then And a

John Janedis

Thanks a lot.

Operator

Salmon from Please Markets. next Our Dan BMO go question comes Capital from question. your ahead with

Unidentified Analyst

impact Hi, a This you you XXXX. your it’ll about Caroline for Dan. and speak in is wondering I could think reform if business guys. little tax was on how bit

peers of they second year. spending cash that to optimistic expect consumers One extra their of the Are as start half here? your you towards the said

David Doft

We historically. the advertising tax beneficial absolutely spend brands of by to economy consumer consumer has economy. And the key been believe be driver will reform the that

We think impacts specifically we about remarks industry. our our thing us into structure. net-net, good for prepared tax it’s So in went in how a the it detail

So it’s our good consumers, overall, our us, for good it’s good it’s for for view. industry. That’s

Unidentified Analyst

Thanks.

Operator

Please go with your ahead from comes Partners. question from Midtown Rich question. next Tullo Our

Rich Tullo

very guys. from couple data kind in And of your business? are It you’ve Scott you the a have question that was the Hi, that international. Is on of made questions. of I data then opportunity on competition business? to lot growth. good class the seems media on consultancy buying quick And complementary seeing A seems high Congratulations It quarter. a a like and progress. like

Scott Kauffman

media early the the agency. world, audience advent it days psychographic entering – place to Rich. or the the where out data was of in stage and all has of the bring demographic which consumers and even But the – Thanks, was the concerted part just and been of to social ways media obviously, with of A is measurement, it initial data data, clients strategies initiative back lot the effort always to did the because of trails their first-party it transcends own of sophisticated, made becoming data-centric more them different our the just are operations. increasingly information grid really about even of with now center a why come leave all we’ve customer media,

So widely tight informs that information gets that includes, in that of creative for of media, about how turn wide development saying, be. more freedom demand supply our strategy a have but strategy." creative is the "Give both and The more deployed, in And it’s about into course, into and the can not famous prospects just effective and where Ogilvy to teams also it was customers. data consumers, strategy as David prospects me creative.

So see make data changes landscape. Chief very creativity data we’re the with few progress noise their there’s capable ability design and creator. to it that merge, the think is that we’re demanding doing coverage, Marketing we is feel it them the to all impeding Officers. of the changes of and continue as instances it a consultancies, It’s kinds continue and to it forms industry, of we our here and in with so today. And it in agility position much of across value the We marketers to the all to key required regard that uniquely technology everything much are so onslaught heard you’ve completely a With helping actually own much to yet with about many deal data and from takes. central

easier we a all felt that level I strategists provide think when very insights support than with it’s the of this whole think is clients. very on and in just you clients. disintermediation And think to to clients our have creativity I difficult is up, of we the our this be are duplication as relationships would and offer we industry, that strategic that already it strategic down bring lot across a also this high bring And we for creativity to We have to think where we have. widely doubled their can

Rich Tullo

suggested provide in my China they you now A seeing Okay. working peers provide businesses, Venezuela, a could in tailwind weakness are issues out. it’s in Brazil, And question the How social these got And your the economic to the of they’re And chaos. on color, or I some a lot internal number look current do a guess owing of in has and quarter? them operating any did at if headwind how you regions? international. XXXX?

Scott Kauffman

before can are don’t we as of just so you, in I as underpenetrated we Venezuela, jumps others. Well, we’re vulnerable David in, tell some think the David?

David Doft

between rounding just opportunity opportunity them, across very So we’re ultimately, a a our us. for those need down so those new in it’s error to doing, business that are $XXX it and all doing, solutions you of ability markets, markets so our advertising are the to strong that At regions And irrelevant clients us. what is such XX% each if large growth. is driving break economies provide and million small are those those actually Rich, what of revenue, it’s little over

Rich Tullo

as quick, Real follow-up. a

I of percentage said was much how you how much said total you would – say of – total is direct-to-consumer FANG as think And Scott revenue? a revenue? percentage

David Doft

As we largely direct-to-consumer business X% said FANG’s in of prepared And our the remarks, now. revenue advertising. over is

specialist care the our direct-to-consumer. but well is market business-to-business as components business around physicians, majority of that health capabilities We as have vast small capabilities to sometimes of

Rich Tullo

luck next good. very good much, you it and Very year. appreciate Thank

David Doft

Rich. Thanks,

Operator

with from Please Markets. from RBC Leo ahead Kulp Our go comes question Capital your questions. next

Leo Kulp

Thanks taking question. Hi, had just I guys. for the two quick ones.

you the for growth guidance excess the given the with the year, to incremental cash level on lower First, M&A business is DAC free is do table? with what on flow, let going you cash just to build of sheet? balance paydown. just organic And to baked think what second, then curious going your new you’re your in? Or Do regards are next

Scott Kauffman

through safe I balance delevering on Leo. historically, focusing and committed results, and growth Thanks, and be brilliant on been from potential a mean, a home. and as we we looking acquisition, can year that pretty the tell sheet. organic both through the continue for remain entrepreneurial the are to beacon for we’ve you a heads-down teams grown harbor those have to we But

rings we acquisitions doorbell the And continuing frequently. surprised possibilities in we’re a don’t So be where And couple this year. do a opportunities. of to position evaluate and now if make we’re

David Doft

In to work, just It environment of to never hasn’t from many increases growth years. made profile geographies We assumption earn XXXX, we’re for them. from sort been the need terms clients. price incremental that many, we that of of get scopes for our assignments, going

generally, we’re relationships that’s looking just industry a winning increases has as not for clients, So as way the because existing our but long, it’s not long the with operated clients at time. price growing well new

all business form one going come it’s new ultimately, or So another. from in to

Leo Kulp

thank it, very much. Got you

Operator

[Operator from & next comes go question Please Company. ahead question. Lucas Barry with from your Gabelli Instructions] Our

Barry Lucas

pieces say going to do you up to Thank evening. potentially terms you pick see you if like I are of and larger of scale recently assignments of in a could think how Assembly you and over. wonder received, of color, turning that ripple where growth good awards the but in assignments? was large some even And It – media looks effect could to the media continuum able given I provide, be XXXX the you’ve

Scott Kauffman

of couple much the was Thanks, I hit a Mediapalooza Barry. we and sidelines. calls, frustrated couple of back look I on If a were pretty we and years when earnings very

know size, frequently team But our phenomenal because We’ve of Martin of a named we years. Year, at have marquee, Assembly of the couple effectively we happens know, scaled pieces Cass last done Agency business. that it as And few the phone haven’t despite the get We job down the rings. knocked when and our larger media a we somewhat over operations.

that the do really accolades this. so continues and expect market awards consumer our in grabs pipeline robust case There’s and packaged to those And for now. like we reports the our be With share, up been matter accounts. aren’t large campaigns are odds a about goods domestic

at-bats preoccupied opportunities defensive So We not with we’re we remarks the number us. a year. defending. upside of we’re prepared not in in for mode, the referenced that this anticipate represent These

for landscape is like opportunity now. competitive and market And evolve so the continuing like to looks the we way the right what

Barry Lucas

color, for Thanks that Scott.

Operator

the questions. this And any back to no ladies turn for Scott conference closing like showing to and gentlemen, time, I’d Mr. over remarks. additional Kauffman call I’m at

Scott Kauffman

of In a want I Jamie. of accomplishments been fundamental your And indicated, all us joining the you to as performance. closing, questions. our agencies talented at for have we MDC was certainly our strong for Partners, and XXXX who appreciate we’re teams today, significant you, thank just and of to year Thank proud

culture in we strategy our on XXXX, the creativity to ahead and and build agencies we the As right success. our look talent, in have

and meetings have and calendar forward from of We you Good the months conferences person. a look many seeing in evening investor York ahead of to in robust City. New

Operator

ladies And today’s for conference you conclude and that presentation. attending thank today’s call. gentlemen, do We does

may now lines. your disconnect You

Stagwell (STGW) 22 Feb 182017 Q4 Earnings call transcript