STGW - Earnings call transcript Q1 2024

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Ben Allanson

Good morning from Stagwell's offices in Washington, D.C. and welcome to Stagwell, Inc.'s earnings webcast for the first quarter of 2024. My name is Ben Allanson I lead the Investor Relations function here at Stawell. With me today are Mark Penn, Stagwell's Chairman and Chief Executive Officer and I'm Frank Lanuto, the Chief Financial Officer. Mark will provide a business update, and Frank will share a financial review. After the prepared remarks, we will open the floor for Q&A. begin, include to financial forward-looking we the you data. Before remarks following statements Instructions] I'd remind like that [Operator and non-GAAP

provide guidance the refer earnings and morning's release, explanations Forward-looking related of presentation investor and definitions, and company, presentation the SEC slide slide website, factors are results. press non-GAAP stagwellglobal.com/investors company's earnings an Please risk our statements This uncertainties our reconciliations subject release additional data. in including addressed deck resources. the and to to about and to financial those for

I'd over that, Penn. and with like our Mark And to turn call CEO, to the Chairman

Mark Penn

such excitement you, Ben, highlighting -- innovation strong that industry abatement confidence cycle year. contribute expect our of the abatement our for call. this in to record-breaking digital our Thank continued us Several we of and On growth. in growth return headwinds, to tech to of thank our and QX us including half call political everyone I our factors the and investments joining quarter including the confidence, February, first business earnings to XXXX, trends, as first in in to you headwinds about beginning restructuring give talked industry new activities,

of quarter. share first to These anticipated. out exactly figures Stagwell are an that as X%. pleased I'm the beginning represent Today, growth we revenue of delivered trends these to revenue in in play $XXX encouraging million

post and to new continue both quarter last we Additionally, first figures record months. net business for XX the

are million. encouraging reiterate us grow the XX% EBITDA Actions full while and managing confidence year costs. helped give took these highly guidance year-over-year These we us in by delivered figures XXXX today. adjusted Importantly, results effectively growth to $XX our to we our our

growing. We also again gain is draw Advertising confidence in once tailwinds. our

the are area vast expanded, advocacy business is in and we a for work transformation reputation the fertile create opportunities. digital and to be year pitches. is historic. will proving expansion, AI record within season new promises International participating Our

are grew performance revenue revenue XX% growing XX% This growing it's net XXX trend. Continuing beginning by XX% to growth, the Data back led in increase. XX% is in X revenue building impactful last of first revenue, net year's still Media impact a with representing and year, to our to still expanded largest, most last showed come the we riders up transformation, relationships return pipeline as online customers, Digital quarter's double-digit double-digit from the and now year-over-year by XX% outsized XX%. Advocacy research driven trend gap, companies customers. was and but saw revenue in In our total growth capabilities. tech top of Performance net our our quarter, revenue. growth overcoming grew

revenue market, total Geographically, return our in the growth to we saw a largest United of with X% year-over-year. States, growth

momentum with continued momentum This regional has ago. a a of also us strong businesses area of the new growth Bluefin, major just the our translating their recently, with year-over-year. revenue revenue been into region few for is XX% we international opened X% in and London focus weeks Our quarter. in growing headquarters, EMEA Europe focus

profitability. Turning to and cost

took margin of I XX% figure and than impressive we is the higher This mentioned in points As delivered adjusted of year-over-year. first quarter direct $XX our of manage year costs. a previously, last last EBITDA the first proactive the representing we to million steps XX% a basis quarter, consequence of year XXX improvement

Gap] actions took $XX we XXXX, annual of staffing statement. In million resulted in that [Audio

of XXX the in quarter costs X% are last of labor first over basis an of XX.X%, year. to a ratio XXXX, lower result, quarter our the staffing-to-net a helping of deliver As first revenue improvement points

almost adding exactly quarter, offshoring, office, modern capabilities improvement margin is the period and our growing our as systems expenses net back installing the same G&A managing on expenses. this Despite utilizing the revenue our were in for AI in We're a driving streamline Also last to focus total same laser year. G&A operations.

and of growing capability, a communications is focus and XX%, and our We've seen growing our XXX%, in strong the EBITDA particularly growth testament from Stagwell in costs. to creativity performance that data adjusted control our media all placing

business records. new continues Net company to bring

to Given also us our quarter, business, we've first million company our increased confidence increased the record. This a brings for business for new Quarter ago. full year LTM net figure million a year delivered last the from In $XXX net guidance. we new of business quarter new record Stagwell. in $XX $XXX figure million, quarter, the net after XX-month a

value of increased continue the size XX% and were grown our the In year-over-year. numbers pitches. global size business wins to impressively Fossil [indiscernible]. de the Tribune, Wilson, has including new as by net average some These Chao, Fogo wins, wind of targeted Importantly, larger quarter, to for as the important be expansions driven Star first well

array of an including Agency the top the major designation, across of XX X% the X% Stagwell industry QX, captured Year In awards over of to maybe market. of agencies shows,

the redistributing including are include exceeding and the featured named recognized of as of being Agency being disruptive Ad and took [indiscernible] business winning the Year, agency comm Code Campaign, on that in U.S. of X terms Theory Age Exponent agency within year being plan. agencies of advertising These the year We by IT shop year, the [indiscernible]. far Media the transformation of GALE agency A home list, Assembly the

and We net and loss we active. revenue was sought, first gotten outlier initial exceeded about XX% the despite growth achieved companies have acquisitions disposition. adjusted the from but proceeds. not dispositions We this program the the of acquired every net might in EBITDA and EBITDA only deal from being in fourth ConcentricLife adjusted the M&A revenue Our quarters

machine is concrete This forward. a that moving for major value investors driver a M&A our evidence can be of

further previously, hope a that I've and have noncore color to on As later discussed disposition more we're exploring here.

was acquisitions. Partners. We global a had digital first and through first XXXX, collective in presence French-created In months expanding of the made sidekick progress strong we U.K. Next agency our our

expands the we shortly marketing digital-focused after first the a quarter, American prices. month, significantly which in our and Latin last the of end of announced Brazil, acquisition Pros, Just consultancy brand

become to more by net years. to doubling coming outside XX% of our looking the North business revenues America We're over of internationally competitive

focus is Europe, Middle Western current in Asia. Our and the East

sharpen strong Stagwell growth now Cloud, working modern of products bring to under our Harris our AI-enabled the capabilities external and took sales quarter, marketers. year. media AI the of the of in steps data, back $XX first and of market Quest This through products Marketing In our We're to suite initiatives maintained partnerships. half and we into a million see quarter, combination the to expect in we internal the investment to research brand for

we their a its partnership Google platform first data match secure space Google's with orchestrated launch and private solution will solutions. on AI trove year. Google our we of cleanroom launched SMC and announced mix as software Cloud with provide clients a to vast with Stagwell's deepened At first-party Gen that Cloud next, with data the last data

AI better GALE's We're agencies. on disciplines also best-in-class almost enterprise focused scaling tasks as work XXX leadership growing be smarter, to and focus all in help use across the spent this reduces GALE's critical such across will our agency the Alchemy.AI cases One quarter, announced time on faster. people which platform

AI And largest the solutions customer Left solution media set this elevate experience. agency, Field performance is Labs to later our incubating a is to Assembly, customer-add month. new announce

of media creation, media unit from and targeting to making studios We building the on last on media progress the our chain significant placement planning, supply. down are and mile audience

coming platform. advertising On we NEXON, technology as data offerings partnering weeks are our a last announced that solution. unified out the with in ID I call, [indiscernible] roll globally to a on more our and Stagwell We'll media. building were share Today, in we we partnership new have

Rapinoe. Cannes where with at return brand Joe a we'll of In this leading business, company Festival, second more parts to Sport increasing our Beach exposure benefit and Lions preparing the sponsors other Burrow, business athletes, JuJu Sport Beach worldwide opportunities. new for year to and our we're Watkins, continues and more for including June Megan the

recognizing to Axios, Politico, Washington in across top Finally, York Journal, Fontes Wall Future Summit The partnership Definitive Insider, U.S., News New Times, post of we're and month this Ad Post, Desk excited Street Business including with our Trade publishers the later a across sites. across and advertisers understand should Media, advertisers better they to safety brand news more cautious industry. fears releasing how the for opinion made news advertising be study that have and around We're first-of-a-kind where about advertising

It's been a quarter. busy

We standing still. are never

of and a of services. of campaigns, advocacy achieve forward move goal Stagwell marketing events, is and to We're media AI, of cutting to offering social marching media us global once to of are platform advancing the the our our relevant the to more culturally forefront combination global performance of on online the again creator. content, market with from service new edge of Wherever We partners bringing along full evolving everything look, self-service. and

These of us efforts year about the on a solid growth gives revenue quarter ahead. confidence

Lanuto, in more into this to our results Frank Financial Chief detail. some hand will I Frank? Now over Officer, financial of to our walk

Frank Lanuto

you, and us Thank Good quarter discuss Instructions] thank Mark. morning, you for everyone, our first [Operator results. to joining

to improving in in which momentum The in businesses, market and the and revenue U.S. conditions by returned strong markets our growth QX, media advocacy performance during in company we continued driven the international operate.

our X% excluding pass-through quarter, invest for our period, compared period $XXX on Net to customers 'XX, $XXX agencies. to reported an prior same the to revenue, continue increase same for the of the their costs, million. X% we with relationship in million, as revenue Building the For of in year. the increased trend largest

XXX quarter also in increasing our relationships prior our representing XX% In expanded the top number services the X providing XXX now more being than consolidated XX% with working. year-over-year, our of versus in of of our by the that of evidence further integrated 'XX, net largest XX% period, the last is delivering of of first our serviced revenue, strategy customers, The quarters. top grew customers number one our improvement agencies

relationships from relationships. signal where an positive occurrence inflection those was with of point from growing period-to-period exceeded Another existing the customers revenues declining

another consecutive of Our quarter performance the represented set high of XX-month watermark increasing performance for net trailing new and the million. fifth quarter $XXX business

pitches, of average our in XX% tangibly are benefiting as from size global year-over-year. wins to increased We invited the participate being larger

with The year. leads and for us combined impact guidance the reaffirm improving to of business net performance clients new our existing

revenue to capability. by Turning

and The principal the delivered over revenue, wins growth of from prior saw new increase Performance Media first XX% customers. capabilities. year combination quarter X This of X Data our was revenue performance growth of an a million existing period. business by $XX in driven in and

food period. included as technology, the of $XXX growth strength of over customers, the revenue, prior well areas prior of of and Communications to products $XXX and increasing quarter revenue X% clients and in consumer from transportation grew increase prior to beverage, financial as in XX% growth X% period-over-period. which over lodging, with strong grew sectors, an consumer communication first number Creativity and technology-based transformation services in Particular period, sectors. and million, media period. Digital strong returned the XX% the clients, had delivered a efficacy and which driven We million products over by a performance about the improvement

This was and largely and customers we writers by a consequence in early X% financials, the as decline subsequent anniversary spending Strategy to within of strike offset was year-over-year. regional This last the partially Insights entertainment metal million reported slowly more of $XX Consumer softness sector crisis the 'XX. revenue, actors year. growth of late from a increasing Hollywood

of for Stagwell cloud quarter, an into software investment in increase the approximately modern continue products investment revenue, million of the products spending marketer. suite first year-over-year. priority be our build of maintained Marketing we as to continues $XX the us. totaled industry-leading we Cloud to The for X% million of an $XX tech an suite In

quarter, is to business in November. up increased the mix running the contributor grew benefit political election of In and prior revenue to elections years period. XX% as from $XX advocacy to efficacy a in we spending million, first increase an the Finally, the the significant fundraising over

was breakdown, strong our exceptionally turning growth largest Kingdom. revenue international In the the growth of year. strong This of increased United led Now XX% X%. to saw market, prior our in geographical revenue continued X% over U.S., we businesses by in the

be an clearly million delivered increase nearly first structure decisive an revenue. XX%, quarter, prior over to adjusted cost to to $XX in of quarter. prior of first align increased in points improvement the rightsize related actions quarter results period, 'XX and actions to management the in XX% with our basis Turning it company took of over EBITDA, trending XXX also the the seen these better the The results. In our can costs, margin

$XX of ratio and revenue first is million staffing 'XX, in were we our salaries successive an respectively. reduced We the ratio merger. million, full than took lower XXX prior by to labor or by effect year QX, and improvement more XX.X%, cost-to-net basis that actions Staffing of actions points $X was largest and since our X%, the And these during from quarter the costs lowest headcount cost. X% lower annualized the versus and as benefited

managing addition In staffing, efficiently on we G&A costs. to also our focused

quarter, first net just the an revenue This in the under percentage of improvement in For results were same our period with nearly the line in million, ratio points of a G&A period. G&A XX XX.X%, basis of prior $XXX 'XX. expenses versus as

certain line our inclusive to with unbillable are expenses. revenues. costs grow of costs tend in G&A Our net These

decline, For of at quarters slightly more these our X%. account million X% both percentage unbillables. excluding than to expenses for net revenue remained first decreased expenses unbillables, and the $X actually G&A as unviable our 'XX year-over-year, 'XX, by a Adjusting a stable customer G&A representing of

us strong adjusted the our allowed to performance cumulative market Stagwell of The growth investment in the our and cost cloud. and maintain a revenue to strong quarter EBITDA during contributed impact actions

in million would the been quarter adjusted have margin of Excluding our $XX approximately cloud EBITDA QX, XX.X%. first investment

to the balance moving Now sheet.

remain make allocation from Starting the million deferred the a 'XX. last of We year. first in financial obligations acquisition end of debt quarter to of $XX to We with reduce at approximately first $XX the to our the track end by approximately the on capital continue the obligations year to strong to million maintain million of $XXX of we end quarter efficient reduced position. consideration,

price at million. also for We million X share, during acquired $X.XX an $XX the per shares quarter, average approximately of

million Our now as $XXX existing availability. buyback end remaining of authorization quarter has in

million, with targets. line our broadly for software and in $XX capitalized quarter was the CapEx

As a of our ended drawings revolver result, of $XXX and under $XXX quarter the cash with million million. we

at was ratio leverage end quarter Our Xx.

And to to be $XXX growth, guidance to net are EBITDA advocacy Adjusted finally, excluding X%. is growth by 'XX be Mark X% we between expected as Organic to as Organic remarks, net million. X% in X%. expected between highlighted year his million our revenue reaffirming to follows: is expected full is revenue, to be $XXX

approximately and and XX% We $X.XX expected expect per deliver earnings flow is share to adjusted between conversion free to be cash $X.XX.

I turn the Q&A this morning. That the remarks to prepared to will concludes portion over the Allanson of back our call. now Ben open call

Ben Allanson

as Instructions] going today? one Crockett drivers you to Or to balance have question QX to you reported do growth to How revenue us is there organic acceleration? with XXXX Thank walk Do over up. in this here at of from Barton much going guide can a you in X% you net the be Rosenblatt. to as you, visibility Frank. X% it's X% into the of the which please is to think [Operator the from through of going start We're of really see [indiscernible] round? be says, going tick steady what He acceleration the

Mark Penn

think, nicely. along and is it, transformation grow has you, for Thank see along think the And advocacy I room question. come analyze for moving up can to along digital to, moving international's Sure. Barton, I that going as next nicely, Look, moving is continue growth. you Media you really is nicely. --

already all growth. is with firing Look, double-digit on cylinders media

look -- at at higher I last than this was XX% pipeline, pipeline Our it's our year. when time it

size of We of are pitches new number in given enhanced the a record enhanced reputation.

think, is it -- look it start beginning let's AI beginning, get Also, to customers over and the to implement take I to a are phase. -- at

the to through I strengthen, second build quarters media good it really will advocacy things see media to and going year. you're tend really have half that holiday a So digital think really the of you're the to I off will strength when as will advocacy the -- as look crescendo quarter and I in and and second that's because of year -- the fourth and take to season see building at think kind transformation so going third in

So in I the that's how meeting see it goal. developing

Ben Allanson

in to from But he's Jason on digital and green us asking we're kind transformation in gives just how, the -- that digital confidence seeing shoots here return question a there. Craig-Hallum, of Kreyer growth about transformation

Mark Penn

you seeing, are and AI. last cut the back. chips I And really the and to had We're make have discovering applications. applications. the think, I back that's that growth that think mean the year beginning come all if cloud, then Yes, of you again need the people I companies we're seeing you some

And doing. what AI is That in we business. we're are building the application

in assured that their customers I pot. data have would into confidence. together kind global the I think, go our put worldwide first, that's of internally order provide the to think that for for data be not rooms, clean And clients, why and both to we

back think go take that going problem this problem going engineers I customers biggest the securely, as to finding get And We're biggest AI and used the just see to being to be off. finding opposed confidence can to work. you're as safely

that I of hit should really year. second And half think the in the

can you see think reporting. of terms building I they're tech what all of companies in the that in

Ben Allanson

here, tech some back just as customers technology seeing share? rebounding we're And then customers if Maybe on with the sort question taxing key just well. in about that's of of the the and trends the talking

Mark Penn

them mean to slowly. I we're They're not throttle back seeing yet. Yes. full

still think up of shaping the have showed increase. go. some It a they year list a helping We companies. I new of would clients ways, tech be to is top company's more applications be well Again, our tech competition. to and build In our as company, to for develop front large-sized as end we're to of interactions, consumer many AI clients. tech list

be both caution going masses. to But programs, is the too will some think think the and AI floodgates open certain far I the again, of side companies. a I at can't those to point, their are out And seeing they we're how of that, that to benefit. But And on you're away. still building that bring where here

Ben Allanson

from the about revenue of of says Benchmark, bit Shifting the net outside to just How with we and the U.S. he about into international XX% he gears Mark global things. think meaningful Zgutowicz, little for geography forward? question U.K. being moving initiative side by on you by should A biggest our opportunities? Asia a to sort Pacific growth asks, guidance is growth contract factored of And that expansion the unlock just geography to

Mark Penn

the you Shakers, our clearly Movers Labs I think acquisitions, and group frontiers through people to you're like go group next acquisitions see and our you when those going focus is of few And clearly are on of can more Mid-East that months. and see see A and U.K., of like Asia marketing, other Field AI. Left acquisitions in the Brazil, really the can strategy. people you

you're to build win. we us going that that global think to I the need see to in network

the for Look first as $XX People taking pitch. are we're the logical seeing on Stagwell time, million a growing to a company $XX the majors at in us scale. looking million at

So we're complete to going network. the global

think Blue in European they growth Fin, used London. services their we XX -- also where brought beginning, were can together that because get pitches small And because very office put we we the together to an is benefits, agencies see We XX% frankly, fragmented. just which

like it's Now almost a shopping mall.

they're see set advertising, You opportunities. dollar services, research, media, of multi-million getting and could a coordinated

the think European have a whole while marketplace grow marketing high be put having Townsend, grower, market added having a team. CEO, share a I our agencies I in to brought structure Europe, a in with may So James ability and not together our

until have we're very a going have that's complete good we think here. I what global And network we do functioning scale to prospects. region-by-region

Ben Allanson

at the first, goes, here? on questions digits, then months. mid-single up trailing $XX topic. we... Laura a rate Needham, do revenue advocacy, are we single think for and Stagwell million you the XX wins Martin net What normalized she new are number on growth is digits? at Great. net business high to full What a to very just of business new Like, million shift in impressive, the -- QX, $XXX that We'll we'll of question over have But in

Mark Penn

have out think because think Well, what a XX% economy. that have in have also that We'll media of end our XX% numbers. we'll had targets, graph the and photo I were up, see to was media but of into striving our back in does we're I have for planned, were in AI. to look, big But products, to a and I our will research, look, an the those XXXX, the were exogenous. XXXX the thick bit not was if getting of network. think, be our least think We're we revenue is We'll will back were little cloud pullbacks. year-over-year at Fed to think our with There factors today growth I more transition of lot building we'll They year, media number There full year I fear And ID will I a slowdowns. of this other year. By recession. expanded those we Stagwell tech Digital of the a get factors industries. think, across force. capabilities, strikes They the global our transformation deeper extend that opportunities. in services open marking right,

this So is kind long-term the is to a year growth target, which is that the capable we of. that of transition me, to firm back believe is

Ben Allanson

of Advocacy, questions this. a couple on

the First revenue, QX? perform obviously expectations give range? ability up, new Cahall in on Did but from in just your that strengthen Wells more me achieve as well and EBITDA the guidance discussed, adjusted does that the guidance confidence adjust didn't the advocacy, you business Steve some We side today, as advocacy to our channel revenue Fargo. net at out

Mark Penn

think of confidence. it's gives elements one strength of the I us the adequacy that us -- gives obviously,

a primaries on than I think little advocacy expected, real particularly there each no were side. was since stronger

and will at it, And XXXX, there it primaries. well, in so kind and strength when XXXX will you look the double advocacy it but -- be be open because will I I presidencies will realize be there now XXXX you see will be -- who that on both matter be thought wins, record, no sides probably of

this, record that going this So shows to that primaries, year. the there of fact strength building the no a be I is are given think essentially

on off. forming. really intensively focus going see can get it You kicked to particularly the race, People conventions are this once

provide on services is think continue of And even interim. I to are a planning incredible though there's And advocacy People will an in lull we the a the now, up. bit diversify race. picking little

Ben Allanson

advocacy, up maybe focus in be following fees some Just on some legal media and advocacy might structures that from spending that Do how might you the that that speculation impact Trump cannibalize there's versus our press think Laura. business? expectations? those question She from legal another and spend asking, 'XX lowly obviously campaign. revenue might And

Mark Penn

do fundraising Trump don't for We the campaign.

So it's -- on PACs not Senate is our focus and Super really are that directly and campaigns. races the not with House

wouldn't factor really to that So in you come either way. or, know, us

think America's race, poised Look, It used of that active. people for and a kind be big only I involved -- no contributed. of would and to there getting about used be tradition to X% people

not or hit to participation XX%. it's Now really one around and to I to a going are you're other. XX% way the or see influence those And factors strong think going

Ben Allanson

revenue One talk question the we're well, as -- but what a in some question over of a may And rates drove about between then performance the and impact of to McVeigh of you how in Frank an rates, divergence the might media little going at some net from had? have what growth Great. Morgan for and growth this quarter? on AI Cameron drives gross be Can bit, Stanley. discuss and much

Mark Penn

less Performance It's Media. about

Epiphany, have we of revenue. acquired When of now net companies number what Field recognize more at Team acquired that look revenue GAAP Labs. kind more have a that versus We Left you

event these of companies new oriented. are Some more

digital Some of fundraising of revenue. online higher also the generates levels GAAP

Stagwell revenues be talked building year. money. And events make because part is the here, or to this going it for how revenue change showed We showing factors X we're those fact show to that looking going secrets we're we those quite all, of and are after X GAAP think -- evidence divergence. kinds of those of it's I of about The -- economic that activity. the the to of favorable through kind So

Ben Allanson

about One, question Jeff speak AI about you can got gear, in other efficiency? van the platform is, Great. using involving in our seeing and you're part it AI? we're shared two talk more projects then AI. customer parts. Shifting to Sinderen, [indiscernible] can you it's the And of A how from improve internally services in

Mark Penn

Sure.

snow cloud, Central summarize -- information thing. innovation pointed the to interest more XXX things help there's well, building we was of clearly. central the -- are be the to experimental. and XXX write other in And out, Innovation on side, central out in to kind for think function. We've to market go Group. key got one who ability and that of the the of survey the is could our have Stagwell that have AI were completing just products in we have lot We the are about Remember video. internally not for XXX investing in Stagwell. Obviously, on dog we're to. a AI. everybody principles signed kind heavily another to text of we I back actually people a as of we people on And to what looking of looking lots and or ability And $XX EBITDA as Give work employees tech XXX the me Frank higher our picture about million now, if a Right of that, AI a of

make sets easier polling end, far up client it applications for can data say, Tell all you on things me The safety to the to like, whole what want bring the that years?" and look sure want you understand. you they and that's having it We're why to think We'll the through they dive into "Hey, just for ability be office an presidential say seeing approval on And party. for before to X buy." "I'm last can bots. and clients I are AI, we that for security and secure, shopping make the And working first. to on safe then

ways with get unprecedented taken are a -- and would before. These hours in a interact response technology and people hours which that can have get

virtually to website redoing And going order to enormous of so every to there's in an provide in AI-enabled of that confidence. kind we work be think be amount

much think I part if we're brand becomes there. all, AI, how interact you market you're brand? of to our to exactly a AI where critical absolute advertisement, clients as going That's is has as effectively see and your your the How that you're going focusing establish with changed of lot After a work with brand's image.

it we're because benefits you're between and the that's I really to And mile, the that why connection last work designing going that explode. see really customer. think to engineering used us And company the and

Ben Allanson

Great.

Just think thanks, capabilities I should in your to Frank. [indiscernible], the XXXX? on side, what business and by grow divestitures, one our Between appetite final is... the media question terms digital end potential I of your on we of internationally, and leverages expect deleveraging think for Xx

Frank Lanuto

now. Xx Yes, we're at

mid-Xs in We by experience really in It a comes drive somewhere year. ratio. would say. the down stronger lot that the leverage steadily X expect half the we'll the year, cash drives up that of and QX the back cash end then be I to and the that ramps the will from of flows And of X,

Ben Allanson

to Thank able call. our be Great. Well, in call. a toay much for our you'll second close few for quarter you us earnings that brings quarter to I hope joining very us time months' us, on and first a join

Stagwell (STGW) 1 May 242024 Q1 Earnings call transcript