Record first quarter financial results
driven by high-growth digital transformation, consumer insights
& strategy, and large client wins in media
- GAAP Revenue grew 254.7% in 1Q and 31.5% on a Pro Forma
basis
- Pro-Forma Organic Net Revenue grew 23.6% in 1Q
- Net Income of $33.6M in 1Q or
Diluted EPS of $0.10 per
share
- Net Income attributable to Stagwell of $12.7M in 1Q
- Adjusted EBITDA of $101.4M in
1Q representing a 19.3% margin on Net Revenue
- Record first quarter Net New Business of $54M
- 56% of 1Q Net Revenue came from high-growth digital
services
- Reaffirms 2022 full-year outlook
NEW
YORK, May 6, 2022 /PRNewswire/ -- NASDAQ:
STGW) – Stagwell Inc. ("Stagwell") today announced
financial results for the three months ended March 31, 2022.
FIRST QUARTER HIGHLIGHTS:
- Revenue of $642.9 million, an
increase of 254.7% versus the prior year period.
- Pro Forma GAAP revenue growth of 31.5% versus the prior year
period and 30.2% ex-Advocacy.
- First quarter net revenue of $526.6
million, an increase of 233.2% versus the prior period.
- Pro Forma net revenue growth of 22.8% versus the prior year
period and 22.3% ex-Advocacy.
- Pro Forma organic net revenue growth of 23.6% versus the prior
year period and 23.2% ex-Advocacy.
- First quarter net income of $33.6
million versus $4.6 million in
the prior year period.
- First quarter net income attributable to Stagwell Inc. common
shareholders of $12.7 million versus
$4.4 million in the prior year
period.
- First quarter adjusted EBITDA of $101.4
million, an increase of 325.4% versus the prior year
period.
- Pro Forma adjusted EBITDA growth of 33.8% versus the prior
period and 32.4% ex-Advocacy.
- First quarter Adjusted EBITDA Margin of 19.3% of net
revenue.
- Net New Business wins totaled $54
million in the quarter.
"While the GDP may be contracting, Stagwell is growing strongly.
The merger has spurred revenue synergies immediately apparent in
the big wins, significant industry awards, and integration of
talent and technology across our network," said Mark Penn, Chairman and Chief Executive Officer
of Stagwell. "We grew first quarter net revenue 24% versus the
prior year, more than double the pace of legacy holding companies,
and grew Adjusted EBITDA at an even faster rate of 34%
year-over-year. We also made a key e-commerce acquisition in April
with Brand New Galaxy, which connects to our media and digital
transformation offerings and provides increased scale in
Europe. Our record quarter
continues to build on our post-combination track record of
delivering growth, free-cash-flow, and growing profitability."
Frank Lanuto, Chief Financial
Officer, commented: "The Company reported strong first quarter
results with GAAP revenue of $643
million, net revenue of $527
million and Adjusted EBITDA of $101
million. Organic pro forma net revenue increased 24% over
the prior period quarter and also increased sequentially in a
typically smaller seasonal quarter. Adjusted EBITDA margin expanded
160 bps year-over-year on a Pro Forma basis to 19.3% of net revenue
as the Company began to see the benefits of expected cost
synergies."
Financial Outlook
2022 financial guidance is as follows:
- Pro Forma Organic Net Revenue growth of 18% – 22%
- Pro Forma Organic Net Revenue growth ex-Advocacy of 13% –
17%
- Adjusted EBITDA of $450 million -
$480 million, excluding the
contribution from 2022 acquisitions
- Pro Forma Free Cash Flow growth
of approximately 30%
- Guidance assumes no impact from foreign exchange, acquisitions
or dispositions.
* The Company has
excluded a quantitative reconciliation with respect to the
Company's 2022 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.
|
Conference Call
Management will host a video webcast and conference call on
Friday, May 6, 2022, at 8:30 a.m.
(ET) to discuss results for Stagwell Inc. for the three
months ended March 31, 2022.
The video webcast will be accessible at
https://stagwellq12022earnings.open-exchange.net/. An investor
presentation has been posted on our website at
www.stagwellglobal.com and may be referred to during the conference
call.
A recording of the conference call will be accessible one hour
after the call and available for ninety days at
www.stagwellglobal.com.
Stagwell Inc.
Stagwell is the challenger network built to transform marketing.
We deliver scaled creative performance for the world's most
ambitious brands, connecting culture-moving creativity with
leading-edge technology to harmonize the art and science of
marketing. Led by entrepreneurs, our 10,000+ specialists in
34+ countries are unified under a single purpose: to drive
effectiveness and improve business results for their clients. Join
us at www.stagwellglobal.com.
Basis of Presentation
The acquisition of MDC Partners (MDC) by Stagwell Marketing
Group (SMG) was completed on August 2,
2021. The results of MDC are included within the Statements
of Operations for the period beginning on the date of the
acquisition through the end of the respective period presented and
the results of SMG are included for the entirety of all periods
presented.
Non-GAAP Financial Measures
In addition to its reported results, Stagwell Inc. has included
in this earnings release certain financial results that the
Securities and Exchange Commission (SEC) defines as "non-GAAP
Financial Measures." Management believes that such non-GAAP
financial measures, when read in conjunction with the Company's
reported results, can provide useful supplemental information for
investors analyzing period to period comparisons of the Company's
results. Such non-GAAP financial measures include the
following:
Pro Forma Results: The Pro Forma amounts presented for each
period were prepared by combining the historical standalone
statements of operations for each of legacy MDC and SMG. The
unaudited pro forma results are provided for illustrative purposes
only and do not purport to represent what the actual consolidated
results of operations or consolidated financial condition would
have been had the combination actually occurred on the date
indicated, nor do they purport to project the future consolidated
results of operations or consolidated financial condition for any
future period or as of any future date. The Company has excluded a
quantitative reconciliation of adjusted Pro Forma EBITDA to net
income under the "unreasonable efforts" exception in Item
10(e)(1)(i)(B) of Regulation S-K.
(1) Organic Revenue: "Organic revenue growth" and "organic
revenue decline" refer to the positive or negative results,
respectively, of subtracting both the foreign exchange and
acquisition (disposition) components from total revenue growth. The
acquisition (disposition) component is calculated by aggregating
prior period revenue for any acquired businesses, less the prior
period revenue of any businesses that were disposed of during the
current period. The organic revenue growth (decline) component
reflects the constant currency impact of (a) the change in revenue
of the partner firms that the Company has held throughout each of
the comparable periods presented, and (b) "non-GAAP acquisitions
(dispositions), net". Non-GAAP acquisitions (dispositions), net
consists of (i) for acquisitions during the current year, the
revenue effect from such acquisition as if the acquisition had been
owned during the equivalent period in the prior year and (ii) for
acquisitions during the previous year, the revenue effect from such
acquisitions as if they had been owned during that entire year (or
same period as the current reportable period), taking into account
their respective pre-acquisition revenues for the applicable
periods, and (iii) for dispositions, the revenue effect from such
disposition as if they had been disposed of during the equivalent
period in the prior year.
(2) Net New Business: Estimate of annualized revenue for new
wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: defined as Net income excluding
non-operating income or expense to achieve operating income, plus
depreciation and amortization, stock-based compensation, deferred
acquisition consideration adjustments, and other items. Other items
include restructuring costs, acquisition-related expenses, and
non-recurring items.
(4) 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.
(5) Financial Guidance: The Company provides guidance on a
non-GAAP basis as it cannot predict certain elements which are
included in reported GAAP results.
Included in this earnings release are tables reconciling
reported Stagwell Inc. results to arrive at certain of these
non-GAAP financial measures.
This press release contains forward-looking statements.
Statements in this press release that are not historical facts,
including without limitation the information under the heading
"Financial Outlook" and statements about the Company's beliefs and
expectations, earnings (loss) guidance, recent business and
economic trends, potential acquisitions, and estimates of amounts
for redeemable noncontrolling interests and deferred acquisition
consideration, constitute forward-looking statements. Words such as
"estimates", "expects", "contemplates", "will", "anticipates",
"projects", "plans", "intends", "believes", "forecasts", "may",
"should", and variations of such words or similar expressions are
intended to identify forward-looking statements. These 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. 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.
Some of the factors that could materially and adversely
affect our business, financial condition, results of operations and
cash flows include, but are not limited to, the following:
- risks associated with international, national and regional
unfavorable economic conditions that could affect the Company or
its clients;
- the effects of the coronavirus pandemic ("COVID-19"), and
the impact on the economy and demand for the Company's services,
which may precipitate or exacerbate other risks and
uncertainties;
- an inability to realize expected benefits of the combination
of the Company's business with the business of MDC (the "Business
Combination" and, together with the related transactions, the
"Transactions");
- adverse tax consequences in connection with the Transactions
for the Company, its operations and its shareholders, that may
differ from the expectations of the Company, including that future
changes in tax law, potential increases to corporate tax rates in
the United States and
disagreements with the tax authorities on the Company's
determination of value and computations of its attributes may
result in increased tax costs;
- the occurrence of material Canadian federal income tax
(including material "emigration tax") as a result of the
Transactions;
- the Company's ability to attract new clients and retain
existing clients;
- the impact of a reduction in client spending and changes in
client advertising, marketing and corporate communications
requirements;
- financial failure of the Company's clients;
- the Company's ability to retain and attract key
employees;
- the Company's ability to compete in the markets in which it
operates;
- the Company's ability to achieve its cost saving
initiatives;
- the Company's implementation of strategic
initiatives;
- the Company's ability to remain in compliance with its debt
agreements and the Company's ability to finance its contingent
payment obligations when due and payable, including but not limited
to those relating to redeemable noncontrolling interests and
deferred acquisition consideration;
- the Company's ability to manage its growth effectively,
including the successful completion and integration of acquisitions
which complement and expand the Company's business
capabilities;
- the Company's material weaknesses in internal control over
financial reporting and its ability to establish and maintain an
effective system of internal control over financial
reporting;
- the Company's ability to protect client data from security
incidents or cyberattacks;
- economic disruptions resulting from war and other
geopolitical tensions (such as the ongoing military conflict
between Russia and Ukraine), terrorist activities and natural
disasters;
- stock price volatility; and
- foreign currency fluctuations.
Investors should carefully consider these risk factors, other
risk factors described herein, and the additional risk factors
outlined in more detail in our 2021 Form 10-K, filed with the
Securities and Exchange Commission (the "SEC") on March 17, 2022, and accessible on the SEC's
website at www.sec.gov, under the caption "Risk Factors," and in
the Company's other SEC filings.
CONTACTS:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
Investors:
|
|
|
For Media:
|
|
|
Michaela
Pewarski
|
|
|
Beth Sidhu
|
|
|
(646)
429-1812
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|
|
(202)
423-4414
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IR@StagwellGlobal.com
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beth.sidhu@stagwellglobal.com
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|
SCHEDULE
1 STAGWELL INC. UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS (US$ in 000s)
|
|
|
|
Three Months Ended March 31,
|
|
|
2022
|
|
2021
|
Revenue
|
|
$
642,903
|
|
$
181,242
|
Operating
Expenses
|
|
|
|
|
Cost of services
|
|
411,970
|
|
111,999
|
Office and general expenses
|
|
144,512
|
|
52,278
|
Depreciation and amortization
|
|
31,204
|
|
10,950
|
Impairment and other losses
|
|
557
|
|
—
|
|
|
588,243
|
|
175,227
|
Operating
income
|
|
54,660
|
|
6,015
|
Other Income
(expenses):
|
|
|
|
|
Interest expense, net
|
|
(18,729)
|
|
(1,351)
|
Foreign exchange, net
|
|
(306)
|
|
(677)
|
Other, net
|
|
156
|
|
1,285
|
|
|
(18,879)
|
|
(743)
|
Income before income
taxes and equity in earnings of non-consolidated
affiliates
|
|
35,781
|
|
5,272
|
Income tax
expense
|
|
3,189
|
|
673
|
Income before equity in
earnings of non-consolidated affiliates
|
|
32,592
|
|
4,599
|
Equity in income of
non-consolidated affiliates
|
|
1,030
|
|
4
|
Net income
|
|
33,622
|
|
4,603
|
Net income attributable
to noncontrolling and redeemable noncontrolling
interests
|
|
(20,947)
|
|
(238)
|
Net income attributable
to Stagwell Inc. common shareholders
|
|
$
12,675
|
|
$
4,365
|
Income Per Common
Share:
|
|
|
|
|
Basic
|
|
|
|
|
Net
income attributable to Stagwell Inc. common shareholders
|
|
$
0.10
|
|
N/A
|
Diluted
|
|
|
|
|
Net
income attributable to Stagwell Inc. common shareholders
|
|
$
0.10
|
|
N/A
|
Weighted Average Number
of Common Shares Outstanding:
|
|
|
|
|
Basic
|
|
122,285
|
|
N/A
|
Diluted
|
|
295,485
|
|
N/A
|
SCHEDULE
2 STAGWELL INC. UNAUDITED PRO FORMA
COMPONENTS OF NET REVENUE CHANGE (US$ in 000s, except
percentages)
|
|
|
|
|
Components of
Change
|
|
Change
|
|
Three Months
Ended March
31, 2021
|
|
Foreign
Currency
|
|
Net
Acquisitions
(Divestitures)
|
|
Organic
|
|
Total Change
|
|
Three Months
Ended March
31, 2022
|
|
Organic
|
|
Total
|
|
|
|
|
|
|
Integrated Agencies
Network
|
$
286,426
|
|
$
(1,921)
|
|
$
—
|
|
$
48,155
|
|
$
46,234
|
|
$
332,660
|
|
16.8
%
|
|
16.1
%
|
Media
Network
|
88,962
|
|
(448)
|
|
4,208
|
|
35,693
|
|
39,453
|
|
128,415
|
|
40.1
%
|
|
44.3
%
|
Communications
Network
|
47,531
|
|
(95)
|
|
—
|
|
15,016
|
|
14,921
|
|
62,452
|
|
31.6
%
|
|
31.4
%
|
All Other
|
5,862
|
|
(11)
|
|
(5,256)
|
|
2,515
|
|
(2,752)
|
|
3,110
|
|
42.9
%
|
|
(46.9)
%
|
|
$
428,781
|
|
$
(2,475)
|
|
$
(1,048)
|
|
$
101,379
|
|
$
97,856
|
|
$
526,637
|
|
23.6
%
|
|
22.8
%
|
|
Note: Actuals may not
foot due to rounding.
|
SCHEDULE
3 STAGWELL INC. UNAUDITED PRO FORMA
SEGMENT OPERATING RESULTS (US$ in 000s, except
percentages)
|
|
For the Three Months
Ended March 31, 2022
|
|
|
Integrated
Agencies
Network
|
|
Media
Network
|
|
Communications
Network
|
|
All
Other
|
|
Corporate
|
|
Total
|
Net
Revenue
|
$
332,660
|
|
$
128,415
|
|
$
62,452
|
|
$
3,110
|
|
$
—
|
|
$
526,637
|
Billable Costs
|
45,712
|
|
41,471
|
|
29,083
|
|
—
|
|
—
|
|
116,266
|
Revenue
|
378,372
|
|
169,886
|
|
91,535
|
|
3,110
|
|
—
|
|
642,903
|
|
|
|
|
|
|
|
|
|
|
|
|
Billable Costs
|
45,712
|
|
41,471
|
|
29,083
|
|
—
|
|
—
|
|
116,266
|
Staff costs
|
213,467
|
|
75,856
|
|
39,623
|
|
2,536
|
|
9,156
|
|
340,638
|
Administrative costs
|
30,293
|
|
12,580
|
|
6,844
|
|
695
|
|
5,882
|
|
56,294
|
Unbillable and other costs, net
|
17,427
|
|
10,815
|
|
48
|
|
3
|
|
—
|
|
28,293
|
Adjusted EBITDA
(1)
|
71,473
|
|
29,164
|
|
15,937
|
|
(124)
|
|
(15,038)
|
|
101,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
5,547
|
|
786
|
|
(243)
|
|
8
|
|
1,923
|
|
8,021
|
Depreciation and amortization
|
20,211
|
|
6,865
|
|
2,540
|
|
501
|
|
1,087
|
|
31,204
|
Deferred acquisition consideration
|
(1,325)
|
|
2,132
|
|
1,090
|
|
—
|
|
—
|
|
1,897
|
Impairment and other losses
|
279
|
|
278
|
|
—
|
|
—
|
|
—
|
|
557
|
Other items, net (1)
|
938
|
|
887
|
|
72
|
|
—
|
|
3,176
|
|
5,073
|
Operating income
(loss)
|
$ 45,823
|
|
$ 18,216
|
|
$
12,478
|
|
$
(633)
|
|
$ (21,224)
|
|
$ 54,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
Non-GAAP Financial Measures section above for the definition of
Adjusted EBITDA, Other items, net and Pro Forma adjusted
EBITDA.
|
|
Note: Actuals may not
foot due to rounding.
|
SCHEDULE
4 STAGWELL INC. UNAUDITED PRO FORMA
SEGMENT OPERATING RESULTS (US$ in 000s, except
percentages)
|
|
For the Three Months
Ended March 31, 2021
|
|
|
Integrated
Agencies
Network
|
|
Media
Network
|
|
Communications
Network
|
|
All
Other
|
|
Corporate
|
|
Total
|
Net
Revenue
|
$
286,426
|
|
$ 88,962
|
|
$
47,531
|
|
$
5,862
|
|
$
—
|
|
$
428,781
|
Billable Costs
|
32,371
|
|
10,768
|
|
16,907
|
|
—
|
|
—
|
|
60,046
|
Revenue
|
318,797
|
|
99,730
|
|
64,438
|
|
5,862
|
|
—
|
|
488,827
|
|
|
|
|
|
|
|
|
|
|
|
|
Billable Costs
|
32,371
|
|
10,768
|
|
16,907
|
|
—
|
|
—
|
|
60,046
|
Staff costs
|
177,836
|
|
58,072
|
|
32,711
|
|
5,253
|
|
7,294
|
|
281,166
|
Administrative costs
|
29,245
|
|
12,433
|
|
4,838
|
|
3,844
|
|
1,544
|
|
51,904
|
Unbillable and other costs, net
|
13,365
|
|
7,853
|
|
(96)
|
|
(1,322)
|
|
145
|
|
19,945
|
Adjusted EBITDA
(1)
|
65,980
|
|
10,604
|
|
10,078
|
|
(1,913)
|
|
(8,983)
|
|
75,766
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
(2,675)
|
|
21
|
|
61
|
|
—
|
|
630
|
|
(1,963)
|
Depreciation and amortization
|
8,917
|
|
5,660
|
|
1,826
|
|
1,022
|
|
1,702
|
|
19,127
|
Deferred acquisition consideration
|
15,915
|
|
—
|
|
(294)
|
|
—
|
|
—
|
|
15,621
|
Impairment and other losses
|
875
|
|
(1)
|
|
—
|
|
1
|
|
—
|
|
875
|
Other items, net (1)
|
2,042
|
|
1,520
|
|
58
|
|
—
|
|
4,805
|
|
8,425
|
Operating income
(loss)
|
$ 40,906
|
|
$
3,404
|
|
$
8,427
|
|
$
(2,936)
|
|
$ (16,120)
|
|
$ 33,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
Non-GAAP Financial Measures section above for the definition of
Adjusted EBITDA, Other items, net and Pro Forma adjusted
EBITDA.
|
|
Note: Actuals may not
foot due to rounding.
|
SCHEDULE
5 STAGWELL INC. UNAUDITED CONSOLIDATED
BALANCE SHEETS (US$ in 000s)
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash equivalents
|
$
135,153
|
|
$
184,009
|
Accounts receivable, net
|
767,147
|
|
696,937
|
Expenditures billable to clients
|
51,069
|
|
63,065
|
Other current assets
|
69,009
|
|
61,830
|
Total Current
Assets
|
1,022,378
|
|
1,005,841
|
Fixed assets,
net
|
118,542
|
|
118,603
|
Right-of-use lease
assets - operating leases
|
311,028
|
|
311,654
|
Goodwill
|
1,651,475
|
|
1,652,723
|
Other intangible
assets, net
|
914,829
|
|
937,695
|
Other assets
|
33,581
|
|
29,064
|
Total Assets
|
$
4,051,833
|
|
$
4,055,580
|
LIABILITIES, RNCI, AND SHAREHOLDERS'
EQUITY
|
|
|
|
Current Liabilities
|
|
|
|
Accounts payable
|
$
248,619
|
|
$
271,769
|
Accrued media
|
284,735
|
|
237,794
|
Accruals and other liabilities
|
224,945
|
|
272,533
|
Advance billings
|
344,125
|
|
361,885
|
Current portion of lease liabilities - operating
leases
|
70,356
|
|
72,255
|
Current portion of deferred acquisition
consideration
|
75,619
|
|
77,946
|
Total Current
Liabilities
|
1,248,399
|
|
1,294,182
|
Long-term
debt
|
1,222,041
|
|
1,191,601
|
Long-term portion of
deferred acquisition consideration
|
148,649
|
|
144,423
|
Long-term lease
liabilities - operating leases
|
339,168
|
|
342,730
|
Deferred tax
liabilities, net
|
78,401
|
|
103,093
|
Other
liabilities
|
73,097
|
|
57,147
|
Total
Liabilities
|
3,109,755
|
|
3,133,176
|
Redeemable
Noncontrolling Interests
|
44,233
|
|
43,364
|
Commitments,
Contingencies and Guarantees
|
|
|
|
Shareholders'
Equity:
|
|
|
|
Common shares - Class A & B
|
135
|
|
118
|
Common shares - Class C
|
2
|
|
2
|
Paid-in capital
|
373,300
|
|
382,893
|
Retained earnings
|
6,668
|
|
(6,982)
|
Accumulated other comprehensive loss
|
(10,625)
|
|
(5,278)
|
Stagwell Inc.
Shareholders' Equity
|
369,480
|
|
370,753
|
Noncontrolling
interests
|
528,365
|
|
508,287
|
Total Shareholders'
Equity
|
897,845
|
|
879,040
|
Total Liabilities,
Redeemable Noncontrolling Interests and Shareholders'
Equity
|
$
4,051,833
|
|
$
4,055,580
|
SCHEDULE
6 STAGWELL INC. UNAUDITED SUMMARY CASH
FLOW DATA (US$ in 000s)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
33,622
|
|
$
4,603
|
Adjustments to
reconcile net income to cash (used in) provided by operating
activities:
|
|
|
|
Stock-based compensation
|
8,021
|
|
—
|
Depreciation and amortization
|
31,204
|
|
10,950
|
Impairment and other losses
|
557
|
|
—
|
Provision for bad debt expense
|
879
|
|
255
|
Deferred income taxes
|
(1,350)
|
|
(181)
|
Adjustment to deferred acquisition consideration
|
1,897
|
|
3,918
|
Transaction costs contributed by Stagwell Media LP
|
—
|
|
3,188
|
Other
|
(11,440)
|
|
(436)
|
Changes in working
capital:
|
|
|
|
Accounts receivable
|
(70,039)
|
|
59,536
|
Expenditures billable to clients
|
11,996
|
|
(5,387)
|
Other assets
|
(6,100)
|
|
(1,134)
|
Accounts payable
|
(29,684)
|
|
(69,133)
|
Accruals and other liabilities
|
(380)
|
|
(1,411)
|
Advance billings
|
(17,760)
|
|
1,003
|
Net cash (used in)
provided by operating activities
|
(48,577)
|
|
5,771
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(6,538)
|
|
(3,311)
|
Acquisitions, net of
cash acquired
|
(935)
|
|
—
|
Other
|
(816)
|
|
—
|
Net cash used in
investing activities
|
(8,289)
|
|
(3,311)
|
Cash flows from
financing activities:
|
|
|
|
Repayment of borrowings
under revolving credit facility
|
(209,500)
|
|
(25,248)
|
Proceeds from
borrowings under revolving credit facility
|
239,000
|
|
10,000
|
Shares acquired and
cancelled
|
(14,926)
|
|
—
|
Distributions to
noncontrolling interests and other
|
(6,464)
|
|
—
|
Payment of deferred
consideration
|
(1,581)
|
|
—
|
Distributions
|
—
|
|
(25,894)
|
Net cash provided by
(used in) financing activities
|
6,529
|
|
(41,142)
|
Effect of exchange rate
changes on cash and cash equivalents
|
1,481
|
|
9
|
Net decrease in cash
and cash equivalents
|
(48,856)
|
|
(38,673)
|
Cash and cash
equivalents at beginning of period
|
184,009
|
|
92,457
|
Cash and cash
equivalents at end of period
|
$
135,153
|
|
$
53,784
|
|
Note: Actuals may not
foot due to rounding.
|
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SOURCE Stagwell Inc.