Q2 2024 Stagwell Inc Earnings Call - Q&A

August 1, 2024

Good morning from Stagwell's global headquarters in One World Trade Center, New York, and welcome to Stagwell Inc's earnings webcast for the second quarter of 2024. My name is Ben Allanson, and I lead the investor relations function here at Stagwell.

Operator: One World Trade Center, New York, and welcome to Stagwell Inc's earnings webcast for the second quarter of 2024.

Ben Allanson: My name is Ben Allanson, and I lead the investor relations function here at Stagwell.

Ben Allanson: With me today, I'm Mark Penn, Stagwell's chairman and chief executive officer, and Frank Lanuto, the chief financial officer.

Operator: With me today are Mark Penn, Stagwell's Chairman and Chief Executive Officer, and Frank Lanuto, the Chief Financial Officer. Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation, and the company's SEC filing. Please refer to our website, stagwellglobal.com forward slash investors, for an investor presentation and additional resources. This morning's press release and slide deck provide definitions, explanations, and reconciliations of non-GAAP financial data.

Speaker Change: With me today are Mark Penn, Stagwell's Chairman and Chief Executive Officer, and Frank Lanuto, the Chief Financial Officer. Mark will provide a business update and Frank will share a financial review. After the prepared remarks, we'll open the floor for Q&A. You're welcome to submit questions through the chat function.

Ben Allanson: Mark will provide a business update, and Frank will share a financial review.

Ben Allanson: After the prepared remarks, we'll open the floor for Q&A. You're welcome to submit questions through the chat function.

Ben Allanson: Before we begin, I'd like to remind you that the following remarks include forward-looking statements and non-GAAP financial data. Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation, and the company's SEC filings. Please refer to our website, stagwellgglobal.com, forward slash investors for an investor presentation and additional resources.

Speaker Change: Before we begin, I'd like to remind you that the following remarks include forward-looking statements and non-GAAP financial data.

Speaker Change: Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation, and the company's SEC filings.

Speaker Change: Please refer to our website stagwellglobal.com forward slash investors for an investor presentation and additional resources.

Ben Allanson: This morning's press release and a slide deck provide definitions, explanations, and reconciliation of non-GAAP financial data.

Speaker Change: This morning's press release and slide deck provide definitions, explanations, and reconciliations of non-GAAP financial data. And with that, I'd like to turn the call over to our Chairman and CEO , Mark Penn.

Mark Penn: And with that, I'd like to turn the call over to our chairman and CEO, Mark Penn. Thank you, Ben. Thank you to everyone joining us for our earnings blog.

Mark Penn: Thank you, Ben. Thank you to everyone joining us for our earnings call.

Mark Penn: The state of the business is climbing. I am full-backed to him over and the political season is heating up. The results for first half of this year put us in solid shape to make or exceed guidance for the year, as multiple sizable wins occurred late in the second quarter and in the first month of the third quarter that significantly strengthened our position for age two. Importantly, the industry and its consultants and gatekeepers are now beginning to view Stagwell differently. They see us increasingly as a full-on competitor to the majors, and we are receiving far more opportunities that are in the 10 million plus range.

Mark Penn: The state of the Stagwell business is strong and getting stronger.

Mark Penn: We're on the verge of a renewed growth spurt as new business is climbing, client pullbacks seem over, and the political season is heating up.

Mark J. Penn: The results for the first half of this year put us in solid shape to make or exceed guidance for the year, as multiple sizable wins occurred late in the second quarter and in the first month of the third quarter that significantly strengthened our position for H2. The win of both Chevy and Cadillac from General Motors for Creative was the largest single win in the company's history. These winds have come essentially at the mid-year and will start to be reflected in the third quarter, coming on top of what we've seen in Q2. In addition to GM, we had major windfalls in the second quarter with Target, Macy's, Delta Airlines, and Zales.

Mark Penn: The results for first half of this year put us in solid shape to make or exceed guidance for the year as multiple sizable winds occurred late in the second quarter and in the first month of the third quarter that significantly strengthened our position for H2.

Mark Penn: They see us increasingly as a full-on competitor to the majors and we are receiving far more opportunities that are in the $10 million plus range. Last year by this time we had one, this year we've had 11 of them.

Mark Penn: Last year by this time we had one; this year we've had 11 of them. We are also very much a tech company's tech company, and our client roster includes the biggest names in technology collaborating with us on how they can integrate AI into their consumer experiences. The result is a record-smashing $113 million of net new businesses quarter and LTM net new business of $324 million, significantly ahead of expectations. The win of both Chevy and Cadillac from General Motors for Creative was the largest single win in the company's history. But the major wins have continued into Q3 with about another $50 million of wins, including Ferrari at Anomaly, as well as with a significant global provider hopefully to be announced soon.

Mark Penn: We are also very much a tech company's tech company, and our client roster includes the biggest names in technology collaborating with us on how they can integrate AI into their consumer experiences.

Mark Penn: The win of both Chevy and Cadillac from General Motors for Creative was the largest single win in the company's history.

Mark Penn: These wins have come essentially at the mid-year and will start to be reflected in the third quarter, coming on top of what we've seen in Q2. In addition to GM, we've had major wins in the second quarter with Target, Macy's, Delta Airlines, and Zales. Further, the changes in the political landscape have supercharged our opportunities there as voters have again become fully engaged. We expect over 50% growth year-over-year can add to it. We've changed $671 million of revenue, where 6% growth in the second quarter. This growth is led by 42% growth in advocacy, 13% in the Stagwell Marketing Cloud, 9% growth in creativity and communications, and 5% in performance media and data.

Mark J. Penn: Further, the changes in the political landscape have supercharged our opportunities there as voters have again become fully engaged. We expect over 50 percent growth year over year. We've achieved $671 million in revenue; we're 6% growing in the second quarter. This growth is led by 42% growth in advocacy, 13% in the Stagwell Marketing Cloud, 9% growth in creativity and communications, and 5% in performance, media, and data. Digital transformation posts 2% growth, but we remain confident that over time it will get back to double digits as AI projects come. Our EBITDA came in at $86 million for the quarter.

Mark Penn: Further, the changes in the political landscape have supercharged our opportunities there as voters have again become fully engaged. We expect over 50% growth year-over-year in advocacy.

Mark Penn: We achieved $671 million of revenue with 6% growth in the second quarter.

Mark Penn: This growth is led by 42% growth in advocacy, 13% in the Stagwell Marketing Cloud, 9% growth in creativity and communications, 5% in performance, media, and data. Digital transformation posts a 2% growth. We remain confident over time.

Mark Penn: Digital transformation posted 2% growth. We remain confident over time. It will get back to double digits as AI projects come. Demand from technology companies is continuing to pick up as these AI projects begin to ramp. Earlier this week, we took a step to integrate two of our agency's instrument and left field labs into the Code and Theory network. This completes the process of scaling up engineering resources across Stagwell to take on bigger digital transformation projects. Our event I came in at 86 million for the quarter. It's important to recognize that, in addition to acquiring companies, we are making significant investments in internal development and growth.

Mark Penn: Demand from technology companies is continuing to pick up as these AI projects begin to ramp.

Mark J. Penn: It's important to recognize that, in addition to acquiring companies, we are making significant investments in internal development and growth. On an apples-to-apples basis, we spent an additional $10 million on new business pitches, travel, entertainment, our CAHPS experience, and other one-time compensation expenses. On an overall basis, we are spending about $20 million a quarter on these growth initiatives, and they're paying off with the new larger wins and with the Stagwell Marketing Cloud growth. On average, our top 25 clients now spend about $24 million annually with us.

Mark Penn: On an apples-to-apples basis, we spent an additional $10 million on new business pitches, travel, entertainment, per-cans experience, and other one-time compensation expenses. On an overall basis, we are spending about $20 million of support on these growth initiatives, and they're paying off with the new larger wins and with the Stagwell Marketing Cloud growth. On average, our top 25 clients now spend about $24 million annually with us.

Mark Penn: On an overall basis, we are spending about $20 million a quarter on these growth initiatives, and they're paying off with the new larger wins and with the Stagwell Marketing Cloud growth.

Mark Penn: Let me say that our Cans initiative, which hosted over 7,400 industry participants, athletes like Travis and Jason Kelsey, and even a private 90-minute chat with Elon Musk, was a complete success. It continues to boost our share of voice, now five times our market size, and recognition in the industry as a marketer who knows how to market as we bring together sports, sports, sponsors, technology, and creativity. I want to call out Datsunu, our chief friend, officer, and her team, for leading a multi-agency task force, including a team 72 and sunny coded theory and others that worked in collaboration to show how effective we can be as marketers through this experience.

Mark J. Penn: Let me say that our CAHNS initiative, which hosted over 7,400 industry participants, athletes like Travis and Jason Kelsey, and even a private 90-minute chat with Elon Musk, was a complete success. It continues to boost our share of voice, now five times our market size, and recognition in the industry as a marketer who knows how to market as we bring together sports, sports sponsors, technology, and creativity. I want to call out Sudhu, our Chief Brand Officer, and her team for leading a multi-agency task force, including Team 72 and Sunny, Code and Theory, and others that worked in collaboration to show how effective we can be as marketers through this experience.

Speaker Change: Let me say that our CAMS initiative, which hosted over 7,400 industry participants,

Speaker Change: Athletes like Travis and Jason Kelsey and even a private 90-minute chat with Elon Musk was a complete success.

Speaker Change: It continues to boost our share of voice, now five times our market size, and recognition in the industry as a marketer who knows how to market as we bring together sports, sports sponsors, technology, and creativity. I want to call out Sudhu, our Chief Brand Officer, and her team for leading a multi-agency task force.

Speaker Change: including Teams, 72 and Sunny, Code and Theory, and others that worked in collaboration to show how effective we can be as marketers through this experience.

Mark Penn: This moment is a critical inflection point for the company. First, we are seeing success in our core strategy of scaling up to achieve larger client assignments as the key to long-term growth. Second, we are advancing our plans to bring on a DSP at SSP to give clients maximum flexibility and media placement as we build a unique content management platform to be known as Stagwell Live. Third, we are deepening our commitment to a global footprint that can unlock larger global assignments. We're in the process of a significant expansion into the Middle East with two acquisitions in the appointment of the first senior advisor in the region.

Mark J. Penn: This moment is a critical inflection point for the company. In the third quarter, we are launching our HarrisQuest series of products, which allows Harris customers to undertake do-it-yourself surveys. And our new survey panel, Unlock Surveys, is gaining steam. Our around-augmented reality experience is expanding its presence in stadiums across baseball, soccer, and football, bringing on major sponsors, including Target and Disney. We're also partnering with ANZU to help marketers capture the opportunity in immersive in-game advertising. The collaboration will be led initially by Code & Theory Network and expand to other firms who are sharpening their capabilities in the gaming category. We will continue to implement our cost-efficiency measures.

Speaker Change: First, we are seeing success in our core strategy of scaling up to achieve larger client assignments as the key to long-term growth.

Speaker Change: Second, we are advancing our plans to bring on a DSP and SSP to give clients maximum flexibility in media placement as we build a unique content management platform to be known as StackOlive.

Speaker Change: And third, we are deepening our commitment to a global footprint that can unlock larger global assignments.

Mark Penn: We've announced a deal to acquire leaders based in Tel Aviv, which expands our social media capabilities and technology, and it joins the Stagwell Marketing Cloud in offering full and shelf service influencer marketing campaigns. Further announcements in the larger Middle East region are underway.

Speaker Change: I'm the first senior advisor in the region. We've announced a deal to acquire leaders based in Tel Aviv, which expands our social media capabilities.

Speaker Change: and Technology and it joins the Stagwell Marketing Cloud in offering full and self-service influencer marketing campaigns. Further announcements in the larger Middle East region are underway.

Mark Penn: Our technology initiatives are progressing well. We reached a critical milestone in our partnership with Google Cloud Disco order launching new AI-powered features across our portfolio and by World Marketing Cloud products, which were built using Google Cloud Infrastructure and AI, including its Gemini models. WonderCave are innovative text messaging based marketing platform to a remarkable growth of 145% year-over-year as brands and advocacy organizations leverage this technology to engage in wide variety of consumers with one-on-one conversations at scale. in the quarter of the Stagwell Marketing team picked up notable work with Doctors Without Orders, Car Macks, and PayPal.

Speaker Change: Our technology initiatives are progressing well. We reached a critical milestone in our partnership with Google Cloud this quarter, launching new AI-powered features across our portfolio, and Stagwell Marketing Cloud products, which were built using Google Cloud infrastructure and AI, including its Gemini models.

Speaker Change: Wunder Cave, our innovative text messaging-based marketing platform, show remarkable growth of 145% year-over-year as brands and advocacy organizations leverage this technology to engage a wide variety of consumers with one-on-one conversations at scale.

Speaker Change: In the quarter, the Stagwell Marketing Team kicked up notable work with Doctors Without Borders, CarMax, and PayPal. SmartAssets, our newest startup, inked its first financial product line.

Mark Penn: Smart assets are newest startup into its first financial product. In the third quarter, we are launching our Harris Quest series of products, which allows Harris customers to undertake, do it yourself surveys, and our new survey panel, Unlock Surveys, is Gating Steam. Our around augmented reality experience is expanding its presence and stadiums across baseball, soccer, and football, bringing on major sponsors including Target and Disney. We've established shooting partnerships with performance driven tech players in our space including Nexon, Susan. The immersive suite of data solutions is now being integrated into our Stagwell ID Graphs solution. We're also partnering with ANZU to help marketers capture the opportunity and immersive in-game advertising.

Speaker Change: We're also partnering with Anzu to help marketers capture the opportunity in immersive in-game advertising. The collaboration will be led initially by Code & Theory Network and expand to other firms who are sharpening their capabilities in the gaming category.

Mark Penn: The collaboration will be led initially by Code and Theory Network and expand to other firms who are sharpening their capabilities in the gaming category.

Mark Penn: Internally, we are investing heavily in AI and other tech products as a central innovation function. We've completed an initial assessment of needs and established a multi-year roadmap for products and internal efficiency tools that will enable our companies to capture the opportunities afforded by AI transformation. We're already applying AI to tasks like processing hundreds of thousands of media bills we receive each year and incorporate. We've focused on AI applications to our central finance unit, improving our overall ability to stay ahead of course. We continue to implement our cost efficiency measures. We'll have about 13 million of leases that will fall off our roles this year, and we are right-sizing HR, finance, and technology departments across the company to generate approximately 30 million of additional savings by next year.

Speaker Change: We're already applying AI to tasks like processing hundreds of thousands of media bills we receive each year, and at corporate we focused on AI applications to our central finance unit, improving our overall ability to stay ahead of the curve.

Speaker Change: We continue to implement our cost efficiency measures.

Speaker Change: to generate approximately $30 million of additional savings by next year. We have kept our comp-to-revenue ratio in line and even reduced it from last year significantly. We're keeping our long-term costs in line and improving productivity while we invest in growth.

Mark Penn: We have kept our comp-to-revenue ratio in line and even reduced it from last year significantly for keeping our long-term costs in line and improving productivity while we invest in growth. As to the planned disposition mentioned on prior costs, we had 18 first-round bidders, so a transaction in the next few months is progressing and have consummated will again point undervalued nature of our portfolio. We're on track for a solid year in 2024, and these wins, along with our multi-year growth efforts, will position us well going into 2025. Saguo has started all the eight years ago and it's been public for just three years and we continue to grow and mature against our strategic goals and vision of transforming marketing with the right plan to technology and creativity.

Speaker Change: As to the planned disposition mentioned on prior calls, we had 18 first-round bidders, so our transaction in the next few months is progressing, and if consummated, will again point to the undervalued nature of our portfolio.

Speaker Change: We're on track for a solid year in 2024, and these wins, along with our multi-year growth efforts, will position us well going into 2025.

Mark Penn: Today's net new business number is confirmation we are on track and that the best is yet to come.

Frank Lanuto: Now hand things over to Franklin Udo, our Chief Financial Officer, to walk you through some of our financial results and more detail. Thank you, Mark. Good morning, everyone, and thank you for joining us to discuss our second quarter results.

Frank Lanuto: Now I'll hand things over to Frank Lanuto, our Chief Financial Officer, to walk you through some of our financial results in more detail.

Frank P. Lanuto: Thank you, Mark. Good morning, everyone, and thank you for joining us to discuss our second quarter results. As a reminder, if you would like to ask a question after the prepared remarks conclude, please feel free to submit them through the chat function. For the quarter, we reported revenue of $671 million, an increase of 6% as compared to the same period in the prior year. This brings our trailing 12-month net new business total to $324 million—another record and the sixth consecutive such quarterly increase, a positive indicator that our offering is responding strongly in the marketplace. Excluding advocacy, creativity and communications grew a noteworthy seven percent, driven by new wins in the consumer products, retail, and communication sector.

Frank Lanuto: Thank you, Mark. Good morning, everyone, and thank you for joining us to discuss our second quarter results. As a reminder, if you would like to ask a question after prepared remarks conclude, please feel free to submit them through the chat function.

Frank Lanuto: As a reminder, if you would like to ask the question after prepared remarks conclude, please feel free to submit them through the chat function. Led by record-breaking net new business and robust growth in our creativity and communications, advocacy and performance, media and data capabilities, Saguo delivered solid second quarter financial results. for the quarter. We reported revenue of $671 million, an increase of 6% as compared to the same period in the prior year. Net revenue, excluding pay-as-you-go costs, increased 2% for the same period to $554 million. We generated record net new business of $113 million for a quarter, approximately 31% higher than the previous high for the prior 11 quarters since our merger.

Frank Lanuto: For the quarter, we reported revenue of $671 million, an increase of 6% as compared to the same period in the prior year.

Frank Lanuto: Net revenue, excluding pass-through costs, increased 2% for the same period to $554 million.

Frank Lanuto: We generated record net new business of $113 million in the quarter, approximately 31% higher than the previous high for the prior 11 quarters since our merger.

Frank Lanuto: This brings our trailing 12-month net new business total to $324 million, another record and the sixth consecutive such quarterly increase. This was driven by a strong new business pipeline of increasingly larger global pitches. The average size of our wins increased 65% year-over-year, driven by a 57% increase in business deals above $1 million, a positive indicator that our offering is resonating strongly in the marketplace. Turning to revenue by capability for the second consecutive quarter, revenue grew in four of our five principal capabilities. Performance media and data delivered $78 million in revenue and increased a 5% over the prior year period.

Frank Lanuto: This brings our trailing 12-month net new business total to $324 million, another record and the sixth consecutive such quarterly increase.

Frank Lanuto: This was driven by a strong new business pipeline of increasingly larger global pitches.

Frank Lanuto: The average size of our wins increased 65% year over year, driven by a 57% increase in business deals above $1 million, a positive indicator that our offering is resonating strongly in the marketplace.

Frank Lanuto: Turning to revenue by capability, for the second consecutive quarter, revenue grew in four of our five principal capabilities.

Frank Lanuto: Performance media and data delivered 78 million dollars in revenue, an increase of 5% over the prior year period.

Frank Lanuto: The growth was driven by continued strength in the consumer products and financial sectors and was further supported by a recent return to growth in technology over the past couple of quarters. Creativity and communications delivered on $317 million a revenue, an increase of 9% over the prior year period driven by our advocacy business, which grew 42% year-over-year to $72 million. We expect accelerating performance in advocacy in the second half of the year as we wrap up the convention season and move towards the general election in November. Excluding advocacy, creativity and communications grew a noteworthy 7%, driven by new wins in the consumer products, retail and communication sectors.

Frank Lanuto: Excluding advocacy, creativity and communications grew a noteworthy 7% driven by new wins in the consumer products, retail, and communication sectors.

Frank Lanuto: Digital transformation continued its recent return to growth in the second quarter, with revenue increasing to $163 million, a 2% improvement over the prior period. This has been driven by strong performance and advocacy as a political year ramps up. Across articles, we've seen improving trends in technology driven by a combination of growth and existing customers and new wins, as well as within the consumer space, which includes the recent AOR win with Fogo Dichao. Stagroll Marketing Cloud closed in $65 million in revenue, an increase of 13% year-over-year driven by advocacy and our travel media business, which improved 19% driven by stronger growth in the communications and retail sectors.

Frank Lanuto: This has been driven by strong performance and advocacy as the political year ramps up.

Frank Lanuto: Across verticals, we've seen improving trends in technology driven by a combination of growth in existing customers and new wins, as well as within the consumer space, which includes the recent AOR win with Fogo de Chao.

Frank Lanuto: Stagwell Marketing Cloud posted $65 million in revenue, an increase of 13% year-over-year, driven by advocacy and our travel media business, which improved 19%, driven by stronger growth in the communications and retail sectors.

Frank Lanuto: And lastly, consumer insights and strategy reported $48 million in revenue, a decline of 2% as compared to the comparable period last year, but reflecting as a financial improvement from Q1 as we begin to put the Hollywood strikes behind this. Quickly looking at our geographical breakdown, the US saw revenue growth of 7% in the second quarter. This has been driven by robust growth in advocacy, creativity and communications, and our performance media and data capability. International revenue grew 3% year over year, driven by continued expansion in the Middle East and Latin American markets.

Frank P. Lanuto: Quickly looking at our geographical breakdown, the U.S. saw revenue growth of seven percent in the second quarter. This was driven by robust growth in advocacy, creativity, and communications, and our performance media and data capabilities. We've also increased our investment in select new business opportunities. We are now tracking to be invited to more than $1.4 billion in pitches in 2024. For both the second quarters of 2023 and 2024, our unbillable costs as a percentage of net revenue remained stable at approximately 6%.

Frank Lanuto: Quickly looking at our geographical breakdown, the U.S. saw revenue growth of 7% in the second quarter. This has been driven by robust growth and advocacy, creativity and communications, and our performance media and data capabilities.

Frank Lanuto: Turning to costs, we made a conscious decision in the second quarter to invest in several initiatives aimed at building and converting our revenue pipeline into new business. Our support of each event at CAN in 2023 was a big success, contributing to record-breaking net new business wins we've reported over the last 12 months. Given the positive trend, we increased our investment in the support beach franchise this year. While still too early to quantify the success of this year's event, the level of new business opportunities coming out of the festival is unprecedented. We've also increased our investment in select new business opportunities.

Frank Lanuto: Turning to costs, we made a conscious decision in the second quarter to invest in several initiatives aimed at building and converting our revenue pipeline into new business.

Frank Lanuto: Given the positive trend, we increased our investment in the Sport Beach franchise this year.

Frank Lanuto: While still too early to quantify the success of this year's event, the level of new business opportunities coming out of the festival is unprecedented.

Frank Lanuto: We are now tracking to be invited to more than $1.4 billion of pitches in 2024. Our other GNA costs are inclusive of certain unbillable customer expenses. These costs tend to grow in line with our net revenues. For both the second quarter of 2023 and 2024, our unbillable costs as a percentage of net revenue remain stable at approximately 6%. The increased investment in growth and client service costs pushed our GNA expenses modestly higher in the second quarter by approximately $5 million to $113 million. This included approximately $3 million in incremental TNE expense. This results in GNA to net revenue ratio of 20.4%, an increase of 60 basis points versus the prior period, although largely in line with our historical ratio.

Frank P. Lanuto: The increased investment in growth and client service costs pushed our G&A expenses modestly higher in the second quarter by approximately $5 million to $113 million. This results in a G&A to net revenue ratio of 20.4%, an increase of 60 basis points versus the prior period, although largely in line with our historical ratio. During the quarter, we awarded limited bonuses to key talent, which reduced the adjusted EBITDA by approximately $5 million. We continue to focus on controlling our labor costs closely while meeting the requirements of growing revenue.

Frank Lanuto: The increased investment in growth and client service costs pushed our G&A expenses modestly higher in the second quarter by approximately $5 million to $113 million.

Frank Lanuto: During the quarter, we awarded limited bonuses to key talent, which reduced the adjusted even by approximately $5 million. Our staffing to net revenue ratio, excluding bonuses, improved 50 basis points over the prior year to 62.8%, as well as improving sequentially by 140 basis points. We continue to focus on controlling our labor costs closely, while meeting the requirements of growing revenue. Our goal is to maintain a staffing to net revenue ratio of 62-65% throughout the year.

Frank Lanuto: Our staffing-to-net-revenue ratio, excluding bonuses, improved 50 basis points over the prior year to 62.8%, as well as improving sequentially by 140 basis points.

Frank Lanuto: We continue to focus on controlling our labor costs closely while meeting the requirements of growing revenue.

Frank P. Lanuto: Our goal is to maintain a staffing to net revenue ratio of 60 to 65 percent throughout the year. As a result, Stagwell delivered $86 million in adjusted EBITDA in the second quarter. This represents a 15.5% margin on net revenue. Excluding our cloud investment, our second quarter adjusted EBITDA margin would have been approximately 18.3%. We also acquired 7.8 million shares during the quarter at an average price of $6.30 per share for approximately $49 million.

Frank Lanuto: Our goal is to maintain a staffing to net revenue ratio of 60 to 65 percent throughout the year.

Frank Lanuto: And lastly, during the second quarter, we maintained our investment in the marketing cloud of approximately $14 million. Continued investment in our digital capabilities is integral to our strategy and remains a major investment priority for us as we work to build an industry-leading suite of tech products for the model marketer. As a result, Staggreal delivered $86 million in adjusted EBITDA in the second quarter. This represents a 15.5% margin on net revenue. Excluding our cloud investment, our second quarter adjusted EBITDA margin would have been approximately 18.3%.

Frank Lanuto: And lastly, during the second quarter, we maintained our investment in the marketing cloud of approximately $14 million.

Frank Lanuto: As a result, Stagwell delivered $86 million in adjusted EBITDA in the second quarter. This represents a 15.5% margin on net revenue.

Frank Lanuto: Excluding our cloud investment, our second quarter adjusted EBITDA margin would have been approximately 18.3%.

Frank Lanuto: Moving to the balance sheet, we continue to allocate capital efficiently to maintain a strong financial position. Starting with deferred acquisition consideration, we reduced obligations by approximately $43 million from the end of the second quarter last year to $71 million at the end of the second quarter in 24. We remain on track to reduce our obligations to approximately $40 million by the end of the year. We also acquired $7.8 million shares during a quarter at an average price of $6.30 per share for approximately $49 million. Our existing buyback authorization, as a quarter-end, has $65 million in remaining availability.

Frank Lanuto: Moving to the balance sheet, we continue to allocate capital efficiently to maintain a strong financial position.

Frank Lanuto: Starting with deferred acquisition consideration, we reduced obligations by approximately 43 million dollars from the end of the second quarter last year to 71 million dollars at the end of the second quarter in 24.

Frank Lanuto: We remain on track to reduce our DACA obligations to approximately 40 million dollars by the end of the year.

Frank Lanuto: CapEx and capitalized software for the quarter was $17 million and broadly in line with our targets. We improved cash flows from operations by $70 million in the first half of 2024, relative to the same period a year ago, driven by improvements in our working capital management. As a result, we ended the quarter with $136 million in cash and $334 million outstanding under our revolver, with a leverage ratio of 3.5 times. We continue to target a year-end leverage ratio of 2 to 2.5 times.

Frank P. Lanuto: As a result, we ended the quarter with $136 million in cash and $334 million outstanding under our revolver with a leverage ratio of 3.5 times. And finally, we are reaffirming our full year 24 guidance as follows. We expect to deliver approximately 50% free cash flow conversion, and adjusted earnings per share is expected to be between 75 cents and 88 cents. That concludes our prepared remarks for this morning. I will now turn the call back over to Ben Allanson to open the Q&A portion of the call.

Frank Lanuto: We continue to target a year-round leverage ratio of 2 to 2.5 times.

Frank Lanuto: Now, finally, we are reaffirming our full year 24 guidance as follows. Organic net revenue growth is expected to be between 5% to 7%. Organic net revenue, excluding advocacy, is expected to be 4% to 5%. Adjusted EBITDA is expected to be between $400 million and $550 million. We expected to deliver approximately 50% free cash flow conversion, and adjusted earnings per share is expected to be between 75 cents and 88 cents.

Frank Lanuto: And finally, we are reaffirming our full year 24 guidance as follows.

Frank Lanuto: Adjusted EBITDA is expected to be between $400 million to $450 million.

Frank Lanuto: That concludes our prepared remarks for this morning.

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

Ben Allanson: I will now turn the call back over to Ben Allenson to open the Q&A portion of the call. Thank you, friends. Just a reminder, if you have any questions, please do submit them via the chat button at the top of the screen.

Ben Allanson: Thank you, Frank. Just a reminder, if you have any questions, please do submit them via the chat button at the top of the screen. We're going to start with a question here from Jason Kreyer at Craig Hallam. Can you talk a little bit about the changes in trends for new business wins? You've landed a record deal with 72 & Anomaly, and you saw a big uptick in larger wins this quarter. What do you think is driving Stagwell's success in some of these larger wins?

Ben Allanson: Thank you, Frank. Just a reminder, if you have any questions, please do submit them via the chat button at the top of the screen.

Mark Penn: We're going to start with a question here from Jason Cryer at Craig Hallam. Can you talk a little bit about the changes in trends for new business wins? You've landed a record deal with 72 and Anomaly, saw a big uptick in larger wins this quarter. What do you think is thriving Stagwell success in some of these larger engagements? I think overall, Stagwell is really being recognized now as the challenger holding company. We've established our image and brand. We held a recent meeting with search consultants, and they gave us the feedback that we've put together just this incredible combination of talent and technology that really has a growing place in the marketplace.

Speaker Change: Can you talk a little bit about the changes in trends for new business wins? You've landed a record deal with 72 in Anomaly, saw a big uptick in larger wins this quarter. What do you think is driving Stagwell's success in some of these larger engagements?

Mark J. Penn: I think overall Stagwell is really being recognized now as the challenger holding company. I think we've established our image and brand. We held a recent meeting with search consultants, and they gave us feedback that we've put together just this incredible combination of talent and technology that really has a growing place in the marketplace. And I think that as we kind of roll out here over time, the word is spreading, and what we're really finding is more and more consultants and brands are coming to us and giving us larger and larger opportunities. That is the whole strategy of Stagwell as the challenger holding company, and as we scale up into more countries, we will have more capabilities.

Speaker Change: I think overall Stagwell is really being recognized now as the challenger holding company.

Ben Allanson: We held a recent meeting with...

Mark Penn: As we kind of roll out here over time, the word is spreading, and what we're really finding is more and more consultants and brands are coming to us and giving us larger and larger opportunities. That is the whole strategy of Stagwell as the challenger holding company and as we scale up into more countries and more capabilities.

Speaker Change: you know, as we kind of roll out here over time.

Ben Allanson: The word is spreading.

Ben Allanson: And what we're really finding is more and more consultants and brands are coming to us and giving us

Ben Allanson: Larger and larger opportunities.

Ben Allanson: That is the whole strategy of Stagwell as the challenger holding company and as we scale up into more countries, more capabilities.

Mark J. Penn: Great. I think just following on from the question about the new business winds, Barton Crockett at Rosenblatt just asked, when do you see some of these big winds positively impacting the revenue trajectory, and how do you feel about some of the pipelines and more winds potentially in the second half of the year?

Mark Penn: I think just following on from the question about new business wins, both in Crockett and Rose of Black, when do you see some of these big wins positively impacting the revenue trajectory? And how do you feel about some of the pipeline for more tension in the second half of the year? Sure. Many of these wins came just at the end of the quarter, back to GM1 I think was June 26th or so. And so these will come into play in Q3. We expect that these wins are really all online in Q3. And as I said, we had another significant raft of wins that probably won't come online this month but will really start to come online next month.

Speaker Change: I think just following on from the question about the new business wins, Barton Crockett at Rosenblatt just asked, when do you see some of these big wins positively impacting the revenue trajectory, and how do you feel about some of the pipelines for more wins potentially in the second half of the year? Sure, many of these wins came just at the end of the quarter, like the GM one I think was like June 26th or so.

Mark J. Penn: Sure, but many of these wins came just at the end of the quarter. In fact, the GM1, I think it was like June 26th or so. And so these will come into play in Q3. We expect that these wins will really all come online in Q3. And, as I said, we had another significant raft of wins that probably won't come online this month but will really start to come online next, you know, by next month. But we're seeing now that clients take a long time to make decisions, but once they make the decisions, they want to get going.

Speaker Change: And so, these will come into play in Q3. We expect that these wins...

Speaker Change: are really all online, Q3, and...

Speaker Change: As I said, we had another significant wrap the winds

Ben Allanson: that probably won't come online this month, but will really start to come online by next month. But we're seeing now that the clients took a long time to make decisions, but once they make the decisions, they want to get going.

Mark Penn: But we're seeing now that the clients took a long time to make decisions. But once they make the decisions, they want to get going.

Mark Penn: I'm turning to advocacy, and a question from my king at Goldman. With the growth of political ad spending and targeted victory fundraising, could you maybe talk a little bit about whether we've seen some increased activity in the last month or so, given that we'll see some recent change in the dynamic in the race? Yes, so we've seen 20 to 30% increases in the last month or so. You know voters really thought the presidential race was over; they were pulling back. And now, with the changes that happened on the Democratic side, voters have reengaged, as you can see in the polling; it's a competitive race.

Operator: Turning to advocacy and a question from Mike Ng at Goldman, with regard to political ad spending and targeted victory fundraising, could you maybe talk a little bit about whether we've seen some increased activity in the last month or so, given obviously some recent changes in the dynamic in the race?

Speaker Change: Turning to advocacy and a question from Mikey Goldman, with regards to political ad spending and targeted victory fundraising, could you maybe talk a little bit about whether we've seen some increased activity in the last month or so, given obviously some recent changes in the dynamic in the race?

Speaker Change: Yeah, so we've seen 20-30% increases in the last month or so.

Speaker Change: You know, voters really thought the presidential race was over. They were pulling back.

Speaker Change: And now, with the changes that happened on the Democratic side, voters have re-engaged, as you can see in the polling, it's a competitive race.

Mark Penn: And of course, when it's a highly competitive race, it could go either way. You know, spending, as I always say, goes somewhat to infinity. And so I think you're seeing that, you know, increasing engagement and expenditure on all sides.

Speaker Change: And of course, when it's a highly competitive race, it could go either way, you know, spending as I always say, goes somewhat to infinity. And so I think you're seeing, you know, increasing engagement and expenditures on all sides.

Operator: Digital transformation, can we talk a little bit about some of the trends we're seeing in DT, maybe project spend, you know, obviously been a little bit of a challenge at some points here today, but what's kind of giving us confidence maybe in the back part of the year, seeing the acceleration there?

Mark Penn: Digital transformation, can we talk a little bit about some of the trends we're seeing in DT, maybe projects, Ben, you know, obviously been a little bit of a challenge at some points here today, but what's kind of giving us confidence maybe in the back parts of the year GM acceleration that? I think that we're seeing some of our kind of most advanced properties and designers already helping tech companies figure out how consumers should interact with AI. Look, the big expenditures and technologies, obviously AI. And I think all of the tech companies and the brands are experimenting with what the best way for that technology to be deployed.

Speaker Change: Perfect. Digital transformation. Can we talk a little bit about some of the trends we're seeing in DT, maybe project spend? You know, it's obviously been a little bit of a challenge at some points here today, but what's kind of giving us confidence maybe in the back part of the year, seeing the acceleration there?

Speaker Change: I think that we're seeing some of our kind of most

Speaker Change: Most advanced properties and designers already helping tech companies figure out how consumers should interact with AI.

Speaker Change: And I think all of the tech companies and the brands are experimenting with what the best way for that technology to be deployed. So we feel that that's going to really kick off years and years of enhanced digital transformation work. It's not here yet.

Mark Penn: So we feel that that's going to really kick off for like years and years of enhanced digital transformation work. It's not here yet. It's beginning to trickle in, beginning to get some significant assignments. We've got a seven and a half million dollar assignment, just in the last month, about how best to have AI interactions consumers from big tech companies. And we, I think at a certain point here, I don't know whether it be Q3 or by Q1 of next year, I expect the floodgates to open on digital transformation. It has to. Maybe just playing with that a little bit.

Speaker Change: to have AI interact with consumers from big tech companies. And I think that at a certain point here, I don't know whether it'll be Q3 or by Q1 of next year, I expect the floodgates to open on digital transformation. It has to.

Operator: Great

Mark Penn: Cameron McVeigh, more sadly, just a quick question here on tech lines. What kind of maybe some of the things we're hearing from them about spending tensions in the second half of the year? I think the competition for AI is on. I think that, unlike one company that has social and another company that has work productivity software and another company out of that, you're saying real all-on competition here for both cloud services and AI services. And that means tech companies are going to be spending really significantly to try to get competitive advantage here to really stake out their place in the marketplace.

Cameron McVeigh: Maybe just playing with that a little bit, Cameron McVeigh more soundly, just a quick question here on Techline.

Cameron McVeigh: What are kind of maybe some of the things we're hearing from them about spending tensions in the second half of the year? I think the competition for AI is on. I think that

Speaker Change: that unlike, you know, one company that has social and another company that has

Mark Penn: Just flipping a little bit to the cycle marketing plan. Question from Marx, I've got to switch a benchmark. He has what's your most promising SaaS or DAS revenue opportunity? Think over the next 12 months. Can we quantify this? Well, I look, I think immediately you're seeing our tech messaging platform being used both by advocacy and brands as taking off. And I think that, again, oftentimes there are little things that people don't see that, as you've seen in some of the sales and others, that really have significant hidden value. I think we're spending a lot of immediate time on the research components.

Operator: Just flipping a little bit to the Stagwell Marketing Cloud, a question from Mark Zgutowicz at Benchmark. He asked, what's your most promising SAS or DAS revenue opportunity, you think, over the next 12 months? And can we quantify this?

Speaker Change: Just flipping a little bit to the Stagwell Marketing Cloud, a question from Mark Zgutowicz at Benchmark. He has, what's your most promising SaaS or Dash revenue opportunity, you think over the next 12 months and can we quantify this? Look, I think immediately you're seeing our text messaging platform being used both by advocacy and brands.

Mark J. Penn: And we can't punish us. Well, look, I think immediately you're seeing our text messaging platform being used both by advocacy and brands, right, as it takes off. And I think that, again, oftentimes there are little things that people don't see that, as you've seen in some of the sales and others, really have significant hidden value. I think we're spending a lot of immediate time on the research components. We just bought, actually, at an auction, great technology that comes with about $9 million in revenue that we picked up for less than a million dollars. But we believe that the most promising area here right now is the rollout of the research products. We've got about 130 large corporate clients at the Harris Brand Terminal.

Speaker Change: as taking off, and I think that, again, oftentimes there are little things that people don't see that, as you've seen.

Speaker Change: and some of the sales and others that really have significant hidden value. I think we're spending a lot of immediate time on the research components.

Mark Penn: We just bought, actually, you know, at an auction, great technology that comes with about $9 million of revenue that we picked up for less than $1 million. But we believe that the most promising area here right now is the rollout of the research products. We've got about 130 large corporate clients with a Harris brand terminal. We're adding, do it yourself research. We're adding AI-based analysis to it. And we're rolling out those products. But again, we've also just bought Leaders, which comes with another significant, you know, raft of new business and another influencer platform. And I think we're really beginning then; secondarily, to get all of our communications products together.

Speaker Change: We just bought, actually, at an auction, great technology that comes with about $9 million of revenue that we picked up for less than a million dollars.

Speaker Change: But we believe that the most promising area here right now is the rollout of the research products. We've got about 130 large corporate clients.

Mark J. Penn: We're adding do-it-yourself research and AI-based analysis to it. And we're rolling out those products. But again, we've also just bought Leaders, which comes with another significant raft of new business and another influencer platform. And I think we're really beginning then, secondarily, to get all of our communications products together. But I think the emphasis right now that I have for the next few months is getting the research products fully out the door. I think that has the most immediate promise.

Speaker Change: at the Harris Brand Terminal. We're adding do-it-yourself research. We're adding...

Speaker Change: A.I.-based analysis to it, and we're rolling out those products. But again, we've also just bought Leaders, which comes with...

Speaker Change: Again, another significant, you know, raft of new business and another influencer platform. And I think we're really beginning then, secondarily, to get all of our communications products together.

Mark Penn: But I think the emphasis right now that I have for the next few months is getting the research products fully out of the door. I think that has the most of the view.

Speaker Change: But I think the emphasis right now that I have for the next few months is getting the research products fully out the door. I think that has the most immediate promise.

Mark Penn: The question is from an investor. This is just talking about the second half of the year and the implied inflection in the business of the acceleration in organic growth in the second half of the year. The question really is what gives us that confidence in that inflection in organic revenue growth and that acceleration in the second? What are some of those key drivers?

Speaker Change: Another question this time from an investor, and this is just talking about the second half of the year and the implied inflection in the business of the acceleration in organic growth in the second half of the year. The question really is what gives us that confidence?

Mark Penn: Well, I think there are three key drivers. Number one, as I think I've emphasized in the call, we have had a flood of business wins at the end of the second quarter, highlighted by the first time, by wins that include tens of millions of dollars at the same time on a multiple basis. Second, a lot of media and media margin is loaded in the back end, and third, a lot of the political season is loaded in the back end. So I think those three developments and give us confidence to reaffirm, reaffirm our guidance and kind of move forward with what I think are going to be a really good, you know, next two quarters based on those three fundamental factors.

Mark J. Penn: Number one, as I think I've emphasized in the call, we had a flood of business wins at the end of the second quarter, highlighted for the first time by wins that include tens of millions of dollars at the same time on a multiple basis. Second, a lot of media and media margin is loaded in the back end. And third, a lot of the political season is loaded at the back end.

Speaker Change: Number one, as I think I've emphasized in the call, we have had a flood of business wins at the end of the second quarter highlighted by the first time, you know, by wins that include tens of millions of dollars at the same time on a multiple basis.

Speaker Change: Second, a lot of media and media margin is loaded in the back end. And third, a lot of the political season is loaded in the back end.

Mark J. Penn: So I think those three developments give us confidence to reaffirm, reaffirm our guidance and kind of move forward with what I think are going to be really good next two quarters based on those three fundamental factors.

Mark Penn: I think the last question here, and just a quick one on sport beach and the successes of the event. The question is from Jeff Ansinder and the Riley. What do you like to emphasize sport beach if you're going to do it in 2025? And maybe what are some of your intentions? You know, effectively, what are some of the inputs, I suppose, into potentially increasing investment, changing investment in that event.

Mark J. Penn: I think the last question here, and just a quick one on Sportbeach and the successes of the event, the question is from Jeff Van Sinderen at B Reilly. What would you like to emphasize at Sportbeach if you were going to do it in 2025? And maybe what are some of your intentions? You know, effectively, what are some of the inputs, I suppose, into potentially increasing or changing investment in that event?

Speaker Change: I think the last question here, and just a quick one on Sportbeach and the successes of the event, the question is from Jeff Van Sinderen at B Reilly. What do you like to emphasize at Sportbeach if you're going to do it in 2025, and maybe what are some of your intentions? You know, effectively, what are some of the inputs, I suppose, into potentially increasing investment, changing investment in that event?

Mark Penn: We're going to do a full review of kind of how to move forward with what's been created in Sport Beach. It lives almost as a unique brand within our brand now that brings together sports and brands and technology and creativity. And I think it may live beyond just con in a way and take on a life of its own. So stay tuned as we kind of carefully look at how we develop it.

Mark J. Penn: We're going to do a full review of how to move forward with what has been created in Sport Beach. It lives almost as a unique brand within our brand now that brings together sports and brands, technology, and creativity. I think it may live beyond just Cannes in a way and take on a life of its own. So stay tuned as we kind of carefully look at how we develop it. Again, as I always say, you know, the old joke about a shoemaker having no shoes, but instead, we are a shoemaker with shoes.

Speaker Change: successful.

Speaker Change: We're going to do a full review of kind of how to move forward with what has been created, you know, in Sport Beach. It lives almost as a unique brand within our brand now that brings together

Speaker Change: Sports and Brands and Technology and Creativity.

Mark Penn: Again, as I always say, you know, the old joke about the shoemaker has no shoes, but instead we are a shoemaker with shoes. I think we that sport beach has been proof that that when our companies work together, they can produce some amazing marketing. And I think that that was a; it wasn't just an experience for clients. It was, it was an experience that clients could take away and say, wow, this is the kind of company I want working for our brands.

Mark J. Penn: I think that Sport Beach has been proof that when our companies work together, they can produce some amazing marketing. And I think that it wasn't just an experience for clients. It was an experience that clients could take away and say, "Wow, this is the kind of company I want working for our brand."

Speaker Change: But instead, we are a shoemaker with shoes. I think that Sport Beach has been proof that when our companies work together, they can produce some amazing marketing.

Speaker Change: And I think that that was a, it wasn't just an experience for clients, it was an experience that clients could take away and say, wow, this is the kind of company I want working for our brands.

Ben Allanson: Well, that brings us to the end of our second quarter earnings call 2024. Thank you very much for joining us. We'll look forward to talking with you again later on in the year.

Operator: Have a good one. Thank you. Yeah.

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Speaker Change: [inaudible]

Speaker Change: Thanks for watching!

Operator: I don't know what to say.

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Q2 2024 Stagwell Inc Earnings Call - Q&A

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