PR Newswire
NEW YORK, March 8, 2022
NEW YORK, March 8, 2022 /PRNewswire/ -- (NASDAQ: STGW) – Stagwell Inc. ("Stagwell") today announced financial results for the three and twelve months ended December 31, 2021.
REPORTED FOURTH QUARTER & YTD HIGHLIGHTS:
PRO FORMA FOURTH QUARTER & YTD STAGWELL INC. HIGHLIGHTS:
"2021 was a breakthrough year for Stagwell. Our full-year results and 2022 outlook are a clear affirmation of the combination and Stagwell's unique position as the challenger that will transform marketing," said Mark Penn, Chairman and Chief Executive Officer. "We delivered pro forma organic net revenue growth of 14.5% for the year and an even more impressive 18% organic growth when excluding our Advocacy businesses, which lapped the 2020 election cycle."
"Our record year was driven by tailwinds across our high concentration of leading digital capabilities, including digital transformation, influencer and global performance marketing; as well as a rapid acceleration in large contract wins," Penn continued. "Our robust 2022 outlook reflects our expectation for continued digital strength; continued acceleration in scaled, integrated contract wins; and significant growth in the second-half in our Advocacy businesses driven by an anticipated record year of spend during the 2022 U.S. mid-term elections."
Frank Lanuto, Chief Financial Officer, commented: "The Company reported strong fourth quarter net revenue of $520 million, representing pro forma net revenue growth of 10.4% year-over-year with 11.3% organic growth. Strong operating performance led to pro forma adjusted EBITDA margins of 19.9% for the quarter. Effective cash flow management permitted our continued acquisitions of both minority interests in our fastest growing subsidiaries as well as the acquisition of Goodstuff in the UK while lowering our net leverage ratio from the prior quarter."
Financial Outlook
2022 financial guidance is as follows:
* 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. |
Webcast
Management will host a video webcast on Tuesday, March 8, 2022, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three and twelve months ended December 31, 2021. The video webcast will be accessible at https://stagwellq4andfullyear2021earnings.open-exchange.net. An investor presentation has been posted on our website at www.stagwellglobal.com/investors 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.
About 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 Statement 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 entire period 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:
Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in Exhibit 99.2 to our Current Report on Form 8-K, filed with the Securities and Exchange Commission (the "SEC") on August 10, 2021, 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: | |||||||
For Investors: | For Media | ||||||
Michaela Pewarski | Beth Sidhu | ||||||
(646) 429-1812 | (202) 423-4414 | ||||||
SCHEDULE 1 | |||||||
STAGWELL INC. | |||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(US$ in 000s, Except per Share Amounts) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Revenue | $ 611,927 | $ 313,062 | $ 1,469,363 | $ 888,032 | |||
Operating Expenses | |||||||
Cost of services | 348,000 | 198,524 | 906,856 | 571,588 | |||
Office and general expenses | 197,318 | 64,498 | 424,038 | 191,679 | |||
Depreciation and amortization | 31,381 | 11,187 | 77,503 | 41,025 | |||
Impairment and other losses | 1,314 | — | 16,240 | — | |||
578,013 | 274,209 | 1,424,637 | 804,292 | ||||
Operating income | 33,914 | 38,853 | 44,726 | 83,740 | |||
Other Income (expenses): | |||||||
Interest expense, net | (16,697) | (1,558) | (31,894) | (6,223) | |||
Foreign exchange, net | (1,377) | (1,515) | (3,332) | (721) | |||
Gain on sale of business and other, net | 3,252 | (404) | 50,058 | 544 | |||
(14,822) | (3,477) | 14,832 | (6,400) | ||||
Income before income taxes and equity in earnings of non-consolidated affiliates | 19,092 | 35,376 | 59,558 | 77,340 | |||
Income tax expense | 14,193 | 2,726 | 23,398 | 5,937 | |||
Income before equity in earnings of non-consolidated affiliates | 4,899 | 32,650 | 36,160 | 71,403 | |||
Equity in (income) losses of non-consolidated affiliates | (165) | 51 | (240) | 58 | |||
Net income | 4,734 | 32,701 | 35,920 | 71,461 | |||
Net income attributable to noncontrolling and redeemable noncontrolling interests | (3,897) | (10,469) | (14,884) | (15,105) | |||
Net income attributable to Stagwell Inc. common shareholders | $ 837 | $ 22,232 | $ 21,036 | $ 56,356 | |||
Income (Loss) Per Common Share: | |||||||
Basic | |||||||
Net income (loss) attributable to Stagwell Inc. common shareholders | $ 0.01 | N/A | $ (0.03) | N/A | |||
Diluted | |||||||
Net income (loss) attributable to Stagwell Inc. common shareholders | $ 0.01 | N/A | $ (0.03) | N/A | |||
Weighted Average Number of Common Shares Outstanding: | |||||||
Basic | 99,615,252 | N/A | 90,426,215 | N/A | |||
Diluted | 104,065,980 | N/A | 90,426,215 | N/A |
SCHEDULE 2 | |||||||||||||||
STAGWELL INC. | |||||||||||||||
UNAUDITED PRO FORMA COMPONENTS OF NET REVENUE CHANGE | |||||||||||||||
(US$ in 000s, except percentages) | |||||||||||||||
Net Revenue - Components of Change | Change | ||||||||||||||
Three Months | Foreign | Net | Organic | Total Change | Three Months | Organic | Total | ||||||||
Integrated Agencies Network | $ 283,330 | $ (8) | $ 382 | $ 42,614 | $ 42,988 | $ 326,318 | 15.0 % | 15.2 % | |||||||
Media Network | 94,860 | 454 | — | 34,313 | 34,767 | 129,627 | 36.2 % | 36.7 % | |||||||
Communications Network | 86,780 | 3 | — | (26,005) | (26,002) | 60,778 | (30.0) % | (30.0) % | |||||||
All Other | 5,645 | 88 | (5,022) | 2,258 | (2,676) | 2,969 | 40.0 % | (47.4) % | |||||||
$ 470,615 | $ 537 | $ (4,640) | $ 53,180 | $ 49,077 | $ 519,692 | 11.3 % | 10.4 % | ||||||||
Net Revenue - Components of Change | Change | ||||||||||||||
Twelve | Foreign | Net | Organic | Total Change | Twelve Months | Organic | Total | ||||||||
Integrated Agencies Network | $ 1,038,842 | $ 9,265 | $ 20,986 | $ 189,337 | $ 219,588 | $ 1,258,430 | 18.2 % | 21.1 % | |||||||
Media Network | 359,857 | 5,058 | — | 62,667 | 67,725 | 427,582 | 17.4 % | 18.8 % | |||||||
Communications Network | 236,045 | 594 | — | (21,810) | (21,216) | 214,829 | (9.2) % | (9.0) % | |||||||
All Other | 21,242 | 561 | (5,827) | 9,997 | 4,731 | 25,973 | 47.1 % | 22.3 % | |||||||
$ 1,655,986 | $ 15,478 | $ 15,159 | $ 240,191 | $ 270,828 | $ 1,926,814 | 14.5 % | 16.4 % |
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 December 31, 2021 | |||||||||||
Integrated | Media | Communications | All Other | Corporate | Total | ||||||
Net Revenue | $ 326,318 | $ 129,627 | $ 60,778 | $ 2,969 | $ — | $ 519,692 | |||||
Billable Costs | 52,211 | 9,764 | 30,260 | — | — | 92,235 | |||||
Revenue | 378,529 | 139,391 | 91,038 | 2,969 | — | 611,927 | |||||
Billable Costs | 52,211 | 9,764 | 30,260 | — | — | 92,235 | |||||
Staff costs | 210,918 | 71,742 | 36,877 | 1,634 | 9,466 | 330,637 | |||||
Administrative costs | 33,332 | 16,363 | 6,583 | 563 | 3,503 | 60,344 | |||||
Unbillable and other costs, net | 16,262 | 8,541 | 93 | 260 | (19) | 25,137 | |||||
Adjusted EBITDA (1) | 65,806 | 32,981 | 17,225 | 512 | (12,950) | 103,574 | |||||
Stock-based compensation | 15,141 | 2,250 | 543 | 24 | 3,610 | 21,568 | |||||
Depreciation and amortization | 20,271 | 6,549 | 2,465 | 486 | 1,610 | 31,381 | |||||
Deferred acquisition consideration | 9,001 | 184 | 80 | — | — | 9,265 | |||||
Impairment and other losses | 1,314 | — | — | — | — | 1,314 | |||||
Other items, net (1) | 1,368 | 2,638 | 152 | — | 1,974 | 6,132 | |||||
Operating income (loss) | $ 18,711 | $ 21,360 | $ 13,985 | $ 2 | $ (20,144) | $ 33,914 | |||||
(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 Twelve Months Ended December 31, 2021 | |||||||||||
Integrated | Media | Communications | All Other | Corporate | Total | ||||||
Net Revenue | $ 1,258,430 | $ 427,582 | $ 214,829 | $ 25,973 | $ — | $ 1,926,814 | |||||
Billable Costs | 173,178 | 34,480 | 89,871 | — | — | 297,529 | |||||
Revenue | 1,431,608 | 462,062 | 304,700 | 25,973 | — | 2,224,343 | |||||
Billable Costs | 173,178 | 34,480 | 89,871 | — | — | 297,529 | |||||
Staff costs | 786,766 | 260,245 | 138,200 | 17,023 | 35,487 | 1,237,721 | |||||
Administrative costs | 124,843 | 59,266 | 22,474 | 9,783 | 5,511 | 221,877 | |||||
Unbillable and other costs, net | 57,468 | 30,677 | 241 | 793 | 5 | 89,184 | |||||
Adjusted EBITDA (1) | 289,353 | 77,394 | 53,914 | (1,626) | (41,003) | 378,032 | |||||
Stock-based compensation | 51,315 | 4,962 | 16,231 | 39 | 7,978 | 80,525 | |||||
Depreciation and amortization | 54,403 | 24,644 | 8,052 | 2,499 | 6,537 | 96,135 | |||||
Deferred acquisition consideration | 35,840 | 286 | 28 | — | — | 36,154 | |||||
Impairment and other losses | 2,269 | 14,846 | — | — | — | 17,115 | |||||
Other items, net (1) | 7,114 | 6,543 | 230 | — | 31,985 | 45,872 | |||||
Operating income (loss) | $ 138,412 | $ 26,113 | $ 29,373 | $ (4,164) | $ (87,503) | $ 102,231 | |||||
(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 PRO FORMA SEGMENT OPERATING RESULTS | |||||||||||
(US$ in 000s, except percentages) | |||||||||||
For the Three Months Ended December 31, 2020 | |||||||||||
Integrated | Media | Communications | All Other | Corporate | Total | ||||||
Net Revenue | $ 283,330 | $ 94,860 | $ 86,780 | $ 5,645 | $ — | $ 470,615 | |||||
Billable Costs | 50,419 | 10,623 | 109,573 | — | — | 170,615 | |||||
Revenue | 333,749 | 105,483 | 196,353 | 5,645 | — | 641,230 | |||||
Billable Costs | 50,419 | 10,623 | 109,573 | — | — | 170,615 | |||||
Staff costs | 173,381 | 54,785 | 36,551 | 4,819 | 10,486 | 280,022 | |||||
Administrative costs | 34,554 | 17,339 | 7,103 | 4,379 | 761 | 64,136 | |||||
Unbillable and other costs, net | 13,140 | 6,074 | 215 | (2,180) | 12 | 17,261 | |||||
Adjusted EBITDA (1) | 62,255 | 16,662 | 42,911 | (1,373) | (11,259) | 109,196 | |||||
Stock-based compensation | 2,188 | — | — | — | 1,143 | 3,331 | |||||
Depreciation and amortization | 9,405 | 7,075 | 1,978 | 985 | 1,212 | 20,655 | |||||
Deferred acquisition consideration | 42,356 | — | 2,543 | — | — | 44,899 | |||||
Impairment and other losses | 70,802 | 6,438 | — | — | — | 77,240 | |||||
Other items, net (1) | 997 | 905 | 303 | — | 25,863 | 28,068 | |||||
Operating income (loss) | $ (63,493) | $ 2,244 | $ 38,087 | $ (2,358) | $ (39,477) | $ (64,997) | |||||
(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 6 | |||||||||||
STAGWELL INC. | |||||||||||
UNAUDITED PRO FORMA SEGMENT OPERATING RESULTS | |||||||||||
(US$ in 000s, except percentages) | |||||||||||
For the Twelve Months Ended December 31, 2020 | |||||||||||
Integrated | Media | Communications | All Other | Corporate | Total | ||||||
Net Revenue | $ 1,038,842 | $ 359,857 | $ 236,045 | $ 21,242 | $ — | $ 1,655,986 | |||||
Billable Costs | 155,979 | 38,952 | 236,108 | — | — | 431,039 | |||||
Revenue | 1,194,821 | 398,809 | 472,153 | 21,242 | — | 2,087,025 | |||||
Billable Costs | 155,979 | 38,952 | 236,108 | — | — | 431,039 | |||||
Staff costs | 644,896 | 222,872 | 121,184 | 21,094 | 27,929 | 1,037,975 | |||||
Administrative costs | 129,686 | 62,042 | 20,570 | 13,096 | 5,041 | 230,435 | |||||
Unbillable and other costs, net | 44,209 | 35,310 | 2,414 | (10,410) | 26 | 71,549 | |||||
Adjusted EBITDA (1) | 220,051 | 39,633 | 91,877 | (2,538) | (32,996) | 316,027 | |||||
Stock-based compensation | 8,135 | — | 72 | — | 2,982 | 11,189 | |||||
Depreciation and amortization | 39,656 | 24,170 | 7,078 | 3,681 | 3,345 | 77,930 | |||||
Deferred acquisition consideration | 43,658 | 375 | 2,651 | — | — | 46,684 | |||||
Impairment and other losses | 88,797 | 6,473 | — | — | 1,129 | 96,399 | |||||
Other items, net (1) | 1,476 | 2,651 | 293 | 1 | 38,506 | 42,927 | |||||
Operating income (loss) | $ 38,329 | $ 5,964 | $ 81,783 | $ (6,220) | $ (78,958) | $ 40,898 | |||||
(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 7 | |||
STAGWELL INC. | |||
UNAUDITED CONSOLIDATED BALANCE SHEETS | |||
(US$ in 000s) | |||
December 31, | December 31, | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 184,009 | $ 92,457 | |
Accounts receivable, net | 696,937 | 225,733 | |
Expenditures billable to clients | 63,065 | 11,063 | |
Other current assets | 64,106 | 36,433 | |
Total Current Assets | 1,008,117 | 365,686 | |
Fixed assets, net | 118,603 | 35,614 | |
Right-of-use assets - operating leases | 297,919 | 57,752 | |
Goodwill | 1,682,397 | 351,725 | |
Other intangible assets, net | 937,695 | 186,035 | |
Other assets | 33,019 | 17,043 | |
Total Assets | $ 4,077,750 | $ 1,013,855 | |
LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | |||
Accounts payable | $ 271,769 | $ 147,826 | |
Accruals and other liabilities | 504,780 | 90,557 | |
Advance billings | 361,885 | 66,418 | |
Current portion of lease liabilities - operating leases | 72,922 | 19,579 | |
Current portion of deferred acquisition consideration | 77,946 | 12,579 | |
Total Current Liabilities | 1,289,302 | 336,959 | |
Long-term debt | 1,195,112 | 198,024 | |
Long-term portion of deferred acquisition consideration | 148,464 | 5,268 | |
Long-term lease liabilities - operating leases | 328,328 | 52,606 | |
Deferred tax liabilities, net | 110,628 | 16,050 | |
Other liabilities | 62,621 | 5,801 | |
Total Liabilities | 3,134,455 | 614,708 | |
Redeemable Noncontrolling Interests | 43,364 | 604 | |
Commitments, Contingencies and Guarantees | |||
Shareholders' Equity: | |||
Convertible preference shares, 0 and 0 authorized, issued and outstanding at December 31, 2021 and 2020, respectively | — | — | |
Members' capital | — | 358,756 | |
Common shares - Class A & B | 118 | — | |
Common shares - Class C | 2 | — | |
Paid-in capital | 401,200 | — | |
Accumulated deficit | (6,983) | — | |
Accumulated other comprehensive loss | (12,720) | — | |
Stagwell Inc. Shareholders' Equity | 381,617 | 358,756 | |
Noncontrolling interests | 518,314 | 39,787 | |
Total Shareholders' Equity | 899,931 | 398,543 | |
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit | $ 4,077,750 | $ 1,013,855 |
SCHEDULE 8 | |||
STAGWELL INC. | |||
UNAUDITED SUMMARY CASH FLOW DATA | |||
(US$ in 000s) | |||
Twelve Months Ended | |||
2021 | 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 35,920 | $ 71,461 | |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | |||
Stock-based compensation | 75,032 | — | |
Depreciation and amortization | 77,503 | 41,025 | |
Debt issuance cost amortization | — | 811 | |
Impairment and other losses | 16,240 | — | |
Provision for bad debt | 2,031 | 6,222 | |
Deferred income taxes | (20,139) | (5,463) | |
Changes in fair value of investments in unconsolidated affiliates | — | 518 | |
Adjustment to deferred acquisition consideration | 18,706 | 4,520 | |
Interest from preferred investments | — | (600) | |
Equity in losses of unconsolidated affiliates, net of dividends received | — | (58) | |
Transaction costs contributed by Stagwell Media LP | — | 10,160 | |
Foreign currency translation loss on foreign denominated debt | — | 721 | |
Other | 5,396 | — | |
Gain on sale of an asset | (43,440) | — | |
Changes in working capital: | |||
Accounts receivable | (35,669) | (26,805) | |
Expenditures billable to clients | (35,371) | 10,078 | |
Other assets | 930 | (10,461) | |
Accounts payable | (46,351) | 5,606 | |
Accruals and other liabilities | 56,196 | 22,922 | |
Advance billings | 76,021 | 7,423 | |
Acquisition related payments | (12,431) | — | |
Net cash provided by operating activities | 170,574 | 138,080 | |
Cash flows from investing activities: | |||
Capital expenditures | (22,626) | (12,099) | |
Proceeds from sale of assets | 37,232 | — | |
Acquisitions, net of cash acquired | 153,739 | (14,732) | |
Other | (26,535) | (2,190) | |
Net cash provided by (used in) investing activities | 141,810 | (29,021) | |
Cash flows from financing activities: | |||
Repayment of borrowings under revolving credit facility | (716,339) | (126,994) | |
Proceeds from borrowings under revolving credit facility | 518,537 | 167,000 | |
Shares acquired and cancelled | (841) | — | |
Distributions to noncontrolling interests and other | (18,850) | (115,543) | |
Payment of deferred consideration and other | — | (1,000) | |
Contributions | — | 1,554 | |
Proceeds from issuance of the 5.625% Notes | 1,100,000 | — | |
Purchase of noncontrolling interest | — | (1,559) | |
Debt issuance costs | (15,365) | (3,099) | |
Payment of contingent consideration | — | (500) | |
Distributions | (204,929) | — | |
Repurchase of 7.50% Senior Notes | (884,398) | — | |
Net cash used in financing activities | (222,185) | (80,141) | |
Effect of exchange rate changes on cash and cash equivalents | 1,353 | (321) | |
Net increase in cash and cash equivalents | 91,552 | 28,597 | |
Cash and cash equivalents at beginning of period | 92,457 | 63,860 | |
Cash and cash equivalents at end of period | $ 184,009 | $ 92,457 |
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SOURCE Stagwell Inc.
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