Stagwell Inc. (NASDAQ:STGW) Q1 2024 Earnings Conference Call May 1, 2024 8:30 AM ET
Company Participants
Ben Allanson - Investor Relations
Mark Penn - Chairman & Chief Executive Officer
Frank Lanuto - Chief Financial Officer
Conference Call Participants
Ben Allanson
Good morning from Stagwell’s office in Washington D.C. and welcome to Stagwell Inc.’s Earnings Webcast for the First Quarter of 2024. My name is Ben Allanson, I lead the Investor Relations function here at Stagwell.
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 our financial review. After the prepared remarks, we will open the floor for Q&A. You are welcome to submit questions through the chat function.
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, stagwellglobal.com/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.
And with that, I’d like to turn the call over to our Chairman and CEO, Mark Penn.
Mark Penn
Thank you, Ben, and thank you to everyone for joining us for our first quarter earnings call.
On our Q4 call in February, I talked about our excitement and confidence in 2024, highlighting that we expect to return to growth in the first half of this year. Several factors give us confidence, including the abatement of industry headwinds, such as tech restructuring activities, strong business trends, a record-breaking political cycle, and our continued investments in digital innovation beginning to contribute to growth.
Today, I'm pleased to share that these trends are beginning to play out exactly as we anticipated. Stagwell delivered $670 million of revenue in the first quarter. These figures represent an encouraging growth in revenue of 8%.
Additionally, we continue to post record net new business figures for both the first quarter and last 12 months. Importantly, we delivered these growth figures while effectively managing our costs.
Actions we took in 2023, helped us grow our adjusted EBITDA by 25% year-over-year to $90 million. These results are highly encouraging and give us the confidence to reiterate our full year guidance today.