Stagwell Inc (NASDAQ:STGW) Q3 2024 Results Conference Call November 7, 2024 8:30 AM ET
Company Participants
Ben Allanson - Investor Relations
Mark Penn - Chairman & Chief Executive Officer
Frank Lanuto - Chief Financial Officer
Ben Allanson
Good morning from Stagwell's global headquarters in 1 World Trade Center, New York. Welcome to Stagwell Inc.'s earnings webcast for the third quarter of 2024. My name is Ben Allanson, and 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 a financial review. After the prepared remarks, we will open the floor for Q&A. [Operator Instructions]
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 joining us on our earnings call. I am pleased to report a strong quarter that reflects growth in all 5 of our principal capabilities. Underlying this growth is that the new, larger contracts we've won are only now coming online, though some even start in Q4. And we are seeing particularly strong growth in digital transformation as AI projects are coming in, the Stagwell Marketing Cloud is gaining traction as it launches its new products and platforms. In addition, we're experiencing a strong advocacy season, which will also peak in Q4.
The third quarter results show us returning to industry-leading growth. We believe we are poised to deliver double-digit growth in the fourth quarter and will be well positioned for 2025. We are reaffirming our full year guidance today. After a more moderated start to the year, we are accelerating into the back half. Our new business momentum continued as we won our single largest deal to date with a global tech company and have expanded our work with major tech companies this quarter by 30%. Our tech company relationships have come back strongly.