Originally Released On

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CONTACT:

Contact:
Lindsay Bennett
lindsay.bennett@galepartners.com








Stagwell’s (STGW) GALE Tapped to Support the Brand’s Global Strategy

NEW YORK, March 19, 2024 /PRNewswire/ — Internationally renowned restaurant brand from Brazil, Fogo de Chão, has appointed Business Agency GALE as its creative and media agency of record. The partnership will amplify brand love and further expand Fogo’s rapidly growing business as the brand enters their 10th year of positive traffic and market share growth in 2024.

GALE’s remit spans creative, social, influencer and media strategy, planning, buying, analytics, reporting and brand stewardship to increase awareness and strengthen Fogo’s position as a category leader.

“For the past 45 years we have been working to build the Fogo brand on a global scale. We are thrilled to partner with GALE to continue to increase our brand awareness and accelerate our growth strategy,” said Janet Gieselman, Chief Marketing Officer of Fogo de Chão. “Their track record of success and forward-thinking approach align perfectly with our vision and brand strategy.”

GALE will support Fogo de Chão in developing and driving an authentic, attention-grabbing articulation of its brand to increase affinity and business growth.

“We are proud to join forces with Fogo de Chão in their commitment to elevating the brand while evolving their guest’s dining experience,” said GALE CEO Brad Simms. “Our team is devoted to fostering success for all of our clients, and this partnership is another example of the value we bring with our integrated offering.”

For more information contact lindsay.bennett@galepartners.com

About GALE
GALE is a Business Agency. Founded in 2014, the agency currently has offices in New York, Singapore, Toronto, Denver, Los Angeles, London, Austin, Kansas City and Bengaluru. GALE has received top industry awards including Ad Age’s A-List, Ad Age’s Data & Analytics Agency of the Year, Adweek’s Fastest Growing Agency, the Grand Effie and Adweek’s Breakthrough Media Agency of the Year. For information on GALE, visit: https://gale.agency/

About Fogo de Chão
Fogo de Chão (fogo-dee-shown) is an internationally renowned restaurant that allows guests to discover what’s next at every turn. Founded in Southern Brazil in 1979, Fogo elevates the centuries-old cooking technique of churrasco – the art of roasting high-quality cuts of meat over an open flame – into a cultural dining experience of discovery. In addition to its Market Table and Feijoada Bar – which includes seasonal salads and soup, fresh vegetables, imported charcuterie and more – guests are served simply seasoned meats that are butchered, fire-roasted and carved tableside by gaucho chefs. Guests can also indulge in dry-aged or premium Wagyu cuts, seafood a la carte, Bar Fogo Features including signature cocktails, and an award-winning South American wine list, as well as smaller, sharable plates in Bar Fogo. Fogo offers differentiated menus for all dayparts including lunch, dinner, weekend brunch and group dining, plus full-service catering and delivery options. For locations and more information about Fogo de Chão, visit fogodechao.com.

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CONTACT:

Contact:
Kara Gelber
pr@stagwellglobal.com 








NEW YORK, March 11, 2024 /PRNewswire/ — Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, today celebrates four of its agencies recognized in Ad Age’s 2024 Agency A-List: 72andSunny, Code and Theory, Colle McVoy and Team Epiphany.

The Agency A-List is an annual ranking of the top agencies, companies, and innovators, honoring the best work and brightest ideas in advertising, marketing and the expanding innovation landscape.

This year’s winners reflect another transformative year of digital, creative, and tech-forward work from Stagwell’s network on behalf of leading brands including Amazon, HBO’s Max, National Football League, United Airlines, YETI, Tipico and more.

2024 award highlights include:

  • 72andSunny named No. 8 on Ad Age’s 2024 Agency A-List after a breakthrough year of purpose-driven campaigns, including urging United Airlines to appoint “Sesame Street” puppet Oscar the Grouch as chief trash officer to highlight its sustainability initiatives, and the agency’s work for Blizzard Entertainment’s Diablo video game franchise—an effort that culminated in driving the fastest-selling title in the company’s history. Additionally, 72andSunny’s partnership with the NFL throughout 2023 championed the future of the game at the Super Bowl and ultimately propelled flag football into the Olympic spotlight. 
  • Code and Theory named Business Transformation Agency of the Year for doubling down on technology, striking expansive new partnerships and adding key executives to provide a true competitive edge. Examples of Code and Theory’s work that drove significant results for its clients include using AI to create synthetic personas to help European gambling platform Tipico break into the U.S. market, and boosting sales 14% on YETI.com after a complete rebuild and redesign of the brand’s e-commerce experience.
  • Colle McVoy, a Standout on Ad Age’s 2024 Agency A-List, for achieving an 88% new-business win rate for the year with its branded practices of Exponent PR and 10 Thousand Design. In 2023, Colle McVoy created the first AI-powered recliner with La-Z-Boy that allows users to generate cancellation excuses via SMS text, doubling website traffic for the brand; tapped the former VP of Footwear at Yeezy to design the ultimate lawnmower shoes with Cub Cadet; and got people hooked on chicken feed with Perdue, elevating the brand’s no-antibiotics stance.
  • Team Epiphany, a Standout on Ad Age’s 2024 Agency A-List, for evolving from a self-described “nomadic boutique shop” into a major full-service force in the marketing industry, driving culturalist campaigns for clients including American Express, Coca-Cola, HBO’s Max, Lego and Campari USA. Also this year Team Epiphany forged a strategic partnership with Hoorae Media, co-founded by actress Issa Rae—a move that the companies’ principals said would allow them both to scale their businesses.

“Congratulations to the teams at 72andSunny, Code and Theory, Colle McVoy and Team Epiphany for well-deserved recognition after another year of digital and creative innovation,” said Stagwell Chairman and CEO Mark Penn. “Thank you to our clients who continue to trust us to drive results for the most ambitious B2C, B2B, and DTC brands in the world.”

About Stagwell
Stagwell (NASDAQ: STGW) 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 13,000+ 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.

Contact:
Kara Gelber
pr@stagwellglobal.com 

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Kenneth Hein
press@codeandtheory.com  







Technology-first creative agency drives record results for its A-list clients

NEW YORK, March 11, 2024 /PRNewswire/ — Code and Theory, part of Stagwell (NASDAQ: STGW), has been named the Ad Age Business Transformation Agency of the Year. The technology-first creative agency was recognized for its ability to drive significant results for its clients. 

Code and Theory is the only agency with 50% engineers and 50% creatives at scale. This balance provides a competitive advantage for clients looking to build their brands, experiences, platforms and capabilities to accelerate growth and deliver proven long-term value.

To better serve its roster of blue-chip clients, Code and Theory doubled down on technology, struck expansive new partnerships and added key executives.

Code and Theory’s work drove significant results for its clients. Highlights include:

  • Propelling Amazon Ads to be one of the company’s fastest-growing sectors, with a +26% increase in ad revenues in Q3, totaling more than $12 billion
  • Boosting sales +14% on YETI.com after a complete rebuild and redesign of the e-commerce experience.
  • Improving the perception of Con Edison by +20% as “leading New York’s clean energy transition” from the “Where Clean Energy Lives” campaign.
  • Pioneering AI personas for Tipico, a European sportsbook, to deliver real-time ‘4th-party’ data that helped Tipico break into the U.S. market.

Code and Theory made significant moves throughout the year, inking a first-of-its-kind partnership with Oracle to deliver AI at scale while also developing deep partnerships with Figma and Yext to offer new solutions. Recognizing that inclusion is the biggest moral and ethical opportunity of our time, it launched Beyond Words, the industry’s first inclusive language guide and certification program.

Code and Theory was named one of Fast Company’s Design Companies of the Year. Its executives have been in demand, speaking at Davos, Web Summit, SXSW and other top events about harnessing AI and other key aspects of emerging technologies.

Code and Theory Co-Founder and Executive Chairman Dan Gardner says, “Technology remains undefeated in transforming the business landscape. We have always solved our clients’ challenges by focusing on technology-first creative solutions. It’s great to win an award that accurately portrays what we do for our clients every day. Business transformation is what drives impactful, long-term growth for our clients.”

Code and Theory CEO Michael Treff says, “We are at an inflection point for clients looking to undergo true business transformation. As an agency that is 50% engineers and 50% creative, we can not only meet our clients’ immediate needs but also put them on a path to harness technology for the long term. We can help them use technology to drive ROI versus being a cost center and drag on growth. Sometimes, it’s introducing new products and services that push toward the edge of what’s possible. Sometimes it’s the acquisition of customers. Sometimes, it’s repositioning the business itself. Often, it’s all of the above. To be able to innovate alongside our partners at the companies we work with each day is an inspiration. And when we see the impact of our work, that’s all the affirmation we need.”

Stagwell Chairman and CEO Mark Penn says, “Code and Theory knows how to impact clients’ businesses. They’ve been at the forefront of technology-led creativity for more than two decades. It’s their comfort zone. Their ability to build capabilities that drive business transformation and premium customer experiences is best-in-class. Whether it’s their partnership with Oracle to enable AI at scale or industry-leading collaboration with Figma, they continue to fearlessly leverage technology as a multiplier while others are scrambling to figure it out.”

About Code and Theory Network
Code and Theory Network is the only network with a balance of 50% creative and 50% engineers at scale. The technology-first group within Stagwell Group is built to partner with businesses to navigate the complexity of changing consumer behaviors, emerging technologies and AI. With a global footprint and the capabilities to work across the entire consumer journey, we crave the hardest problems to solve. The network includes the flagship agency Code and Theory as well as Kettle, Mediacurrent, Rhythm and Truelogic. Code and Theory clients include Amazon Ads, JPMorgan Chase, Microsoft, MSNBC, NFL, Pfizer and Zappos. For more, visit codeandtheory.com.

CONTACT: 
Kenneth Hein
press@codeandtheory.com  

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Press Contact:
Jess Santini, VP, Global Marketing
jess.santini@assemblyglobal.com  







Industry-leading leaders will drive growth for the agency’s biggest market.

NEW YORK, March 11, 2024 /PRNewswire/ — Assembly announced today the elevations of Nicole Jennings to Managing Director, Bridget Lynn, Kevin Tarpey, Megan Warfield to Managing Partner, and Toni Box to EVP Brand Experience in North America. Each leader boasts a wealth of cross-industry experience, and these appointments demonstrate Assembly’s commitment to excellence and tailor-made service, aiming to provide effective omnichannel media solutions that deliver business impact and innovation for clients. Jennings will report to North America CEO Valerie Davis, Lynn, Tarpey, and Warfield will report to NA Chief Client Officer Kendra Mazey, and Box will report to Jennings.  

With the elevations comes a new operational structure—enabling the agency to quite literally live its name with teams formed into “Assemblies” delineated by geography and industry sector. The Assemblies also provide more rigor, focus, and growth opportunities for employees, resulting in teams that not only do the best work of their careers, but also the best work for the agency’s clients.  

–     Bridget Lynn, previously SVP and Strategic Leader, assumes the role of EVP, Managing Partner of Assembly Midwest, overseeing operations in Detroit and Minneapolis. Lynn’s focus will be on brick-and-mortar clients, as well as the CPG and Home sectors. 

–     Kevin Tarpey, formerly SVP, Integrated Communications Group Director, has been promoted to EVP, Managing Partner of Assembly West. Based in Los Angeles, Tarpey will lead efforts to serve Health and wellness clients, franchises, and co-ops. 

–     Megan Warfield, who joined Assembly in 2023 as EVP of Client Excellence, now serves as EVP, Managing Partner of Assembly East. Based in New York, Warfield will lead teams across New York, Baltimore, and Toronto, specializing in Finance, Luxury, Fashion, and Beauty clients. 

–     Toni Box has been promoted from Senior Vice President of Social Media to EVP, Brand Experience. In her new role, Box will orchestrate full-funnel, cross-channel campaign strategies and integrated activations, delivering clients comprehensive, omnichannel media solutions. 

–     Nicole Jennings, previously EVP, Experience & Activation, has been appointed Managing Director. Jennings brings a wealth of strategic insight and a visionary approach to her new role. With over two decades of transformative client leadership at Assembly (formerly ForwardPMX), Jennings is well-positioned to unlock operational excellence in the North American market as well as partner with our Growth team to bring our solutions to potential clients. 

Jennings will collaborate closely with Assembly North America CEO Valerie Davis and the agency’s executive management team to set strategic priorities, drive innovation, and ensure Assembly remains at the forefront of the industry.

Assembly North America CEO Valerie Davis says, “Assembly is experiencing tremendous growth in the North American market, and we’re excited to make these intentional changes in our org design and executive team to meet our clients where they need us. With these exceptional leaders at the helm, we will unlock unlimited potential for our clients and continue to build Assembly’s reputation as a modern agency partner for brands on a journey of transformation.” 

All appointments are effective immediately. 

ABOUT ASSEMBLY
Assembly is the modern global omnichannel media agency, bringing data, talent, and technology together to find the change that fuels growth for the best brands on the planet. Our approach connects big, bold brand stories with integrated, global media capabilities that deliver performance and drive large-scale business growth. Our work is powered by our proprietary, in-house technology solution, STAGE, and led by our global talent base of over 1,900 people around the world. We’re purpose-driven at our core and pioneers in social and environmental impact in the agency world. Assembly is a proud member of Stagwell, the challenger network built to transform marketing. For more information, visit assemblyglobal.com.

Press Contact:
Jess Santini, VP, Global Marketing
jess.santini@assemblyglobal.com  

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 Kicking off this International Women’s Day, we’re taking a look at how Stagwell and its agencies are championing women, from marathons to consent education. Below, the network spotlights impactful women-focused initiatives happening today, during Women’s History Month, and throughout the year.

Allison

Lisa Rosenberg, global partner & president of consumer brands at Allison will sit on the Culture Equity and in Women’s Sports panel at SXSW. This panel will explore the relevant media and cultural influences impacting efforts to level the playing field for girls and women in sports – from grassroots, to collegiate to professional athletes. Learn more about the event here.

Susie Hughes, EVP of Allison London sat down with PR Week to share what advice she’d give to her younger self — “Approach new challenges as opportunities, rather than as things that could go wrong. When things do go wrong – or not as expected – the details quickly fade into funny stories, and the experiences become lessons that make the next challenge easier.”

Assembly

Assembly is producing a panel at its “Metamorphosis” event on March 11th at SXSW. “Money Mavens” aims to democratize finance for the next generation of women, and will feature an all-female panel: “finfluencer” Amanda Wolfe (@Shewolfeofwallstreet), Podcast host and CEO of Scaling Retail, Syama Buntin, Founder and CEO of Wealthbuild.ai Ramona Ortega, Esq., and Editor-in-Chief of InStyle, Sally Holmes. These esteemed experts are changing the face of finance by sharing knowledge and know-how to help women clear debt, manage money, and build wealth – one investment at a time. 

Assembly Europe in partnership with Goodstuff, KWT Global and Stagwell kicked off the International Women’s Day celebration with an engaging panel discussion about “The Power of Emotional Intelligence in the Workplace.” During the panel, leaders explored what it means to embrace emotions and how to leverage them for success, particularly in the workplace, in the hopes of creating awareness and fostering an environment where everyone feels supported in expressing their own emotions.  

Code and Theory

This International Women’s Day, Code and Theory asked creatives and technologists to share thoughts on womanhood, their best industry advice and the change they’d like to see. Explore what female leaders within the agency had to say here.

Crispin Porter + Bogusky London

One in five UK adults think ‘no’ can mean ‘yes’ when it comes to sex – to address national confusion on consent, CPB London launched the “I’m Asking For It” campaign in partnership with Right to Equality. This multi-agency effort led by CPB London, Assembly Europe, Goodstuff and KWT Global raises awareness for consent and asks individuals to join in demanding the UK adopt the Affirmative Consent Standard.

GALE

GALE, Vox Media, and MilkPEP announced an expansive media partnership focused on spotlighting female athletes. The contract is an extension of a longstanding partnership with MilkPEP which aims to break the coverage gap in sports and elevate female athletes of all levels along the way. To celebrate the launch, the companies hosted an inspiring run for allies at SXSW, followed by a panel discussion.

KWT Global

KWT Global asked women within their organization to share their take on what ‘inspiring inclusion’ means. Envisioning a world free of bias, stereotypes, and discrimination – a world where diversity, equity and inclusion are top of mind, female leaders share their vision for the future.

Left Field Labs

Sarah Mehler, founder and CEO of Left Field Labs authored a piece, “Inspiring Disruption: Women Redefining Authentic Leadership,” featured in Little Black Book. Mehler shares career advice and reflects on her experience defining her own path as a female leader.

“On this International Women’s Day, let us celebrate the strides we have made towards a more inclusive and humane approach to leadership and technology. Let us also renew our commitment to being agents of change, pushing forward with courage and a deep belief in the power of human connection.”

Stagwell

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CONTACT:

Sarah Arvizo
pr@stagwellglobal.com

NBCUniversal Returns as Brand Partner, The North Face Joins to Sponsor Rock Climbing Wall

NEW YORK and CANNES, France, March 6, 2024 – Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, announced today additional athletes and brand partners confirmed to activate at Sport Beach 2024 (June 17-20), the flagship sports business destination at the Cannes Lions International Festival of Creativity (Cannes Lions). Six-time NBA All-Star Blake Griffin, three-time Olympic Gold medalist Shaun White, Mexican Captain and Flag Football star Diana Flores, and former NFL player and American Ninja Warrior host Akbar Gbajabiamila join Sport Beach and will participate in featured programming and appearances.

Leading sports media personalities Taylor Rooks and Pablo Torre also join Sport Beach’s programming, bringing their unparalleled journalism and thought leadership to the week’s conversations. Previously, Stagwell announced the return of Sport Beach with athletes Carmelo Anthony, Sue Bird, Hélio Castroneves, Brandon Marshall and Megan Rapinoe confirmed to attend.

“As leaders, innovators, and cultural influencers, Blake, Shaun, and Diana all represent what makes athletes dynamic and interesting in new ways,” said Stagwell Chief Brand and Communications Officer Beth Sidhu. “We’re proud to feature these athletes who are paving the way in their respective sports and industries, and to welcome our new commentators and brand partners to Sport Beach 2024.”

Athletes

  • Diana Flores (flag football) – Star quarterback and captain of Mexico’s National Team. A World Games Gold medalist, Diana also serves as the NFL & IFAF’s Flag Football global ambassador.
  • Akbar Gbajabiamila (football) – Television host and former NFL player. He serves as host of THE TALK, CBS’ Daytime Emmy Award-winning talk show as well as host of NBC’s competition series “American Ninja Warrior.”
  • Blake Griffin (basketball) – A 14-year NBA veteran with six NBA All-Star appearances and the 2011 NBA Rookie of the Year under his belt. The former Slam Dunk Champion has cultivated a reputation for his business acumen and investing prowess and appeared on the cover of the 2019 Forbes 30 under 30. He founded Mortal Media, a Los Angeles- based film and television production company, in 2016 with his partner Ryan Kalil.
  • Shaun White (snowboarding and skateboarding) – One of the greatest action sports athletes of all time. 3x Gold Medal winning Snowboard Champion, becoming the first athlete to compete in both the Winter and Summer games and now Founder of his own snowboard brand,  WHITESPACE.

Journalists

  • Taylor Rooks – An Emmy nominated broadcaster, journalist, and cultural icon known most prominently for her work with Turner Sports/Bleacher Report and Amazon’s Thursday Night Football. For the success of her work, Taylor has been featured in Sports Illustrated: “100 Influential Black Women in Sports” and is considered one of the most influential figures in sports media today.
  • Pablo Torre is one of the most dynamic voices in sports media. Currently, he hosts Pablo Torre Finds Out with Meadowlark Media and previously hosted and contributed to various programs at ESPN, including the television program High Noon with Bomani Jones and the podcast ESPN Daily.

Brand Partners

  • NBCUniversal returns as a premier partner of Sport Beach. As one of the world’s leading media and entertainment companies, NBCUniversal creates world-class content that is distributed across its portfolio of film, television and streaming, and brought to life in its theme parks. A subsidiary of Comcast Corporation, NBCUniversal owns and operates an expansive portfolio of news, entertainment, film, streaming, and television brands.
  • The North Face is a new partner of Sport Beach and will be creating an interactive rock-climbing wall, built to provide a new activity for attendees. Since 1966 The North Face has proudly been a first choice for the world’s most accomplished climbers, mountaineers, extreme skiers, snowboarders, endurance runners, and every-day explorers. The North Face is excited to partner with Sport Beach to bring climbing to Cannes ahead of the 2024 Olympics in Paris this Summer, where the brand will sponsor the Olympic climbing uniforms for the USA, France, Austria, Japan and South Korea.

Stagwell invites brands, athletes, sports leagues/teams, media platforms, journalists, and other interested parties who would like to partner on the ground to reach out to cannescomms@stagwellglobal.com for more information. Sport Beach will be produced by TEAM Enterprises in partnership with Cheerful Twentyfirst.

About Stagwell

Stagwell (NASDAQ: STGW) 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 13,000+ 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.

Media Contact

Sarah Arvizo

pr@stagwellglobal.com

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sxsw2024@stagwellglobal.com

Stagwell is headed to SXSW 2024! Join us and our agencies from March 9-11 for a series of happy hours, panel discussions, fireside chats, dinners, and more. Make sure to check out the full list of events below and reach out to sxsw2024@stagwellglobal.com with questions.

SATURDAY, MARCH 9

CULTURE EQUITY IN WOMEN’S SPORTS

Sport is a driving force in entertainment, culture, business, technology and more. Research shows that 96% of CEOs have played sports, which is no surprise given that athletic participation builds confidence, instills the power of teamwork, and sets individuals up for success. The last decade has seen increased popularity of female sporting events and a greater awareness of pay equity for women in sports. Yet, data shows that there is an alarming number of girls quitting sports due to low body confidence.

This panel will explore the relevant media and cultural influences impacting efforts to level the playing field for girls and women in sports – from grassroots, to collegiate to professional athletes.  

Date: Saturday, March 9th, 2024

Time: 5:30 – 6PM CT

Location: Female Quotient Equality Lounge

Address: Waller Creek Boathouse (74 Trinity St., Austin, TX 78701)

RSVP for the Equality Lounge here.

SUNDAY, MARCH 10

WHAT’S IN A LEGACY? PROTECTING BRAND INTEGRITY WHILE STILL PURSUING GROWTH

Join Freddy Dabaghi, Managing Director at Crispin Porter + Bogusky and Sarah Crockett, Global Chief Marketing Officer at Nature’s Sunshine for a 1:1 fireside chat discussing how to protect brand integrity while pursuing growth and building a legacy.  

Date: Sunday, March 10th, 2024

Time: 12:45PM CT

Location: Brand Innovators, Patio Stage

Address: Lambert’s Austin – (401 W 2nd St Austin, TX 78701)

Register for the Brand Innovators Marketing Leadership Summit at SXSW here

BRAND TRANSFORMATION IS BUSINESS TRANSFORMATION

Join Michelle Froah, Global Chief Marketing & Innovation Officer, ETS and Michael Treff, CEO of Code and Theory for a 1:1 fireside chat discussing how brand transformation is business transformation.

Date: Sunday, March 10th, 2024

Time: 3:30PM CT

Location: Brand Innovators, Patio Stage

Register for the Brand Innovators Marketing Leadership Summit at SXSW here

ATHLETE AS A BRAND: CREATIVE AUTHENTIC CONNECTIONS

Join Brandon Marshall, former NFL Player, Beth Lester Sidhu, Chief Brand and Communications Officer at Stagwell and Kalen Thornton, VP of Sports, Entertainment and Gaming at PepsiCo for a panel discussion on the best ways to create authentic relationships with athletes so they can make the most out of their own personal brand while driving new values for consumers.

Date: Sunday, March 10th, 2024

Time: 4 – 5PM CT

Location: Four Seasons, Ballroom CD

View full panel details here.

SXSW OFFICIAL COCKTAIL PARTY | STAGWELL x SPORTICO

Join us and our partners at Sportico to celebrate the SXSW Sports track and the return of SPORT BEACH 2024. 

Date: Sunday, March 10th, 2024

Time: 5 -7PM CT

Location: Four Seasons, Back Lawn

Let us know you are coming here.

IS SPATIAL THE NEW SOCIAL? PRIVATE DINNER WITH STAGWELL & ON_DISCOURSE

I guess we’re calling it Spatial now? Join Stagwell, together with ON_Discourse, for an invite-only dinner with leading innovators during SXSW 2024 for some rigorous debate and excellent local food.

Date: Sunday, March 10th, 2024

Time: 7:30PM CT

Location: Shared upon RSVP

Want to learn more? Reach out to sxsw2024@stagwellglobal.com

MONDAY, MARCH 11

AR: TRANSFORMING SOCIAL INTERACTIONS & LIVE EVENTS

Join Fotoulla Damaskos, EVP, Brand Strategy & Innovation at NRG, Evan Entler, Vice President, Digital Media at Minnesota United FC, Dana Ware, Chief Creative Officer at ARound, Gerald Youngblood, Chief Marketing Officer at Lenovo for a dynamic panel delving into Augmented Reality’s (AR) transformative role in social interactions and live events.

Date: Monday, March 11th, 2024

Time: 11AM -12:30PM CT

Location: Fairmont Austin (101 Red River Street f6, Austin, TX 78701)

View the full panel details here.

ASSEMBLY & DOTDASH PRESENT | METAMORPHOSIS @ SXSW

Date: Monday, March 11th, 2024

Time: 1 – 7PM CT

Location: Soho House (1011 S Congress Ave Building 2, Suite 100, Austin, TX 78704)

Register for the event here by March 6 to secure your spot. 

PANEL & COCKTAIL HOUR | REDSCOUT x PREACHER

Time: 3 – 5:30PM CT

Location: Preacher Gallery

RSVP here: PREACHER X RED SCOUT PRESENT STORIES OF SURVIVING AND THRIVING (splashthat.com)

 

 

If you want to connect with Stagwell in Austin, TX during this year’s SXSW, please reach out to sxsw2024@stagwellglobal.com. 

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PR Contact:
Beth Sidhu
beth.sidhu@stagwellglobal.com





NEW YORK, Feb. 28, 2024 /PRNewswire/ — Stagwell Inc. (NASDAQ: STGW) (the “Company”) announced today the grant of equity inducement awards. Effective February 23, 2024, the Company granted a total of 21,593 restricted stock units to four new employees. Each restricted stock unit represents the right to receive one share of the of the Company’s Class A common stock. The restricted stock units will vest in two installments, with one-third vesting on the second anniversary of the grant date and two-thirds vesting on the third anniversary of the grant date. The restricted stock units are subject to accelerated vesting upon (i) termination of employment by the Company without Cause or (ii) death or disability. The Company granted these awards as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

For more information on Stagwell, please visit www.stagwellglobal.com

About Stagwell

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 13,000+ 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.

PR Contact:
Beth Sidhu
Beth.sidhu@stagwellglobal.com

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Stagwell PR Contact
Sarah Arvizo
pr@stagwellglobal.com






Expects 2024 Organic Net Revenue Growth of 5% to 7%; Adjusted EBITDA of $400 million to $450 million; Free Cash Flow Conversion of ~50%

Net Revenue Growth of 31% from Stagwell Marketing Cloud Group in FY23

Growth of 13% in International Net Revenue in FY23, Led by 17% Growth in EMEA

$65 million of net new business in Q4; LTM net new business exceeds $270 million

FY Revenue of $2,527 million; FY Net revenue of $2,147 million

FY Net Income of $42 million; FY Adjusted EBITDA of $360 million

NEW YORK, Feb. 27, 2024 /PRNewswire/ — (NASDAQ: STGW) – Stagwell Inc. (“Stagwell”) today announced financial results for the year ended December 31, 2023.

Mark Penn, Chairman and CEO, said, “Despite a challenging year for marketing services and digital transformation—accentuated by our client mix—Stagwell grew share with some of our largest customers in 2023, took prudent steps to manage our costs, and invested in digital innovation to stay ahead of the future of marketing. In Q4 we returned to sequential net revenue growth, sold a non-core asset for significantly above our initial investment, and saw our tech company clients begin to re-engage.” 

“2024 promises to be a year of growth and expanded margin as we go into the political season and our AI and AR products come to market – including inclusion of ARound into Major League Baseball’s native Ballpark app.  We will be helping our clients transform with the three E’s of AI – enabling stronger operations, adding efficiency to marketing and helping revolutionize their engagement with consumers.”

Frank Lanuto, Chief Financial Officer, commented: “Management faced ongoing macroeconomic headwinds during the fourth quarter and responded with decisive actions to align costs with revenues, resulting in an adjusted EBITDA margin of 17 percent. Through the end of fiscal 2023, we have delivered – ahead of schedule – the $30 million in synergies that we promised at the time of our merger in 2021 and are now well underway with our goal of achieving the incremental $35 million of cost savings we announced earlier this year. Our sale of ConcentricLife during the quarter resulted in a significant gain which drove net income, reduced our debt and lowered leverage at year end.” 

Financial Outlook

2024 financial guidance is as follows:

  • Organic Net Revenue growth of 5% to 7%
  • Organic Net Revenue excluding Advocacy growth of 4% to 5%
  • Adjusted EBITDA of $400 million to $450 million
  • Free Cash Flow Conversion of approximately 50%
  • Adjusted EPS of $0.75  $0.88
  • Guidance assumes no impact from foreign exchange, acquisitions or dispositions.

* The Company has excluded a quantitative reconciliation with respect to the Company’s 2024 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.

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS:

  • Completed the sale of ConcentricLife to Accenture in Q4 for gross proceeds of $245 million, resulting in a taxable gain of $175 million
  • Q4 net new business of $65 million; FY23 net new business of more than $270 million
  • Q4 revenue of $655 million; FY23 revenue of $2,527 million, a decrease of 6% versus the prior year period
  • Q4 net revenue of $551 million; FY23 net revenue of $2,147 million, a decrease of 3% versus the prior year period
  • Q4 organic net revenue declined 7% versus the prior year period and 5% ex-Advocacy; FY23 organic net revenue declined 6% versus the prior year period and 4% ex-Advocacy
  • Q4 net revenue from international increased 3%, led by an increase of 19% in the United Kingdom; FY23 net revenue from international increased 13%, led by increases of 17% in EMEA, and 5% in APAC
  • Q4 net income of $46 million versus net loss of $43 million in the prior year period; FY23 net income of $42 million versus net income of $50 million in the prior year period
  • Q4 Adjusted EBITDA of $95 million; FY23 Adjusted EBITDA of $360 million, a decrease of 20% versus the prior year period
  • Q4 Adjusted EBITDA Margin of 17% on net revenue; FY23 Adjusted EBITDA Margin of 17% on net revenue
  • Q4 earnings per share attributable to Stagwell Inc. common shareholders of $0.00; FY23 earnings per share attributable to Stagwell Inc. common shareholders of $0.00
  • Q4 Adjusted earnings per share attributable to Stagwell Inc. common shareholders of $0.12; FY23 Adjusted earnings per share of $0.57

2022 Revised Consolidated Financial Statements

In connection with the preparation of the consolidated financial statements during 2023, the Company identified errors in the areas of income taxes as well as accumulated other comprehensive loss in its previously filed 2022 annual consolidated financial statements. As a result, the 2022 financial statements included herein have been revised to reflect the correction of the errors. The primary change to the 2022 income statement was an increase in tax expense of approximately $18 million compared to the previously filed 2022 financial statements. The Company’s 2023 Form 10-K will include disclosure providing further details of the revision.

Video Webcast

Management will host a video webcast on Tuesday, February 27, 2024, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the year ended December 31, 2023. The video webcast will be accessible at https://stgw.io/Earnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the webcast.

A recording of the webcast will be accessible one hour after the webcast 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 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.

Contacts

For Investors: 
Ben Allanson
Ir@stagwellglobal.com 

For Press:
Beth Sidhu
Pr@stagwellglobal.com 

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:

(1) Organic Revenue: “Organic revenue growth” and “Organic revenue decline” reflects the year-over-year change in the Company’s reported net revenue attributable to the Company’s management of the entities it owns. We calculate organic net revenue growth (decline) by subtracting the net impact of acquisitions (divestitures) and the impact of foreign currency exchange fluctuations from the aggregate year-over-year increase or decrease in the Company’s reported net revenue. The net impact of acquisitions (divestitures) reflects the year-over-year change in the Company’s reported net revenue attributable to the impact of all individual entities that were acquired or divested in the current and prior year. We calculate impact of an acquisition as follows: (a) for an entity acquired during the current year, we present the entity’s prior year net revenue for the same period during which we owned it in the current year as impact of the acquisition in the current year; and (b) for an entity acquired in the prior year, we present the entity’s prior year net revenue for the period during which we did not own the entity in the prior year as impact of the acquisition in the current year. We calculate impact of a divestiture as follows: (a) for a divestiture in the current year, we present the entity’s prior year net revenue for the same period during which we no longer owned it in the current year as impact of the divestiture in the current year; and (b) for a divestiture in the prior year, we present the entity’s prior year net revenue for the period during which we owned it in the prior year as impact of the divestiture in the current year. We calculate the impact of any acquisition or divestiture without adjusting for foreign currency exchange fluctuations. The impact of foreign currency exchange fluctuations reflects the year-over-year change in the Company’s reported net revenue attributable to changes in foreign currency exchange rates. We calculate the impact of foreign currency exchange fluctuations for the portion of the reporting period in which we recognized revenue from a foreign entity in both the current year and the prior year. The impact is calculated as the difference between (1) reported prior period net revenue (converted to U.S. dollars at historical foreign currency exchange rates) and (2) prior period net revenue converted to U.S. dollars at current period foreign exchange rates.

(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) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding, (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.

(5) 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.

(6) 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 document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance and future prospects, business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “create,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “guidance,” “intend,” “look,” “may,” “opportunity,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.

Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking 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. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. 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.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors 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;
  • and demand for the Company’s services, which may precipitate or exacerbate other risks and uncertainties;
  • inflation and actions taken by central banks to counter inflation;
  • 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 that complement and expand the Company’s business capabilities;
  • the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;
  • adverse tax consequences for the Company, its operations and its stockholders, that may differ from the expectations of the Company, including that future changes in tax laws, potential increases to corporate tax rates in the United States and disagreements with tax authorities on the Company’s determinations may result in increased tax costs;
  • adverse tax consequences in connection with the Transactions, including the incurrence of material Canadian federal income tax (including material “emigration tax”);
  • the Company’s unremediated 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 conflicts between Russia and Ukraine and in Israel and Gaza), 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 2022 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2023, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.

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