Stagwell Inc (STGW) 2022 Q4 法說會逐字稿

Good morning from Stagwell's headquarters at One World Trade Center in New York City, and welcome to Stagwell Inc.'s earnings webcast for Q4 and full year 2022. My name is Jason Reid, Chief Investment Officer at Stagwell. I'm here joined by Mark Penn, Stagwell's Chairman and Chief Executive Officer; and Frank Lanuto, Chief Financial Officer. Mark will begin with a business update followed by a full financial review from Frank. We will then proceed to a discussion with Barton Crockett from Rosenblatt Securities and open the floor for Q&A. You are welcome to submit questions through the chat function.

早上好，來自位於紐約市世貿中心一號大樓的 Stagwell 總部，歡迎收看 Stagwell Inc. 的第四季度和 2022 年全年收益網絡廣播。我叫 Jason Reid，Stagwell 首席投資官。 Stagwell 的董事長兼首席執行官 Mark Penn 和我一起來到這裡；和首席財務官 Frank Lanuto。馬克將首先介紹業務更新，然後是弗蘭克的全面財務審查。然後，我們將繼續與 Rosenblatt Securities 的 Barton Crockett 進行討論，並開放問答環節。歡迎您通過聊天功能提交問題。

As 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 include 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. Unless otherwise stated, comparisons to prior full year periods discussed on this webcast will be pro forma for the combination, giving full effect to historical results as if the combination had been completed on January 1, 2021.

在我們開始之前，我想提醒您以下評論包括前瞻性陳述和非 GAAP 財務數據。關於公司的前瞻性陳述包括與收益指導相關的陳述，受我們的收益發布、幻燈片演示和公司向美國證券交易委員會提交的文件中提到的不確定性和風險因素的影響。除非另有說明，否則本次網絡廣播中討論的與之前全年期間的比較將是合併的形式，充分影響歷史結果，就好像合併已於 2021 年 1 月 1 日完成。

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, examples, explanations and reconciliations of non-GAAP financial data. And with that, I'll turn it over to our Chairman and CEO, Mark Penn.

請參閱我們的網站 stagwellglobal.com/investors 以獲取投資者介紹和其他資源。今天上午的新聞稿和幻燈片提供了非 GAAP 財務數據的定義、示例、解釋和調節。然後，我將把它交給我們的董事長兼首席執行官 Mark Penn。

Thank you, Jason. Stagwell closed out 2022 with industry-leading double-digit growth, strong margin expansion, record free cash flow, record earnings per share and a net debt ratio significantly below our year-end target. We promised to transform marketing, building game-changing AI and AR products and services as we continue to grow and transform both our business and the industry.

謝謝你，傑森。 Stagwell 以行業領先的兩位數增長、強勁的利潤率擴張、創紀錄的自由現金流、創紀錄的每股收益以及遠低於我們年底目標的淨負債率結束了 2022 年。我們承諾，隨著我們業務和行業的不斷發展和轉型，我們將轉變營銷方式，構建改變遊戲規則的 AI 和 AR 產品和服務。

In 2022, Stagwell had a record $2.7 billion in revenue, achieving a 21% overall revenue growth and 19% organic growth. On a net revenue basis, we achieved 15% growth, 14% organically. This growth was led by our digital transformation services, performance media and research offerings. In line with our strategic focus on global expansion, Stagwell grew 26% internationally, about twice as fast as in North America.

2022 年，Stagwell 的收入達到創紀錄的 27 億美元，實現了 21% 的整體收入增長和 19% 的有機增長。在淨收入的基礎上，我們實現了 15% 的增長，有機增長 14%。這一增長是由我們的數字化轉型服務、表演媒體和研究產品帶動的。根據我們對全球擴張的戰略重點，Stagwell 在國際上增長了 26%，大約是北美增長速度的兩倍。

In Q4, we also grew by double digits, marking 6 consecutive quarters of double-digit growth. All this in the face of market headwinds and a difficult economy tempered by rising interest rates. We delivered 20.3% EBITDA margin on net revenue for the full year as we controlled our labor costs benefited from the even year advocacy cycle and reduced our comp to net revenue ratio to 62.7%. This generated over $450 million of EBITDA, $270 million of free cash flow, a 60% conversion ratio. We delivered $0.90 of adjusted earnings per share and this performance in turn drove our net debt ratio down to 2.17x significantly below our previous target of 2.5x and placing overall net debt on December 31 at $979 million.

在第四季度，我們也實現了兩位數的增長，連續 6 個季度實現兩位數增長。面對市場逆風和利率上升緩和的困難經濟，所有這一切。我們實現了全年淨收入的 20.3% 的 EBITDA 利潤率，因為我們控制了我們的勞動力成本，受益於偶數年的宣傳周期，並將我們的補償與淨收入的比率降低到 62.7%。這產生了超過 4.5 億美元的 EBITDA、2.7 億美元的自由現金流和 60% 的轉換率。我們實現了 0.90 美元的調整後每股收益，這一業績反過來將我們的淨債務比率降至 2.17 倍，大大低於我們之前設定的 2.5 倍目標，並將 12 月 31 日的整體淨債務定為 9.79 億美元。

We also invested over $7 million out of OpEx in the new cloud product teams, and we'll continue to expand that level of investment to $12 million next year as we -- or this year as we bring new products to market. Our Q4 revenue topped $700 million. We closed out the year with a 21.1% on adjusted EBITDA margin on net revenue. We are reaffirming our long-term annual organic growth target of 10% to 12%. Stagwell is achieving consistent double-digit annual organic growth in the ex-advocacy parts of the business and even higher growth in advocacy years. And we expect to exceed this target in the '24 to '25 cycle.

我們還在新的雲產品團隊中從 OpEx 中投資了超過 700 萬美元，並且我們將在明年或今年將新產品推向市場時繼續將投資水平擴大到 1200 萬美元。我們第四季度的收入超過 7 億美元。我們以 21.1% 的調整後 EBITDA 淨收入利潤率結束了這一年。我們重申 10% 至 12% 的長期年度有機增長目標。 Stagwell 在業務的前宣傳部分實現了持續的兩位數年度有機增長，並且在宣傳年中實現了更高的增長。我們希望在 24 到 25 週期內超過這個目標。

Recall that our overall growth is a combination of organic growth, self-funded acquisitions and the creation of the Stagwell Marketing Cloud, all of which are on or above plan. Based on the metrics of growth, margin, EBITDA, cash flow, adjusted EPS that we are consistently delivering at scale. Our stock remains significantly undervalued. I'll take my word for it, ask the growing set of analysts who cover us.

回想一下，我們的整體增長是有機增長、自籌資金收購和創建 Stagwell 營銷雲的結合，所有這些都在或超出計劃。基於我們持續大規模交付的增長、利潤率、EBITDA、現金流、調整後每股收益等指標。我們的股票仍然被嚴重低估。我會相信我的話，問越來越多的覆蓋我們的分析師。

The state of Stagwell remains vibrant despite the headwinds of a too hot too cool economy. Some clients, especially the tech companies are holding back work early in the year as they rightsize their staffing. But we expect full resumption of that work as they stabilize their workforce. But there is no slowdown in RFPs, which are coming in at record rates. We continue to push the envelope of what a well-managed digital-first company can do.

儘管經濟太熱太冷，但 Stagwell 州仍然充滿活力。一些客戶，尤其是科技公司在今年早些時候推遲了工作，因為他們調整了人員配置。但我們預計，隨著他們穩定勞動力，該工作將全面恢復。但 RFP 並沒有放緩，它們以創紀錄的速度進入。我們繼續挑戰一家管理良好的數字優先公司所能做的事情。

Today, we're announcing another $35 million drive over the next 2 years to cut administrative expenses, as we close out the final round of deal-related synergies later this year. This will contribute to expanding margins. These new savings will be above and beyond the past efforts as we streamline IT, HR, real estate and other centralized offerings. All made possible by the new systems coming online now. We are also announcing a doubling of the stock buyback program to $250 million from $125 million. We bought back 7.2 million shares in 2022. We are setting 2.0x as the long-term net leverage target lowering it from 2.5x We will continue to use our free cash flow for 3 purposes, making prudent investments to augment our growth in tech services and expand our global footprint, paying off existing investments and three, buying back our stock or otherwise supporting our shareholders through debt reduction.

今天，我們宣佈在未來 2 年內再投入 3500 萬美元來削減行政開支，因為我們將在今年晚些時候結束最後一輪與交易相關的協同效應。這將有助於擴大利潤率。隨著我們簡化 IT、人力資源、房地產和其他集中式服務，這些新的節省將超越過去的努力。現在上線的新系統使這一切成為可能。我們還宣布將股票回購計劃從 1.25 億美元增加一倍至 2.5 億美元。我們在 2022 年回購了 720 萬股股票。我們將長期淨槓桿目標從 2.5 倍降至 2.0 倍。我們將繼續將自由現金流用於 3 個目的，進行審慎投資以促進我們在科技服務領域的增長擴大我們的全球足跡，償還現有投資和三，回購我們的股票或通過減少債務來支持我們的股東。

We continued this year to reduce forward deferred acquisition costs, bringing them to about $60 million in cash in 2023. DAC is scheduled to drop to de minimis levels in 2025, reflecting our strategy of growing fully owned properties.

我們今年繼續降低遠期遞延購置成本，到 2023 年將其現金減至約 6000 萬美元。DAC 計劃在 2025 年降至最低水平，這反映了我們發展全資財產的戰略。

In 2022, we used less than 1/3 of our free cash flow for new acquisitions, including Brand New Galaxy, an e-commerce company that uses AI to improve online shopping or leading SaaS research platform that is part of the Stagwell Marketing Cloud and Epicenter Experience, we named the people platform, a location data company within SMC and that augments our media performance and valuation. Stagwell is gaining share and reputation in the marketing arena. RFPs increasingly includes Stagwell alongside global competitors, and we win a disproportionate share of them.

2022 年，我們將不到 1/3 的自由現金流用於新收購，包括使用人工智能改善在線購物的電子商務公司 Brand New Galaxy 或作為 Stagwell Marketing Cloud 一部分的領先 SaaS 研究平台，以及Epicenter Experience，我們將人員平台命名為 SMC 內的位置數據公司，它增強了我們的媒體性能和估值。 Stagwell 在營銷領域獲得了份額和聲譽。越來越多的 RFP 包括 Stagwell 和全球競爭對手，我們贏得了其中不成比例的份額。

In 2022, Stagwell was invited to a record $1 billion of pitches. Q4 net new business was $42 million, bringing 2022 total net new business to a healthy $213. We're increasingly successful at executing a land and expand client strategy. Our top 25 clients contributed a record average of $6.3 million in net revenue per client in Q4, up from $6.1 million in Q3. We achieved 28% growth in business from our top 25 clients for the full year, bringing our annualized average of each major client to $24 million.

2022 年，Stagwell 受邀參加了創紀錄的 10 億美元推介會。第 4 季度淨新業務為 4200 萬美元，使 2022 年淨新業務總額達到 213 美元。我們在執行土地和擴大客戶戰略方面越來越成功。我們排名前 25 位的客戶在第四季度為每個客戶貢獻了 630 萬美元的平均淨收入，高於第三季度的 610 萬美元。全年，我們前 25 大客戶的業務增長了 28%，使我們每個主要客戶的年均收入達到 2400 萬美元。

Technology, food, beverage, experiential, transportation and travel clients drove the largest gains in this group. Notable Q4 wins include (inaudible) at GALE (inaudible) at Instrument and a joint win between Forsman & Bodenfors and Assembly for global brand duties at the Mandarin Oriental Hotel Group.

技術、食品、飲料、體驗、運輸和旅遊客戶推動了這一群體的最大收益。值得注意的第四季度勝利包括（聽不清）在 GALE（聽不清）在 Instrument 以及 Forsman & Bodenfors 和 Assembly 在文華東方酒店集團的全球品牌責任方面的聯合勝利。

For the full year, we picked up significant accounts on Audible, 72andSunny, Bud Light at Anomaly, T. Rowe Price at Assembly, Lenovo, and Assembly (inaudible) and Doner Dropbox at Gale and AT&T Mexico at YML. Three key industry trends are working in our favor and will work for us in the long term as we position Stagwell at the frontier of marketing.

全年，我們在 Audible、72andSunny、Anomaly 的 Bud Light、Assembly、Lenovo 和 Assembly（聽不清）的 T. Rowe Price 以及 Gale 的 Doner Dropbox 和 YML 的 AT&T Mexico 獲得了重要客戶。三個關鍵的行業趨勢對我們有利，並將長期為我們服務，因為我們將 Stagwell 定位在營銷前沿。

First, media and creative are coming together, our creative media consultancy Gale grew 140% in 2022. We're bringing 2 disciplines together 2 disciplines together across Stagwell and giving media capability to all our major creative agencies so that they can plan and execute online campaigns. This is opening up scores of new pitches that generate long-standing client relationships.

首先，媒體和創意融合在一起，我們的創意媒體諮詢公司 Gale 在 2022 年增長了 140%。我們將 Stagwell 的兩個學科結合在一起，並為我們所有主要的創意機構提供媒體能力，以便他們可以在線規劃和執行活動。這開闢了許多新的推銷渠道，從而建立了長期的客戶關係。

Second, every company is not only becoming a digital company, but also becoming a digital marketing company. Businesses need to market to a set of targeted consumers based on data across addressable mediums. Our companies and services are best oriented to service those consumers as 57% of our services are high-growth digital services. Digital transformation grew 33% in 2022. Performance Media and Data grew 18%, and consumer insights and strategy grew 32%.

其次，每家公司不僅要成為一家數字公司，還要成為一家數字營銷公司。企業需要根據跨可尋址媒體的數據向一組目標消費者進行營銷。我們的公司和服務最適合為這些消費者提供服務，因為我們 57% 的服務是高增長的數字服務。數字化轉型在 2022 年增長了 33%。績效媒體和數據增長了 18%，消費者洞察和戰略增長了 32%。

Third, we are getting ahead of the next wave of technology with the Stagwell Marketing Cloud. We've unveiled our stadium augmented reality experience called ARound, developed with the Minnesota Twins and held the largest virtual snowball fight in history with the LA Rams. Users engage with the ARound app for an average of 25 minutes each opening up vast sponsorship potential beginning with so far as our first sponsor as we aim to take augmented reality to every stadium and every sport in the world.

第三，我們正在通過 Stagwell 營銷雲引領下一波技術浪潮。我們推出了名為 ARound 的體育場增強現實體驗，該體驗由明尼蘇達雙城隊開發，並與洛杉磯公羊隊舉行了歷史上最大的虛擬雪球大戰。用戶平均每次使用 ARound 應用程序的時間為 25 分鐘，打開了巨大的讚助潛力，從我們的第一個贊助商開始，我們的目標是將增強現實技術帶到世界上的每個體育場和每項運動中。

Additionally, a large PR agency just signed on to our generative AI-based communications technology product PRophet that helps PR professionals right and pitch the most effective news release.

此外，一家大型公關機構剛剛簽署了我們基於 AI 的生成通信技術產品 PPhet，該產品可幫助公關專業人員正確和推介最有效的新聞發布。

Our next version of the product in beta now. We'll write the first draft of a news release and refine it based on AI feedback. PRophet came out #1 in a recent competition more than 750 tech products in the public relations space. Among other Stagwell marketing cloud products, The Harris brand terminal is growing at nearly 100% per year. We're progressing in the development and deployment of our media studio product, which by next year, will place us in direct competition with the Trade Desk, leveraging our $5 billion of media that we place to train and perfect our models.

我們的產品的下一個版本現在處於測試階段。我們將撰寫新聞稿的初稿，並根據 AI 反饋對其進行完善。 PPhet 在最近的公關領域 750 多種科技產品競賽中名列第一。在其他 Stagwell 營銷雲產品中，Harris 品牌終端每年以近 100% 的速度增長。我們正在開發和部署我們的媒體工作室產品，到明年，我們將與 Trade Desk 直接競爭，利用我們投入的 50 億美元媒體來訓練和完善我們的模型。

By 2024, we expect SMC services to contribute significantly to the bottom line, building to $500 million in SaaS, SaaS and advanced media platform services by 2027.

到 2024 年，我們預計 SMC 服務將為利潤做出重大貢獻，到 2027 年在 SaaS、SaaS 和高級媒體平台服務方面達到 5 億美元。

Stagwell continues to be best positioned in the industry amidst the digital revolution and marketing. Our performance-based media division is ideally situated to benefit from the growth of connected TV while competitors struggle with the transition. Our research is fast, agile and sophisticated commanding a premium in the marketplace as companies need more advice than ever in an uncertain world. And our digital transformation division takes on ever more complex projects on creating online publications to advising on Web3 implementation. All of other creative's turn out top-rated Super Bowl commercials. Anomaly which was behind the famous Ben Affleck Commercial won Adweek's 2022 Agency of the Year.

Stagwell 在數字革命和營銷領域繼續處於行業領先地位。我們基於績效的媒體部門處於理想的位置，可以從聯網電視的增長中受益，而競爭對手則在轉型中苦苦掙扎。我們的研究快速、敏捷和復雜，在市場上佔據優勢，因為在不確定的世界中，公司比以往任何時候都需要更多的建議。我們的數字轉型部門承擔了越來越複雜的項目，包括創建在線出版物以就 Web3 實施提供建議。所有其他的創意都變成了收視率最高的超級碗廣告。著名的 Ben Affleck Commercial 背後的 Anomaly 贏得了 Adweek 的 2022 年度代理商。

In 2023, we expect to deliver 7.5% to 10% net organic growth and $450 million to $490 million in EBITDA in line with our long-term targets. We expect free cash flow to again be in the 50% to 60% range and that should generate between $0.90 to $1.05 of adjusted EPS. Remember that our high-margin advocacy businesses are semi dormant odd years and then add to the growth rates in even years. We're once again guiding double-digit growth, 10% to 14% in the ex-advocacy services and believe we have hedged for a difficult economy in these projections.

到 2023 年，我們預計將實現 7.5% 至 10% 的淨有機增長和 4.5 億至 4.9 億美元的 EBITDA，以符合我們的長期目標。我們預計自由現金流將再次處於 50% 至 60% 的範圍內，這應該會產生 0.90 美元至 1.05 美元的調整後每股收益。請記住，我們的高利潤宣傳業務在奇數年處於半休眠狀態，然後在偶數年增加增長率。我們再次引導前宣傳服務實現兩位數增長，即 10% 至 14%，並且相信我們已經在這些預測中對沖了經濟困難。

We expect 2024 to be a year in which advocacy, the economy Stagwell Marketing Cloud come together to accelerate growth even higher. Our strategy is working. We're generating results double or more than traditional competitors because of accelerated growth of our high-growth digital services, and we're achieving expanded client relationships through global scale, yet we are not standing still. We're innovating with the Stagwell Marketing Cloud and AI and AR experiences that put us at the forefront of the industry.

我們預計 2024 年將是宣傳、經濟 Stagwell 營銷雲共同加速增長的一年。我們的策略正在奏效。由於我們高增長的數字服務的加速增長，我們產生的結果是傳統競爭對手的兩倍或更多，並且我們正在通過全球範圍擴大客戶關係，但我們並沒有停滯不前。我們正在通過 Stagwell 營銷雲以及 AI 和 AR 體驗進行創新，這使我們處於行業的前沿。

Now Frank Lanuto will need a deeper review. But first, enjoy a short film made by our own company, 2022's highlights.

現在 Frank Lanuto 需要更深入的審查。但首先，請欣賞我們自己公司製作的短片，2022 年的亮點。

(presentation)

（推介會）

Thanks, Mark. Good morning, everyone. We're pleased to have you join us today to discuss our Q4 and full year results. As has been the case with our recent post-merger results, my comments today will include a limited discussion of our GAAP results as they pertain to the full year, followed by pro forma comments for the full year.

謝謝，馬克。大家，早安。我們很高興您今天加入我們討論我們的第四季度和全年業績。與我們最近的合併後結果一樣，我今天的評論將包括對我們的 GAAP 結果的有限討論，因為它們與全年有關，然後是全年的備考評論。

Beginning in Q4, we no longer have quarterly pro forma results to report, as we have anniversaried the merger from August 2021. The full year pro forma combined results are presented as if the business combination had occurred on January 1, 2021. Our Q4 revenue was $708 million, an increase of 16% over the prior year. Full year revenue grew 21% to $2.7 billion, both marked records for the company. Q4 net revenue, excluding pass-through costs, grew 12% to $583 million. For the full year, net revenue increased 15% to $2.22 billion, again, records for the company.

從第四季度開始，我們不再需要報告季度備考結果，因為我們從 2021 年 8 月起慶祝了合併。全年備考合併結果的呈現方式就好像企業合併發生在 2021 年 1 月 1 日一樣。我們的第四季度收入為 7.08 億美元，比上年增長 16%。全年收入增長 21% 至 27 億美元，均創下公司的記錄。不包括轉嫁成本的第四季度淨收入增長 12% 至 5.83 億美元。全年淨收入增長 15% 至 22.2 億美元，再次刷新公司記錄。

When reviewing our revenue, based on our 4 principal capabilities, digital transformation organic net revenue increased by 21% and 33% in Q4 and the full year, respectively. Net revenue in Performance Media and Data increased by 12% and 18% in Q4 and the full year, respectively.

在回顧我們的收入時，根據我們的 4 項主要能力，數字化轉型有機淨收入在第四季度和全年分別增長了 21% 和 33%。 Performance Media 和 Data 的淨收入在第四季度和全年分別增長了 12% 和 18%。

In consumer insights and strategy, organic net revenue grew 17% and 25% in Q4 and the full year, respectively, as our research-related businesses continued to perform strongly. And finally, creativity and communications grew organic net revenue by 3% and 5% in Q4 and the full year, respectively. Shifting to operating expenses. The company continued to manage costs carefully in 2022. Despite the highest level of inflation in decades, we were effective in controlling our single largest expense and improved our compensation to revenue ratio to 62.7% in 2022, down from 64.2% a year ago.

在消費者洞察和戰略方面，由於我們的研究相關業務繼續表現強勁，第四季度和全年的有機淨收入分別增長了 17% 和 25%。最後，創意和傳播業務在第四季度和全年的有機淨收入分別增長了 3% 和 5%。轉向運營費用。公司在 2022 年繼續謹慎管理成本。儘管通貨膨脹率達到幾十年來的最高水平，但我們有效地控制了我們最大的單項支出，並將我們的薪酬與收入比率從一年前的 64.2% 提高到 2022 年的 62.7%。

Since our merger, the company has increased the use of equity awards to drive financial performance and improve the retention of key talent. For 2022, stock-based compensation represented 1.5% of net revenue, down from 3.6% in '21 and consistent with our estimate of 1.5%. And Administrative costs rose 22% to $378 million versus the prior year, in line with our revenue growth. While some of these costs increased with our sales activity, and T&E increased above pandemic lows, we continue to reduce our real estate costs by consolidating our footprint in Los Angeles in 2022 and have plans to consolidate further in Los Angeles, London, Chicago and Toronto in 2023.

自合併以來，公司增加了股權獎勵的使用，以推動財務業績並留住關鍵人才。到 2022 年，基於股票的薪酬占淨收入的 1.5%，低於 21 年的 3.6%，與我們估計的 1.5% 一致。行政成本與上一年相比增長 22% 至 3.78 億美元，這與我們的收入增長一致。雖然其中一些成本隨著我們的銷售活動而增加，並且 T&E 增加到高於大流行低點，但我們通過在 2022 年鞏固我們在洛杉磯的足跡來繼續降低我們的房地產成本，併計劃在洛杉磯、倫敦、芝加哥和多倫多進一步鞏固2023年。

We are targeting a further reduction in annual real estate costs by $3 million to $4 million. As a result of our strong revenue growth and effective cost management, we delivered record adjusted EBITDA of $123 million in Q4, up 19% from the prior year and $451 million for the full year, also higher by 19% from the prior year. We also expanded our adjusted EBITDA margin by 120 basis points in Q4 to 21.1% and by 70 basis points for the full year to 20.3%. For the year, we delivered net income to Stagwell Inc. common shareholders of $27 million, up from $21 million a year ago and EPS of $0.17 a share up from a loss of $0.04 a share a year ago.

我們的目標是將每年的房地產成本進一步降低 300 萬至 400 萬美元。由於我們強勁的收入增長和有效的成本管理，我們在第四季度實現了創紀錄的調整後 EBITDA 1.23 億美元，比上年增長 19%，全年為 4.51 億美元，也比上年增長 19%。我們還在第四季度將調整後的 EBITDA 利潤率擴大了 120 個基點，達到 21.1%，全年擴大了 70 個基點，達到 20.3%。今年，我們為 Stagwell Inc. 普通股股東帶來的淨收入為 2700 萬美元，高於一年前的 2100 萬美元，每股收益為 0.17 美元，高於一年前的每股虧損 0.04 美元。

Normalizing for certain onetime and noncash items, we delivered adjusted net income of $63 million or $0.22 per share in Q4 and $268 million or $0.90 per share for the full year. With respect to our ongoing initiatives and specifically our previously discussed core synergy program. We expect to complete the program during 2023 and achieve the $30 million in annual run rate cost savings. We are not slowing our efforts. We have nearly completed our rollout of a global ERP and have initiated the deployment of a global payroll system, which we expect to complete by early 2024.

將某些一次性和非現金項目標準化後，我們在第四季度實現了 6300 萬美元或每股 0.22 美元的調整後淨收入，全年實現了 2.68 億美元或每股 0.90 美元的調整後淨收入。關於我們正在進行的計劃，特別是我們之前討論的核心協同計劃。我們預計將在 2023 年完成該計劃，並實現每年 3000 萬美元的運行成本節約。我們並沒有放慢我們的努力。我們幾乎完成了全球 ERP 的推出，並開始部署全球薪資系統，我們預計將在 2024 年初完成。

These financial systems will allow us to continue our plan to expand our shared service operations, consolidate our accounting back office and ultimately reduce costs further. As Mark said, we are targeting an additional $35 million of administrative cost savings over the next 2 years.

這些財務系統將使我們能夠繼續擴大我們的共享服務運營、整合我們的會計後台並最終進一步降低成本的計劃。正如 Mark 所說，我們的目標是在未來 2 年內額外節省 3500 萬美元的管理成本。

Moving to our balance sheet. We made significant strides in strengthening our financial position in 2022, deleveraging and maintaining financial flexibility. The steps we took to recapitalize our balance sheet with the refinancing of our bonds at a fixed rate of 5.625% and an 8-year maturity immediately after the merger allowed us to add long-term financing at an attractive cost of capital as compared to the current interest rate environment. And driven by free cash flow of $270 million for the year, an increase of 35% over the prior year, we were able to successfully deliver our capital allocation plan this year. We lowered our acquisition-related liabilities of deferred acquisition consideration and redeemable noncontrolling interests by $65 million to $200 million as compared with $265 million at year-end 2021 as we systematically move towards 100% ownership of our agencies.

轉到我們的資產負債表。我們在 2022 年加強財務狀況、去槓桿化和保持財務靈活性方面取得了重大進展。我們採取措施對資產負債表進行資本重組，在合併後立即以 5.625% 的固定利率和 8 年期債券進行再融資，這使我們能夠以具有吸引力的資本成本增加長期融資。當前的利率環境。在當年 2.7 億美元的自由現金流（比上年增長 35%）的推動下，我們能夠成功地實現今年的資本配置計劃。我們將遞延收購對價和可贖回非控股權益的收購相關負債從 2021 年底的 2.65 億美元減少了 6500 萬美元至 2 億美元，因為我們系統地向我們機構的 100% 所有權邁進。

And in 2023, we will lower our obligations further with estimated cash payments of approximately $70 million, after which our acquisition-related obligations will be under $100 million. We also acquired 7.2 million shares under our stock repurchase program during the year, returning capital to our shareholders and reduced our net debt by $201 million from Q3, ending the year with $221 million in cash and $100 million drawn against our $500 million revolver. This resulted in lowering our net leverage to 2.17x below our prior target of 2.5x. And CapEx for Q4 and the full year was $5 million and $23 million, respectively, or approximately 1% of full year revenue in line with our previous guidance.

到 2023 年，我們將進一步降低我們的義務，估計現金支付約為 7000 萬美元，之後我們與收購相關的義務將低於 1 億美元。年內，我們還根據股票回購計劃收購了 720 萬股股票，向股東返還了資本，並將淨債務從第三季度減少了 2.01 億美元，年底以 2.21 億美元現金和 1 億美元從我們的 5 億美元左輪手槍中提取。這導致我們將淨槓桿率降至 2.17 倍，低於我們之前設定的 2.5 倍目標。根據我們之前的指導，第四季度和全年的資本支出分別為 500 萬美元和 2300 萬美元，約佔全年收入的 1%。

And finally, reiterating our 2023 guidance, Stagwell expect to deliver 7.5% to 10% organic net revenue growth, 10% to 14% organic net revenue growth, excluding advocacy, $450 million to $490 million of adjusted EBITDA 50% to 60% conversion of adjusted EBITDA to free cash flow and adjusted earnings per share of $0.90 to $1.05. Thank you. Jason, back over to you.

最後，重申我們的 2023 年指導方針，Stagwell 預計將實現 7.5% 至 10% 的有機淨收入增長，10% 至 14% 的有機淨收入增長，不包括宣傳，4.5 億至 4.9 億美元的調整後 EBITDA 50% 至 60% 的轉換將 EBITDA 調整為自由現金流，調整後每股收益為 0.90 美元至 1.05 美元。謝謝。傑森，回到你身邊。

Thank you, Frank. That concludes our prepared remarks for this morning. We will now turn to Q&A. (Operator Instructions) We're going to begin with the good questions from Barton Crockett, Managing Director and senior research analyst at Rosenblatt Securities. We're pleased to have Barton joining us here live from One World Trade Center. Barton, the floor is yours.

謝謝你，弗蘭克。我們今天上午準備好的發言到此結束。我們現在將轉向問答環節。 （操作員說明）我們將從 Rosenblatt Securities 董事總經理兼高級研究分析師 Barton Crockett 提出的好問題開始。我們很高興巴頓從世貿中心一號大樓現場加入我們。巴頓，地板是你的。

Okay. First off, I want to say thank you for inviting me to join you here. It's a privilege in my first quarter covering you guys to get the opportunity to interact with you after this earnings report. So thank you. I wanted to ask about the first of all, the performance relative to kind of your guidance, right? So you delivered a full year that was kind of at the low end of your guidance that you had put out on your -- in terms of EBITDA on your last earnings report. And that suggests to me that perhaps things got a little bit more difficult than you were anticipating just a couple of months ago. And I was wondering if you could talk to that why at the low end versus kind of the midpoint or above?

好的。首先，我想說謝謝你邀請我加入你的行列。我有幸在第一季度報導你們，以便有機會在這份收益報告後與你們互動。所以謝謝。我想首先問一下，相對於你的指導的表現，對吧？因此，就上一份收益報告中的 EBITDA 而言，您交付的一整年都處於您為您提供的指導的低端。這對我來說表明，事情可能比你幾個月前預期的要困難一些。我想知道你是否可以談談為什麼在低端而不是中點或以上？

I think the difference between the low end and high was primarily a fall off in low dollar of political contributions. That was what I said in the third quarter earnings call was a fall off once gas prices went up, and that continued throughout the election season in which the Republican fundraising frankly, given the overall turnout, what happened in the midterms, fundraising in the Republican side was significantly down. And I think that was the major factor between being towards the lower end of the guidance and the higher end. We don't expect this to repeat itself as the upcoming presidential raise promises to be the election of the century.

我認為低端和高端之間的差異主要是政治捐款的低美元下降。這就是我在第三季度財報電話會議上所說的，一旦汽油價格上漲，這種情況就會持續到整個選舉季節，坦率地說，共和黨的籌款活動，考慮到總體投票率，中期選舉中發生的事情，共和黨的籌款活動一側明顯下降。我認為這是接近指導低端和高端之間的主要因素。我們預計這種情況不會重演，因為即將舉行的總統大選有望成為世紀之選。

Okay. And I want to ask a little bit more about the presidential, but before you do that. In terms of the current environment, what can you tell us about what you're seeing right now? How do things look relative to your guidance for the full year? How does that kind of trend?

好的。我想多問一點關於總統的事，但在你問之前。就當前環境而言，您能告訴我們您現在看到的情況嗎？相對於您全年的指導，情況如何？怎麼會有那種趨勢？

Obviously, we're tracking in line to the guidance for the full year. I think that right now, we're seeing, as I pointed out, some of the tech companies, I think, what we call management -- temporary management disarray while people kind of get their footing again and then we expect to see a full resumption. Outside of that, we see very strong work across areas like travel, which will come back really strongly, alcohol, which I think is really expanding and coming back. And we see caution out there, but we don't see panic.

顯然，我們正在跟踪全年的指導。我認為現在，正如我所指出的，我們正在看到一些科技公司，我認為，我們稱之為管理——暫時的管理混亂，而人們重新站穩腳跟，然後我們期望看到一個完整的恢復。除此之外，我們看到旅行等領域的工作非常強勁，它會非常強勁地回歸，酒精，我認為它真的在擴大和回歸。我們看到那裡的謹慎，但我們沒有看到恐慌。

Okay. All right. And then one more question about your guidance in terms of margins. So one of the great things with this past year is you had margin expansion as you highlighted. In your guidance, the revenue growth at the low end would still be up, but the EBITDA would be flat year to year, which suggests maybe risk of margin compression at the low end and at the high end, they're kind of trending at the same kind of pace which would suggest margin stability in your guide. But all these things you're talking about sound like that would make you more efficient, higher-margin business. Is there some conservatism in this guidance?

好的。好的。然後還有一個關於您在利潤率方面的指導的問題。因此，過去一年的一件好事是，正如您強調的那樣，您的利潤率有所增長。在您的指引中，低端的收入增長仍將上升，但 EBITDA 將逐年持平，這表明低端和高端的利潤率可能存在壓縮風險，它們的趨勢是與您的指南中建議保證金穩定性相同的步伐。但你所說的所有這些事情聽起來會讓你的業務更有效率、利潤更高。該指南中是否存在一些保守主義？

Well, I think as I said that I've tried to incorporate various economic projections in the guidance already. I think second, remember, we're -- we've spent a lot of money to really steam out some of the administrative expenses. So we're right in the middle of putting all these systems in. Once they're in, I think we'll be able to shrink administrative expenses considerably.

好吧，正如我所說，我認為我已經嘗試將各種經濟預測納入指南。我認為其次，請記住，我們——我們已經花了很多錢來真正減少一些管理費用。所以我們正處於將所有這些系統投入使用的過程中。一旦它們投入使用，我認為我們將能夠大大縮減管理費用。

Okay. And then you teased the presidential. And so I was wondering if you could talk about what you're seeing in the buildup to this presidential election. What are the indicators that kind of support your belief that this will be a record year for political overall and for your company.

好的。然後你嘲笑總統。所以我想知道你是否可以談談你在這次總統選舉的籌備過程中看到的情況。有哪些指標支持您相信這將是政治整體和公司創紀錄的一年。

Well, 40 years of experience in the field. We're seeing things on track. But right now, this is kind of the low in the political season. But what we're really seeing is storm clouds are gathering on both sides, and it looks to me like they're going to have active primaries on both sides. And that come May and June this political season is going to take off. And no question, given the 50-50 country that the battle here will really drive, I think, fundraising and financial commitments to an absolute high level.

嗯，在該領域有 40 年的經驗。我們看到事情步入正軌。但現在，這是政治季節的低谷。但我們真正看到的是兩邊都聚集著暴風雲，在我看來，兩邊都會有活躍的初選。到了 5 月和 6 月，這個政治季節將起飛。毫無疑問，考慮到 50-50 個國家，我認為這裡的戰鬥將真正推動籌款和財政承諾達到絕對高水平。

Yes. And you would flag the small dollar as an issue here most recently. What gives you confidence that, that doesn't continue to be a problem. And in general do you, see anything in the fundraising side that, can speak about.

是的。你最近會在這裡將小美元標記為一個問題。是什麼讓你相信，這不會繼續成為問題。一般來說，你在籌款方面看到任何可以談論的事情。

We are seeing recovery from what last year when gas prices went up, particularly during the summer, it was extreme panic, and I think people choosing between another political contribution in food and gas chose food and gas. I think that what we're seeing is much more of a normalization of that. You've seen gas prices come down which I think is a key indicator. I'd be surprised if the administration allows gas prices to rise in the face of a presidential election.

我們正在從去年天然氣價格上漲的情況中看到復蘇，特別是在夏季，這是極度恐慌，我認為人們在食品和天然氣的另一種政治貢獻之間做出選擇，選擇了食品和天然氣。我認為我們所看到的更多是這種情況的正常化。你已經看到汽油價格下降，我認為這是一個關鍵指標。如果政府允許汽油價格在總統大選前上漲，我會感到驚訝。

But we're seeing really high levels of political involvement activity. Again, trust me, this is going to be in the scheme of things an all-out battle for the soul of America, and that means active participation. We're also broadening out our services on our side from just fundraising to also mail ballot collection. I think we're also going to add additional services. And on the D side, I think we're going to have a very, very active season with a lot of successful candidates who are advancing will be defending their Senate positions.

但我們看到了非常高水平的政治參與活動。再次相信我，這將是一場為美國靈魂而戰的計劃，這意味著積極參與。我們也在擴大我們的服務範圍，從籌款到郵寄選票。我認為我們還將添加其他服務。在 D 方面，我認為我們將有一個非常非常活躍的賽季，許多正在晉級的成功候選人將捍衛他們的參議院職位。

And the...

還有...

That's all about 2024. As I said in my script, I think you see all of that coming together in 2020.

這就是 2024 年的全部。正如我在劇本中所說，我認為你會看到所有這些都將在 2020 年匯集在一起。

Now one of the things that's also interesting about this report is that you've upped the share repurchase authorization. And you've been an active share repurchaser. You noted that your EPS for the past year was $0.90 in a single dollar stock -- single-digit dollar stock. So in terms of looking ahead, the upped authorization would suggest that there could be more dollars going towards that. It's an environment that is somewhat constrained -- is there still an opportunity and ability for you guys to continue to do M&A? Or do you think that that's maybe less and it's more of an opportunity for repurchase as we look ahead?

現在，這份報告也很有趣的一件事是你已經提高了股票回購授權。你一直是一個積極的股票回購者。你注意到你過去一年的 EPS 在單一美元股票中為 0.90 美元 - 個位數美元股票。因此，就展望未來而言，增加的授權表明可能會有更多的美元用於此。這是一個有點受限的環境——你們還有機會和能力繼續進行併購嗎？或者你認為這可能會更少，而更多的是我們展望未來的回購機會？

Yes. I've said previously that I generally look to take about 1/3 of our free cash flow to M&A, generally, 1/3 paper other obligations. And then 1/3 kind of flexible for buybacks and others. You notice we have our DAC obligations down to a record low. So actually, that will also free up some useful cash. So we're continuing to look at acquisitions that make sense and that fit in line with the strategy. And I think we have the cash capability to do both of those things. quite strongly as we did last year.

是的。我之前說過，我通常希望將大約 1/3 的自由現金流用於併購，一般來說，1/3 的紙質其他債務。然後 1/3 的回購和其他靈活。您注意到我們將 DAC 義務降至歷史最低水平。所以實際上，這也將釋放一些有用的現金。因此，我們將繼續關注有意義且符合戰略的收購。而且我認為我們有現金能力來做這兩件事。和去年一樣強勁。

We -- look, we have continued confidence that the stock is undervalued at this level. As long as it's undervalued, that's one of the best investments we can make.

我們 - 看，我們繼續相信股票在這個水平上被低估了。只要它被低估，這就是我們可以進行的最佳投資之一。

All right. Now switching gears a little bit to an industry issue that I was curious to get some perspective from you on. And that is this AI-driven search debate that's been solved by Microsoft and impacting sentiment around Google. This is part of your business. Having a meaningful part of what you do is driven around search-based advertising. So I was wondering if you could talk to, Mark, what you think will happen. How do you think this evolves? And what impact, if any, does this have on your business?

好的。現在稍微切換到一個行業問題，我很想從你那裡得到一些觀點。這就是微軟解決並影響谷歌情緒的人工智能驅動的搜索辯論。這是您業務的一部分。圍繞基於搜索的廣告推動您所做的有意義的事情。所以我想知道你是否可以和馬克談談你認為會發生什麼。你認為這會如何演變？這對您的業務有什麼影響（如果有）？

Well, as you know, I was Chief Strategy Officer of Microsoft before coming here. So I'm pretty well grounded where I think the tech industry is going. And AI is the next big thing here. It's the next major development that's going to change people's lives. Certainly, in terms of our industry, we're at the forefront with our PRophet product. I think that AI could be incredibly useful and accurate in helping people write and draft things. I don't think it does the final draft, but it sure does the first draft, and it does the first draft ways that are quite powerful.

好吧，如你所知，在來這里之前，我是微軟的首席戰略官。所以我非常了解我認為科技行業的發展方向。人工智能是這裡的下一件大事。這是將改變人們生活的下一個重大發展。當然，就我們的行業而言，我們的 PPhet 產品處於領先地位。我認為人工智能在幫助人們寫作和起草方面可能非常有用和準確。我不認為它會影響最終草案，但它確實會產生初稿，而且它會以非常強大的方式產生初稿。

In fact, I'm demonstrating later this afternoon to the entire company. How our new product generates the entire release from just a few sentences of what you want.

事實上，今天下午晚些時候我要向整個公司展示。我們的新產品如何根據您想要的幾句話生成整個版本。

Okay. All right. And then to lean in on that a little bit. Any predictions do you think Microsoft takes share? Do you think it's disruptive?

好的。好的。然後稍微依靠一下。您認為微軟會分享任何預測嗎？你認為這是破壞性的嗎？

Look, I think over at Google, they're saying, how did Microsoft get the drop on this. And I think that Google has the engineers and the talent to bounce back. So I think for the first time, we're going to see some real head-to-head competition in the tech industry to see who winds up the leader. And I think that both companies are going to go all out on that.

看，我在 Google 仔細想想，他們說，Microsoft 是如何在這方面取得成功的。而且我認為谷歌擁有能夠反彈的工程師和人才。所以我第一次認為，我們將在科技行業看到一些真正的正面交鋒，看看誰最終成為領導者。我認為兩家公司都將全力以赴。

Okay.

好的。

Thank you, Barton.

謝謝你，巴頓。

Great. Thank you.

偉大的。謝謝。

We will now move to questions from the call. The first question comes from Laura Martin at Needham. What are your key goals and strategic priorities for 2023?

我們現在將轉到電話中的問題。第一個問題來自 Needham 的 Laura Martin。您在 2023 年的主要目標和戰略重點是什麼？

Well, obviously, in 2023, you can see that we're -- in 2023, we're focusing on organic GAAP revenue growth within the 3 top layers of the pyramid. We believe continuing that and continuing that overall pattern, I think, is #1. Lot of my time, is personally spent helping to develop the cloud products. I believe that those cloud products here are just getting to market come out with the media studio that that's going to be a major new products.

嗯，很明顯，在 2023 年，你可以看到我們 - 在 2023 年，我們將專注於金字塔頂層 3 層內的有機 GAAP 收入增長。我認為，我們相信繼續保持這種整體模式是第一位的。我的很多時間都花在了幫助開發雲產品上。我相信這裡的那些雲產品剛剛進入市場，媒體工作室將成為主要的新產品。

So and then the third level, as I announced, we're going to embark upon a new effort really to try to frame the latest in technology and even AI into the central management of the company to reduce expenses even further. We're not going to be satisfied up there with just business software as usual. We really want to be a model company in the way we administer our own finances.

然後是第三個層次，正如我宣布的那樣，我們將開始一項新的努力，真正嘗試將最新的技術甚至人工智能納入公司的中央管理，以進一步減少開支。我們不會像往常一樣僅僅滿足於商業軟件。我們真的希望在管理自己的財務方面成為一家模範公司。

Next question comes from Jeff Van Sinderen at B. Riley. What's the update on what you are experiencing in the cloud industry.

下一個問題來自 B. Riley 的 Jeff Van Sinderen。您在雲行業所經歷的最新情況是什麼？

The update is really that we're -- now kind of moving to the next level. The stadium product now was released August 22. We're going to be in stadiums, come the opening of baseball. We're really developing -- we're developing that product, not just in stadium, but at home. So that it expands the at home television experience. And so we think there's going to be great pickup on that product. We think that we are also in the process, we bought Maru last year, and that gives us kind of a self-service research platform. We are right now in the process of reskinning that to make it even more consumer-friendly. That and the Harris brand terminal, I think, really gives us a significant competitive offering in the self-service automated research space.

更新真的是我們——現在有點像進入了一個新的水平。體育場產品現已於 8 月 22 日發布。我們將進入體育場，迎接棒球比賽的開幕。我們真的在開發 - 我們正在開發該產品，不僅在體育場內，而且在家裡。因此它擴展了家庭電視體驗。因此，我們認為該產品將會大受歡迎。我們認為我們也在這個過程中，我們去年收購了 Maru，這為我們提供了一個自助服務研究平台。我們現在正在重新設計它，以使其對消費者更加友好。我認為，Harris 品牌終端確實為我們在自助服務自動化研究領域提供了極具競爭力的產品。

As I said, the media studio, I expect to come probably second or third quarter. We've just finished our media mix modeling product, and we're working to the other components of that product. We're testing right now special QR code marketing on the advanced marketing platforms. And we're doing really well with ReachTV and out there to the addressable airport screens. So I think this is going to be a big year for the cloud and PRophet, as I said, the PR product. One, the competition against 750 products and now is really, I think, out there with the generative AI. And we've also now put together a central team. Our lead CTO is taking all of the company's data and putting it together, and we will also have a central AI resource that can be drawn upon by all the variable programs. So we're really building, I think, state-of-the-art platform here with a series of products that are going to win in the marketplace over the next few years.

正如我所說，媒體工作室，我預計可能會在第二或第三季度出現。我們剛剛完成了我們的媒體混合建模產品，我們正在研究該產品的其他組件。我們現在正在高級營銷平台上測試特殊的二維碼營銷。我們在 ReachTV 和可尋址機場屏幕方面做得非常好。所以我認為這將是雲計算和 PPhet 的重要一年，正如我所說，PR 產品。第一，與 750 種產品的競爭，我認為現在真的是生成人工智能。我們現在還組建了一個中央團隊。我們的首席技術官正在收集公司的所有數據並將其整合在一起，我們還將擁有一個中央人工智能資源，可供所有可變程序使用。所以我認為，我們真的在這裡建立了最先進的平台，其中包含一系列將在未來幾年贏得市場的產品。

Next question comes from Steven Cahall at Wells Fargo. What's your outlook for M&A in 2023 after doing 8 deals in '22? What are you seeing in terms of valuations? And is the environment either better or worse for deals?

下一個問題來自富國銀行的 Steven Cahall。在 22 年進行了 8 筆交易後，您對 2023 年的併購前景有何看法？你在估值方面看到了什麼？交易環境是好是壞？

Jason, if you want to comment on the valuations?

傑森，如果你想對估值發表評論？

Sure. I think it's going to be a very interesting year in terms of valuations. You are certainly seeing some rationalization from what we experienced to the effects (inaudible) was a bubble in the past few years. But we remain long-term disciplined around our investment philosophy, and I believe we'll have a very constructive year again. And do a few deals, probably not to the extent in '22, but we remain very focused on adding value through strategic acquisitions.

當然。我認為就估值而言，這將是非常有趣的一年。你肯定會從我們所經歷的事情中看到一些合理化的結果（聽不清）是過去幾年的泡沫。但我們仍將長期遵守我們的投資理念，我相信我們將再次迎來非常有建設性的一年。並進行一些交易，可能不會達到 22 年的程度，但我們仍然非常專注於通過戰略收購增加價值。

And we continue to look to expand the global market or to add to our advanced tech services as our primary goals and acquisitions.

我們繼續尋求擴大全球市場或增加我們的先進技術服務作為我們的主要目標和收購。

Next question comes from Mark Zgutowicz. Please qualify, quantify the market for global RFPs and how does a mutant macro perhaps impede these ops. Following a record-setting net new business in Q3, $86 million. What does the trajectory look like for the next 12 months? Will marquee existing client brands such as Amazon, Google, Microsoft, drive the majority of your continued net new business wins?

下一個問題來自 Mark Zgutowicz。請限定、量化全球 RFP 的市場，以及突變宏如何可能阻礙這些操作。繼第三季度創紀錄的淨新業務後，達到 8600 萬美元。未來 12 個月的軌跡如何？亞馬遜、谷歌、微軟等現有客戶品牌是否會推動您繼續贏得大部分淨新業務？

We achieved about $1 billion of pitches last year. Our goal really is $1 billion too this year. We don't wind up participating in about 20% of them for various reasons. And then we have been winning 25% to 30% of the pitches that we do participate in above our share. Our goal this year is to actually -- we just expanded the team to get more pitches in Europe that actually we have a lot of resources in Europe generally have been overlooked by the marketplace. Now that I think Stagwell is at scale, we're going to have a very strong presence at [Con] as well with what we call sport Beach in order to kind of again, I think last year, our biggest marketing came after the splash we made at last year's time.

去年我們完成了大約 10 億美元的推銷。今年我們的目標確實也是 10 億美元。由於各種原因，我們最終沒有參與其中的大約 20%。然後我們贏得了 25% 到 30% 的比分。我們今年的目標實際上是——我們只是擴大了團隊，以便在歐洲獲得更多的宣傳，實際上我們在歐洲擁有很多資源，但通常被市場忽視了。現在我認為 Stagwell 規模很大，我們將在 [Con] 以及我們所謂的運動海灘上有一個非常強大的存在，以便再次，我認為去年，我們最大的營銷活動發生在飛濺之後我們是去年做的。

So again, tech companies strongly favor us. They favor a combination of services and people. Some other of the holding companies might do best across older segments and industries, we tend to do best in the forefront of technology and industry. And I think that will continue to be the case. It is a very, very diversified client mix. You look at some of the recent clients. And you see hotels, you've seen a lot of alcohol. So it's going to continue to be a mix like that.

因此，科技公司再次強烈支持我們。他們喜歡服務和人的結合。其他一些控股公司可能在較老的細分市場和行業做得最好，我們往往在技術和行業的最前沿做得最好。我認為情況將繼續如此。這是一個非常非常多樣化的客戶組合。你看看最近的一些客戶。你看到酒店，你看到了很多酒。所以它將繼續像這樣混合。

Mark, do you have any closing comments, Mark?

馬克，你有什麼結束語嗎，馬克？

No. I just want to thank you all. Thank you for following Stagwell. I think we become each year too big to ignore in the marketplace. As I think our numbers grow, the size of the company grows, our continued double-digit performance grows and our ability to outpace competitors and to transform marketing grows with 57% of our resources that are digital first with the creative resources that you saw all out in force at the Super Bowl and the kind of awards that they win that combination, I think, that really makes for transforming marketing. Thank you.

不，我只是想謝謝大家。感謝您關注 Stagwell。我認為我們每年都變得太大而無法在市場上忽視。隨著我認為我們的人數在增長，公司規模在增長，我們持續保持兩位數的業績增長，我們超越競爭對手和改變營銷的能力也在增長，我們 57% 的資源是數字優先的，以及您看到的所有創意資源我認為，他們在超級碗上的表現以及他們贏得的那種組合的獎項，確實有助於改變營銷方式。謝謝。

This concludes our conference call. Thank you, everyone, for joining us, and we look forward to seeing you next quarter.

我們的電話會議到此結束。謝謝大家加入我們，我們期待下個季度再見。