Stagwell Inc (STGW) 2025 Q1 法說會逐字稿

Good morning from Stagwell's global headquarters in New York City. Welcome to Stagwell Inc's first quarter 2025 earnings webcast. My name is Ben Allison, and I lead the investor relations function here at Stagwell. With me today are Mark Penn, Stagwell's founder, Chairman and Chief Executive Officer, and Frank Lanuto, the Chief Financial Officer.

早安，我是 Stagwell 位於紐約的全球總部。歡迎收聽 Stagwell Inc 2025 年第一季財報網路廣播。我叫本‧艾利森 (Ben Allison)，負責 Stagwell 的投資人關係部門。今天與我一起的還有 Stagwell 的創始人、董事長兼執行長 Mark Penn 和財務長 Frank Lanuto。

Mark will provide a business update, and Frank will share a financial review. After the prepared remarks, we will open the floor for Q&A. You're welcome to submit questions through the chat function.

馬克將提供業務更新，弗蘭克將分享財務回顧。準備好的發言結束後，我們將開始問答環節。歡迎您透過聊天功能提交問題。

Before we begin, I'd like to remind you that the following remarks include forward-looking statements and non-GAAP financial data.

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公認會計準則財務資料。

Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation, and the company's SEC filings.

有關公司的前瞻性陳述，包括與獲利指引相關的陳述，都受到我們在收益報告、幻燈片簡報和公司提交給美國證券交易委員會的文件中所述的不確定性和風險因素的影響。

Please refer to our website stagweglobal.com/investors for an investor presentation and additional resources.

請造訪我們的網站 stagweglobal.com/investors 以了解投資者介紹和其他資源。

This morning's press release and slide deck provide definitions, explanations, and reconciliations of non-GAAP financial data. And with that, I'd like to turn the call over to our Chairman and CEO Mark Penn.

今天早上的新聞稿和幻燈片提供了非公認會計準則財務數據的定義、解釋和對帳。接下來，我想將電話轉給我們的董事長兼執行長馬克‧佩恩 (Mark Penn)。

Thank you, Ben, on this really lovely day here at the World Trade Center and thank you to everyone joining us for our earnings call.

謝謝你，本，在世界貿易中心這個美好的日子裡，也感謝所有參加我們財報電話會議的人。

Stagwell delivered strong results to start the year firmly in line with our expectations and with another record breaking net new business quarter indicative of the strengthening position of Stagwell as the Challenger Network.

Stagwell 今年取得了強勁的業績，完全符合我們的預期，並且又創下了季度淨新業務記錄，表明 Stagwell 作為挑戰者網絡的地位不斷加強。

While others in the industry are flailing about with endless reorganizations, behemoth mergers, and downsizing, Stagwell is on a steady course of growth, scale, and innovation. I have never been more bullish about the opportunities for Stagwell in this marketplace.

當業內其他公司還在為無休止的重組、大規模合併和裁員而苦苦掙扎時，Stagwell 卻在穩步成長、擴大規模和創新。我從未像現在這樣看好 Stagwell 在這個市場上的機會。

Despite the noise of tariffs and the low point of the advocacy cycle this quarter, we achieved double digit net revenue growth ex advocacy of 15% in digital transformation, 10% in creativity, 45% in the Stagwell marketing cloud. We're taking share. We have built an enviable mix of best in class, creative, transformative digital capabilities, and an innovative suite of tech solutions.

儘管本季面臨關稅噪音和宣傳週期低谷，但我們的淨收入（不包括宣傳）仍實現了兩位數成長，其中數位轉型成長了 15%，創意成長了 10%，Stagwell 行銷雲端成長了 45%。我們正在分擔份額。我們已建造出令人羨慕的一流、富有創造力、變革性的數位能力和創新的技術解決方案套件。

I would strongly encourage you to visit Stagwell's investor website to watch the webcast of the Investor Day we held last month to learn more about our strategy to grow, scale, and innovate. Turning to our results, Stagwell delivered strong growth in four of five principal capabilities, posting 9% total net revenue growth, excluding advocacy in the first quarter.

我強烈建議您造訪 Stagwell 的投資者網站，觀看我們上個月舉行的投資者日的網路直播，以了解有關我們的成長、擴展和創新策略的更多資訊。談到我們的業績，Stagwell 在五項主要能力中的四項中實現了強勁增長，第一季的總淨收入增長了 9%（不包括宣傳）。

We have achieved this while generating $81 million in adjusted EBITDA and investing $170 million into our tech initiatives and carefully managing our labor costs. The Compton net revenue ratio for the first quarter was 65.3%, an improvement of 175 basis points over the same period in 2023, the last non-political year.

我們在實現這一目標的同時，也創造了 8,100 萬美元的調整後 EBITDA，並向我們的技術計劃投資了 1.7 億美元，同時精心管理我們的勞動力成本。康普頓第一季淨收入率為 65.3%，比上一個非政治年度 2023 年同期提高了 175 個基點。

Work has begun on implementing the AI tools that underpin the $80 to $100 million dollar efficiency drive that we announced on investor debt. We are on track to achieve $60 to $70 million in cost savings this year, and we'll update further on that progress in the second quarter.

我們已開始實施人工智慧工具，以支援我們宣布的針對投資者債務的 8,000 萬至 1 億美元的效率驅動計畫。我們今年預計將實現 6,000 萬至 7,000 萬美元的成本節約，我們將在第二季進一步更新這項進展。

Stagwell saw minimal impact from tariffs in the first quarter. We'll continue to monitor developments as the second quarter begins, but our business, which is particularly strong with tech companies, is not directly impacted. And customers have not signalled any intention to pull back spending. Tariff mania seems overblown for us at the moment.

斯塔格韋爾認為第一季關稅的影響微乎其微。隨著第二季的開始，我們將繼續專注於事態發展，但我們的業務（尤其是科技公司業務）不會受到直接影響。且消費者尚未表現出任何減少支出的意圖。目前，關稅狂熱似乎對我們來說有些誇大了。

However, reputation risk is at the top of mind of many executives as they navigate the challenges that tariffs, and thorny political issues bring. Our risk and reputation unit bringing together experts from across Stagwell's agency is uniquely positioned to help brands adapt their message in a rapidly evolving landscape and is winning major new assignments.

然而，在應對關稅和棘手的政治問題所帶來的挑戰時，聲譽風險是許多高階主管最關心的問題。我們的風險和聲譽部門匯集了來自斯塔格韋爾整個機構的專家，具有獨特的優勢，可以幫助品牌在快速變化的環境中調整其訊息，並且正在贏得重要的新任務。

The first quarter saw a record net new business trends, a record in Stagwell's history. Stagwell posted $130 million in net new business for the quarter, almost double a year ago. This figure includes key wins with PayPal, Panera, CarMac, Celsius, and Hyatt. These results bring our trailing 12-month net new business to $446 million more than $160 million higher than the same figure at the end of quarter 24.

第一季淨新業務趨勢創下歷史新高，創下了 Stagwell 歷史上的最高紀錄。Stagwell 本季淨新業務額為 1.3 億美元，幾乎是去年同期的兩倍。這一數字包括與 PayPal、Panera、CarMac、Celsius 和 Hyatt 達成的關鍵勝利。這一結果使我們過去 12 個月的淨新業務達到 4.46 億美元，比第 24 季末的同一數字高出 1.6 億美元以上。

These wins are highlighted by customers in the technology and retail industries, leading to strong growth in these verticals. In the first quarter, we saw technology customers increase their spend with us by 18% and retail customers by 52%. The work for these new customers is just beginning and will ramp throughout the year, particularly in the second half, giving us confidence in our guidance.

這些勝利得到了科技和零售業客戶的認可，推動了這些垂直行業的強勁成長。在第一季度，我們發現科技客戶在我們這裡的支出增加了 18%，零售客戶增加了 52%。針對這些新客戶的工作才剛開始，並將在全年特別是下半年逐步展開，這讓我們對我們的指導充滿信心。

We're already transforming brand positioning of many clients. Our agencies reintroduced Starbucks to the world at the Super Bowl and launched Visa's new global campaign at the Oscars. We're winning bigger assignments with bigger clients that offer great opportunities to expand the relationship across our core capabilities.

我們已經在改變許多客戶的品牌定位。我們的代理商在超級盃上向世界重新介紹了星巴克，並在奧斯卡頒獎典禮上啟動了 Visa 的全新全球活動。我們正在與更大的客戶贏得更大的任務，這為我們擴大核心能力範圍內的關係提供了絕佳的機會。

We now report organic growth annually as opposed to quarterly, but you can rest assured that this quarter saw a positive organic growth ex advocacy headlined by the digital transformation capability that had 15% growth but no acquisitions or dispositions.

我們現在按年而不是按季度報告有機增長，但您可以放心，本季度實現了積極的有機增長，其中以數位轉型能力為主導的倡導實現了 15% 的增長，但沒有收購或處置。

Turning to scale, we have now fully reinvested the proceeds from the concentric life disposition into prudent M&A at accrete of multiples. M&A will continue to be a key driver for us as we look to expand internationally and strengthen our capabilities while deploying capital wisely.

從規模來看，我們現在已經將同心生命處置的收益全部再投資於審慎的併購，並以倍數成長。當我們尋求在明智地配置資本的同時進行國際擴張和增強我們的能力時，併購將繼續成為我們的主要驅動力。

We announced this week the acquisition of jet fuel to strengthen our experiential and shopper marketing capabilities. They've delivered outstanding experiences for a number of established brands. Like Walmart and Unilever, as well as amplifying the reach of emerging brands like Seaport Energy and Mr. Beast Feast Ables.

我們本周宣布收購航空燃料，以增強我們的體驗和購物者行銷能力。他們為許多知名品牌提供了卓越的體驗。例如沃爾瑪和聯合利華，同時擴大 Seaport Energy 和 Mr. Beast Feast Ables 等新興品牌的影響力。

Our recent acquisition of German media monitoring and analytics platform Unicepta is also off to a good start. It recently won significant multi-year business with the European Commission and the BBC.

我們最近收購了德國媒體監控和分析平台Unicepta，也是一個好的開始。該公司最近贏得了歐盟委員會和英國廣播公司的重要多年期業務。

In the Middle East, we completed the acquisition of the Create Group at the beginning of the second quarter. But the collaborative work with code and theory, the code and theory network started before the deal even closed. The partnership has already delivered transformative work for clients, including work for HSBC and Conde Nast in Abu Dhabi.

在中東，我們在第二季初完成了對Create Group的收購。但與代碼和理論、代碼和理論網絡的合作在交易完成之前就已經開始了。這項合作關係已經為客戶帶來了變革性的工作，包括為匯豐銀行和阿布達比的康泰納仕所做的工作。

The Middle East is a major growth market for us, and we saw net revenue grow by more than 250% year over year in the first quarter. We're also making progress in Asia, winning new mandates with Diageo, Jollibee, and Princess Cruises. This push will only be strengthened by the addition of 80K Global, which we anticipate will close in the next couple of months.

中東是我們的主要成長市場，第一季我們的淨收入年增超過 250%。我們在亞洲也取得了進展，贏得了帝亞吉歐、快樂蜂和公主郵輪的新授權。80K Global 的加入只會加強這一推動力，我們預計該交易將在未來幾個月內完成。

And we continue to lean into the sports business as a key differentiator. We added to our sports offering with the acquisition of Gold Rabbit in quarter one. And the around augmented reality experience continues to gain traction, now providing its innovative experience to the athletics edit at their new home in Sacramento. This sports push aligns with our programming accounts.

我們將繼續把體育業務作為我們的關鍵差異化因素。我們在第一季度收購了 Gold Rabbit，從而擴大了我們的運動產品範圍。擴增實境體驗繼續受到關注，現在正在為位於薩克拉門託的新總部的體育編輯提供創新體驗。此次體育推廣與我們的程式設計帳號一致。

Where we will once again bring together athletes, marketers, and global leaders. This time is the official sports partner of the Lions Festival. We have inspirational athletes like Carmelo Anthony, Alex Rodriguez, Sue Bird, and Jordan Childs in our lineup. Look for more partner and programming announcements in the coming weeks. Lastly, we continue to be at the frontier of innovation as a tech company's tech company.

我們將再次聚集運動員、行銷人員和全球領導者。本次是獅子節的官方體育合作夥伴。我們的陣容中有卡梅隆·安東尼、亞歷克斯·羅德里格斯、蘇·伯德和喬丹·柴爾茲等鼓舞人心的運動員。在接下來的幾週內尋找更多合作夥伴和程式設計公告。最後，作為一家科技公司的科技公司，我們繼續走在創新的前端。

The Stagwell marketing cloud on net revenue growth, excluding advocacy of 45% in the first quarter. We celebrated a number of wins, including with a large US specialty insurance company.

Stagwell 行銷雲第一季淨收入成長（不包括宣傳）45%。我們慶祝了多場勝利，其中包括與美國大型專業保險公司的合作。

Quest Brands saw a particularly strong growth approaching 200% in the quarter as it incorporated recent acquisition, Barra.AI. Brands like Intel, Amazon, HP, Lenovo, and PayPal are increasingly trusting the Stagwell Marketing cloud to provide tools to augment their marketing capabilities. SM. Will continue to be an investment priority for Stagwell in 2025.

由於最近收購了 Barra.AI，Quest Brands 本季實現了特別強勁的成長，接近 200%。英特爾、亞馬遜、惠普、聯想和 PayPal 等品牌越來越信任 Stagwell 行銷雲，相信它能夠提供工具來增強他們的行銷能力。山雀。將繼續成為 Stagwell 在 2025 年的投資重點。

We invested approximately $17 million in the quarter to further strengthen our data, software development, and sales efforts. However, we anticipate the investment cadence to decline throughout 2026 as the products reach greater maturity and gain additional traction.

我們在本季投資了約 1700 萬美元，以進一步加強我們的數據、軟體開發和銷售工作。然而，隨著產品變得更加成熟並獲得額外的吸引力，我們預計 2026 年全年投資節奏將會下降。

AI continues to be front and center at Stagwell as we announce the appointment of John Kahan, a former Microsoft and IBM executive, as our Chief Ai Officer and investor day. We continue to make progress with our internal tools like the Stagwell ID graph, a proprietary customer ID platform already delivering outstanding impact for a global CPG client and a DTC retailer.

隨著我們宣布任命前微軟和 IBM 高管 John Kahan 為我們的首席人工智慧長和投資者，人工智慧繼續成為 Stagwell 的焦點。我們繼續在內部工具方面取得進展，例如 Stagwell ID 圖表，這是一個專有的客戶 ID 平台，已經為全球 CPG 客戶和 DTC 零售商帶來了卓越的影響。

We also announced on investor day that we're working with Palantirer to test developing advanced military grade targeting to enhance the utilization of Steagold's unique data sets. And we anticipate the machine, content management operating system we're developing with Adobe will begin integrating into workflows at Stagwell at the end of the summer.

我們也在投資者日宣布，我們正在與 Palantirer 合作測試開發先進的軍用級目標，以增強 Steagold 獨特數據集的利用率。我們預計，我們與 Adob​​e 共同開發的機器內容管理作業系統將於夏末開始整合到 Stagwell 的工作流程中。

The completion of these two products will mark a major advance in the capabilities of our media and data business and its ability to compete with the other majors.

這兩款產品的完成，標誌著我們媒體和數據業務能力以及與其他主要公司競爭的能力有了重大提升。

Our digital transformation capability led by code and theory threw net revenue 15% year over year in the first quarter, excluding Es. Code and theory debuted its new Adobe content supply chain solution at the Adobe Summit driving personalization at scale with generative AI. We saw a tremendous interest in coded the capabilities at the event, drawing almost 700 demos and leads.

我們以代碼和理論為主導的數位轉型能力使得第一季淨收入年增15%（不包括Es）。Code and Theory 在 Adob​​e 高峰會上首次推出了其新的 Adob​​e 內容供應鏈解決方案，利用生成式 AI 推動大規模個人化。我們在活動中看到了人們對編碼功能的極大興趣，吸引了近 700 名演示者和潛在客戶。

Meanwhile, Left Field Labs developed an interactive AI demo for the Qualcomm CEO's keynote speech at South by Southwest showing how agentic AI can be integrated into everyday life with an on-device processing like AR glasses or wearables.

同時，Left Field Labs 為高通執行長在西南偏南音樂節上的主題演講開發了一個互動式人工智慧演示，展示瞭如何透過 AR 眼鏡或穿戴式裝置等裝置內建處理將代理人工智慧融入日常生活。

Our transformative work has not gone unnoticed in the industry. Just two weeks ago at the Webby Awards, code and theory, Kettle and Leftfield Labs received a total of four accolades for their work with NBC's Election Coverage, Elf Beauty, and Hasbro. These successes come on the back of coded theory being named Digital Innovation Agency of the Year by campaign.

我們的變革工作並沒有被業界忽視。就在兩週前的威比獎頒獎典禮上，代碼與理論、Kettle 和 Leftfield Labs 憑藉與 NBC 的 Election Coverage、Elf Beauty 和 Hasbro 合作的作品共獲得了四項榮譽。這些成功得益於編碼理論被活動評為年度數位創新機構。

And the recognition is not just within our digital transformation capabilities. Four of our agencies were honoured at the 2025 Ad Age Award last month. Nominally in '72 landed on the prestigious A-list with code named B2B Agency. Year and Gale named Business Transformation Agency of the year. Stagwell's first quarter results are firmly in line with our expectations.

這種認可不僅體現在我們的數位轉型能力上。上個月，我們的四家代理商榮獲 2025 年廣告時代獎。名義上在 1972 年登上了享有盛譽的 A 名單，代號為“B2B 代理機構”。Year and Gale 被評為年度商業轉型機構。Stagwell 第一季的業績完全符合我們的預期。

Our new business trends give us a positive tailwind for the remainder of 2025, and we are reiterating our guidance today. The momentum in the Stagwell business is undeniable. We're providing the best services and tools at the intersection of creativity and technology. Our customers trust us to help transform the way they interact with their customers.

我們的新業務趨勢為我們 2025 年剩餘時間帶來了積極的推動力，我們今天重申我們的指導。Stagwell 業務的發展勢頭是不可否認的。我們在創造力和技術的交匯處提供最好的服務和工具。我們的客戶相信我們能夠幫助他們改變與客戶互動的方式。

Our capacity to deliver strong growth, expanding margins and MA engine needs to be appreciated by the street. I firmly believe that Stagwell has never been stronger, and I'm optimistic about Stagwell's trajectory and ability to reach $5 billion in revenue over the next five years. Now I'd like to hand it over to Frank Lanuto, our Chief Financial Officer, to walk through some of our financial results in more detail. Frank.

我們實現強勁成長、擴大利潤率和 MA 引擎的能力需要華爾街的認可。我堅信 Stagwell 從未如此強大，我對 Stagwell 的發展軌跡和未來五年內達到 50 億美元收入的能力感到樂觀。現在，我想將其交給我們的財務長弗蘭克·拉努托 (Frank Lanuto)，讓他更詳細地介紹我們的一些財務結果。坦率。

Thank you, Mark. Good morning, everyone, and thank you for joining us to discuss our first quarter results. As a reminder, if you would like to ask a question after the prepared remarks conclude, please feel free to submit them through the chat function.

謝謝你，馬克。大家早安，感謝大家加入我們討論第一季的業績。提醒一下，如果您想在準備好的評論結束後提出問題，請隨時透過聊天功能提交。

Stagwell delivered solid first quarter financial results which were in line with our expectations. For the quarter, we reported net revenue of $564 million an increase of 6% over the prior period, excluding advocacy, which is outside the political cycle. Total net revenue grew 9%.

Stagwell 第一季的財務表現穩健，符合我們的預期。本季度，我們報告的淨收入為 5.64 億美元，比上一季成長 6%，不包括政治週期以外的宣傳收入。總淨收入成長9%。

In the first quarter, digital transformation net revenue grew 8% to $106 million. Excluding advocacy, net revenue grew 15%. The continued resurgence in digital transformation was fuelled by a 16% increase in revenue from technology clients driven by expansions at Apple and Google, and a 28% increase in revenue from industrial clients.

第一季度，數位轉型淨營收成長8%，達到1.06億美元。除去宣傳費用，淨收入增加了 15%。數位轉型的持續復甦得益於蘋果和谷歌擴張帶來的科技客戶收入成長 16%，以及工業客戶收入成長 28%。

Stagwell Marketing Cloud posted $63 million in net revenue in the quarter, an increase of 32% year over year, excluding advocacy, net revenue grew 45%.

Stagwell Marketing Cloud 本季淨收入 6,300 萬美元，年成長 32%，不包括宣傳，淨收入成長 45%。

Performance was driven by the recent acquisitions of Bera.AI, leaders, and Unicepta, as well as the strong performance at our Harris's Quest brand, which grew more than 170% with existing clients due to recent significant platform enhancements.

業績成長主要得益於近期收購 Bera.AI、leaders 和 Unicepta，以及 Harris's Quest 品牌的強勁表現，由於近期平台的重大改進，該品牌現有客戶數量增長了 170% 以上。

Creativity and communications delivered $242 million in net revenue in the quarter, an increase of 7% over the prior period, excluding advocacy, net revenue grew 10%. The results were driven by strong performance with retail clients, which more than doubled the year over year and by a 15% increase with technology clients as we began to realize the impact from our record net new business wins.

創意與傳播部門本季實現淨收入 2.42 億美元，較上一季成長 7%，不包括宣傳，淨收入成長 10%。這一業績得益於零售客戶的強勁表現，零售客戶數量同比增長了一倍多，技術客戶數量也增長了 15%，因為我們開始意識到創紀錄的淨新業務勝利帶來的影響。

Consumer insights and strategy returned to growth in the first quarter, posting $49 million in net revenue, an increase of 8% as compared to last year. The growth was led by a 23% year over year increase in revenue from technology clients and then almost doubling year over year revenue from financial sector clients fuelled by new business from Visa and JPMorgan.

消費者洞察與策略在第一季恢復成長，淨營收為 4,900 萬美元，比去年同期成長 8%。這一成長主要得益於來自科技客戶的營收年增 23%，以及來自金融業客戶的營收年增近一倍，這主要得益於 Visa 和摩根大通的新業務。

Finally, performance media and data reported $104 million in net revenue in the first quarter, a decline of 10% over the prior period. Growth in consumer products and retail clients was offset by a reduction in spend by a single customer in its strongest seasonal quarter as it currently revises its media strategy.

最後，績效媒體和數據報告第一季淨收入為 1.04 億美元，較上一季下降 10%。由於目前正在修改媒體策略，消費品和零售客戶的成長被其最強勁的季節性季度中單一客戶的支出減少所抵消。

We fully expect to see a strong sequential rebound in performance, media and data's results starting in quarter two.

我們完全預計，從第二季開始，效能、媒體和數據的業績將出現強勁的連續反彈。

Moving to operating expenses, we continue to make progress against our goal of marginal improvement through effective cost management. Personnel costs, excluding incentives, our single largest expense, landed at 65% in the first quarter, excluding advocacy, the ratio was 64.8%, 50 basis points lower than last year, and 150 basis points lower than in 2023.

談到營運費用，我們透過有效的成本管理繼續朝著邊際改善的目標邁進。不包括獎勵（我們最大的單項支出）的人事成本在第一季達到 65%，不包括宣傳，比例為 64.8%，比去年低 50 個基點，比 2023 年低 150 個基點。

We've also made further progress with our targeted cost saving initiatives. In the first quarter, we actioned approximately $4 million in annualized cost savings in connection with our real estate consolidation and shared services initiatives.

我們的目標成本節約措施也取得了進一步的進展。在第一季度，我們透過房地產整合和共享服務計劃實現了約 400 萬美元的年度成本節約。

Our content supply chain initiative, which we introduced at, is just getting underway. We expect to take actions throughout 25 totalling $60 to $70 million in annualized cost savings, with the remaining $20 to $30 million being taken in 2026. We expect to start providing updates on our progress with this initiative as early as the second quarter earnings goal.

我們推出的內容供應鏈計畫才剛開始。我們預計在 25 年內採取行動，每年可節省總計 6,000 萬至 7,000 萬美元的成本，剩餘的 2,000 萬至 3,000 萬美元將在 2026 年實現。我們預計最早在第二季獲利目標實現時開始提供該計劃的進展更新。

Summarizing our operating results, we delivered $81 million in adjusted EBITDA in the first quarter with a margin of 14.3% on net revenue, an improvement of approximately 50 basis points over the same period in 23, the last non-political year.

總結我們的經營業績，我們在第一季實現了 8,100 萬美元的調整後 EBITDA，淨收入利潤率為 14.3%，比上一個非政治年度 23 年同期提高了約 50 個基點。

Excluding our cloud investment of $17 million this quarter, our first quarter adjusted EBITDA margin would have been approximately 17.3%. Now moving to the balance sheet, we continue to focus on capital allocation to maintain a strong financial position.

不包括本季 1,700 萬美元的雲端運算投資，我們第一季調整後的 EBITDA 利潤率約為 17.3%。現在轉向資產負債表，我們繼續專注於資本配置以維持強勁的財務狀況。

Our deferred acquisition consideration balance stands at $93 million at the end of the first quarter, $8 million lower than at the end of the same period last year, and approximately $73 million lower than at the end of the first quarter in 2023. We've also reduced our NCI balances by approximately $2 million year over year to $21 million.

我們第一季末的遞延收購對價餘額為 9,300 萬美元，比去年同期末減少 800 萬美元，比 2023 年第一季末減少約 7,300 萬美元。我們的 NCI 餘額也比去年同期減少了約 200 萬美元，降至 2,100 萬美元。

During the quarter, we acquired approximately $1 million of our shares at an average price of $6.07 per share for approximately $6 million. Our buyback authorization as of the end of the first quarter had $164 million in remaining availability.

本季度，我們以平均每股 6.07 美元的價格收購了價值約 100 萬美元的股票，總價值約為 600 萬美元。截至第一季末，我們的回購授權剩餘可用金額為 1.64 億美元。

CapEx and capitalized software for the quarter was $16 million which is broadly in line with our targets. As a result, we ended the quarter with $138 million in cash and drawings under our revolver of $375 million resulting in a net leverage ratio of 3.3 times.

本季的資本支出和資本化軟體為 1,600 萬美元，基本上符合我們的目標。因此，在本季結束時，我們擁有 1.38 億美元現金和 3.75 億美元循環信貸額度下的提款，淨槓桿率為 3.3 倍。

Since the end of the first quarter, we have taken two significant steps to simplify our capital structure and increase our financial flexibility.

自第一季末以來，我們已採取兩項重要措施來簡化資本結構並提高財務靈活性。

Early in the second quarter, we completed the refinancing of our revolving credit facility on improved terms. The revolver now has a capacity of $750 million an increase of $110 million reduced credit spreads, and an extended maturity date of April 2030.

第二季初，我們以更好的條件完成了循環信貸額度的再融資。目前，該循環信貸額度為 7.5 億美元，增加了 1.1 億美元，降低了信用利差，並將到期日延長至 2030 年 4 月。

This is an important step for us, AGL, giving us increased financial flexibility as we pursue our growth strategy.

對我們 AGL 來說，這是一個重要的步驟，它為我們實施成長策略提供了更大的財務靈活性。

And on April second, as announced at our investor day, Stagwell converted all outstanding Class C shares to Class A common stock. Not only will this simplify our capital structure, but it will also lead to a step up in our tax bases, resulting in future tax savings.

4 月 2 日，正如我們在投資者日上宣布的那樣，Stagwell 將所有流通的 C 類股票轉換為 A 類普通股。這不僅會簡化我們的資本結構，還會提高我們的稅基，從而節省未來的稅收。

And finally, as Mark noted, we are reiterating full year 2025 guidance as follows. Total net revenue growth is expected to be approximately 8%. Adjusted EBITDA is expected to be between $410 to $460 million.

最後，正如馬克所說，我們重申 2025 年全年指引如下。預計總淨收入成長約為8%。調整後的 EBITDA 預計在 4.1 億美元至 4.6 億美元之間。

We expect to deliver in excess of 45% free cash flow conversion, and adjusted earnings per share is expected to be between $0.75 and $0.88.

我們預計自由現金流轉換率將超過 45%，調整後每股盈餘預計在 0.75 美元至 0.88 美元之間。

That concludes our prepared remarks for this morning. I will now turn the call back over to Ben to open the Q&A portion of the call. Ben.

今天早上我們準備好的演講到此結束。現在我將把電話轉回給 Ben，讓他開始電話會議的問答部分。本。

Thank you, Frank. Just a reminder, if you do have any questions, please feel free to submit them via the chat button at the top of the screen. Let's kick off with a question from Jason Cryer and a number of questions here about new wins in the quarter. He says, you have an impressive quarter of new wins.

謝謝你，弗蘭克。提醒一下，如果您有任何疑問，請隨時透過螢幕頂部的聊天按鈕提交。讓我們從傑森·克萊爾 (Jason Cryer) 提出的問題以及有關本季度新勝利的一系列問題開始。他說，你們在本季取得了令人印象深刻的新勝利。

Can you provide some more color of why you're winning more despite what feels like a more cautious macro? And if there are any specific verticals where we really feel like we're excelling in.

儘管宏觀看起來更加謹慎，但您能否進一步解釋為什麼您仍然贏得更多？如果有哪個特定的垂直領域是我們真正感覺自己表現出色的。

Sure, look, I think there are a number of trends coming together here. First, when it comes to technology, as I previously predicted, the AI era really is here, getting increasing assignments to remake consumer experiences using AI, and I think.

當然，你看，我認為這裡有很多趨勢正在匯聚。首先，就技術而言，正如我之前預測的那樣，人工智慧時代確實已經到來，利用人工智慧重塑消費者體驗的任務越來越多，我認為。

The code and theory network, which is now, I think a rather complete network, and headed by Dave Gardner, who is really meeting the challenges that clients are looking for and expanding its capabilities out.

我認為程式碼和理論網絡現在是一個相當完整的網絡，由戴夫·加德納 (Dave Gardner) 領導，他確實在應對客戶所尋求的挑戰並擴展其能力。

I think in terms of creative, what we, what we've really seen is that a lot of the other big agencies are going through so many.

我認為，就創意而言，我們真正看到的是，許多其他大型機構正在經歷很多事情。

Reorganizations, mergers, what have you, and they deemphasize creative at a time when top flight creative is more important than ever because these new tools give you the ability to make even greater, more interesting creative ads, and the whole kind of change from generation to generation requires a level of cultural knowledge.

重組、合併等等，它們都不再強調創意，而此時頂級創意比以往任何時候都更加重要，因為這些新工具讓你有能力製作更偉大、更有趣的創意廣告，而代代相傳的整個變化需要一定程度的文化知識。

That computers are never going to really fully understand. So, I think we're seeing tremendous success and again I call out people at 72 Anomaly and Paul McCoy and Donor for just doing incredible work F&B as well, really working hard, I think, to produce topflight award winning, creative, as you see, our research is really, I think.

計算機永遠無法真正完全理解這一點。所以，我認為我們正在取得巨大的成功，我再次呼籲 72 Anomaly、Paul McCoy 和 Donor 的人們也為 F&B 做出令人難以置信的工作，我認為他們真的很努力，創造出一流的獲獎作品，富有創意，正如你所見，我們的研究確實是，我認為。

Growing, we do 40,000 interviews a week, and the offerings that we there are a great combination of data and tremendous analysis, and our media continues to move along, and I really think we'll see a breakthrough in the second half, particularly as these new tools come through. So, there's a convergence.

我們正在不斷發展，每週進行 40,000 次採訪，我們提供的服務是數據和大量分析的完美結合，我們的媒體也在不斷發展，我真的認為我們會在下半年看到突破，特別是隨著這些新工具的出現。因此，存在著一種趨同現象。

The rest of the industry you can see is kind of flailing or involved in mergers. We've come up now to a Level of scale that is really being appreciated by the largest clients. You see the nature of our wins in places like Starbucks and Visa and the large-scale tech companies that are putting us, I think, in an entirely new market position.

你所看到的該行業的其他部分要么陷入困境，要么正在進行合併。如今，我們的規模已達到最大客戶真正讚賞的水平。您可以看到我們在星巴克、Visa 和大型科技公司等地方取得的勝利的本質，我認為這些公司將我們置於一個全新的市場地位。

And that's why you see this kind of flood of business, which of course whatever is won in the first quarter really doesn't happen in the 1st quarter. It happens later in the year, come into Stagwell right now.

這就是為什麼你會看到這種業務氾濫，當然，第一季贏得的任何成果實際上都不會在第一季發生。這件事發生在今年晚些時候，現在就進入斯塔格韋爾。

Let's keep going just on the net new business trends. And I think an interesting question from Laura Martin over at Needham. She goes, Are you getting new clients as a result of direct consolidation of some of the larger players, or does your small size become almost a bit of a disadvantage as they scale up?

讓我們繼續關注網路新商業趨勢。我認為尼德漢姆的勞拉馬丁提出了一個有趣的問題。她說，你們是否因為直接合併一些較大的公司而獲得了新客戶，或者隨著他們的規模擴大，你們的小規模是否會成為一種劣勢？

Not quite sure I get her get her a question.

我不太確定我是否理解她的疑問。

I think it's sort of asking a question as we see consolidation among some of the larger whole cos, is that leading to this some of this new business stuff, or is it?

我認為這有點像在問一個問題，因為我們看到一些較大的整體公司之間的整合，這是否會導致一些新的業務的出現，不是嗎？

I think all of these things are converging. We're at the right place at the right time. As you can see, a lot of the big holding companies are wondering how you remake your offering. You saw this huge consolidation, in media offerings yesterday.

我認為所有這些事情都在匯聚。我們在正確的時間出現在正確的地點。正如您所看到的，許多大型控股公司都在想您如何重塑自己的產品。昨天，您在媒體發行中看到了這種巨大的整合。

You see the merger that's going on. You see those that are smaller than us who didn't really adopt our strategy, really flailing because they can't handle the needs of a client, we're just at the right size and scale.

您會看到正在進行的合併。你會看到那些規模比我們小、沒有真正採用我們策略的公司，他們真的舉步維艱，因為他們無法滿足客戶的需求，而我們的規模和規模恰到好處。

What I've been telling people is Stagwell scales up. We're Omni Service. We're going to be completely global. We're expanding our capabilities so that we can 100% compete against the majors in a nimble, tech-infused, and aggressive way. That is exactly what we're doing.

我一直告訴人們，Stagwell 的規模正在擴大。我們是全方位服務。我們將徹底走向全球化。我們正在擴展我們的能力，以便我們能夠以靈活、技術性和積極的方式與主要公司進行 100% 的競爭。這正是我們正在做的事情。

And final question on net new business from Barton Crockett at Rosenblatt, your quarterly net new wins nearly doubled every year, a record as you noted. When will that start to be reflecting some of the net rep?

最後一個問題是關於羅森布拉特公司巴頓·克羅克特的淨新業務，正如你所說，你們的季度淨新業務幾乎每年翻一番，創下了紀錄。這什麼時候會開始反映出一些網路聲譽？

I think you really look to see that come through in the second half of the year. I think in the what's really See all those wins in the first quarter couldn't possibly start in the first quarter.

我認為你確實希望在今年下半年看到這一點。我認為，真正重要的是看到第一季取得的所有這些勝利不可能在第一季就開始。

The first quarter is the reflection of the last half year's wins, and I think what you really see is, particularly with the kinds of clients and I see our media to really three and 42 should be where you see those really come through.

第一季反映了過去半年的勝利，我認為您真正看到的是，特別是對於各種客戶，我認為我們的媒體真正實現了 3 和 42。

And maybe just on the media point of things, I had a question here again from Bachman just saying, can you provide a little bit more detail on what turns around that performance media and data and to obviously a little bit of a drag in quarter one, but.

也許只是從媒體的角度來看，我再次向巴赫曼提出一個問題，你能否提供更多細節，說明媒體和數據的表現如何轉變，以及第一季度顯然受到的一點拖累，但是。

Yeah, it was a little bit of a drag in quarter one because they had in the last two years, a client that actually their season was quarter one and that client reduced their spend. With us, which is more in line with the more typical quarter one, and that's why we see the new clients that are coming on have a more typical pattern of quarter three and quarter four waiting into the season.

是的，第一季有點拖累，因為在過去兩年裡，他們有一個客戶，實際上他們的季節是第一季度，而該客戶減少了支出。對我們來說，這更符合更典型的第一季度，這就是為什麼我們看到新客戶在第三和第四季度等待這個季節的更典型模式。

And I really expect that as I, as I've said, we've got two major new technology offerings, the Stagwell ID graph and we're working on improving.

我真的希望，正如我所說的，我們有兩個主要的新技術產品，即 Stagwell ID 圖表，我們正在努力改進。

Having really states of the industry targeting with talent here and the content management system that we're developing with Adobe, those two things, when you add to our data and media and the incredible unique data sets that we have in terms of the Harris poll.

我們真正了解了業界針對人才的情況，以及我們正在與 Adob​​e 合作開發的內容管理系統，當你將這兩件事添加到我們的數據和媒體以及我們在哈里斯民意調查方面擁有的令人難以置信的獨特數據集時。

In terms of the people platform, in terms of what we've got at NRG in terms of entertainment habits, and you add those unique data assets together with those two new products, we're going to A whole new strengthened and even more competitive offering, beginning the second half of this year.

就人員平台而言，就 NRG 所掌握的娛樂習慣而言，將這些獨特的數據資產與這兩款新產品結合起來，我們將從今年下半年開始推出一個全新的、更加強大、更具競爭力的產品。

Great. Another question here and I thought a really interesting one just, can you talk a little bit about some of the new work we're doing for some technology costs?

偉大的。這裡還有一個問題，我認為非常有趣，您能否談談我們為一些技術成本所做的一些新工作？

I think we had a couple of coms and a few other guys, how are their needs evolving at the moment and how is Stagwell kind of aligned, as we said, tech companies?

我想我們有幾個通訊員和其他幾個人，他們目前的需求是如何發展的，以及正如我們所說的，Stagwell 與科技公司是如何保持一致的？

Look, the truth of the matter is a lot of those assignments, are confidential, but I think they all revolve around two letters, AI.

你看，事實是很多任務都是保密的，但我認為它們都圍繞著兩個字母 AI 。

And I think what you're really seeing is that the tech companies are looking to how they can best utilize AI in consumer-related experiences and even in their contacts with their consumers to show that they're the right place. Look, there, this has gone from, I think, years of efficiency in the tech companies.

我認為你真正看到的是，科技公司正在尋找如何在消費者相關體驗中，甚至在與消費者的聯繫中最好地利用人工智慧，以表明他們是正確的選擇。你看，我認為這是科技公司多年來一直保持的高效率狀態。

To what I've predicted is the year of competition. AI is out there, and I think there's a massive competition among the big tech companies to get to consumers with lasting AI-based experiences.

正如我所預測的，這是競爭之年。人工智慧已經存在，我認為大型科技公司之間存在著激烈的競爭，以向消費者提供持久的基於人工智慧的體驗。

And one of the places they turn to, whether it's for experiences, advice, marketing, or engineering, all of those aspects of the Stagwell companies, headed, I think by now the code and theory network.

他們所求助的地方之一，無論是尋求經驗、建議、行銷還是工程，Stagwell 公司的所有這些方面，我認為現在都是程式碼和理論網絡的主導。

Great. We've had a number of questions about tariffs, macro uncertainty, and a number of other things, and I thought I'd read out one from Wells Fargo.

偉大的。我們收到了許多關於關稅、宏觀不確定性和其他一些問題的問題，我想閱讀富國銀行的一個問題。

Have you seen any changes in client behaviour in the midst of this more uncertain macro and what are we seeing at the moment that gives us confidence in reiterating our full year guide this year?

在這種更不確定的宏觀環境下，您是否看到客戶行為發生了任何變化？我們目前看到的哪些情況讓我們有信心重申今年的全年指引？

Sure, I've been out there, if you look at my posts and comments to say, look, you have to put tariffs in proportion. Only about 11% of the US economy is imported. 10% tariff on 11%. It's only 1% of the economy. So, I think to some extent the media and others have exaggerated the total impact of tariffs, but of course there can be differential effects in industries.

當然，我已經說過了，如果你看我的帖子和評論，你會發現，你必須按比例徵收關稅。美國經濟只有約11%依賴進口。對11%徵收10%的關稅。這僅佔經濟的1%。因此，我認為媒體和其他人士在某種程度上誇大了關稅的整體影響，但當然，不同行業的影響可能會有所不同。

The truth of the matter is we have seen really minimal direct impacts on tariffs. We had one customer that primarily was an importer of foreign goods pulled back, but that was one out of thousands. We run two new campaigns emphasizing for companies that their products were made right here in America. But net we're not on the direct firing line of tariffs, it seems.

事實是，我們看到關稅受到的直接影響確實很小。我們有一個主要進口外國商品的客戶退出了，但這只是數千個客戶中的一個。我們進行了兩項新活動，向各公司強調他們的產品是在美國製造的。但看起來我們並沒有直接受到關稅的攻擊。

It just, we've been through the pandemic, we've been through fear of recession. We've been, I've been through a lot of experiences. If it, if there wasn't tariff mania in the paper, right now, I would not know that there's tariffs in the business. Now that could change. I'll be the first person to say that, but I can only report on what we're seeing, which is that we may, we're more on the secondary lines.

只是，我們經歷了疫情，經歷了對經濟衰退的恐懼。我們曾經，我曾經經歷過很多事。如果現在報紙上沒有關於關稅的狂熱報道，我就不會知道這個產業有關稅。現在這種情況可能會改變。我將是第一個這麼說的人，但我只能報告我們所看到的情況，也就是說，我們可能更多地處於次要地位。

If the economy goes down, of course, we'll be affected, but we're not on the front lines of tariffs.

如果經濟下滑，我們當然會受到影響，但我們不是關稅的前線。

Just a reminder, any final questions, please do put them in the in the in the chat. But a question about margins for a second and obviously you get solid margins improvement over 2023 in the first quarter here. Can you talk a little bit about kind of as we think about the next five years, that margin profile, the margin trajectory as we get to that sort of five to five? Sure.

提醒一下，如有任何疑問，請在聊天中提出。但第二個問題是關於利潤率的，顯然，與 2023 年相比，第一季的利潤率將有顯著提高。您能否談談我們對未來五年的展望，即利潤率概況，以及五到五年的利潤率軌跡？當然。

I think you have to look at how are we going to in the long term grow our margin beyond what it is? First, as you can see, we are aggressively looking to apply AI in the front office and to streamline the back office, and that's why we've announced that this. What we've announced here is not cuts, but efficiencies that we believe can be made in the business. Using the latest tools of technology.

我認為你必須考慮我們如何在長期內進一步提高我們的利潤率？首先，如您所見，我們正在積極尋求在前台應用人工智慧並簡化後台，這就是我們宣布這項舉措的原因。我們在這裡宣布的並不是削減開支，而是我們認為可以在業務中實現的效率。使用最新的技術工具。

Second, remember the Stagwell marketing cloud itself is going to be instead of costing $170 million a quarter, we'll start to flip around in 2026, and most of those products have between 60% and 80% gross margins. And so, we're really looking for those to be a margin booster.

其次，請記住，Stagwell 行銷雲本身的成本將不再是每季 1.7 億美元，而是在 2026 年開始扭轉局面，而且大多數此類產品的毛利率在 60% 到 80% 之間。因此，我們確實希望這些能提高利潤率。

Third, I think we're Like much of the other industry, developing new tools and techniques within media to offer interesting services to clients in the media both in terms of new data sources and also in terms of, I wouldn't call it principle buying per share.

第三，我認為我們像其他許多行業一樣，在媒體領域開發新工具和技術，為媒體客戶提供有趣的服務，包括新資料來源方面，以及我不會稱之為每股原則購買方面。

But in terms Better leveraging media transactions to the benefit of clients, and I think those three or four areas all represent ways in which we look at the margins being able to expand in the long term, particularly within, particularly in kind of what I would see as your three-to-five of that five-year plan.

但就更好地利用媒體交易為客戶帶來利益而言，我認為這三個或四個領域都代表了我們看待長期利潤率擴大的方式，特別是在我所看到的五年計劃中的三到五年內。

I think that brings an end to the questions for the quarter, and I think it, I think it's been good insightful answers. I do want to remind everyone we have a very busy schedule coming up in terms of investor engagement. Please do feel free to reach out if you're interested in meeting with us at any upcoming conferences, and then we will have our events for be at Cannes as well.

我認為本季的問題到此結束，而且我認為，我認為這是很好的、有見地的答案。我確實想提醒大家，我們在投資者參與方面有一個非常繁忙的日程安排。如果您有興趣在任何即將舉行的會議上與我們會面，請隨時與我們聯繫，然後我們也將在坎城舉辦活動。

So once again, please reach out to ir@stagwellglobal.com if you'd like to connect. Thank you again for joining and we'll.

因此，如果您想聯繫，請再次聯繫 ir@stagwellglobal.com。再次感謝您的加入，我們會的。

And I just want to thank, I know many of the employees and executives also tuned into this call, and I want to thank them all for the hard work that you really see reflected in the results that we're showing here at Stag.

我只想感謝，我知道很多員工和高管也收聽了這次電話會議，我想感謝他們所有人的辛勤工作，你們確實在我們在 Stag 展示的成果中看到了這一點。

Thank you.

謝謝。