Company: STGW
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000876883-25-000009
Chunk: 96

Company: Stagwell Inc
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 96
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 registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, NY

March 6, 2023 (March 11, 2024 as to the effects of the restatement of the 2022 financial statements to correct errors identified in 2023)

We began serving as the Company’s auditor in 2020. In 2023 we became the predecessor auditor.

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STAGWELL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share amounts)

 Year Ended December 31, 202420232022Revenue$2,841,216 $2,527,177 $2,687,792 Operating ExpensesCost of services1,842,978 1,621,174 1,673,576 Office and general expenses711,803 661,250 601,536 Depreciation and amortization151,652 142,831 131,273 Impairment and other losses1,715 11,395 122,179 2,708,148 2,436,650 2,528,564 Operating Income133,068 90,527 159,228 Other income (expenses):Interest expense, net(92,317)(90,644)(76,062)Foreign exchange, net(1,656)(2,960)(2,606)Gain on sale of business— 94,505 — Other, net(1,372)(359)(