# EDGAR Filing Document

**Accession Number:** 0000876883
**File Stem:** 0000000000-25-010174
**Filing Date:** 2025-9
**Character Count:** 4635
**Document Hash:** 1cd3dec569ca91df7880651b383bce59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010174.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0000000000-25-010174

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250918

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stagwell Inc
- **CENTRAL INDEX KEY:** 0000876883
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING AGENCIES [7311]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 980364441
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-13718

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, FLOOR 65
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 646 429 1800

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, FLOOR 65
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC Stagwell Holdings Inc
- **DATE OF NAME CHANGE:** 20210729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC PARTNERS INC
- **DATE OF NAME CHANGE:** 20040206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC CORP INC
- **DATE OF NAME CHANGE:** 20001204
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000876883-25-000009

## Text-Extract

```

                                                            September 18, 2025

Frank Lanuto
Principal Accounting Officer
Stagwell Inc
One World Trade Center , Floor 65
New York , NY 10007

       Re: Stagwell Inc
           Form 10-K for Fiscal Year Ended December 31, 2024
           File No. 001-13718
           Filed March 11, 2025
Dear Frank Lanuto:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comment(s).

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 10-K for Fiscal Year Ended December 31, 2024
Management' Discussion and Analysis of Financial Condition and Results of
Operations
Liquidity and Capital Resources
Cash Flows
Operating Activities, page 47

1.     Your disclosure here and in the Form 10-Q for the fiscal period ended
June 30, 2025
       appears to note the main factors contributing to how operating cash was
determined
       for each period. Your disclosure should be a comparative analysis of the
       change between periods in the reported amount of net cash of operating
activities,
       which was an increase of approximately $62 million (76%) in fiscal 2024
from fiscal
       2023 and increase of approximately $122 million (181%) in the interim
period 2025
       from the corresponding period of fiscal 2024. Refer to item 303(b) and
all applicable
       instructions to paragraph (b) regarding analysis of material changes in
line items from
       period to period and the introductory paragraph of section IV.B and all
of B.1 of
       Release No. 33-8350 regarding the content of the analysis. Also, refer
to section III.D
 September 18, 2025
Page 2

       of Release No. 33-6835 (501.04 of the staff   s Codification of
Financial Reporting)
       regarding quantification of factors cited. Please revise your annual and
interim period
       disclosures as appropriate. Note merely citing amounts reported in the
statement of
       cash flows may not be useful to investors without discussing underlying
factors,
       particularly in regard to material changes in working capital items. Of
further
       note, cash paid for income taxes decreased in fiscal 2024 from fiscal
2023 by
       approximately $22 million that appears to be a material factor
contributing to the
       increase in operating cash between those periods.
        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Amy Geddes at 202-551-3304 or Doug Jones at 202-551-3309
with
any questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Trade &
Services

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._