Stagwell (US:STGW)2024-08-04 05:50Financial Performance - Stagwell's net revenue for the second quarter of 2024 was $554 million, a 1.7% increase compared to $544.9 million in the same period of 2023[13, 16] - Adjusted EBITDA for Q2 2024 was $86 million, compared to $91.2 million in Q2 2023, representing a 5.6% decrease[13, 15] - Net new business wins reached $113 million in Q2 2024, bringing the last twelve months (LTM) total to $324 million[13] - The company is reiterating its full-year 2024 outlook, including organic net revenue growth of 5% to 7% and adjusted EBITDA between $400 million and $450 million[12] Revenue Growth by Capability - Stagwell Marketing Cloud Group experienced a net revenue growth of 7.8% in Q2 2024, with organic net revenue growth of 8.5%[22] - Performance Media & Data saw a net revenue growth of 5.7% in Q2 2024, with organic net revenue growth of 5.5%[22] - Creativity & Communications experienced a net revenue growth of 0.2% in Q2 2024, with organic net revenue growth of 0.1%[22] Geographic Performance - The United States showed an organic revenue growth of 2.4% in Q2 2024[18] - The United Kingdom experienced an organic revenue decline of 6.5% in Q2 2024[18] Strategic Initiatives - Stagwell closed three acquisitions in Q2 2024 to expand global reach and digital capabilities[13] - The company launched AI-powered features with Google Cloud across four of its digital marketing products[13] - Deferred Acquisition Costs (DAC) reduced by $43 million from Q1 2023 quarter-end balance[32]