XML 48 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Interim Reporting | 12 Months Ended
--- | ---
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information |
Consolidated Statements of Operations and |  |  |  |
Consolidated Statements of Comprehensive Income (Loss) |  |  |  |
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023
Revenue | $ | 622,444 |  | $ | 632,265 |  | $ | 617,573 |  | $ | 654,895 |
Cost of services | 413,898 |  | 402,431 |  | 384,980 |  | 419,865 |
Income tax expense | 236 |  | 437 |  | 4,324 |  | 35,560 |
Income (loss) before equity in earnings of non-consolidated affiliates | (2,642) |  | (4,749) |  | 3,121 |  | 54,782 |
Net income (loss) | (2,869) |  | (4,965) |  | 3,117 |  | 46,359 |
Net (income) loss attributable to noncontrolling and redeemable noncontrolling interests | 4,258 |  | 1,771 |  | (2,464) |  | (45,073) |
Net income (loss) attributable to Stagwell Inc. common shareholders | 1,389 |  | (3,194) |  | 653 |  | 1,286 |
Earnings (Loss) Per Common Share |  |  |  |
Basic | 0.01 |  | (0.03) |  | 0.01 |  | 0.01 |
Diluted | 0.00 | (0.03) |  | 0.00 | 0.00
Other comprehensive income (loss) - foreign currency translation adjustment | 4,447 |  | 2,945 |  | (13,516) |  | 14,120 |
Other comprehensive income (loss) | 4,447 |  | 2,945 |  | (13,516) |  | 14,458 |
Comprehensive income (loss) for the period | 1,578 |  | (2,020) |  | (10,399) |  | 60,817 |
Comprehensive (income) loss attributable to the noncontrolling and redeemable noncontrolling interests | 2,036 |  | (1,158) |  | 5,483 |  | (53,792) |
Comprehensive income (loss) attributable to Stagwell Inc. common shareholders | 3,614 |  | (3,178) |  | (4,916) |  | 7,025 |
The impact of the revision on the previously issued unaudited quarterly financial information is as follows:
| Three Months Ended March 31, 2023
| As reported |  | Adjustment |  | As revised
Income tax expense | $ | 2,384 |  |  | $ | (2,148) |  |  | $ | 236 |
Loss before equity in earnings of non-consolidated affiliates | (4,790) |  |  | 2,148 |  |  | (2,642) |
Net loss | (5,017) |  |  | 2,148 |  |  | (2,869) |
Net loss attributable to noncontrolling and redeemable noncontrolling interests | 5,460 |  |  | (1,202) |  |  | 4,258 |
Net income attributable to Stagwell Inc. common shareholders | 443 |  |  | 946 |  |  | 1,389 |
Earnings (Loss) Per Common Share |  |  |  |  |
Basic | 0.00 |  | 0.01 |  | 0.01
Diluted | (0.01) |  |  | 0.01 |  | 0.00
Other comprehensive income - foreign currency translation adjustment | 4,425 |  |  | 22 |  |  | 4,447 |
Other comprehensive income | 4,425 |  |  | 22 |  |  | 4,447 |
Comprehensive income (loss) for the period | (592) |  |  | 2,170 |  |  | 1,578 |
Comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests | 26,723 |  |  | (24,687) |  |  | 2,036 |
Comprehensive income attributable to Stagwell Inc. common shareholders | 26,131 |  |  | (22,517) |  |  | 3,614 |
| Three Months Ended June 30, 2023
| As reported |  | Adjustment |  | As revised
Income tax expense | $ | 5,717 |  |  | $ | (5,280) |  |  | $ | 437 |
Loss before equity in earnings of non-consolidated affiliates | (10,029) |  |  | 5,280 |  |  | (4,749) |
Net loss | (10,245) |  |  | 5,280 |  |  | (4,965) |
Net loss attributable to noncontrolling and redeemable noncontrolling interests | 5,552 |  |  | (3,781) |  |  | 1,771 |
Net loss attributable to Stagwell Inc. common shareholders | (4,693) |  |  | 1,499 |  |  | (3,194) |
Loss Per Common Share |  |  |  |  |
Basic | (0.04) |  |  | 0.01 |  | (0.03) |
Diluted | (0.04) |  |  | 0.01 |  | (0.03) |
Other comprehensive income - foreign currency translation adjustment | 2,938 |  |  | 7 |  |  | 2,945 |
Other comprehensive income | 2,938 |  |  | 7 |  |  | 2,945 |
Comprehensive loss for the period | (7,307) |  |  | 5,287 |  |  | (2,020) |
Comprehensive (income) loss attributable to the noncontrolling and redeemable noncontrolling interests | 2,623 |  |  | (3,781) |  |  | (1,158) |
Comprehensive loss attributable to Stagwell Inc. common shareholders | (4,684) |  |  | 1,506 |  |  | (3,178) |
| Six Months Ended June 30, 2023
| As reported |  | Adjustment |  | As revised
Income tax expense | $ | 8,101 |  |  | $ | (7,428) |  |  | $ | 673 |
Loss before equity in earnings of non-consolidated affiliates | (14,819) |  |  | 7,428 |  |  | (7,391) |
Net loss | (15,262) |  |  | 7,428 |  |  | (7,834) |
Net loss attributable to noncontrolling and redeemable noncontrolling interests | 11,012 |  |  | (4,983) |  |  | 6,029 |
Net loss attributable to Stagwell Inc. common shareholders | (4,250) |  |  | 2,445 |  |  | (1,805) |
Loss Per Common Share |  |  |  |  |
Basic | (0.04) |  |  | 0.03 |  |  | (0.01) |
Diluted | (0.04) |  |  | 0.03 |  |  | (0.01) |
Other comprehensive income - foreign currency translation adjustment | 7,363 |  |  | 29 |  |  | 7,392 |
Other comprehensive income | 7,363 |  |  | 29 |  |  | 7,392 |
Comprehensive loss for the period | (7,899) |  |  | 7,457 |  |  | (442) |
Comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests | 29,346 |  |  | (28,468) |  |  | 878 |
Comprehensive income attributable to Stagwell Inc. common shareholders | 21,447 |  |  | (21,011) |  |  | 436 |
| Nine Months Ended September 30, 2023
| As reported |  | Adjustment |  | As revised
Income tax expense | $ | 12,425 |  |  | $ | (7,428) |  |  | $ | 4,997 |
Loss before equity in earnings of non-consolidated affiliates | (11,698) |  |  | 7,428 |  |  | (4,270) |
Net loss | (12,145) |  |  | 7,428 |  |  | (4,717) |
Net loss attributable to noncontrolling and redeemable noncontrolling interests | 8,548 |  |  | (4,983) |  |  | 3,565 |
Net loss attributable to Stagwell Inc. common shareholders | (3,597) |  |  | 2,445 |  |  | (1,152) |
Loss Per Common Share |  |  |  |  |
Basic | (0.03) |  |  | 0.02 |  | (0.01) |
Diluted | (0.03) |  |  | 0.02 |  | (0.01) |
Other comprehensive loss - foreign currency translation adjustment | (6,153) |  |  | 29 |  |  | (6,124) |
Other comprehensive loss | (6,153) |  |  | 29 |  |  | (6,124) |
Comprehensive loss for the period | (18,298) |  |  | 7,457 |  |  | (10,841) |
Comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests | 34,829 |  |  | (28,468) |  |  | 6,361 |
Comprehensive income (loss) attributable to Stagwell Inc. common shareholders | 16,531 |  |  | (21,011) |  |  | (4,480) |
Consolidated Statements of Shareholders' Equity |  |  |  |  |
| Three Months Ended March 31, 2023
| As reported |  | Adjustment |  | As revised
Net income attributable to Stagwell Inc. common shareholders | $ | 443 |  |  | $ | 946 |  |  | $ | 1,389 |
Net income (loss) attributable to Noncontrolling Interests | (2,917) |  |  | 1,202 |  |  | (1,715) |
Other comprehensive income | 25,688 |  |  | (23,463) |  |  | 2,225 |
Other comprehensive income (loss) attributable to Noncontrolling Interests | (21,263) |  |  | 23,485 |  |  | 2,222 |
Total other comprehensive income | $ | 4,425 |  |  | $ | 22 |  |  | $ | 4,447 |

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration