Interim Reporting

6 Months Ended

Jun. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

17. Revision of previously issued Unaudited Consolidated Financial Statements for the second quarter of 2023

The following table presents selected unaudited revised financial information for the three and six months ended June 30, 2023, in connection with the revision detailed in Note 1 included herein. There were no changes to previously issued cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. The quarterly interim consolidated balance sheet was only impacted by the effects of the balance sheet adjustments discussed in Note 1 of the Notes included herein. For the three and six months ended June 30, 2023, we have included the line items that were impacted by the correction of errors originally adjusted as out-of-period in the 2023 interim financial statements.

The impact of the revision on the previously issued unaudited quarterly financial information is as follows:


Unaudited Consolidated Statements of Operations and
Unaudited Consolidated Statements of Comprehensive Income (Loss)
	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)

Earnings (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)

Earnings (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