Transforming Marketing
RECONCILIATION OF GAAP NET INCOME TO ADJ. EBITDA & FCF
$ in Thousands
Net Income
Net income attributable to noncontrolling & redeemable noncontrolling interests
Net income attributable to Stagwell Inc.
common shareholders
Non-operating items (1)
Operating income
Depreciation and amortization
Impairment and other losses
Stock-based compensation
Deferred acquisition consideration
Other items, net
Adjusted EBITDA
Cash interest paid
Capital expenditures and software spend²
Minority interest distributions
Cash taxes paid
Changes in working capital
Free Cash Flow
Full Year Ended December 31,
2022
2021
$ 65,842
35,920
(38,573)
(14,884)
27,269
21,036
131,959
23,690
159,228
44,726
131,273
77,503
122,179
16,240
33,152
75,032
(13,405)
18,721
18,691
21,430
$ 451,118
$253,652
(70,935)
(34,912)
(13,408)
(72,064)
9,867
$ 269,646
STAGWELL
TRANSFORMING MARKETING
Note: Figures may not foot due to rounding.
(1) Non-operating items includes items within the Statements of Operations, below Operating Income, and above Net Income attributable to Stagwell Inc. common shareholders.
(2) Software of approximately $13M included in "Capitalized software and other" line in statement of cash flows.
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