Stagwell Inc. (NASDAQ:STGW) Q4 2023 Earnings Call Transcript

Mark Penn: Well, look, I think we heard you. I think that, first, many of the moves that occurred in the marketplace were unprecedented. We’ve been doing this for eight years or so. And outside the pandemic, we haven’t had a situation, as we did, where say, three major clients cut back $50 million of fees so quickly as you saw the year of efficiency come in. I think, second, we have really cut costs significantly during the year and have significant additional goals for cutting costs. And I think we were coming off of that a really strong, heady 2022 that had really high levels of labor. And also, this is a political year in what we expect to be a political year. And we have hedged the budgets here to really try to be prudent in the kind of projections that we’re making. And finally, as I mentioned. We’re informed by being able to take a peek at the numbers coming into check.

Ben Allanson: That’s the end of the Q&A session from us. Thank you, Mark. Thank you, Frank. And we hope you’ll join us on the Q1 call coming up later this year.

Mark Penn: Thank you.