and good morning. John, you, Thank
quarter, As X.X% growth XXXX to John our be said, expectations. challenging our for proved industry. Organic was for below the fourth
at expectations While X% for the growth the range organic of year. bottom full-year, the our for was of
rates As for our revenue reported of half or the dollar of in the of currency X.X%. FX, U.S due the second to impact $XXX during the the increased quarter by changes year, million fourth weakening
dispositions Novus, strategies. businesses specialty quarter our dispositions to continue of see our impact over disciplines. million revenue of detail fit of the well We within not will later of I year into our the XXXX other the business as agencies quarter the further long-term of our or events growth also remarks. several our by the and acquisitions our as past net fourth our media second my $XXX regarding reduced These in of X.X%. in These did recent marketing field that revenue disposition some included print go
to X.X% margin basis or quarter last XX statement of items versus the income to improvement revenue, income XX.X% increased or $XXX year. for the EBIT to improving operating With QX below operating Turning million. point
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U.S expense, Turning of prior one-time of on add transition record of the to tax and low required the the XXXX to position. in the impact recognition a fourth Act period the of tax The require the Jobs new enactment impact Tax our XX%. reflect our of we're quarter tax taxes. Cut our on from the that to charge This offset federal tax tax rate of the were by adjustment another lower statutory not net subject new and deferred cumulative total or earnings was foreign previously existing of to benefit a partially balances
was require will tax additional becomes available rate ongoing as we recorded QX expense increase fourth tax this rate expense of was earnings provide diluted detail income million Tax of change the per Including impacted tax the XXXX. quarter to share further the quarter for income effective our effective fourth was the to a the on recorded, during net the of we approximately analysis, The On result, estimate expense, our XXXX. a expense, X, XX.X%. of Act expect Slide net during information XX%, lower a Tax $XXX.X the As and bit impact of priors which income, for than and we XX.X%.Excluding additional Act the a tax income rate tax XXXX. how
required offset The XXXX of share-based at and which our tax to return prior, XXXX-XX. our in in Tax the majority compensation, of year-over-year expected arises increased by in accounting not Tax XX.X% of from of the For prospective prior XXXX benefit resulting for QX benefit adoption been the and rate and of of tax the to of was was change from the difference from full-year, difference full-year standard to rate recognition share-based tax $XX.X be In recognition was The tax Act recorded the that The increase tax tax and does restatement compensation for the equity the for attributable cash the the effect rate tax the the beginning P&L. to compared XXXX. compensation, partially from recorded recognized to effective expense. on XX.X% not expense periods. income the an additional XXXX share-based million. which required deduction XX.X%. was directly would recorded ASU This and our book allow Act Without have between in
Act effective annual As we’re XXXX. rate the evaluating our still tax of Tax projection the of the on going our of tax in for impact our process rate forward, for
stock million. $X.X the in over the is tax impact option X.X% of pro year. a Omnicom and because Act At XXXX, $X benefit expect would the payment change, point, million reduction we based the Tax of impact subject of eight exercises. XXXX in we paid period an tax Using about of year of amount net price impact current income be rate pro pre-tax share-based changes a income the with total any can't to it approximately of the charge result value expense by cash on X.X%. our approximately approximately the to of The of compensation XXXX and will beginning of tax this this future from the stock billion, accounting our the this forma However, be made predict effective to reduce forma $XX estimates,
$XX.X versus However, a because this last restricted benefit totaled for interest subsidiaries to And rest we the at expect minority wholly-owned QX the stock over quarter, increase point increased in the the shareholders than was be less million. for the and our vesting down year. year-over-year $XXX,XXX owned in year. we to of from primarily have expect of will earnings in the XXXX year. in affiliates less fully minority allocation the Earnings to our lower XXXX subsidiaries past operational our bit $X.X improvements than of result XXXX, expense The less million in from the
As $XXX we including income in incurred quarter a the Tax the with result, charge connection incremental was for Act XXXX net million. fourth the tax
[ph] increase the charge million or impact net tax for of the was $XX.X of of last an $XXX.X income year. QX Excluding million, QX versus X%
income million Now impact for $XXX common $XXX Slide the Net the of for to shareholders quarter available includes million, charge. which turning tax X. was the
Excluding income impact net shareholders to Act, or last when million the XXXX increased X.X% of the common to compared the year. $XX.X available Tax
over share of X.X% the our the the You by incurred repurchases decreased see for our year, decrease versus past that was share fourth reported quarter impact the last can million. we tax at our charge Including of count end EPS year. the $XXX.X quarter year, of also diluted $X.X. QX for the driven The diluted the was
at slightly the up acquisitions under billion, went totaled and of the decrease about revenue $X.XX, X.X%. the in of to versus charge, net our just up last positive totaled Slides Excluding $X.XX information full-year. year. when X, or $XX.X EPS, provide the for XXXX's XXXX or of X%, full-year, X.X% of by a summary impact and P&L, through the QX reduced revenue the FX $X.XXX of X which in other dispositions, full-year EPS although for revenue XXXX. million impact Factoring On impact net the compared QX year we $XXX was growth organic tax X.X%
while under X.X% profit EBITDA operating billion. just XXXX, For to to X.X% billion, increased $X.XX $X.XX increased
XX-month margin margin results. basis full-year can with was expense XX the we the Act the full-year operating results. our additional of in a And annual Tax our diluted the you Slide reported XX for margins, provide As ad recorded X, our versus share. and basis points on Slide EPS our $X.XX our increased points X. impact On increased see EBITDA connection of on XXXX
the impacts X.X% charge, $X.XX EPS Excluding per of our the an share, of diluted XXXX. or tax increase $X.XX versus was
Turning to Slide shift our revenue performance. to discussion X, we the
weakening nearly X.X% the The the $XXX foreign fourth the last our million. the or change revenue of the in quarter impact movement versus revenue the to year quarter which for we fourth major of During rates currencies impacted during increase due of FX the the from net was U.S quarter. driver dollar adding euro, operate accounted currency against the FX in positively most of half the net our in,
how In alone rates to foreign let Making the Canadian dollar the assumption course currency dollar the the over months, XXXX euro, move addition next the weakened on U.K of any speculative. highly of the will pound. Australian and against balance few is dollar, the
they recent as of However, currencies during enter our million the The approximately by or currently of quarter in our and X% where X% to impact projections first are the net positively for acquisitions revenue of recent quarter about the X.X%. revenues dispositions on into decreased our the $XXX FX X% could we by based XXXX stay impact full-year. XXXX,
Consistent acquisition we cycle in media we well revenue Canada. and expectations approximately our the will historical print year, several which to continue the impact agencies. to plus to disposition prior Novus, year, the specialty XXXX, opportunities to recently or of Snow Group, X.X% businesses, portfolio minus the business April will then dispositions and evaluate completed acquisitions through. completed operated internal first our the as quarters of date, the approach, activity as in of X% X% in of our the acquisitions quarter dispositions will announced like in make with year pursue effects including our by investments net current back acquisition for have on of during and our Based with of remaining the reduce we of our past the return transactions the disposition discussed U.S the are throughout that As
as While but discipline, $XX Asian of global the this were weakness decidedly performance, market or and Geographically, partially mix continued offset a for million growth by organic positive quarter their and fourth about by quarter. on for the was had basis by by the regions difficult as our of our U.K., prior in negative shows U.S that in performance well performance in versus year, mix business the which our market. issues the continued of the in strong of in comps X quarter X.X% Brazil, Slide and the light in agencies improved European discipline.
As we disciplines provide we the the our regarding reflect detail agencies capture services revised you can to see, of the and of better marketing realignment our expanded scope our services.
consumer and branding other well marketing, & agencies, Omnicom and precision experience, which discipline agencies, has two communication agencies. Support, into CRM CRM agencies. direct our Execution digital marketing sales shopper agencies, marketing and which and separate our customer group, as marketing and well As a as our as specialized marketing includes from support, merchandising been result field point-of-sale, of consulting and categories: CRM disaggregated as experience realignment, this our our marketing includes
We that realigned and specialty also exclusively our it communications agencies and renamed services. marketing so communication discipline, now offering includes healthcare
the fourth split advertising for the services with split XX% full-year and for being was the similar. quarter, marketing XX% For
As for discipline, their by mixed. organic was it growth
discipline was media businesses, particularly be our advertising Growth by up continues internationally. Our led to X.X%.
of regional by Slide and for nonprofit We North And the resulting regional which the see in compact which strong by consumer in led this X% merchandising of had year-end resulting our the our as was discipline of to sales and in continues quarter from last quarter. declines the difficult light Latin performance with Europe, some discipline, by On discipline. the mixed, PR saw for the custom in growth with U.K., healthcare in rest quarter agencies this specialty every growth particular, mixed the for quarter the up also spend CRM last X% in losses. experience which presidential mix organic for results discipline XXXX performance X% election. offset the agency Africa and X.X% spending to Pacific, marginally well region with support Asia the project strong from split difficult spend direct and advertising related XX% when year-end this quarter Our growth the offset X.X% clients East faced the this quarter, from results CRM markets. the our business, from in can comparison and the and America shopper in year-end prior was brands, organically some and in in clients for XXXX. X. for benefits U.S from a through point-of-sale. agencies, was within America, our down events to XXXX which X.X% cycle as agencies, was a businesses marketing projects we up project during which QX for details have very in of the the QX of also communications, was up XX% Middle XX% you for of rest digital positive was execution support
to partially America last as discipline. performance agencies, media year. region through due in by our reductions Slide earlier growth and in by mixed spend offset well project was from advertising turning which spend political resulted details the was PR, was our losses the at on in performance X.X% PR the This to which XX. including by by cycling North XXXX year-over-year Now CRM of the revenue some healthcare, Organic to of primarily agencies, year-end related clients, our the election positive down
the U.K was Europe, to Turning $X.XXX. down negative,
by of marketing will certain and QX positive when The X.X%, agencies this quarter. by versus field media will PR the decreases discipline. advertising was rest agencies. in comparison difficult With XXXX from mixed and the quarter our performances X.X% up organic offset was in our results growth organically of of Europe Given at which
the first way growth while. had Within the Spain a Netherlands time led in for Eurozone, the strong and
slightly region, X%. markets marginally the Germany most which Singapore, Belgium positive well, was Additionally, including region, our agencies we the Asia-Pacific well. agencies Australia, was lower was Italy Brazil see Growth outside across grew the major in to up and performed market Latin from The mirror positive. In economic as Mexico. but performances Colombia and than the particularly Zealand, performance of strong the the organic Eurozone instability growth quarter. China, in New while In that continues Japan, our past. and of region overall And to the America greater elsewhere overshadowed continue in in was however, Europe slower and in in
As was marginally our And smallest Africa, a quarter. and X.X% region the in in Middle region, quarter. the the negative result, up East was
in And of Slide Turning full-year we comparing revenue much XX, industry sector. changed. for our to to not has by the present XXXX mix XXXX, business
the flow made cash of during working including see Turning to flow Slide for in a capital. We in we performance, third on in working decline the than our improvement under quarter. free a in cash little XX, year, up big billion $X.X performance effect can capital, making changes in that you generated the from QX positive the more
common our to XX, on cash Slide As paid primary uses for dividends $XXX shareholders million. were our of
$X.XX last year. million. in, flow the over the had repurchases no totaled were and but year. stock And impact earn under made $XXX year's the million, noncontrolling a down dividend $XXX As our XXXX. we million, plans we effective for received fourth $XXX payment All during proceeds XXXX's million our shareholders employee share we to $XX free prior last in totaled the million that $XXX was million paid issuances out including increase which totaled net flow. stock versus month, cash the from about $XXX levels. Acquisitions similar cash generated increase of net on payments which interest down the is announced CapEx with quarter a was little Dividends quarterly our reminder, from to in
of our capital was the Slide to change approximately the structure $XXX $X.XX billion, XX, to year million. December positive the regarding million of quarter, end debt The at Turning net $XXX X the billion, total in debt nearly of end decrease position to down at XX, principally operating capital the our XXXX. compared $X.XX our was due
cash of at by reduced and impact cash Our excess year-end, free of positive balances FX the million another our flow net about on $XXX debt for $XXX which year million.
debt solid. our ratios for they remain As
our decreased due increase ratio to below X.Xx. remains quite Our EBITDA was interest total and our and debt interest the coverage was in XX.Xx, Xx ratio EBITDA X.Xx And ratio to to our year-over-year net but expense, debt strong.
manage initiatives through a acquisitions. priced of Slide the to well XX, internal we combination company to development and focused and build Turning continue prudently
open our capital line last XX XXXX And sum payout our For XXXX net The income chart shareholders, bar The while in prepared XXX% of the including Tax period And on your the the past show Slide cumulative was presentation last equity point, to that we've was same months, resulting number during our note, to of share cumulative return invested XX.X% materials repurchases. shareholders you. operator of or from XX.X%, other was Thank return And the of XX, on return $XX cash $XX.X But ratio the ratio concludes the questions. our to years. the return finally included billion, the of Please which cash slides review. net XX about totaled cumulative we’re the the the this which decade. we our over a to on XX.X% the call that over excluding for on track remarks. shows top ask cumulative impact going through dividends the of and Act. a billion. supplemental in for both of at
