morning. good and John, you Thank
second XXXX with As John our expectations. quarter the results for were line in said, of
drive and our resulting on have benefits continue actions. from cost provided to the with client service positive Our operating initiatives agencies net efficiency our in by our that structure outstanding business be new change repositioning along the impact and had our wins, from by results mix
reducing support revenue second the strength X.X% XX dollar growth FX U.S. totaled discipline The revenue past headwind, $XXX million primarily made X.X%. continued revenue the CRM million. from created quarter, exceeded reported the acquisitions our quarter. revenue over months execution in of or For our during organic an The the $XXX and or XX in last from months by the in dispositions reduction
revenue total, X.X% our In As quarter was second in billion million reduced about or $XXX decreased quarter. a by our the revenue $X.X reported X.X%. result, to
of the changes the a in discuss detail in revenue will minutes. We in few drivers more
XXXX, or of year’s XX.X%, margin QX up operating up and a QX. to when XX income our to EBIT, statement resulting was basis resulting XX%, $XXX was $XXX in items basis the revenue, of compared for which an Turning second points the points million, our of quarter EBITDA EBITDA operating below compare last to million the was quarter with profit, XX margin
We in continue year. the several underperforming see the non-strategic mix change business resulting benefits disposition agencies to of from over past the or from
seek also organization our impact opportunities positively throughout our services. efficiency IT estate, operating out procurement, continue our on actions We office to continue increase and to services, operational to support real back These focused performance.
$XX.X of partially in compared to versus the on the of million million this in XXXX down compared Net was to prior paper increased decrease in second offset were QX $X.X our was expense year. to versus rates second activity higher fixed $X.X swaps This XXXX. quarter a of driven which debt a the expense by floating due interest Interest by and quarter the for on XXXX our to of million expense year. reduction up commercial interest interest rate $X.X quarter million, QX
this August to XXXX. Those €XXX notes may zero recall, mature issued you in private will we an million percent investor the term a notes United February As placement short outside past senior of in States. of
been we’ve to XXXX The the borrowing through maturity commercial our able short-term continue next reduction activity interest to expected month. of result, lowered our which is expense reduce needs, paper other in including a As paper notes the to year-over-year. relative our issuances, commercial
of due of QX borrowings our at centers. investment paper an XXXX to our of available income during interest commercial QX a for increase result $X.X increased increased of cash XXXX, expense to balances Interest during borrowings CP no compared to as QX versus million primarily $X.X in million compared XXXX. QX When treasury
from income center decreased our interest Additionally, QX. treasury versus activities
details presentation. in early the to refinance later our steps aware, we are related I you took of on provide As more some debt. this July to will in
primarily favorable tax net quarter The XX.X%, the reduction income of $XX million. tax in the the was settlement our during effective quarter the the XXXX. various our Regarding approximately to reported which of XXXX taxes, quarter rate jurisdictions effective in for second tax lower resulted was year of than assets uncertain deferred related recognition full rate of projected second tax in positions net the for
and rate our be previously with expect tax to estimated effective XX%. We our line of for rate in tax fourth the third quarters
from in QX to than Earnings quarter of minority the our earnings FX. to $XX.X $X.X allocation XXXX. the as well to owned of our of as second million to decreased our subsidiaries of The less XXXX, activity affiliates disposition flat million compare was in relatively primarily shareholders due the impact fully
$XXX.X of As in for to XXXX. million million, income a was the net up $X.X X.X% QX second when result, or compared million the quarter $XXX.X
X.X% versus last share Slide QX to to of million X, shares. XXX.X turning Now our diluted for year quarter the count decreased
of the to increase $X.XX QX for EPS for was EPS As last which year. an reported second our X% quarter a our is compared or $X.XX, when result, diluted
provide and information to a EPS just will P&L, year On other and summary date. we give Slides few X I the you X, highlights.
to X.X%, X% margin was the for the growth six $X billion, XXXX. points first operating revenue acquisitions dispositions impact months six months was compared revenue compared months period revenue of a of and year-to-date XXXX. X.X% of by over year-to-date reduced when the EBIT our basis though of and year. first during XX.X% first just XX net decrease translation $X.X totaled up six the of and revenue X% Organic the to of totaled by the billion decreased FX
X.X% the first months or six share, Our up which $X.XX EPS was was of XXXX. $X.XX versus six-month per diluted
$XXX components for significant currency in reported X.X% year-over-year our to change a on impact in is quarter, detailed a revenue or decreased revenue. on our of second of Page FX rates strengthening which reported Turning by the the the dollar the of the X, changes to in revenue The quarter. basis headwind create million continues
basis, strengthening FX the real. movements from again Brazilian U.K. since quarter euro, every once the dollar, a of one case widespread. against major Australian strengthened and the third currencies. XXXX, the been Chinese was largest the On Yuan, foreign has quarter the year-over-year the the As XXXX second pound, the The in were in of our the quarter of dollar
currencies in year full impact X.XX% the for stay to if currently for forward, Looking negative negative is they third X.X% impact reported in our X%. fourth where expected quarter, the and on approximately be X% revenues and resulting a the between are, the quarter of
impact of impact by we decreased first driven of of from last dispositions second by the primarily our previously revenue of X.X%, million projected in The disposition acquisitions in net half the through XXXX. the or quarter $XXX recent year actions and quarter we’d line the with Sellbytel other and the took
by cycle resulting to most impact continue dispositions fourth X% dispositions X% will X.X% quarter, impact for transactions activity date, an the our and in to be approximately coming year’s through quarter of the the negative third for the net on that negative the We of completed of expectations year. end for the will of acquisition by anticipated our we’ve significant last September. are current Based this of
up Turning for quarter quarter, the to organic again $XXX it growth, million led discipline and the or mixed the way solid saw healthcare we was X.X%. with Advertising organic performance. growth. for By
strongest Our performance. and CRM U.S. the and continued had PR while also execution lag. this support to performed U.K. consumer businesses businesses and well quarter, Geographically, our experience CRM
were markets Africa, and America Asia QX although the difficult smallest the last positive while and continental also negative for to of both Latin with Europe regions, our performance quarter. Middle and facing mixed overall, several was were East two year, comparisons
by shows X Slide of business our discipline. mix
advertising was marketing quarter, and XX% For the first split XX% for for services. the
XXXX. X.X%. discipline along our organic up CRM was by discipline, positive. was by growth businesses to growth saw organic solid performance for consumer businesses while our agencies. Advertising’s media X.X% Also up led As by slightly advertising our discipline, most the advertising of QX our with and Strong by national growth marketing performances back was at from global quarter. our for and was were experience difficult branding of which our shopper group the good businesses, offset comparisons partially faced commerce events within precision reductions our
the CRM mixed PR was X.X%. by and support be to negative. performance businesses up while was production Europe businesses. by businesses, was from the more field agencies our underperform down America quarter. as Performance execution continued by region. continues Europe our and were negative specialty well merchandising discipline our as Latin Positive performance to in offset The U.S., point-of-sale U.K. continental Healthcare in and marketing this were our X.X%. continental positive geographic Asia and than
past growth these the been year, regions has agencies balanced As in. the for operate been across has well the case
we business, X, of dollar the the because split U.S., strength U.K., Slide quarter the to of of a and which rest Asia Europe, details rest North the other markets. XX% typical in; during X% currencies XX% On Middle from the East and America, for operate than in mix the of the see was higher Africa America, XX% can the our the X% Pacific, of the relative balance regional Latin XX% you for for bit in the for
performance healthcare, the details X.X%, in revenue by our region the and CRM Slide in our advertising for led by and As consumer the on X, second U.S. of agencies. experience organic quarter media, growth was
agencies while performance. agencies down CRM Our support and slightly our execution were had domestic PR sluggish
discipline. continues. fourth quarter, X.X% most market driven rest performance offerings. was again The by other American now the the and was the disciplines; the from quarter year, by with U.K. decidedly the EU, however, the of departure regarding Our Europe mixed up up and X.X% scheduled though in for marketing U.K.’s organically North quarter, up the businesses across of our The this positive strength was precision this uncertain were year-on-year of media growth
this quarter, Germany while to markets, in performances Italy euro in in and France. negative a saw turn Spain weakness we and our performance strong continued In
growth euro Our outside organic be to zone Europe positive. in continues the
facing X.X% New With Japan organic of was in Zealand and markets Asia of versus many having our with this comps performances major XXXX, difficult quarter. Pacific growth QX strong
China agencies businesses which while Latin America quarter. face in were our media Brazilian comparison and organically our X.X% greater weakness China significant the for organically for prior our particular to quarter the Our the in due at was a due in in in macroeconomic flat quarter down to period. events businesses. market, reductions agencies, the was to the was difficult Mexico to facing forces down continue
the Lastly, is down smallest quarter. region, for Middle the and was East Africa, which our
revenue industry of see clients In year-to-date sector. present contribution offset as the X, clients, for continue from mix On Slide by of a technology decrease pharma the a by with to our XXXX, to result we in slight business comparing disposition. our our in Sellbytel revenue of the an increase we XXXX primarily shift our a
cash our to flow, starting including generated of million of flow performance, we year Slide in capital. Turning working XX, cash detail first in changes on free the which we half the $XXX
for was in Dividends shares XX, that were cash first in As shareholders a with uses of was to April in non-controlling payment the quarterly six months Slide paid versus up increase effective past dividends last our our dividend months. XX $X.XX million. the on quarterly common partially totaled our to $XX $XXX year. reduction the of offset share per the interest primary paid shareholders over by million, The common slightly
our activity free our million All and issuances $XXX stock compared outspent of repurchases when leasing Capital share including our last leasehold earn-out program. and plans an $XX million. a under the point proceeds received payments to in expenditures by to XXXX. first down year, we decrease increased this of $XXX to to less XXXX Acquisitions equipment million, totaled cash increase from in about net improvement million in, year-to-date, due flow the $XX compared were half stock employee
On senior our million resulted deducting at $X.X XX-year discussing took €XXX recently of rate to quarter to issued notes at note effective details Before and due in an the of an we structure the refinancing X.XX%. on steps in issued of at billion notes discount review million XXXX the we Slide after the additional of of X, euro debt. XXXX rate underwriting some due net issuance the in want our the of capital X.XX% €XXX XX, eight-year I of end we related average and senior proceeds of expenses offering Together, X.XX%. an at July
$XXX Part of used Monday, to this XXXX which past XX. proceeds the senior retire the matured million were July notes
X the called we million In senior $XXX redemption used proceed of notes general on for X. August The addition, the on of purposes. corporate XXXX July for will balance be
comprised and be Our expected in billion ongoing in billion long-term X dollar-denominated debt. debt euro-denominated of portfolio will X debt
XXXX expense by early of extinguishment after recording approximately $X expect for compared be notes, when an by book on We of XXXX loss million the million part reduced XXXX in and half interest to to in of our the second QX expected QX. $XX
working $X.X quarter the capital, uses up debt approximately use year compared well end which was net in and December billion, position XXXX. of flow increase which of as the historically to in million. The result are net $X.X highest XX, of $X.X Our about typical as the the first our at was the cash billion debt totaled of free of of a excess $XXX year-end billion, half of around the cash
year $XX and negative change of our approximately received the XX months of disposition the down which first $XXX was increases net six offset effect debt exchange flow our of approximately by the cash slightly of also the FX partially impact $XX cash past was The million. June of on driven XX, in $XXX the $XXX million balance cash sale cash $XX from rates These decrease balances, we the approximately on Partially our our net overspend offsetting the over year increases debt the months XXXX, which about during positive and is million. the by increase by past free Compared million. activity cash XX of our months operating the was proceeds an subsidiaries the of capital of past primarily received million in $XX million. million to during approximately and of from these cash were positive during
remain for As solid. they debt ratios, our
QX, the our increase to X.X debt reflecting euro-denominated remains the note decreased Due to the ratio X.X to our while times. EBITDA to times coverage X.X interest EBITDA ratio but issuance of in coupon our expense, debt strong. ratio was to zero interest in fell times, net total Our year-over-year
we initiatives priced can manage XX, development the In Finally focused last prudently internal ratio you Slide XX.X%. months, capital well build return and to our equity on was continue return invested acquisitions. on through combination see company the and a XX and XX.X% our was of on
a supplemental your that That the Thank concludes Please operator call our remarks. At in other the to review. prepared slides we for you. number of have ask note this included going the for to presentation materials we’re questions. open point,
