and you good morning. John, Thank
continue good we balance structures. quarter of cost needs John as a a As managing their and clients find the said, their meeting our solid had agencies between to
repositioning pre-tax of I disposition European-based third a They Before a included $XXX Sellbytel, quarter to sales results. for that with primarily million incremental with severance related items our XXXX XXXX the of of originally start recorded resulting expense of and approximately provisional other our actions a number a of number were pre-tax transactions; tax of for small impacted million the and along the comparison terminations; adjustments Tax connection support from Act. in purposes, million a charge $XXX additional reminder and lease from there amounts gain prior $XX resulting as year on business,
we items present these reported by last the without XXXX increased $XX to items. net will of operating share reported income XXXX in with these both $X.XX; by diluted impact results profit per million, net and our earnings million, we As our and XXXX comparison year, by QX therefore, $XX.X
how and The underlying which operating investors year-on-year excluding these and adjusted we how last through is analyzes results a X consistent X basis, amounts non-GAAP believe our on comparable a show is performance. year’s on presentation with our present Slides XXXX performed meaning for management business items
For reduction X.X% $XX discipline reduced quarter. created U.S. The revenue or months FX primarily revenue the of during made dispositions and in X.X%. dollar million. our the growth headwind exceeded our or The revenue acquisitions million $XX in continued months the in third support an last quarter, which from from strength execution XX XX revenue by past CRM the the totaled reported organic over
a third the our was In revenue result, $XXX $X.X X.X%. in As or quarter. reduced million reported or our total, billion quarter revenue about by X.X% decreased
changes in revenue more a We the few in will minutes. drivers the detail of in discuss
business of with up comparison corresponding the year’s for versus from mix year. agencies was over quarter In up points. well stem and several or QX to past the total to compared X, XXXX as The XX.X%. points management, an estate in to $XXX EBITDA was margin services, flat margins change profit, improvement our last to effectively particularly operating results. disposition the income of in throughout was last procurement, when million services, in margin resulting areas strategic to million the as adjusted our underperforming EBITDA Slide QX the in organization, the continued XX basis a with was of improve results, of operating EBIT efforts operating ongoing basis XX Moving real non-GAAP from $XXX XX.X%, adjusted while back IT year margin efficiency non-core or operating office portfolio the
for versus QX quarter; interest decrease refinancing $XX.X was you. was million, the down of of expense to $XXX,XXX of occur the of and QX. year. this decrease will summarize not $X.X however, million expense the a resulting Net Most effect result down the quarter activity the to of activity third quarter I’ll full the compared interest for until our XXXX this
note in expenses of additional In We rate euro Part XXXX of issuance, effective due $X.X in XXXX issued at notes were X.XX% of $XXX €XXX notes senior in an early proceeds and of parts. of euro XXXX of net at July, €XXX at eight-year the proceeds in an the million of XX-year billion the deducting million senior and after due rate of due underwriting effective X.XX%. two of we issued in senior used €X resulted to X.XX%, an discount an rate notes senior retire million average offering notes mid-July. Together, billion the X.XX%. came
the addition, XXXX August on In notes senior redemption for X.XX% million $XXX called of X. we
in debt. the of €X refinancing a portfolio will $X be As of our result ongoing U.S. expected debt billion quarter, billion this activities euro-denominated comprised in and debt dollar-denominated past long-term
at in gain. with settled rates floating small addition, opportunistically rate interest rate our we In fixed drop the interest long-term swaps a
very XXX% attractive As a fixed at debt portfolio debt is now rates. result, rate our
XXXX. $X.X $X than be by party expense activity activities; expect million. interest in less quarter when of for $X.X newly driven million income decreased QX approximately third and expense QX, slightly refinancing decreased interest decreased savings $X.X into forward by will on period. debt versus total the million we Interest note interest QX period of the dollars. the and million going our compared to interest our by from was the income of Interest QX million to translation the interest for increased Total quarter, while $X of also refinancing XXXX over however, In expense euro issued subject expense expense
fourth year-to-date the tax for third our taxes, our XX.X% for rate will quarter now We effective tax income the stands Regarding XXXX was for reported rate XX%. anticipate our that quarter at effective and rate they XX%, approximately cannot price we be compensation share impact changes the a of little are in the which to option subject of future higher, impact and our share-based bit excluding items exercises. predict because stock
allocated included down last $XXX,XXX FX Earnings the QX from XXXX shareholders for including year, QX of subsidiaries earnings million in amount. during fully quarter, gain our quarter, the The about $X million owned than the of the $XX down affiliates shareholders totaled million minority less $X.X was the and our the effect versus to adjusted of disposition rates, Sellbytel on the XXXX. slightly QX to versus in minority allocation
the of and an was with of repositioning and on net basis, million after or gain Tax net $XXX.X represented adjusting income our our connection decreased $XX.X exclude the For $X.X impact adjusted recorded $XXX.X increase X.X% additional year’s the tax charges non-GAAP income expense million, the versus by On of reported of in which Act the million quarter, the million, a to last year-on-year. amount million. $X.X net dispositions
flat XX past diluted versus months XXX.X X.X% count to Slide in non-GAAP diluted X.X% versus diluted EPS last EPS last or up last of year’s X, was the over year. $X.XX added reported the Since to of Diluted QX on share quarter quarterly basis share, for by million quarter adjustments $X.XX our XXXX. $X.XX was decreased to share a QX versus activity EPS, shares. for the of these turning year repurchase EPS Now per our our $X.XX QX
that you third with in we the for year-to-date give X I excludes the We’ve Since line highlights. reported months X, summary information also a performance, presentations and year. the year-to-date few items the also we EPS, Slides will and provide X our QX non-GAAP P&L, On other on results period. are last adjusted results which Slides and the X, provided quarter for the separately nine just
Organic by translation nine revenue decreased acquisitions during reduced and of with our year first impact the in and X.X% of revenue the X.X% FX growth and by revenue the dispositions months line X.X%. was net expectations.
adjusted $XX.X For XX.X% basis XX of nine-month $X.XX versus was diluted the and decrease last year-to-date compared diluted the up EPS months $X.XX nine-month period, to X.X% $X.XX reported X.X% nine $X.X reported up revenue of compared a our compared $X.XX when share, the billion, points to points our totaled totaled a reported amount margin basis was and up numbers. the On margin basis, of year-to-date to or $X.XX. was EPS first and operating little XXXX. a per EBIT under year’s XX adjusted EBIT up of of billion
rates currency X.X%, details a strengthened the to on the X, our the basis, impact Russian Slide of major our the of The dollar’s yen because continued headwind reported to revenue again most million currencies, the for the year-over-year created The again FX third every impact Returning our on the $XX revenue by third Japanese changes in and the our performance. was quarter. quarterly quarter, in performance of strength against the one ruble. revenue widespread. except decreased quarter, foreign impact in of revenue On dollar a reported in once starting
quarter from Australian continue euro, largest movements result the changes the pound, The the dollar. U.K. dollar and to the the in FX to in compared
FX that X.X% will fourth they reported approximately forward, our the for again currencies stay anticipate where currently revenue quarter. reduce by Looking if are, impact we the
negative be approximately will the estimating by full the For impact year, currently we’re that FX X.XX%.
$XXX quarter, or X.X%. acquisitions net decreased of dispositions The revenue million our the by of impact in recent
business, European-based end Sellbytel, completed we impact sales have support the mentioned, have August XXXX, now of we the that at we disposition the cycled through As so our disposition. of of
we of about Digital, addition negative of best-in-class for the X.X% our will the impact Based estimate in the acquisition all a on Germany marketing marketing quarter, of net welcome be of Smart activity XXXX. a for precision and quarter, dispositions in to During our transactions acquired net net negative agency X% we to impact of and fourth date, resulting transformation a capabilities. completed based technology digital
from our for mixed million. U.S., remaining geography organic X.X% by while discipline, the performance Spain. and Japan our strongest growth was U.K., quarter Finally, was Geographically, based or agencies third by in up the and $XX the our
our advertising well, and solid execution also CRM experience performed disciplines Regarding performances healthcare and our our had disciplines disciplines, support our and consumer CRM and discipline PR while lagged.
Slide XX of by shows our mix business discipline.
quarter, third the marketing XX% the split for XX% services. and was for advertising For
As organic up discipline, advertising by for growth X.X%. their was
businesses continued the performances, media domestically Our solid particularly deliver to and U.K. agencies advertising and in
was faced consumer quarter. businesses, branding our PR, a precision execution a our elsewhere to across marketing in saw very healthcare and performance performance, support and X.X% solid X.X%. experience Once sluggish for which to turn CRM difficult was and was the X.X%, up market, the down CRM in offsetting we geographies very again, while agencies quarter, prior especially continued growth mixed year, the while by in again, in. down discipline comparisons slightly operate they Once up strong had X.X%. the strong
mix America, for Africa XX% of U.K., XX% euro quarter the between of rest North America during can Slide the Latin the of remaining and with On X% XX, details zone U.S., regional Asia XX% Pacific, was for markets. and and East X% for Middle in the the business, the Europe, our the see rest for the XX% split split which you the
media as X.X%, by third healthcare was point in on advertising CRM PR offsetting performance the details region sale this the Turning revenue the was precision our in of Slide our growth and by organic of XX, and agencies. our Partially of agencies. and agencies quarter led our our and and and to U.S. including performance execution well the marketing as not-for-profit support agencies, agencies our merchandising
businesses X.X% the were organic with up growth. Our driving other media American North
performance mixed in discipline. our up was from performance by The Europe rest U.K. X% up The The agencies. media organically the again by by was positive quarter. and market X.X% healthcare strong this advertising, quarter, and decidedly remains of driven
zone, Spain. locally, In our performance Netherlands slightly driven while positive in by CRM France, the and the execution euro support was markets our were once businesses Italy, the weak again strongest and Germany lagged. in quarter
in growth Europe most outside euro Our be positive organic continues to the zone markets. across
Asia in a when region’s XXXX, a of growth facing comps was of this organic quarter QX of Several of difficult XX%. excess Pacific our Organic was largest are markets the in growth X/XXths percent. versus modest
decreases agencies Greater down China media our to due were Our agencies. mainly at
was As New strong agencies performance double digits. when its in was to a Japan comparison Elsewhere XXXX the we case China of region, the growth our difficult India, and quarter, the facing QX was from in saw second also in Zealand.
was but while significant Latin Mexico was Colombia organically quarter. to there X.X% businesses macroeconomic positive Brazil organically. America positive, down Chile growth up continue issues. organic had the our in and encounter were
Africa, is was Lastly, smallest the region, which our Middle and East quarter. down the for
to Turning In Slide clients’ XXXX, shift Sellbytel see continue year-to-date we our of in mix XXXX the clients sectors. disposition. of small from from our XX, by of primarily resulting contribution industry a we mix for our a to comparing our as reduction the technology the result revenue revenue present to the
we billion first nine to of generated working free excluding cash changes Turning months can XX, of $X.X see XXXX. just year, the first in capital Slide of in flow the the cash for over on you months nine that our performance flow
the As nine $XXX XX, versus months to cash Slide for shareholders up of paid primary the first year. million, dividends that last of slightly on uses were our the common
our non-controlling offset April’s totaled million. As you months. $X.XX per partially quarterly the a $XX share recall, was in in shares common we interest to past reduction with payment. dividend Dividends cash increase over shareholders by increased The by paid XX our the payment effective
compared little Acquisitions, equipment as $XX an well $XX to year increase share totaled payments, generated million. program. year-to-date. to activity leasing stock $XX executed plans we flow several cash XXXX less Stock down last million due on were year-to-date, employee earn-out expenditures improvement we net our acquisitions. from our down compared in million All-in, proceeds as over leasehold $XXX net increased million, to including free a when received Capital under of issuances when in this repurchases to year
our On took the capital as refinancing in quarter. the we XX, discussed earlier we reflects Page present the September which actions structure we changes XX, of regarding
a the capital over our end $X.X of the billion our net $XX quarter, end Regarding in at position $X.X total XX/XX/XXXX. quarter our from little debt line just at and structure $X.XX this billion million year down last and expectations up year end our time at is of debt was with the billion, the compared to the
first improvements capital Over typical compared as working increase through primarily the year the of nine net are months improvements working the year. to the historically capital in management. we our debt of to the the debt due primarily was end, year in Year-on-year, of result in progress that net uses occur
As remain they our ratios, for debt solid.
ratio Our debt debt X.X to to was our times. EBITDA times net EBITDA X.X and total was ratio
impact a While anticipate reduction we going times, ratio refinancing our our forward. in interest increase is will EBITDA, down expense positively reported and due in interest X.X that the to this activity coverage
Finally on well was on to XX% development was continue capital acquisitions. last and XX invested Slide build the we while XX, you company a equity and initiatives months, return manage our combination The focused of on internal our prudently return through ratio priced can XX.X%. see
of other that review. included your our prepared note slides concludes a have the for presentation That we materials number supplemental in Please remarks.
for call At this point, you. to Thank going ask questions. we the are open operator to the
