described, reflecting the our end represented end and year, and line in help upper expectations. of clients achieve solid the the of good they with deliver the year to just full Thanks, our the very results their for of for of goals. quality And services results were John, fourth us, a quarter our employees John range the our morning.
effective always, needs, responding and at meet the to efficient and agencies As clients’ time, to structures their in cost our an requirements focused changing delivering solutions agency ever our remain manner. managing same their on
We effects of improvement see to opportunities company-wide for identify continue efficiencies. our efforts and positive ongoing the also to
on Starting Slide X.
the our a job good year-end Regarding of did the growth agencies capturing spend. as our revenue X.X% had overall project client for quarter, we organic fourth
the of the end was X.X%, X% we and range markets. the For to growth, of year, of organic expectation major across full X% most at performance had our positive was which regions upper as growth
quarter tranche largest quarter. of cycle the and quarter. once previous our our the in XX from exceeded revenue fourth reduction revenue in during made again acquisitions in by while the X.X% dispositions last reducing revenue the months reduction was FX quarters four was through dispositions the negative quarter lower we And the from in X.X% the it XXXX of third than net is this during as
the when As in result, X.X% in compared to revenue QX of in components the to the in our detail last a $X.XX later reported my discuss revenue comments. billion quarter fourth more changes of I’ll increased year.
our X, compared Slide to million, operating profit back to quarter for when Turning XXXX. QX of X.X% was the up $XXX.X
our fourth to last in year. procurement. up represented QX’s last ongoing mix the quarter a the EBITDA QX increase operations, particularly be over was to the of margin last and when throughout real increased and the for XX from efficient While organization, XX.X% more basis The in resulted and noncore X.X% our agencies XX primarily back-office points to improvement EBITDA margins strategic or areas XX.X% change estate, the operating several compared basis disposition point underperforming of compared IT of year’s we’ve of quarter. of experienced margin business in the from year, when efforts
$XX.X in interest activity last Net expense that of refinancing QX XXXX, largely versus was the place and $XX.X the down $XX.X the quarter million, year for million of year. driven third to compared quarter third of quarter by this took the million down
offering €X and early issued XXXX As I’ll of deducting issued the senior at parts: notes an of in proceeds Together, X at in billion we US$X.X euro notes activity. senior discount note an €XXX an the senior due €XXX rate million at a notes resulted of additional and issuance billion due XX-year average net In in expenses, rate underwriting recap of after reminder, refinancing the rate effective X-year an July, XXXX of X.XX%; in million X.XX%. of effective X.XX%. we
senior in and X, partial used came million the $XXX X.XX% which retire Proceeds notes August to XXXX were XXXX senior through of X.XX% $XXX to of due retire mid-July on a redemption. million notes,
refinancing the long-term of in debt. portfolio of activities, debt a be €X As billion expected debt ongoing comprised dollar-denominated billion result $X in our and will euro-denominated
for settled In addition, drop interest interest with gain. fixed-to-floating swaps rate long-term rates, the a in we small our
XXX% compared now interest rate total QX is fourth result, third-party X.X%. expense rate million when rates, As debt approximately the by for our a effective $XX.X attractive fixed XXXX. of an debt portfolio quarter decreased at And very to of
decreased In on than over third our year in the rates driven our third income past quarter by flat. period-over-period million balances. addition, of decreased the interest reduction million the interest expense to refinancing quarter, more income interest with the increase was compared XXXX, deposits the cash $X.X offset interest in in cash activity while the $XX.X When
expense interest lower million gross because the $XXX notes. incremental result QX senior of of in Note, in approximately XXXX $X.X net redemption as of interest included million was QX, recorded QX the expense than early a
$XX savings compared For the activity to interest net full million reported from year when of XXXX’s expense results. approximately primarily refinancing XXXX, the we expect
the interest be issued U.S. to changes of expense subject total notes XXXX that XXXX. to However, translation expense interest into will going forward related the to euro dollars we in due for and
fourth rate tax bringing XX%. XXXX year the quarter effective tax the effective was rate XX.X%, for Our to full
rate discussed, approximately resulting includes benefit QX the $XX XXXX. of settlement of positions from favorable previously in As million, annual a XXXX for uncertain tax the of
of be Heading tax in XX%. the range into rate expect XXXX, XX.X% our we to effective to
exercises, share-based price. of to Before the future subject in Omnicom’s any tax impact option the value effect is the compensation the from of of stock including of our changes which considering stock impact both
our impact the from due of for less and was $X.X million quarter, subsidiaries up our Earnings to last year, were well earnings the than as our lower our at of of negative to performance the million $XX.X less-than-fully-owned as $X the less-than-fully-owned shareholders allocation FX. down earnings during the million due to the QX from minority strong affiliates of versus to agencies. affiliates several quarter primarily And
result, of or net QX million, X% $XX.X a to As quarter million the for $XXX when income compared up fourth XXXX. was
versus decreased year Now share X.X% quarter our count million Slide turning of QX diluted X, XXX.X to for last to the shares.
for is $X.XX As a quarter was to of EPS fourth compared when QX result, last which for the $X.XX, or EPS our diluted X.X% increase an our year.
the EPS recap of Next, and quick results. a the summary I’ll for year information provide P&L, full other
resulted of quarter of actions severance As for XXXX, primarily a dispositions gain third reminder, lease charges closed the resulting time, the net on the that in as as million. other $XXX we we Sellbytel well of in from terminations. and repositioning a of also disposition recorded At million pre-tax $XXX
adjustments connection of $XX with And lastly, approximately we recorded additional provisional Act. the tax amounts expense Tax the in originally from million, XXXX recorded resulting of
full we profit million net As $X.XX. operating of reported net results by share year the reported last $XX.X impact income diluted XXXX year, per our $XX million, these items earnings on by by our increased and
the the investors underlying to believe we presentation business is measured Therefore for impact and Tax the how Act. in our which fiscal the and The XXXX X meaningful show these basis, XXXX, on Slide on a comparable both net connection non-GAAP tax we in how X, adjusted presented our with items results performance. without adjustments gain the management and XXXX performed operating this comparison amounts for the dispositions, year-on-year charges of and consistent from with repositioning with
impact line net full X% upper decreased the for a headlines. Since was line I’ll Organic translation of for full with revenue results few revenue by X.X%, dispositions reduced and our performance, XXXX X.X%. the growth X.X%. in in and range which for give was of our year between just year with by of the X%. The were quarterly you revenue FX the expectations acquisitions year
compared our of XXXX, totaled X.X% billion, $XX.XX revenue reported a to XXXX. for So decrease
a margin from of with reported reported XXXX for our we XXXX’s and adjusting dispositions XX.X% profit basis last QX improve after compared $X.XX when actions year-over-year slightly gain while basis to basis operating XX net down billion, reported on points operating points a repositioning XX undertook operating income XXXX. was results Our year, and to the during
dispositions, And XXXX. a diluted share of our or XXXX $X.XX a EPS compared $X.XX share, reported amount up XXXX’s of in represents the year $X.XX tax net EPS $X.XX a non-GAAP over full of actions to XXXX’s impact XXXX reported improvement amount share. was repositioning for the reform $X.XX from activity, the X.X% or and the diluted Adjusting for adjusted gain X.X% of
X, performance quarter, not the Starting was first by X as revenue the reported strengthened year-over-year of the on to fourth in details practically basis the impact months again consistent impact, saw only currencies. as ruble spread. in quarter This but against fairly Slide strengthened Turning wide the year. major our FX revenue quarter. the and fourth the negative in the the On once or the a of dollar reduced impact the negative X.X% in we Russian $XX against Japanese one every foreign In of dollar. quarter, our yen million. with FX remains
in the creating quarter largest the the compared continue the and Brazilian changes movements real FX The to to dollar. from dollar Chinese yuan, in euro, the reductions be Australian
our projection for on will few for move currency foreign As is this over impact alone next balance XXXX, the rates let months, any the upcoming for of the how point FX the assumption speculative. year,
currently disposition decreased if dispositions, The than approximately where lower reported balance estimates, of they we cycle or net earlier revenues points XX This quarters, basis But third revenue of over stay quarter acquisitions, of XXXX. quarter currencies of X.X%. FX recent the as in our based slightly quarter be negative activity $XX reduce and much through is XXXX. during the of our by could recent on in the million our impact by the are, our first
remaining estimate basis projected the reduction year. a of impact in of be net the quarters X basis of XX and in XX first Based impact the net acquisition our net year, activity, the of to on about negative points XXXX quarter transactions date, for the flat will to a completed points resulting we dispositions over close of of
growth disciplines, was growth was European and year-end Advertising, spending. our fairly quarter the project again for Within all and X.X%, this Geographically, reflective quarter Media positive Finally, experienced positive lagged. our Execution effects of and good domestic, of CRM growth this regions all the group organic our well PR service Asia-Pacific Support & distributed had client our our once and CRM All performances. quarter. Experience agencies, Consumer organic agency
shows by Slide business of discipline. X mix our
was XX% XX% marketing and fourth For for quarter, the advertising services. the split for
well our organic several advertising We their performances solid our global networks Media performance growth up brands regional solid by as for saw X.X%. at agency our of businesses. discipline, discipline from our As advertising was and as
down up growth consistent quarter is was from across discipline by well was X.X% our driven X% throughout agencies X.X%. our our Support continued offerings Experience this marketing the most outside events PR businesses precision with of from Execution organically, and quarters U.S. strong down of service Consumer & was the as in performance reduction as XXXX. The CRM CRM discipline. PR earlier the
Lastly, and was to XX.X%. digits And up be Healthcare well domestically distributed, internationally. double growth organically the both continues at
Slide North U.S., X% markets. XX% which the of Africa for quarter the business, the for On Europe, Latin for X% America, the XX% for and the in rest of details split X, mix in X% during see the you East Asia-Pacific, for the UK, was of rest regional can XX% and the X% Middle America
fourth at CRM XX. was by group and Turning and down Consumer Healthcare to were the Outside U.S. Media and due on the CRM the Advertising our other our lagging. businesses. sluggish in growth the performance Advertising details disciplines, region American Organic quarter of agency with & North revenue our by Media PR led X.X% and U.S., X.X% Execution Experience, the agencies our Support performances in our Slide to
strong was of quarter. Europe field driven Healthcare again The the X.X% up once were PR, of in performance agencies. agencies organically UK up Advertising, and X.X% our marketing Our the by positive, rest
that performance of In in France and strongest CRM continued The Belgium, few the Execution markets, once saw Portugal Netherlands positive weak was most a by slightly driven being was the across performance market. while the quarter, negative, Support & zone, euro Spain. solid businesses we Germany, in again in our
also positive for be Pacific in Organic X.X%. to Organic the quarter markets. Asia euro zone continues was growth across outside the growth most
in performance Mainland. and quarter, growth off Events Our coming agencies a primarily performed the our poor Media agencies China driven Greater on QX, well by this after from
this given of by mixed not in saw region, China. performance we market. a in do we uncertainty However, expect first-half the in to somewhat continue XXXX, the Elsewhere the
by Solid in our performance Korea offset was partially reductions Thailand Japan and Australia, agencies and in by South Singapore.
to in offsetting is growth America performances. quarter. region, organically some performance down in lastly, Latin X.X% negative Middle in quarter. with once and in and a was did the organic the the Chile turning UAE smallest returned the East which positive Mexico Brazil quarter the as again and Qatar was Colombia, strong Africa, for our And
XX, our we by our present of Slide to client’s industry Turning revenue mix sector.
to year we year, full in XXXX, the As saw throughout revenue for mix. was small a there shift comparing the XXXX when our
technology the clients reduced. As disposition, of a been revenue has result the Sellbytel of mix from
Turning Slide working to changes that see in of year we our capital. free you $X.XX cash on for billion excluding generated XX the can cash flow performance, flow,
As for million paid up our to $XXX our million, $XX primary uses were of shareholders about cash on common year-over-year. Slide XX, dividends
paid repurchase XX year, The and months. prior As effective non-controlling by April’s totaled reduction increase our was $XX payment dispositions due from past cash million, to offset shares combination versus minority partially you shareholders. our of payment. $X.XX the recall, over common with interest the in shares dividend of a a down the we shareholders to the our Dividends increased in a by quarterly share
compared million. expenditures primarily to $XXX date, were earn-out a million leasehold payments due Acquisitions, to down activities our improvements estate $XXX including to real in from XXXX, Capital totaled reduction year year-over-year.
is previously, year, on when mentioned this we’ve As decrease compared several opportunistically to last we a executed when acquisitions.
third past year. net XX, as refinancing reflects present structure were our capital received cash changes we of of yearend, earlier, our from regarding net actions million. $XXX stock in, plans All discussed issuances the we the On in which the proceeds the under $XXX flow we we generated Page free share million And over employee in the took repurchases, quarter. stock
position positive last $XX $XXX the this is total due $XXX $X.XX our year. XX changes our Regarding improvement net which free the $XXX Year-on-year almost million, million, from our capital of million as primarily of cash debt management. capital capital down million net improvement in was was our of in to And $XXX of time structure at debt our in year-over-year the operating December million debt year, end and of billion. working flow the includes
As our they ratios, for debt remain solid.
And to ratio over net was to EBITDA the X.X is total past which debt Our coverage X.X in ratio has was times. our year times. our reduction EBITDA expense. to the interest our And times, interest debt improved due XX.X
XX, And a continue finally, on manage of prudently you see combination and to can we priced acquisitions. Slide and well-focused build through the company initiatives development internal
For ratio invested the XX.X%, XX equity last return XX.X%. our while months, on our capital on was was return
presentation And Thank operator ask for prepared other you. the included remarks. open call that But note point, questions. at that going concludes to slides the we’ve to several this review. our on the supplemental we’re your Please for materials
