serving and people, past in our functions to Thanks, for take our the their that I and our want the efforts our John, tireless people are morning. agencies recognize good clients over would as The to the been environment. we implement people to they’ve swift as mobilize world, a around was support also at proud moment well work our new from well quickly transition home weeks. done not working people, success successfully. and several have of without how our exceptional That this adapted are and policy to possible
As said, and of on focused new clients are to our us business the around John we the impacting our environment realities aligning the model economic globe.
facility extended we first and the before end extended the our both amended of revolving in we are facility. was proactive to actions manage billion also process The meet of after We’ve cost taken in client position, and demand We liquidity $X.X February crisis. These until steps early financial quarter. our continuing our XXXX. strengthen structures our February, realign included, to reviewing operations and to through as credit our the changes
maturing we in putting We facility. billion share we place of also of remaining $XXX of million issued XXXX. times. $X.X a XXXX. redeemed completed credit these as notes. million, early in due revolving to X.XX% we And X.X% $XXX note we XX-year we In liquidity And an uncertain million long-term actions existing that million is we senior credit notes our April, which of program. additional also XXX-day $XXX should May $XXX no April, insurance mid-March, early And have senior in facility, additional senior In these in February, August we In early, of during revolving suspended view that issued notes. our were in March, X.XX% until repurchase debt XX-year addition the
the our quarter. for to Turning the actual organic full We first results for had of slide quarter. X.X% growth
end Our performance basis. February was global positive of on the for a
our our affect produced the While impact to X.X%. again in a impact approximately by of quarter And economy, or during began call. exceeded earnings X% FX by the March, the turned February reducing acquisitions more net X.X% the negative the our negative COVID-XX than months, XX revenue we in last made estimated dispositions in the results pandemic economic from on revenue quarter as from global headwind,
to discuss As reported revenue compared quarter detail $X.X minutes. billion revenue X.X% when a in QX first to of will changes XXXX. further in in decreased our the result, in of few the the components I a
profit $X.X points, our year was decreased EBIT decreased million, quarter million, and to was QX flat by $XXX for compared margin QX quarter, our For the operating $XX.X expense million, the basis Interest and million while versus of by XX.X%. operating XX XXXX. last up $X.X
February, XX-year in previously, issued $XXX said will of at I million mature in XXXX. April of As notes we senior U.S.-denominated which X.XX%,
XXXX year. charge this the $X.X XXXX. our redemption of used quarter due the were approximately quarter of senior of were to issuance the notes first mature of $XXX impact retire the this million interest in of remaining expense Proceeds to X.XX% of The million a in in third that resulted early to
expense of interest completed to early XXXX senior from notes. of issuance our XXXX our redemption in X.XX% our XXXX $XXX July reduction million the million maturity of $XXX including both X.XX% Eurobonds the our refinancing However, of the XXXX and with in notes in the when resulting of we senior fund combined actions
from early a expense million. while interest million. March of little to were income increased was Our total on was interest prior interest than the less versus QX in $X by from of rates. XXXX, lower XXXX. charge XXXX income deposits offset Driven the in which compared million compared $X.X notes, fourth resulted $X.X decreased $X.X year interest to interest down of This quarter When of when decrease largely cash the expense our the by interest million QXof a reduction that rates XXXX, redemption than the to expense
in long-term include when $XXX forward additional Prospectively, billion that $X.X completed euro-denominated the our in $X debt of early of we the borrowing portfolio denominated in we of senior notes going be debt. comprised will million dollar- and X.X% billion debt April,
our in in time. the believe of adding We at interest the a XXXX. of XXXX more and will offset was than levels this liquidity prudent in remainder the April the step that For we notes refinancing while expect our take X.X% this year, interest the expense increase maintaining expense from XXXX activity additional issuance to
do prior in will interest reductions which expense in we for the when to expected offset However, expect in interest compared XXXX, the income the of XXXX. reductions year, remainder
rate Our that the in projected year, we effective XX%, below tax tax the the for effective a QX and a the At XX.X%. XX.X% this for rest little that tax rate to XX.X% for still the of down quarter rate of first bit will range forecasting be range year. time, our was we’re from this XXXX
our after-tax earnings related decreased of $X charge in equity the to an planned approximately non-cash allocation minority The our the of in affiliates method million investment less-than-fully the a $X from included East. to of subsidiaries about Earnings $XX.X shareholders to million Middle disposal million. owned by
result, first XXXX. to million a income net $X.X when quarter or down for X.X% of As was $XXX.X QX compared million, the
turning to EPS. Now,
Our decreased versus QX million diluted of year, XXX.X for shares. count share the X% quarter last
As $X.XX, an last EPS QX the $X.XX first for which our when is X.X% quarter a compared year. EPS diluted was result, increase from to our or of
the $XX the In our X.X% one impact in a details reported in The the strength again quarter. the revenue was only or quarter, the revenue major to Strengthening once every year-over-year strengthens currency continued the On reported strengthened rates dollar. decreased practically U.S. foreign Returning dollar headwind first created revenue of dollar’s of against our the a currencies. for in basis, yen widespread. million changes quarter. revenue. our The by in against of performance Japanese
Australian from Pound, dollars were Euro, New quarter the Zealand the and the the The real. largest FX the movements and Brazilian in UK
any the assumption FX then rates resulting of But of by approximately they the projection could X.X% environment, around economic in second somewhat where year, a XXXX, impact during second the a the currency the looking speculative impact half in the full of will conditions, if under for for exercise. are balance currencies impact year, let negatively move how moderate but remainder current always currently the foreign year. quarter, reported on revenues FX alone our of our X% for of normal negative the is a for As stay forward,
or we line $XX our right year. of few XX acquisitions, revenue at X.X%, net we of impact time, the estimate of of dispositions, the revenue the dispositions had decreased this that with by remaining March completed estimate we’ve transactions recently, on the The be the quarter in we which relatively when in recent acquisitions entered our of or impact over XXXX. three Since quarters net as the was negligible million will had
acquisitions impact evaluate However, that estimate our going include future does or of not may continue as portfolio of any we make we forward to the dispositions businesses.
And organic was quarter our the finally, first for growth X.X%.
and while America UK Pacific was positive the disciplines Latin full the way regions led agencies Within the and had positive. were Asia Healthcare also geographically, domestic, Europe the rest and quarter, our for For negative. of our service PR performances, quarter, our
consumer While CRM and advertising began each were slightly Execution that to & Support experience the and CRM March. media and in downturn due negative
mix our to business discipline. by of Turning
XX% XX% first the advertising For services. split quarter, for for the marketing was and
discipline, marginally consumer declines the we at was organic for As by from our a saw X.X% was media our up organically. quarter. discipline bit CRM but agencies down our revenue for agency experience the organic growth networks, was X.X%. global advertising down at Organically, advertising
agencies, precision had our from growth strong also and see positive to they in continue March. results marketing We
several had was CRM what was and from While discipline an seen Healthcare almost the in. been Support and PR continues which March. X.X%, businesses X.X%. the up the to double growth over well down recently. events up & marketing case across lagged, was had they operate has was they at the also the past we geographic improvement And results our digits distributed lastly, positive over regions X.X%, shopper And quarters, be in Execution as
business. of the to our mix regional turning of Now details
smallest remainder Pacific, America, was U.S., the XX% the the rest in for for for America XX% see Latin X% for the the and XX% the and Europe, North in the during region, the PR Middle performance our led can quarter, Support Asia details growth XX% U.S. rest split of in in X% East by You of UK, for was CRM the In and experience, our consumer Advertising region. Healthcare revenue Africa, our of disciplines, and reviewing & first X.X%, CRM with the by organic our Groups Execution the lagging. quarter
North our businesses. decrease CRM Media up were our the American growth our & X.X%, other Outside agencies and a CRM Advertising Consumer Execution with more offerings at Experience Support offsetting U.S., and than at
Our agencies. driven up UK again of and Advertising continued performance X.X%, solid our once agencies by were Healthcare positive, the
most COVID-XX down digits. continent. of In Netherlands was quarter. a as X.X% slowed outbreak such down and in X%, there Europe as The was over throughout business performances, with were the activity Eurozone, rest Portugal Spain, and Germany Ireland, positive markets down as the organically negative just was few spread while mid-single the the were the
businesses which growth the France, the Support a markets by COVID-XX at with Execution Organic organically. for our for Russia. most & before Eurozone except were the client CRM in was positive, local businesses losses While X.X%, down quarter positive digits few double impact was hit, outside already dealing with of
Organic growth Asia was the quarter Pacific for in X%.
about in performance China mixed X.X% down Greater agencies Our we in by the region, the market. quarter. were Elsewhere saw
by in was and Zealand the organically in from from once offsetting Middle of events Columbia, New primarily Latin the India, was offset East did in Indonesia growth activity down Chile, for Thailand. the resulting agencies while quarter. in reductions the Brazil performance, America in performance and negative Japan, had in as a were partially our region. lastly, quarter. negative down Australia, again Mexico Solid X% the And slightly and the Africa was quarter, cancellation Singapore
by a In our small our for in to of quarter the XXXX, you first revenue industry XXXX revenue shift comparing see was can Turning business. mix to clients’ of presentation our the of mix sectors. there
categories other. total. industry disclosure previously added have None on regarding X% This greater represent the additional certain to industry categories details quarter, the that also our we categories additional in slide this of included than more of some were provide
cash performance. flow Moving our on to
of about of You that the free versus million generated the first cash $XXX quarter, in we million changes in working year. up see excluding $XX last flow, capital, can first quarter
primary cash, to impact per year, the payment, our of the to effective common of April million, up $XXX outstanding partially last past over quarterly reduction offset due in last slightly dividends As dividend common uses increase for by QX in paid year shareholders versus in due shares of repurchase year. to share $X.XX our our were the activity the our
Dividends stock $XX $XX non-controlling paid those quarter. of million. share just expenditures Capital free just only repurchases, first were the reduced under And from issuances stock million we million. projects And stated repurchase to share interest we All program. cash our shareholders as million, outspent activity. under million, ongoing $XX in the totaled under to our totaled the about we payments, in, reflecting $XXX by again, plans, recent including earlier, received our near-term down flow our the in $XX Acquisitions, deemed slightly And operations. our capital year-over-year. limiting employee suspended we’re proceeds totaled earnout essential net to our
to capital first it borrowing, April. of the as $XXX mind, not note structure our of Turning of which does week the additional the this completed transactions as in only of the Keep quarter, the and million during XX. reflects March slide include closed of end senior we
debt is total million our this March, of end the time of down $XXX from $X.X billion, almost which year. last as was So
placement the third repaid an EUR short-term We senior year. last outside notes included million As XXX of of quarter private States. United you notes investor may non-interest-bearing a those XXXX in balance QX to the debt and remember,
the of issuances XX, issuance is debt of euro-denominated repayment over $XX March at due the debt the primarily our offsetting and XX. about year of FX Partially end dollar net million, impact versus euro-denominated of of debt translating the XXXX our last U.S. impact repayments our as value with summer the the to the December the was down dollar-denominated quarter gross along to
position net December was debt of XX, end up the billion year XXXX. at the billion, compared Our about $X.X to quarter $X.XX end
requirements a first the in result well typical working quarter. of increase $X.X debt of latter capital part use first quarter was billion, working The the differences timing of the as of capital which about net as in our of the is during
flow. as million related debt a cash net by the of increased in of addition, by use quarter $XXX and result the cash to balances of exchange during the debt excess rates on In and of about our our $XX impact cash million free
Compared XX, $XXX the in operating our XXXX, months during million was The debt $XXX past million. driven increase March of change primarily net and up is capital approximately to the by XX around our excess impact FX of was flow negative those the Partially million. XX balances, of million. cash on the past increases which months cash our totaled $XXX offsetting over $XXX free approximately
our for debt ratios, they remain solid. As
coverage debt-to-EBITDA total ratio to-EBITDA times. was X.X times. X.X net XX.X times, debt- Our and interest was our our And is ratio
And historical finally, moving to our returns.
return For on the invested last XX our equity while was XX.X%. months, our return on capital ratio XX.X%, was
slides that we Thank point, this the at we’re operator other for the our questions. ask your Please to have concludes included that materials supplemental But call note the in several for presentation prepared And review. to open remarks. going you.
