remains year. is in an solid XXXX uncertain Thanks, John. off to start what a
grew reduce footprint. estate and disciplines first dividends, the repurchases. continue And geographies strategic and our operations we and our organically continued invest real allocation, in to our we in our acquisitions quarter steps balanced share of capital and took All to
Let’s on begin Slide high-level of quarter X. a with the review
As model, allows the a made we working decision space. exit to mentioned, in hybrid for remote and to our leases transition a which our strategy has work resulted reduce partial estate and John with flexible environment to office real changes the certain
existing be lower will and rent be we making impact there locations, cost. result occupancy While time new in investments will in over net the some will and
net portfolio. our XXXX, operating impairment of value to In write-off charge the charge took assets the leasehold we this office related primarily million book non-cash related The a is lease right-of-use portion a lease $XXX of affected improvements of of locations. quarter of to the of the reduction first at in and the our
paid a and As will the future substantially the result, be in and the of rent occupancy will of remaining be all years. over lease charges expense terms the out reduced few next
results This adjustments, slide and for shows comparable adjusted followed reported periods make the amounts non-GAAP by the certain both resulting which our periods.
foreign and operating charge a the summary, adjusted for of estate Ukraine. quarter were war In include effects addition real was discussed to XXXX flat. in negatively In of I translations. currency XXXX, first income million in the Both X% were from non-GAAP the arising operating expenses reported revenues impacted up the by $XXX charge just
do due due cycle. increase we working expected expected. net interest pension an although Moving in to had higher statement, a increase down we ‘XX post-retirement QX of by interest in offset QX, obligations. increase of QX In interest than in our that will due as interest be in and improved to interest expense the This QX will much bit, applied income in to income capital we expect the our income interest estimate of primarily rate XXXX ‘XX not as an income relative expense to of XXXX, we QX to
the that expect charge half realization annual was lower of our slightly to the on to XXXX. of be February of tax second income In rate certain X%. to year, the and XXXX, adjusted estate expense the still tax of related for XXXX benefits effective tax as expect tax indicated of net due will to flat NOLs. For and lower the our XX% relative up second effective increased a balance guidance rate Non-GAAP of repositioning somewhat call. net We of interest than a XXXX, XX% rate half the the QX we real
non-GAAP As of up by was our count result XX%. declined XX.X% on for share by translation, Without approximately quarter EPS the a repurchases, the basis. diluted diluted share non-GAAP negative diluted currency X.X% foreign EPS adjusted headwind from increased an and
in the Slide beginning detail, let’s more on revenue the Now, our components change of review X. quarter with
than revenue negative the by The impact from X.X%. currency was a reduced bit quarter. was less growth once organic and which again reported X.X%, translation Our preceding was foreign
and forward, XXXX. remainder will and will first we X%, Russia the was moderate that for disposition still disposition primarily estimate near acquisition in negative for XXXX of announced be quarter businesses of flat impact approximately of the year. the reflecting the the Looking revenue our the of The impact end of
we this research similar the disposition expect year, later X% reduction acquisitions complete April, year. a small of for prior of recent the to any expect our Given in earlier businesses to about balance we the of
Moving on Slide discipline. X, our to by let’s revenue growth review
growth the performance had led organic of once Precision in advertising strong strong posted X.X% again quarter, media first organically. businesses. During by our and media growth, marketing X%
the market and area invest for we digital customer analytics experience, see to in opportunities and for continue digital We services. growth this transformation future in data
and our support organic led comparable X.X%, the was Commerce reduction design support and growth UK research in by to growth agencies. in and by at organically coming the East. double-digit and returned relations, X.X%, strong at Execution challenging the primarily strength and on businesses. QX a and brand X.X%, led by growth of by Middle our of offset consulting X.X%, off our branding Europe, was merchandising grew a businesses ‘XX. Public Experiential
we growth continue grew good supported see to in wins year. healthcare client last and XXXX by X.X% Finally, business, new this trends
that their changes the presentation. agencies restated capabilities made to or note new disciplines. some reclassify No to certain among we total future better been made with Prior and aligns growth. revenues changes current disciplines where periods were total Please reflect our agency’s to an adjustments to current organic have
discipline. has which we research discipline. of our updated The changes our annual only agency, revenue on been resulting from XXXX consulting brand your a more communities by in minor. execution included digital and discipline reclassifying notable and to capabilities of slide have our the For reference, with The the quarterly aligned from XXXX by the discipline impact closely commerce support appendix presentation was the change and
results. precision was Turning organic by we and performance to that challenges U.S., was advertising regional saw X% marketing growth media, the except above quarterly and some U.S. businesses had the and of relations. led led top XX our by were revenue for public the impact growth in across International everywhere marketing flat see X.X% growth region, precision but and positive organic advertising growth you exception outside had our Slide China. with we countries can of was by In U.S., Asia-Pacific, X strong growth where X.X% media, experiential our the Regionally,
industry at quarter were first broadly weight on relative the in auto to beverage higher technology. sector food stable. a we XXXX, by Looking weights Slide revenue X and categories lower in compared by and had relative offset of Other
now Let’s expenses statement down at X. income the and Slide on move look
by costs Our of increase operating was translation. $X.X at currency foreign flat growth offset headcount were effects resulting and billion. revenue from additional were total organic flat. service Salary-related The expenses the
costs As these revenue, decreased year-over-year. a X% percentage of
principal are our part increase an as which costs act to increased offering an service of services revenue. to to we providing These service organic Third-party costs, our our third-party integral clients. costs in include clients, in supplier due when
addition translation. Occupancy results. were revenues. due this We travel detail and client-related cost, our service the primarily QX, in in your with in incremental bit. other of previously operating provided They These office, down general increases third-party due We office disclosure the in as costs expenses when additional and increased and was when decrease which tend which to will continues hope will included they increased by consist were and of required growth quarter incidental that revenue to expense return clients an currency line, to we to increase the revenue and of offset workforce In at analysis to cost line, to incidental assist a foreign to third-party back in out-of-pocket are effects costs increase slightly they revenue. directly costs our the the our of this include we cost decreases.
expenses and due currency to effects primarily lower the SG&A of translations. foreign decreased professional fees
war Slide income We statement basis. reference X appendix XXXX the Ukraine. repositioning XX will discussed XXXX presents the and removing the expense QX Slide reported by a operating presents highlights – of detail of the we charges and non-GAAP XXXX in the both and charges estate our earlier, to effects slide constant arising the Similar from adjusted on QX XXXX results currency real the in
operating XX.X% the compared Our with first year. related first $XXX quarter margin was last the XXXX first quarter million income of The flat income adjusted was adjusted to of last quarter of XX.X% year. in operating
free XX.X% turn our arising provided the to for of from net of now cash operating define performance. the cash in as We cash activities, Ukraine. XXXX operating Please included cash Slide by year, which $XXX was cash XX last excluding first flow for charges the flow from million, up war quarter flow capital. Free changes impact in
similar XXXX typically are years. the negative the operating level first few in was in of the Changes quarter last and for quarter first to capital
changes the of XXXX, year for capital forward in again. full expect operating a look we cash we to to be continue As source
uses to for Regarding $XXX and interest of million dividends another and both year. common we pay cash, shareholders, to non-controlling cash of last dividends $XX shareholders used to our million similar
Our of acquisition and the dispositions of the capital to flat lastly, expectation million our other million additional quarter $XX roughly $XXX items first well year’s normal with and quarter and levels $XXX and $XX to repurchases at And expenditures spend, with for way million. last noncontrolling related last Acquisition of interests. net stock on in million line were the year. net annual $XXX was level our toward million, of of
our our maturities. our balances last during billion. $X.X outstanding At billion outstanding revolving year. an to at same quarter. And and There period our book relatively $X.X of the end debt were XX debt U.S. Slide of of liquidity flat credit, first cash compared ‘XX, and remains which undrawn. program, And the $X credit were the no paper the equivalents cash overview in of quarter commercial value is facility, backstops billion changes our $X.X was the billion,
Turning to Slide XX.
Our returns operating equity. above-average invested both drives capital and capital on discipline consistently
For both XXXX, and capital, environments. returns strength on invested strong XX%. generated the basis return of of a delivers we our a XX business equity relative on XX, macroeconomic and months on March ended in solid a strong return The attractive XX% weaker
In our closing, with this real estimated XXXX we economy. is to decision to our review begins, exit certain and as to better in our uncertain align estate costs And revenues QX consistent continue with an approach.
year solid first was income toward the Our charge. on of margin QX step excluding guidance and performance full an between real operating delivering estate and of our XX.X%, a XX% repositioning the impact
at be of to expect We range. to close the that top or
Our approach includes cash if are our flow total to will those accretive for continue through And shareholder available, opportunity not returns immediately and free use we dividends boost always opportunities the repurchases. and acquisitions. share strategic to
Thank up lines the questions you. open and please answers. Operator, for
