you Thank dear hold you this morning. well. you, are that joining for families safe thank Jerry. those and Above you, And us all all, your we and hope
being in appropriate we by for this for world. this crisis. a with affected are business, have economy for updating around is this society with times the who colleagues health that who Our with adjusting on health global focus to all stand essential and and whole, you are realities been call by provide our those thoughts on new as These the and of of with which means the stressful others driven on course workers, pandemic the services frontline where dealing and
health from now. are safety, risks health. XX% for our month clients be over are been globally continues against they employees, That partners. has where and priority and top and been working wellbeing other home to bit a their the a has people the case Our Over our to safest key of of
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the We’re a collaborating and highly and clients continues that to comfortable our agencies, organizations leveraging is both fortunate set across to around our within being means This virtually our as with have and of of serve workforce technology, company world. supportive networks a well. part client and actively disciplines Interpublic
a when delivery, service that innovation into changes We and comes of to highest as creativity help behavior, motivation, commitment. order as well complex reaching it navigate range and far and challenges in product to insight them continue require expertise the human of and
senior intensity of very time, with deep teams that mean relationships. and us Jerry what to productive is are even Anecdotally, through living many of engagement reporting lead clients, stronger could more mentioned, the that as we just are leading to which
their clients theme the our long-term and of competitiveness that services importance understand recurrent conversation for of growth. value our the with work in Another and is they
I’ve another and altering one markets said contribute as rallied and Many and agencies populations of it’s that’s actively we we around involved deserves work clients. great to the public in such but talented markets our inspiring across crisis. hope inform We’ve Asia their the of repeating, America to change Australia, UK, amazing and trajectory they’ve Latin and to about local helping pandemic. the health the have will governments this behavior, been been it the also helping which way around see have our before, in people done
our on the in medical in HR, that business health are pre-established information so preparedness protective timely outbreak, across given the our IPG planning our share nature been crisis corporate public taking close effective and health and close contact as teams. their to in able ensure continuity getting issues, on contact consistent and employees. of situation. decisions also safety our team COVID-XX has initial corporate team we advisors, the and senior been a relying on with communicate most and to to the a guidance We’ve appropriate manner, been heavily legal policy lean have the company for Since health with fast-changing actions and been IT, the and of risk, key have and consistent the This
challenge and industry, our to senior major macro decisions, clients moved our driven Across level sectors all must that the that that It subject events in that been historical at conditions uncertainty. saying without way and on high significant navigate. the for the the is have has by business has quickly very draw our means company, understand much of There leaders developed precedent most of goes the for speed economic all will exceptionally to policy. public health which this business not remain largely
the environment governments Going the of and spend is media least their to and will marketing terms challenging. visibility forward, be and into impact around the crisis of the regulators health the on in economy. global world definitive continue actions to In say this
answer recovery, to after about second are a expect Given targeting the pace quantify. and have macroeconomic extent difficult line quarter, full sight a we pressure eventual should forecasting uncertain duration, we of and into year. and the better Certainly, difficult of questions which very of and
we that will in remain crisis take transparency always, level from stronger. even the and expect the sound, future as to to prospects We to that of to are emerge ability management for team. remain maybe ahead, us to both the actions committed convinced our navigate that allow Interpublic’s high this move to we come the you’ve As
term, model, near noteworthy a manage talent, years it’s tools, financial, over and the the and team our difficult of navigate times. successfully had business we as demonstrated we that First, has that to many through period management
on increases, being where hiring taken and reductions in where option merit temporary salary and steps possible or that and agencies nonessential is corporate available markets in freezes cost deferred The labor, appropriate. group across major spending, furloughs our include
We of are world. that taking any advantage are government available also the programs around
the of portfolio, and in across both offerings, types the complexity of our of terms mix the breadth the many impact different client quite our of and be geographic presence, companies. Given will crisis of
to appropriate there one-size-fits-all is cost combination, of such, no the approach actions. As
our a team entire number on announced they for of The will compensation. focused our total flow else at been At voluntary base others XX% agencies in reductions seen compensation have well. we population, of compensation ranging executive up IPG through announced salary than cuts to balance any are These the the reductions while named leadership. previously as immediately are deeper officers cuts few senior to management been at of involve have Since the the for and XXXX. increased applied have A employee industry.
We corporate cost which have center being significant very also already actioned. savings, are identified
as our facing. see We impact greatest business our it new But are, reality. every what of almost to degree costs align minimize to revenue course, order the be possible. on people in to already will seen Staff doing the pressures the will of at face the we of again some have in is with you can regrettably unavoidable we agencies, reductions
coupled We the look pace the Cost-containment providing clients be world large alone people, growth, support likely may to of that still which asset. trajectory high for gatherings culture foreseeable keep talent certain cultural, will level committed a a strong with in our expansion future, the keeping a economic will to with of is to remain resume standstill and or a in key is follow. leading be industry ensure ways the in to our a offering. and macro business for to our sectors in with recovery our knowledge sporting This to not be foundation margin at enough events where
financial focus is liquidity of economic and area vital flexibility. an second A downturn during
strong We of began with concluded $X.X with balance billion. the a have first sheet. We year $X.XX the and quarter cash billion
by $X.X a several term committed committed banks future. of into group and credit years facility for Our leading is supported the billion,
Further, in $XXX banks. a facility of we additional arranged late March, consortium credit XXX-day with million, committed an
issued and In X% million senior X.XX%, of addition, notes. XX-year $XXX we
$XXX further million. in maturity pre market offering are our upsized October proactive million resources. strong the to enhance and These this due $XXX coming of our measures With from effectively funds year. reception This financial prudent the was
intensified flow active been cash our appropriate. disciplines are course, and have Of as
costs addition mentioned, can actions, CapEx a detrimental I without be time effect. extensive corporate already that we’ve deferred to identified significant for the In
that, Working environment its most the capital management and the priority also is with high-quality for level question. of current collections dividend historically in this has at receive of a our receivables also sectors. a Along us. been In the sustainability especially a attention, challenged reasonable additional economic
point that actions of this the year the action we the we recovery Given do have required have at is in for this not time. into XXXX and to we visibility dividend today think later economic and level the potential on date taken
upcoming Of of assess current given quarters. course, the decision, to into will we lack continue this visibility
third be area on our to offerings. focus key A continues clients our and
we’ve solid account as very years momentum growth five peers to go-to-market past well established and the relative strategic terms industry our revenue as in of wins, offerings, differentiation, recognition. During our
and that different. and Every will management capabilities model We are is one period. of architecture to And downturn client-centric economic is industry-leading this us this we culture, see continue unique. data open to somewhat develop, confident will our help through course challenging
appropriately of also headwinds. be in during months of and the model by the For work crisis, base expenses followed line two cost a IPG, instructive in during buffer our rigorous that revenue capital against had reality from with XXXX. expense and margin strong crisis downturn. to we the growth notably is can working the coming how late to top and us severe the The expansion return recession line the and XXXX strong flow can the to our years chapter and financial last bottom was provides flexible cash with over that our XXXX as management managed That some
results for first commercial cannot our strength of moved people. indicative our the stronger XXXX, and the the of remainder and the however, our year. was of indication It’s our is be sheet offerings Exiting solid the competitiveness of offerings the our environment dramatically in unfortunate It an and had balance that ahead. quarter
X.X% the the that EBITA of in and U.S. margin a we ago. strong X.X% mainly growth net and against With organic year organic quarter, said, X.X% in first headwinds growth both posted of
in to through the I greater will detail. now to turn take this over Ellen results us
remarks have back a continued Q&A. Ellen? I’ll acknowledge, to to We business highlights also will which closing by to in my followed come
