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Text: Also during the course of today's call, we will discuss certain non-GAAP measures in talking about Omnicom's performance.
We will begin the call with an overview of our business from John, then Phil will review our financial results for the quarter.
We're very pleased to report that in the third quarter, we continued our year-over-year double-digit growth in our key financial performance metrics, led by a very robust top line.
The top line results were broad-based across our agencies, geographies and disciplines.
Our growth was especially strong in CRM Precision at 24%.
Our CRM Precision Group is helping clients on their MarTech transformation, digital and e-commerce communications and direct-to-consumer marketing.
The group has played a key role in many of our recent new business wins where, overall, we continued our very strong momentum in Q3.
Broadly, across our group, growth was driven by improved economic conditions.
Omnicom's suite of services and capabilities are positioning us to be extremely competitive in the marketplace to: reimagine and strengthen our clients' brands, seamlessly connect them with their customers across their marketing journey, transform their marketing technology platforms and innovate in e-commerce and new media channels.
Our revenue performance flowed through to our operating profit in bottom line.
Our EBIT margins for the third quarter were 15.8%, which exceeded our 2020 margins and significantly outpaced the comparable period in 2019.
Net income and earnings per share for the quarter grew by more than 13% versus 2020 and were also significantly above our 2019 results.
As we head into the fourth quarter, we are well positioned competitively and expect to benefit as economic growth continues to improve globally and from ongoing cost management.
We currently expect our full year organic growth to be approximately 9% and our full year EBIT margin to exceed our year-to-date margin for the nine months ended September 30, 2021 of 15.1%.
Going forward, we remain focused on our key strategic initiatives, which is centered around our talent, dedication to creativity and building on our already strong capabilities in precision marketing and MarTech consulting, e-commerce, digital and performance media and predictive data-driven insights.
In the third quarter, we made progress across these strategic initiatives as we announced three acquisitions.
Omnicom Media Group acquired Jump 450 Media, a performance marketing agency.
The company leverages algorithmic scaling strategies, rapid creative testing and data analytics to optimize digital media spend and drive customer acquisition.
Jump 450 will form the foundation for a dedicated performance media platform and business operation within OMG.
Its focus on e-commerce and pure performance marketing will strengthen and add a distinct set of capabilities to OMG's existing performance media offerings.
Also in late September, we announced the acquisition of two German-based companies: antoni and OSK.
antoni is one of the most innovative and creative agencies in Europe and was born with data and digital capabilities at its core.
antoni's creative leadership and depth of talent will significantly strengthen our capabilities in Europe and around the globe.
OSK has been in the top-10 of PR and comms agencies in Germany since 2008 and is the undisputed number-one for automotive.
It provides a broad portfolio of services at the intersection of PR and social media and excels in the convergence of technology, mobility and communications.
Our ability to bring together the brightest talent and data-driven consumer insights from across our organization to deliver holistic and integrated brand experiences is proving to be highly successful in our new business opportunities as well as in servicing our existing clients.
Following on the heels of Philips naming Omnicom their global integrated service partner for creative and media communications, in the third quarter, Mercedes-Benz appointed Omnicom its global marketing communications partner.
One of the world's most iconic brands, Mercedes-Benz is today the leading luxury automotive experience company.
TMX, a dedicated team from across our groups, will bring together the best-in-class talent and capabilities across Mercedes-Benz' customer journey with expertise in media and CRM, brand and performance creator, web personalization and content automation, public relations and events as well as paid and organic social.
And just last week, we won the Chanel media business globally, adding another iconic global brand.
As in all our significant wins as well as for our existing clients, our teams are able to showcase our creativity, better analysis and predictive insights and technology capabilities to deliver connected, personalized and seamless brand experiences for their respective customers at all touch points of the consumer journey.
One key differentiator for Omnicom in servicing our clients is our cohesive culture that binds us together.
It's a culture of creativity, flexibility and caring that are common values shared across our group.
I often hear from clients that a deciding factor in their decision to hire Omnicom is that our people who bring distinct specialized skills to them, know and respect one another and genuinely collaborate.
Our ability to integrate services from across our marketing disciplines is underpinned by Omni, our open operating system that orchestrates better outcomes.
Omni is built for collaboration, acting as a conductor between different specialists using a single processing workflow from insights to execution.
It empowers our people and our clients to make better and faster decisions, maximizing efficiency and ROI.
Omni also provides better intelligence by orchestrating first-, second- and third-party data sets to present a single comprehensive view of consumers.
Our teams can then develop insights to create, plan and deliver the most impactful messages, content and communications to them at each stage of that consumer journey.
Omni is a unique and powerful tool for us, and we now have over 40,000 Omnicom colleagues provisioned on the platform in over 60 countries.
Hundreds of our clients, including all of our top-20, utilized Omni.
Moreover, the open-source system enables our practice areas like commerce, health and PR to customize Omni with different data sources for their clients.
For example, Omnicom Health Group created a custom offering called Omni Health.
Since rolling it out in April of this year, OHG has leveraged the platform to play a key role in expanding the group's omnichannel offering with new and existing clients, including AstraZeneca and Janssen, XARELTO, to name a few.
In summary, even during the pandemic, we accelerated the strength of our services, capabilities and organization to deliver better outcomes for our clients and win new business.
Our offering is powerful and differentiated.
We have best-in-class talent and creativity using best-in-class operating systems and technologies.
It's a formula that will continue to win for us.
Throughout one of the most difficult times in recent history, our people have shown ingenuity, resilience and strength.
We continue to spend and invest in training and development programs for all of our people from basic skills training all the way through the advanced programs of Omnicom University.
We recently expanded the curriculum for our DE&I and OPEN2.0 strategies.
As the pandemic continues to present a substantial health risk, the well-being of our colleagues remains our top priority.
We are ensuring we have a safe work environment and are offering a variety of programs for managers and individuals to support their wellness, resilience and health at work.
I recently traveled to several of our U.S. and European offices and have met with many colleagues and clients who are happy to be back in the office.
We are looking at many alternatives to provide our people a safe return back to the office.
For example, this week, we're testing a private transportation service for New York City-based colleagues.
In the months ahead, we look forward to welcoming more of our staff back with a continuing priority on their safety and flexibility.
It is truly our world-class talent and our dedication to creativity and innovative solutions that drive real business outcomes for our clients.
A key recent proof point reflecting the quality of our talent is Omnicom being named the Most Effective Holding Company in the U.S. by the 2020 [Technical Issues] report.
Overall, we're extremely pleased with the third quarter.
I'm proud to see that our strategic focus and the decisions we made throughout the pandemic are now leading to positive results.
Our results once again reflect Omnicom's ability to adapt and respond to the changes in the market and deliver through economic cycles.
While the impact of the pandemic continues to be felt across the globe, that impact has continued to moderate significantly as evidenced by our continued growth in the third quarter.
Slide 3 shows our third quarter improvement across our income statement, where our revenue growth and expense control drove an 8% increase in operating profit.
Our effective tax rate for the third quarter was 24.1%, down from our estimated effective rate for 2021 of between 26.5% and 27%.
This was primarily due to the favorable settlement of uncertain tax positions in certain jurisdictions, the impact of which was approximately $10 million.
These items positively impacted net income and diluted earnings per share, which was $1.65, up $0.20 or 13.8% versus Q3 of last year and up $0.33 versus the third quarter of 2019.
So our growth continues on this important metric as well.
And finally, our $0.70 quarterly dividend, which was raised back in February, is 7.7% higher than last year.
Let's now flip to Slide 4 and look at the quarter in more detail, beginning with revenues.
Our total revenue growth was 7.1%.
Organic growth for the quarter was 11.5% or $367 million, which represents a significant improvement compared to Q3 of 2020 when the pandemic drove an organic revenue decline of 11.7%.
The impact of foreign exchange rates increased our revenue by 1.6% in the quarter as the dollar continued to weaken against most of our larger currencies compared to the prior year.
If FX rates stay where they were on October 15, we expect foreign exchange to decrease our reported revenue by approximately 1% for the fourth quarter and increase our reported revenue by 2% for the full year.
The impact on revenue from net acquisitions and dispositions decreased revenue by 5.9%.
Based on transactions that have been completed through September 30, 2021, our estimate is the net impact of our acquisition and disposition activity for the balance of the year will decrease reported revenue by approximately 7% in the fourth quarter and by approximately 4% for the full year.
While we will continue our process of evaluating our portfolio of businesses as part of our strategic planning, as John has said regarding dispositions, we are substantially complete.
Advertising, our largest discipline at 53% of our total revenues, posted 8.6% organic growth with very strong performance from both our creative agencies and our media agencies.
Please note that reported Advertising growth is down 0.4%, due primarily to the disposition of ICON in Q2 of 2021.
Our agencies focused on direct, digital and marketing transformation consulting services in our precision marketing discipline also posted strong organic growth at 24.3%.
With the exception of the second quarter of 2020, this discipline has been a consistent grower for some time and has become a larger portion of our business each quarter.
CRM Commerce and Brand Consulting was up 18%, with our branding agencies leading the discipline's performance.
CRM Experiential was up 50%.
This business declined far more than our other disciplines in the third quarter of last year during the pandemic and has not yet recovered to pre-pandemic levels due to various global restrictions.
However, this remains an important area for our clients, and we look forward to further growth as global economies continue lifting social distancing restrictions.
CRM Execution & Support was up 8.3%, reflecting a recovery in client spend compared to the prior year in our field marketing businesses, while our research businesses continued to lag.
PR was up 10.5%.
We have a positive outlook for the discipline, especially within our global agencies, as clients adjust to the new post pandemic realities.
And finally, our Healthcare discipline was up 6.6% organically.
Healthcare was the only one of our service disciplines that had positive organic growth during the depths of the pandemic and continue to perform well.
Flipping to Slide 6, our revenue by region.
The key takeaway is that all of our geographies again posted solid organic growth.
This growth was driven by virtually every discipline within each region.
Outside the U.S., where total organic growth was 16%.
Double-digit growth in each region was led by Germany, the U.K., Canada and Australia.
Our advertising, media and PR agencies performed well with double-digit growth, and our precision marketing agencies were sizable contributors and also posted strong double-digit growth.
In addition, experiential growth outside the U.S. was over 100% in total.
In the U.S., we generated 7.7% organic growth, which was boosted by strong double-digit growth in our precision marketing and PR disciplines as well as solid growth at our healthcare agencies.
The last revenue view I'd like to share with you is by industry sector on Slide 7.
The change in mix by sector in the portfolio was small on a year-to-date basis when compared to last year.
In summary, our revenue performance was very strong across the board on both a reported and organic basis and when analyzed by discipline, geography or industry sector.
To make the analysis more relevant, we have also included a supplemental slide in the appendix that shows the 2021 amounts presented in constant dollars.
Beginning with our largest category, salary and service costs.
These costs increased by 7.6% in total, and they tend to fluctuate with the change in revenue.
We would also note that Q3 2020 salary and service cost amounts were reduced by reimbursements received from government programs of $68.7 million.
As we continue to look forward, we expect a healthy advertising and marketing spending outlook, and strong demand from our clients will necessitate an increase in staffing.
The tight labor market will create challenges in the near term that we are confident our management teams will overcome.
Moving down the P&L.
Third-party service costs, which fluctuate with changes in revenue, decreased 6.9% during the quarter due to our net disposition activity, primarily related to the disposition of ICON and partially offset by the organic growth in revenue as well as the effects of foreign currency exchange rate changes.
Occupancy and other costs, which are not directly linked to changes in revenue, were up 4.5% year-on-year or 2.9% when excluding foreign exchange rate translation impacts.
As expected, these good results continue to reflect our efforts to reduce infrastructure costs and also benefited from a decrease in general office expenses as the majority of our staff continue to work remotely in Q3.
SG&A expense levels were up 5.3% on a year-over-year basis or 4.2% when excluding foreign exchange rate translation impacts.
We are beginning to see a return of travel and certain other addressable spend costs as pandemic-related government restrictions ease.
However, based on our use of technology during the pandemic, we're developing practices, particularly with respect to travel, that we expect will allow us to continue to retain some of the benefits we achieved in reducing addressable spend during the pandemic.
Overall, we expect that the increase in addressable spend for the balance of the year will be mitigated in part by the benefits we will continue to achieve from a hybrid and agile workforce.
As we think about our future expense levels, we certainly expect that some areas will increase in line with our business as activity picks up and life returns to normal.
But at the same time, we will also continue to evaluate ways to improve efficiently throughout the organization by continuing to focus on real estate portfolio management, back-office services, procurement and IT services.
With the strong revenue growth we discussed earlier, coupled with good expense control, you can see a notable improvement in our operating profit on a year-over-year basis at the bottom of the slide, up 8% for the quarter and 60.1% year-to-date.
Growing our operating profit dollars remains one of our most important areas of focus.
This strong growth in operating profit was also accompanied by improved margins, which you can see on Slide 9.
For the third quarter, our operating profit margin was 15.8% as expressed in terms of our reported total revenues.
We continue to see operating margin improvement year-over-year, resulting from the proactive management of our discretionary addressable spend cost categories, including a reduction in travel and related costs, reductions in certain costs of operating our offices given the continued remote work environment, as well as benefits from some of the repositioning actions taken back in the second quarter of 2020.
Lastly, on this slide, our reported EBITDA for the quarter was $560.3 million, up 7.4% for the quarter and 56.3% year-to-date.
EBITDA margins also remained strong for the quarter and have expanded nicely year-to-date compared to last year, and we expect this strong performance to continue through the rest of this year.
Let's now turn to our cash flow performance on Slide 10, where you can see that in the first nine months of 2021, we generated $1.2 billion of free cash flow excluding changes in working capital, a $114 million or 10% increase versus the same period last year.
There were no material year-over-year changes for capex or acquisitions as we continue to conservatively manage our cash.
While stock repurchases are down relative to pre-pandemic periods due to curtailment during the pandemic, we resumed our activity during the second and third quarters of this year, and we expect to continue in Q4 and beyond.
You should not expect a change in our historical approach to capital allocation and the use of our free cash flow in the future.
We will continue to pay an attractive dividend.
We have indicated that we increased our focus on acquisition opportunities and are in the process of closing on several acquisitions.
Importantly, our acquisition strategy is focusing on the faster-growing disciplines in our portfolio and driving future organic growth for the company.
And we will use the balance of our free cash flow to repurchase our stock.
Our strong cash generation again enhanced our credit and liquidity, which you can see summarized on Slide 11.
Our total debt was down about $500 million since this time last year as we eliminated the extra liquidity we added early on in the pandemic.
We did this through the early retirement in Q2 of $1.25 billion of our 3.65% senior notes, which were due next year, partially replaced with the issuance of $800 million of 2.6% 10-year notes due in 2031.
As you can see in the slide, our maturities are well laddered with nothing due until late 2024 as we delevered to pre-pandemic levels.
As for our debt ratios, due to our overall operating improvement versus Q3 of 2020 and our recent refinancing activity, we've reduced our total debt-to-EBITDA ratio to 2.2 times and our net debt-to-EBITDA ratio to 0.4 times.
Both metrics increased substantially over the 2020 levels.
While these are just two points in time, it's important to remember our long-term track record of providing solid returns to shareholders through business execution and the resulting consistent allocation of capital to dividends, strategic acquisitions and share repurchases.

user
q3 earnings per share $1.65.
operating margin for q3 of 2021 increased to 15.8% compared to 15.6% for q3 of 2020.
qtrly increase in revenue from organic growth of 11.5%.
global economic conditions may continue to be volatile as long as covid-19 remains which could negatively impact clients' spending plans.
organic growth in third quarter of 2021 compared to the third quarter of 2020 increased across all of co's fundamental disciplines.
expect global economic performance of businesses to vary by geography and discipline until covid19 impact on global economy subsides.

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