Omnicom Reports Fourth Quarter and Full Year 2023 Results
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Insights
Omnicom's reported revenue and earnings for both the fourth quarter and the full year of 2023 indicate a steady growth trajectory with organic revenue increases of 4.4% and 4.1% respectively. This is a positive signal for investors, as organic growth is often seen as a sustainable indicator of a company's health, reflecting the ability to expand without relying solely on acquisitions. The reported operating income margin shows a slight contraction from the previous year, which could be indicative of rising costs or investment back into the business.
One notable detail in the financials is the impact of foreign currency translation, which appears to have been favorable in the quarterly results but slightly detrimental over the full year. This can be attributed to the volatile nature of currency markets and highlights the importance of considering currency risk in international operations. The non-GAAP adjustments, which exclude certain expenses such as acquisition costs and repositioning actions, provide a cleaner view of the company's operating performance, though investors should be aware of the nature of these adjustments to fully understand the company's financial health.
The reported increases in revenue across multiple disciplines and regions, particularly the double-digit organic growth in Euro Markets & Other Europe and in Latin America, suggest that Omnicom is effectively capitalizing on global market opportunities. The decline in the Middle East & Africa region, however, may warrant attention to assess the stability and future potential of operations in that area.
The acquisition of Flywheel Digital, which is expected to bolster Omnicom's capabilities in digital commerce and retail media, could be a strategic move to address the rapidly growing digital advertising sector. This acquisition, coupled with investments in analytics and AI, indicates that Omnicom is positioning itself to compete in the evolving landscape where data-driven decision-making is becoming increasingly crucial.
Omnicom's financial results must be contextualized within the broader economic environment characterized by high inflation, interest rates and geopolitical uncertainty. The company's ability to deliver growth amidst such conditions is commendable and suggests a resilient business model. However, the mention of repositioning actions taken to reduce real estate requirements and rebalance the workforce is reflective of cost pressures that many firms are facing.
The effective tax rate has seen a decrease from the previous year, which could be due to a variety of factors, including changes in the tax code or the resolution of tax-related matters from previous years. Additionally, the reduction in net share repurchases, leading to a decrease in diluted shares outstanding, is beneficial for earnings per share metrics, as it generally leads to an increase in the value of the remaining shares.
2023 Fourth Quarter:
Revenue of
Operating income of
Operating income margin of
Diluted earnings per share of
2023 Full Year:
Revenue of
Operating income of
Operating income margin of
Diluted earnings per share of
"Omnicom finished 2023 with
Fourth Quarter 2023 Results
Three Months Ended December 31, | ||||||||
$ in millions, except per share amounts | 2023 | Non-GAAP | Non-GAAP | 2022 | ||||
Revenue | $ — | $ 3,868.2 | ||||||
Operating Income | 646.7 | 14.5 | 661.2 | 642.7 | ||||
Operating Income Margin | 15.9 % | 16.3 % | 16.6 % | |||||
Net Income 1 | 425.7 | 13.0 | 438.7 | 429.8 | ||||
Net Income per Share - Diluted 1 | $ 2.13 | $ 2.20 | $ 2.09 | |||||
EBITA2 | 668.1 | 14.5 | 682.6 | 662.7 | ||||
EBITA Margin2 | 16.5 % | 16.8 % | 17.1 % | |||||
Notes: 1) Net Income and Net Income per Share for Omnicom Group Inc. 2) See non-GAAP reconciliations starting on page 11. 3) | ||||||||
Revenues
Reported revenue in the fourth quarter of 2023 increased
Worldwide revenue growth in the fourth quarter of 2023 compared to the fourth quarter of 2022 was led by an increase in organic growth of
Organic growth by discipline in the fourth quarter of 2023 compared to the fourth quarter of 2022 was as follows:
Organic growth by region in the fourth quarter of 2023 compared to the fourth quarter of 2022 was as follows:
Expenses
Operating expenses increased
Salary and service costs increased
Occupancy and other costs, which are less directly linked to changes in revenue than salary and service costs, decreased
SG&A expenses increased
Operating Income
Operating income increased
Interest Expense, net
Net interest expense in the fourth quarter of 2023 increased
Income Taxes
Our effective tax rate of
Net Income – Omnicom Group Inc. and Diluted Net Income per Share
Net income - Omnicom Group Inc. for the fourth quarter of 2023 decreased
EBITA
EBITA increased
Full Year 2023 Results
Twelve Months Ended December 31, | |||||||||||||
$ in millions, except per share amounts | 2023 | Non-GAAP | Non-GAAP | 2022 | Non-GAAP | Non-GAAP | |||||||
Revenue | $ 14,692.2 | $ — | $ 14,692.2 | $ 14,289.1 | $ — | $ 14,289.1 | |||||||
Operating Income | 2,104.7 | 127.2 | 2,231.9 | 2,083.3 | 113.4 | 2,196.7 | |||||||
Operating Income Margin | 14.3 % | 15.2 % | 14.6 % | 15.4 % | |||||||||
Net Income 1 | 1,391.4 | 102.6 | 1,494.0 | 1,316.5 | 118.2 | 1,434.7 | |||||||
Net Income per Share - Diluted 1 | $ 6.91 | $ 7.41 | $ 6.36 | $ 6.93 | |||||||||
EBITA2 | 2,185.0 | 127.2 | 2,312.2 | 2,163.6 | 113.4 | 2,277.0 | |||||||
EBITA Margin2 | 14.9 % | 15.7 % | 15.1 % | 15.9 % | |||||||||
Notes: 1) Net Income and Net Income per Share for Omnicom Group Inc. 2) See non-GAAP reconciliations starting on page 11. 3) For the year ended December 31, 2023, operating expenses included real estate operating lease impairment charges, severance, and other exit costs of |
Revenues
Reported revenue in 2023 increased
Worldwide revenue growth in 2023 compared to 2022 was led by an increase in organic growth of
Organic growth by discipline in 2023 compared to 2022 was as follows:
Organic growth by region in 2023 compared to 2022 was as follows:
Expenses
Operating expenses increased
Salary and service costs increased
Occupancy and other costs, which are less directly linked to changes in revenue than salary and service costs, were flat due to increases in other occupancy expenses, offset by lower rent.
SG&A expenses increased
Operating Income
Operating income increased
Interest Expense, net
Net interest expense in 2023 decreased
Income Taxes
Our effective tax rate of
Net Income – Omnicom Group Inc. and Diluted Net Income per Share
Net income - Omnicom Group Inc. in 2023 increased
EBITA
EBITA increased
Risks and Uncertainties
Current global economic challenges, including geopolitical events, international hostilities, acts of terrorism, public health crises, high inflation in countries that comprise our major markets, high interest rates, and labor and supply chain issues could cause economic uncertainty and volatility. The impact of these issues on our business will vary by geographic market and discipline. We monitor economic conditions closely, as well as client revenue levels and other factors. In response to reductions in revenue, we can take actions to align our cost structure with changes in client demand and manage our working capital. However, there can be no assurance as to the effectiveness of our efforts to mitigate any impact of the current and future adverse economic conditions, reductions in client revenue, changes in client creditworthiness, and other developments.
Definitions - Components of Revenue Change
We use certain terms in describing the components of the change in revenue above.
Foreign exchange rate impact: calculated by translating the current period's local currency revenue using the prior period average exchange rates to derive current period constant currency revenue. The foreign exchange rate impact is the difference between the current period revenue in
Acquisition revenue, net of disposition revenue: Acquisition revenue is calculated as if the acquisition occurred twelve months prior to the acquisition date by aggregating the comparable prior period revenue of acquisitions through the acquisition date. As a result, acquisition revenue excludes the positive or negative difference between our current period revenue subsequent to the acquisition date, and the comparable prior period revenue and the positive or negative growth after the acquisition date is attributed to organic growth. Disposition revenue is calculated as if the disposition occurred twelve months prior to the disposition date by aggregating the comparable prior period revenue of disposals through the disposition date. The acquisition revenue and disposition revenue amounts are netted in the description above.
Organic growth: calculated by subtracting the foreign exchange rate impact component and the acquisition revenue, net of disposition revenue component from total revenue growth.
Conference Call
Omnicom will host a conference call to review its financial results on Tuesday, February 6, 2024 at 4:30 p.m. Eastern Time. Participants can listen to the conference call by calling 844-291-6362 (domestic) or 234-720-6995 (international), along with access code 1468163. The call will also be simulcast and archived on our investor relations website.
Corporate Responsibility
At Omnicom, we are committed to promoting responsible practices and making positive contributions to society around the globe. Please explore our website (omnicomgroup.com/corporate-responsibility) for highlights of our progress across the areas on which we focus: Empower People, Protect Our Planet, Lead Responsibly.
About Omnicom
Omnicom (www.omnicomgroup.com) is a leading global marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms offer services in advertising, strategic media planning and buying, precision marketing, commerce and branding, experiential, customer relationship marketing (CRM), public relations, healthcare marketing and other specialty communications services to over 5,000 clients in more than 70 countries.
Non-GAAP Financial Measures
We present financial measures determined in accordance with generally accepted accounting principles in
Forward-Looking Statements
Certain statements in this document contain forward-looking statements, including statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, from time to time, the Company or its representatives have made, or may make, forward-looking statements, orally or in writing. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial position, or otherwise, based on current beliefs of the Company's management as well as assumptions made by, and information currently available to, the Company's management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "should," "would," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company's control. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: adverse economic conditions, including those caused by geopolitical events, international hostilities, acts of terrorism, public health crises, high and sustained inflation in countries that comprise our major markets, high interest rates, and labor and supply chain issues affecting the distribution of our clients' products; international, national, or local economic conditions that could adversely affect the Company or its clients; losses on media purchases and production costs incurred on behalf of clients; reductions in client spending, a slowdown in client payments, and a deterioration or disruption in the credit markets; the ability to attract new clients and retain existing clients in the manner anticipated; changes in client advertising, marketing, and corporate communications requirements; failure to manage potential conflicts of interest between or among clients; unanticipated changes related to competitive factors in the advertising, marketing, and corporate communications industries; unanticipated changes to, or the ability to hire and retain key personnel; currency exchange rate fluctuations; reliance on information technology systems and risks related to cybersecurity incidents; effective management of the risks, challenges and efficiencies presented by utilizing Artificial Intelligence (AI) technologies and related partnerships in our business; changes in legislation or governmental regulations affecting the Company or its clients; risks associated with assumptions the Company makes in connection with acquisitions, its critical accounting estimates and legal proceedings; the Company's international operations, which are subject to the risks of currency repatriation restrictions, social or political conditions, and an evolving regulatory environment in high-growth markets and developing countries; and risks related to our environmental, social, and governance goals and initiatives, including impacts from regulators and other stakeholders, and the impact of factors outside of our control on such goals and initiatives. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that may affect the Company's business, including those described in Item 1A, "Risk Factors" and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and in other documents filed from time to time with the Securities and Exchange Commission. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements.
OMNICOM GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share amounts) | |||
Three Months Ended December 31, | |||
2023 | 2022 | ||
Revenue | $ 4,060.9 | $ 3,868.2 | |
Operating Expenses: | |||
Salary and service costs | 2,954.0 | 2,792.0 | |
Occupancy and other costs | 290.9 | 294.4 | |
Cost of services | 3,244.9 | 3,086.4 | |
Selling, general and administrative expenses1 | 115.6 | 84.5 | |
Depreciation and amortization | 53.7 | 54.6 | |
Total operating expenses | 3,414.2 | 3,225.5 | |
Operating Income | 646.7 | 642.7 | |
Interest Expense | 52.6 | 54.4 | |
Interest Income | 25.8 | 28.5 | |
Income Before Income Taxes and Income From Equity Method Investments | 619.9 | 616.8 | |
Income Tax Expense | 164.2 | 163.5 | |
Income From Equity Method Investments | 2.1 | 2.6 | |
Net Income | 457.8 | 455.9 | |
Net Income Attributed To Noncontrolling Interests | 32.1 | 26.1 | |
Net Income - Omnicom Group Inc. | $ 425.7 | $ 429.8 | |
Net Income Per Share - Omnicom Group Inc.: | |||
Basic | $ 2.15 | $ 2.11 | |
Diluted | $ 2.13 | $ 2.09 | |
Revenue | $ 4,060.9 | $ 3,868.2 | |
Operating Margin % | 15.9 % | 16.6 % | |
EBITA | $ 668.1 | $ 662.7 | |
EBITA Margin % | 16.5 % | 17.1 % | |
Dividends Declared Per Common Share | $ 0.70 | $ 0.70 | |
1) | Included in the fourth quarter of 2023 within selling, general and administrative expenses are acquisition transaction costs of |
OMNICOM GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share amounts) | |||
Full Year | |||
2023 | 2022 | ||
Revenue | $ 14,692.2 | $ 14,289.1 | |
Operating Expenses: | |||
Salary and service costs | 10,701.2 | 10,325.9 | |
Occupancy and other costs | 1,168.8 | 1,168.6 | |
Real estate and other repositioning costs1 | 191.5 | — | |
Charges arising from the effects of the war in | — | 113.4 | |
Gain on disposition of subsidiary1 | (78.8) | — | |
Cost of services | 11,982.7 | 11,607.9 | |
Selling, general and administrative expenses1 | 393.7 | 378.5 | |
Depreciation and amortization | 211.1 | 219.4 | |
Total operating expenses1,2 | 12,587.5 | 12,205.8 | |
Operating Income | 2,104.7 | 2,083.3 | |
Interest Expense | 218.5 | 208.6 | |
Interest Income | 106.7 | 70.7 | |
Income Before Income Taxes and Income From Equity Method Investments | 1,992.9 | 1,945.4 | |
Income Tax Expense1,2 | 524.9 | 546.8 | |
Income From Equity Method Investments | 5.2 | 5.2 | |
Net Income1,2 | 1,473.2 | 1,403.8 | |
Net Income Attributed To Noncontrolling Interests | 81.8 | 87.3 | |
Net Income - Omnicom Group Inc.1,2 | $ 1,391.4 | $ 1,316.5 | |
Net Income Per Share - Omnicom Group Inc.: | |||
Basic | $ 6.98 | $ 6.40 | |
Diluted1,2 | $ 6.91 | $ 6.36 | |
Revenue | $ 14,692.2 | $ 14,289.1 | |
Operating Margin % | 14.3 % | 14.6 % | |
EBITA | $ 2,185.0 | $ 2,163.6 | |
EBITA Margin % | 14.9 % | 15.1 % | |
Dividends Declared Per Common Share | $ 2.80 | $ 2.80 | |
1) | For the year ended December 31, 2023, operating expenses included real estate operating lease impairment charges, severance, and other exit costs of |
2) | For the year ended December 31, 2022, operating expenses included |
OMNICOM GROUP INC. AND SUBSIDIARIES DETAIL OF OPERATING EXPENSES (Unaudited) (In millions) | |||
Three Months Ended December 31, | |||
2023 | 2022 | ||
Revenue | $ 4,060.9 | $ 3,868.2 | |
Operating Expenses: | |||
Salary and service costs: | |||
Salary and related costs | 1,906.1 | 1,853.4 | |
Third-party service costs1 | 884.0 | 786.5 | |
Third-party incidental costs2 | 163.9 | 152.1 | |
Total salary and service costs | 2,954.0 | 2,792.0 | |
Occupancy and other costs | 290.9 | 294.4 | |
Cost of services | 3,244.9 | 3,086.4 | |
Selling, general and administrative expenses3 | 115.6 | 84.5 | |
Depreciation and amortization | 53.7 | 54.6 | |
Total operating expenses | 3,414.2 | 3,225.5 | |
Operating Income | $ 646.7 | $ 642.7 | |
Full Year | |||
2023 | 2022 | ||
Revenue | $ 14,692.2 | $ 14,289.1 | |
Operating Expenses: | |||
Salary and service costs: | |||
Salary and related costs | 7,212.8 | 7,197.9 | |
Third-party service costs1 | 2,917.9 | 2,585.5 | |
Third-party incidental costs2 | 570.5 | 542.5 | |
Total salary and service costs | 10,701.2 | 10,325.9 | |
Occupancy and other costs | 1,168.8 | 1,168.6 | |
Real estate and other repositioning costs | 191.5 | — | |
Charges arising from the effects of the war in | — | 113.4 | |
Gain on disposition of subsidiary | (78.8) | — | |
Cost of services | 11,982.7 | 11,607.9 | |
Selling, general and administrative expenses3 | 393.7 | 378.5 | |
Depreciation and amortization | 211.1 | 219.4 | |
Total operating expenses | 12,587.5 | 12,205.8 | |
Operating Income | $ 2,104.7 | $ 2,083.3 | |
1) | Third-party service costs include third-party supplier costs when we act as principal in providing services to our clients. |
2) | Third-party incidental costs primarily consist of client-related travel and incidental out-of-pocket costs which we bill back to the client directly at our cost and which we are required to include in revenue. |
3) | Included in the three and twelve months ended December 31, 2023 within selling, general and administrative expenses are acquisition transaction costs of |
OMNICOM GROUP INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (In millions) | |||||||
Three Months Ended December 31, | Full Year | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net Income - Omnicom Group Inc. | $ 425.7 | $ 429.8 | $ 1,391.4 | $ 1,316.5 | |||
Net Income Attributed To Noncontrolling Interests | 32.1 | 26.1 | 81.8 | 87.3 | |||
Net Income | 457.8 | 455.9 | 1,473.2 | 1,403.8 | |||
Income From Equity Method Investments | 2.1 | 2.6 | 5.2 | 5.2 | |||
Income Tax Expense | 164.2 | 163.5 | 524.9 | 546.8 | |||
Income Before Income Taxes and Income From Equity Method Investments | 619.9 | 616.8 | 1,992.9 | 1,945.4 | |||
Interest Expense | 52.6 | 54.4 | 218.5 | 208.6 | |||
Interest Income | 25.8 | 28.5 | 106.7 | 70.7 | |||
Operating Income | 646.7 | 642.7 | 2,104.7 | 2,083.3 | |||
Add back: Amortization of intangible assets | 21.4 | 20.0 | 80.3 | 80.3 | |||
Earnings before interest, taxes and amortization of intangible assets ("EBITA") | $ 668.1 | $ 662.7 | $ 2,185.0 | $ 2,163.6 | |||
Real estate and other repositioning costs | — | — | 191.5 | — | |||
Charges arising from the effects of the war in | — | — | — | 113.4 | |||
Gain on disposition of subsidiary | — | — | (78.8) | — | |||
Acquisition transaction costs | 14.5 | — | 14.5 | — | |||
EBITA - Adjusted | $ 682.6 | $ 662.7 | $ 2,312.2 | $ 2,277.0 | |||
Revenue | $ 4,060.9 | $ 3,868.2 | $ 14,692.2 | $ 14,289.1 | |||
EBITA | $ 668.1 | $ 662.7 | $ 2,185.0 | $ 2,163.6 | |||
EBITA Margin % | 16.5 % | 17.1 % | 14.9 % | 15.1 % | |||
EBITA - Adjusted | $ 682.6 | $ 662.7 | $ 2,312.2 | $ 2,277.0 | |||
EBITA Margin % - Adjusted | 16.8 % | 17.1 % | 15.7 % | 15.9 % | |||
The above table reconciles the |
OMNICOM GROUP INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (In millions) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
Reported | Non-GAAP | Non-GAAP | Reported | Non-GAAP | Non-GAAP | |||||||
Revenue | $ — | $ — | ||||||||||
Operating Expenses2 | 3,414.2 | (14.5) | 3,399.7 | 3,225.5 | — | 3,225.5 | ||||||
Operating Income | 646.7 | 14.5 | 661.2 | 642.7 | — | 642.7 | ||||||
Operating Income Margin % | 15.9 % | 16.3 % | 16.6 % | 16.6 % | ||||||||
Add back: Amortization of intangible assets | 21.4 | — | 21.4 | 20.0 | — | 20.0 | ||||||
EBITA1 | $ 668.1 | $ 14.5 | $ 682.6 | $ 662.7 | $ — | $ 662.7 | ||||||
EBITA Margin %1 | 16.5 % | 16.8 % | 17.1 % | 17.1 % | ||||||||
Full Year | ||||||||||||
Reported | Non-GAAP | Non-GAAP | Reported 2022 | Non-GAAP | Non-GAAP | |||||||
Revenue | $ — | $ 14,692.2 | $ 14,289.1 | $ — | $ 14,289.1 | |||||||
Operating Expenses2 | 12,587.5 | (127.2) | 12,460.3 | 12,205.8 | (113.4) | 12,092.4 | ||||||
Operating Income | 2,104.7 | 127.2 | 2,231.9 | 2,083.3 | 113.4 | 2,196.7 | ||||||
Operating Income Margin % | 14.3 % | 15.2 % | 14.6 % | 15.4 % | ||||||||
Add back: Amortization of intangible assets | 80.3 | — | 80.3 | 80.3 | — | 80.3 | ||||||
EBITA1 | $ 127.2 | $ 113.4 | ||||||||||
EBITA Margin %1 | 14.9 % | 15.7 % | 15.1 % | 15.9 % | ||||||||
1) | See Non-GAAP reconciliation on page 11. |
2) | For the full year ended December 31, 2023, operating expenses included real estate operating lease impairment charges, severance, and other exit costs of |
For the full year ended December 31, 2022, operating expenses included |
OMNICOM GROUP INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (In millions, except per share amounts) | |||||||
Three Months Ended December 31, | Full Year | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Operating Income - Reported | $ 646.7 | $ 642.7 | $ 2,104.7 | $ 2,083.3 | |||
Real estate and other repositioning costs | — | — | 191.5 | — | |||
Charges arising from the effects of the war in | — | — | — | 113.4 | |||
Gain on disposition of subsidiary | — | — | (78.8) | — | |||
Acquisition transaction costs | 14.5 | — | 14.5 | — | |||
Non-GAAP Operating Income - Adjusted | $ 661.2 | $ 642.7 | $ 2,231.9 | $ 2,196.7 | |||
Three Months Ended December 31, | Full Year | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Income Tax Expense - Reported | $ 164.2 | $ 163.5 | $ 524.9 | $ 546.8 | |||
Income tax expense related to: | |||||||
Real estate and other repositioning costs | — | — | 46.0 | — | |||
Charges arising from the effects of the war in | — | — | — | (4.8) | |||
Gain on disposition of subsidiary | — | — | (22.9) | — | |||
Acquisition transaction costs | 1.5 | — | 1.5 | — | |||
Non-GAAP Income Tax Expense- Adjusted | $ 165.7 | $ 163.5 | $ 549.5 | $ 542.0 | |||
Three Months Ended December 31, | Full Year | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net | Net Income | Net | Net Income | Net | Net Income | Net | Net Income | |||||
Net Income - Omnicom Group Inc. - Reported | $ 425.7 | $ 2.13 | $ 429.8 | $ 2.09 | $ 1,391.4 | $ 6.91 | $ 1,316.5 | $ 6.36 | ||||
Real estate and other repositioning costs | — | — | — | — | 145.5 | 0.72 | — | — | ||||
Charges arising from the effects of the war in | — | — | — | — | — | — | 118.2 | 0.57 | ||||
Gain on disposition of subsidiary | — | — | — | — | (55.9) | (0.28) | — | — | ||||
Acquisition transaction costs | 13.0 | 0.07 | — | — | 13.0 | 0.06 | — | — | ||||
Non-GAAP Net Income - Omnicom Group Inc. - Adjusted1 | $ 438.7 | $ 2.20 | $ 429.8 | $ 2.09 | $ 1,494.0 | $ 7.41 | $ 1,434.7 | $ 6.93 | ||||
1) | Diluted Shares for the three months ended December 31, 2023 and 2022 in millions were 199.5 and 205.2, respectively. Diluted Shares for the full year ended December 31, 2023 and 2022 in millions were 201.4 and 207.0, respectively. |
The above tables reconcile GAAP financial measures of Operating Income, Income Tax Expense, and Net Income - Omnicom Group Inc., to adjusted Non-GAAP financial measures of Non-GAAP Operating Income - Adjusted, Non-GAAP Income Tax Expense - Adjusted, and Non-GAAP Net Income-Omnicom Group Inc. - Adjusted for the periods presented. Management believes excluding the real estate and other repositioning costs and acquisition transaction costs, partially offset by a gain on the disposition of certain of our research businesses in 2023 and excluding the charge arising from the effects of the war in |
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SOURCE Omnicom Group Inc.
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