Omnicom Group Reports First Quarter 2017 Results

Excluding the $12.4 million benefit from the adoption of ASU 2016-09, Net income - Omnicom Group Inc. would have been  $229.4 million and diluted net income per common share for the first quarter of 2017 would have increased seven cents, or 7.8%, to $0.97 per share versus $0.90 per share for the first quarter of 2016.

Non-GAAP Financial Measures

We use certain non-GAAP financial measures in describing our performance. We use EBITA (defined as earnings before interest, taxes and amortization of intangibles) and EBITA margin (defined as EBITA divided by revenue) as additional operating performance measures, which exclude the non-cash amortization expense of intangible assets (primarily consisting of amortization arising from acquisitions). Accordingly, we believe they are useful measures for investors to evaluate the performance of our businesses. The financial table at the end of this document reconciles the GAAP financial measure of net income to EBITA for the periods presented.

For the first quarter of 2017, EBITA increased $19.9 million, or 4.7%, to $440.3 million from $420.4 million in the first quarter of 2016.  Our EBITA margin increased to 12.3% for the first quarter of 2017 versus 12.0% in the first quarter of 2016.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP. Non-GAAP financial measures reported by us may not be comparable to similarly titled amounts reported by other companies.

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 U.S. Dollars and the current period constant currency revenue.

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 presentation 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.

Omnicom Group Inc. (NYSE: OMC) (www.omnicomgroup.com) is a leading global marketing and corporate communications company.  Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.  Follow us on Twitter for the latest news.

For a live webcast or a replay of our first quarter earnings conference call, go to http://investor.omnicomgroup.com/investor-relations/news-events-and-filings.

Omnicom Group Inc.
Consolidated Statements of Income
Three Months Ended March 31
(Unaudited)
(Dollars in Millions, Except Per Share Data)
	2017				2016
Revenue	$	3,587.4			$	3,499.1
Operating Expenses:
Salary and service costs	2,694.2				2,623.3
Occupancy and other costs	302.0				301.4
Costs of services	2,996.2				2,924.7
Selling, general and administrative expenses	108.6				108.1
Depreciation and amortization	72.7				74.2
	3,177.5				3,107.0
Operating Profit	409.9				392.1
Interest Expense	53.5				50.3
Interest Income	13.9				10.2
Income Before Income Taxes	370.3				352.0
Income Tax Expense (a)	108.0				115.5
Income From Equity Method Investments	0.1				(0.2)
Net Income	262.4				236.3
Net Income Attributed To Noncontrolling Interests	20.6				17.9
Net Income -  Omnicom Group Inc.	241.8				218.4
Less: Net income allocated to participating securities	0.5				1.5
Net income available for common shares	$	241.3			$	216.9
Net income per common share  -  Omnicom Group Inc.
Basic	$	1.03			$	0.90
Diluted	$	1.02			$	0.90
Weighted average shares (in millions)
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