Omnicom Group Inc. Q1 FY2024 results: revenue $3.6 billion, up 5.4% on the year

Omnicom Group Inc. (OMC) reported revenue of $3.6 billion for Q1 FY2024, the quarter ended 31 March 2024, up 5.4% on the same quarter a year earlier. Net income was $319 million, up 40.0% on the year, and diluted earnings per share $1.59. The figures are the company's own, from the 10-Q it filed with the SEC on 17 April 2024.

Revenue$3.6 billionup 5.4%

Net income$319 millionup 40.0%

Diluted EPS$1.59

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,630	4,061	n/a	n/a
Cost of revenue	3,007	3,245	n/a	n/a
Gross profit	624	816	n/a	n/a
Gross margin	17.2%	20.1%	n/a
Selling, general and administrative	85.3	116	n/a	n/a
Operating income	479	647	n/a	n/a
Operating margin	13.2%	15.9%	n/a
Interest expense	53.8	52.6	n/a	n/a
Pre-tax income	452	620	n/a	n/a
Income tax	116	164	n/a	n/a
Effective tax rate	25.7%	26.5%	n/a
Net income	319	426	n/a	n/a
Net margin	8.8%	10.5%	n/a
Diluted EPS	$1.59	$2.12	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-618	1,801	n/a	n/a
Capital expenditure	23.1	14.2	n/a	n/a
Free cash flow	-642	1,787	n/a	n/a
Free cash flow margin	-17.7%	44.0%	n/a
Depreciation and amortisation	59.6	53.7	n/a	n/a
Share-based compensation	22.1	21.2	n/a	n/a
Buybacks	180	6.5	n/a	n/a
Dividends paid	139	139	n/a	n/a
Dividend per share	$0.70	n/a	n/a	n/a
Diluted shares, weighted	200m	201m	n/a	n/a
Shares outstanding at period end	196m	198m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	27,276	28,045	n/a	n/a
Cash and equivalents	3,173	4,432	n/a	n/a
Receivables	7,906	8,660	n/a	n/a
Goodwill	10,694	10,082	n/a	n/a
Long-term debt	n/a	5,670	n/a	n/a
Borrowings, as the company tags them	5,501	4,889	n/a	n/a
Operating lease liabilities	827	853	n/a	n/a
Shareholders' equity	3,570	3,616	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	3,610	3,578	4,061	3,630	3,854	3,883	4,322	3,690	4,016	4,037	5,529	6,243
Cost of revenue	2,909	2,875	3,245	3,007	3,172	3,122	3,464	3,061	3,347	3,283	6,114	5,205
Gross profit	701	703	816	624	682	761	858	630	668	754	-585	1,038
Gross margin	19%	20%	20%	17%	18%	20%	20%	17%	17%	19%	-11%	17%
SG&A	99.1	89.8	116	85.3	111	99.5	112	118	170	164	294	224
Operating income	551	561	647	479	510	600	685	453	439	530	-977	646
Operating margin	15%	16%	16%	13%	13%	15%	16%	12%	11%	13%	-18%	10%
Interest expense	57.5	53.5	52.6	53.8	62.7	66.4	65.0	59.1	62.6	60.4	81.3	119
Pre-tax income	523	522	620	452	469	560	647	423	398	487	-1,030	574
Tax rate	27%	26%	26%	26%	26%	27%	26%	29%	30%	27%	n/a	27%
Net income	366	372	426	319	328	386	448	288	258	341	-941	405
Net margin	10%	10%	10%	9%	9%	10%	10%	8%	6%	8%	-17%	6%
Diluted EPS	$1.82	$1.86	$2.12	$1.59	$1.65	$1.95	$2.27	$1.45	$1.31	$1.75	-$4.78	$1.35
Operating cash flow	-262	406	1,801	-618	-142	569	1,925	-787	210	478	3,037	-553
Capital expenditure	16.9	24.2	14.2	23.1	39.2	31.3	47.0	29.5	42.1	39.1	39.1	61.2
Free cash flow	-279	381	1,787	-642	-181	537	1,878	-816	168	438	2,998	-614
Buybacks	234	25.5	6.5	180	69.7	113	8.3	81.0	142	89.1	396	2,778
Dividends paid	143	139	139	139	140	137	137	138	140	136	136	252
Shares outstanding	198m	198m	198m	196m	196m	195m	196m	195m	194m	193m	313m	285m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 17 April 2024, accession 0000029989-24-000014: the filing on EDGAR. All of Omnicom Group Inc.'s filings: EDGAR company page.

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