Omnicom Group Inc.

Good afternoon and welcome to the Omnicom third quarter 2024 earnings conference call. Please note that this call is being recorded. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, press star one a second time. I will now turn the call over to Gregory Lundberg, Senior Vice President, Investor Relations. You may begin.

Thank you for joining our third quarter 2024 earnings call. With me today are John Wren, Chairman and Chief Executive Officer, and Phil Angelostro, Executive Vice President and Chief Financial Officer. On our website, omnicomgroup.com, you'll find a press release and a presentation covering the information that we'll review today. An archived webcast will be available when today's call concludes. Before we start, I'd like to remind everyone to read the forward-looking statements and and non-GAAP financial and other information that we've included at the end of our investor presentation. Certain of the statements made today may constitute forward-looking statements, and these statements are our present expectations. Relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our SEC filings, including our 2023 Form 10-K. During the course of today's call, we will also discuss certain non-GAAP measures. You can find the reconciliation of these to the nearest comparable gap measures in the presentation materials. We will begin the call with an overview of our business from John. Then Phil will review our financial results for the quarter. And after our prepared remarks, we will open the lineup for your questions. And I'll now hand the call over to John.

Thank you, Greg. Good afternoon, everyone, and thank you for joining us today. We're very pleased to share our third quarter results. Organic growth was very strong at 6.5% for the quarter, with the U.S. also growing at 6.5%. Across our disciplines, advertising and media, as well as experiential, had outstanding performances. Non-GAAP adjusted EBITDA margin was 16% for the quarter. Non-GAAP adjusted earnings per share was $2.03, up 5.7% versus the comparable amount in 2023. Our cash flow continues to support our primary uses of cash, dividends, acquisitions, and share repurchases, and our liquidity and balance sheet remain very strong. We're very pleased with our financial results for the quarter and the last nine months and are on track to achieve the higher end of our organic growth target of between 4% to 5% for the year. We're also maintaining our full year 2024 EBITDA margin target of close to flat with 2023. Phil will cover our financial results in more detail during his remarks. During the quarter, we announced the formation of Omnicom Advertising Group, a new practice area that aligns our creative agencies globally under one leadership team. OAG includes global advertising networks, BBDO, DDB, and TBWA, as well as the Advertising Collective, which has agencies, Goodby Silverstein & Partners, GSD&M, Merkley & Partners, and Zimmerman, among others. The group will be led by a strong core of executives, with Troy Rohannon as Global CEO of OAG, being joined by Nancy Reyes, who was recently promoted to Global CEO of BBDO, with Andrew Robinson becoming Chairman, Aaron Riley, who is succeeding Troy and was promoted to the global CEO of TBWA, Alex Lubar as CEO of DDB, and James Fenton as CEO of the Advertising Collective. OAG aims to bolster Omnicom's advertising brands by scaling access to solutions, technology platforms, tools, and investments across its creative agencies and clients globally. Additionally, As clients demand more integrated and tailored solution from agencies, OAG will help facilitate access to talent and teams across our networks while providing our talent with the mobility across our different agencies and client teams. As with other practice areas, the creative networks within OAG will retain their unique brand, culture, and people. In fact, we believe this new structure will strengthen our agency brands. Late in the quarter, Omnicom Precision Marketing Group expanded its capabilities by acquiring LeapPoint, a digital advisory firm with expertise across the Adobe content supply chain. The acquisition is part of our strategic efforts to offer the industry's most comprehensive end-to-end content solution, empowering marketers to accelerate workflows and deliver personalized experiences to their customers at speed and scale. LeadPoint's offering streamlined and automated processes, break down operational silos, and improve team collaboration for large enterprise clients. In digital commerce, we achieved an industry first in the quarter. When we acquired Flywheel, we knew connecting marketing to sales would be a game changer for our company and our clients. Leveraging and connecting the capabilities of Omnicom Media Group and Flywheel, we can now directly measure online retail sales generated from media campaigns across the full advertising journey from broadcast TV to upper final performance media and retail media. This is a significant development and unique to Omnicom. Our partnership with Amazon was instrumental in enabling this breakthrough. As I mentioned in our last call, we consolidated our production units and formed Omnicom Production to capitalize on the significant market opportunity for production services. We are investing in scaled and high-quality capabilities in multiple ways. Omnicom Production inaugurated a new state-of-the-art content studio in New York and leveraged Omnicom's first mover partnership in AI to develop innovative capabilities in content development. The investment is already paying off, with Omnicom production winning the Kenview and Bimbo Bakeries USA production business. In the next several months, you will hear more about how we are using AI across our enterprise to drive more effective campaigns and marketing outcomes, to improve how our people work, and to deliver efficiencies for our clients. In addition to the production wins, we had a very strong new business performance across the group. After an extensive review process, Omnicom Media Group won the biggest pitch of the year by being awarded Amazon's Media Business in the Americas. We are incredibly honored to have been selected by Amazon and to have the opportunity to extend our strong partnership. OMG also won Michelin Global Media Business. Omnicom Media Group topped the Convergence First Half 2024 report with 5.3 billion in total new business wins. Omnicom agencies collaborated to win integrated services pitches for Barclays and Bimbo Bakeries USA. Corona Extra appointed GSCM, its lead creative agency. General Mills hired Goodby Silverstein and Partners for Creative. Pepsi added BBDO to its creative agency roster. OPMG picked up Adobe's digital experience business And Rapp was selected as Princess Cruise's precision marketing agency. Overall, we're very pleased with our new business wins, financial results, and progress on our key initiatives. I want to thank all our teams for their terrific work. While significant market uncertainties remain due to the upcoming elections in the U.S. and the ongoing conflicts in the Ukraine and the Middle East, we are actively managing what we can control. We are focused on achieving our organic growth and margin targets for the year and remain confident in our guidance. I will now turn the call over to Phil for a closer look at our financial results. Phil?