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      Omnicom Group Reports Second Quarter and Year-to-Date 2019 Results

      July 17, 2019

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      NEW YORK, July?17, 2019 /PRNewswire/ --?Omnicom Group Inc. (NYSE:?OMC) today announced that its diluted net income per share for the second quarter of 2019 increased?eight cents, or 5.0%, to?$1.68?per share versus?$1.60?per share for the second quarter of 2018. Net income - Omnicom Group Inc. for the second quarter of 2019 increased?$6.5 million, or 1.8%, to?$370.7 million?from?$364.2 million?in the second quarter of 2018.

      Primarily due to the negative effects of foreign exchange rates and disposition activity in excess of acquisitions over the past year, Omnicom's worldwide revenue in the second quarter of 2019 decreased 3.6% to?$3,719.8 million?from?$3,859.6 million?in the second quarter of 2018. The components of the change in revenue included a decrease in revenue from the negative impact of foreign currency translation of 2.6%, a decrease in acquisition revenue, net of disposition revenue of 3.8% and an increase in revenue from organic growth of 2.8% when compared to the second quarter of 2018.

      Organic growth in the second quarter of 2019 as compared to the second quarter of 2018 in our five fundamental disciplines was as follows: Advertising increased 4.4%, CRM Consumer Experience increased 1.9%, CRM Execution & Support decreased 2.6%,? Public Relations decreased 1.3% and Healthcare increased 8.4%.

      Across our regional markets, organic growth in the second quarter of 2019 as compared to the second quarter of 2018 was: 3.2% in?the United States, 11.8% for Other North America, 5.7% in the?United Kingdom, ?1.5% for the Euro Markets and Other Europe, and 1.9% for?Asia Pacific, while?Latin America?decreased 2.4% and the?Middle East?and?Africadecreased 8.3%.

      Operating profit in the second quarter of 2019 decreased?$8.6 million, or 1.5%, to?$573.7 million?from?$582.3 million?in the second quarter of 2018. Our operating margin for the second quarter of 2019 increased to 15.4% versus 15.1% for the second quarter of 2018.

      For the second quarter of 2019, our effective income tax rate was 24.9% compared to 25.8% for the same period in 2018. The 2019 effective tax rate included an approximately?$11 million?reduction in income tax expense, primarily from the net favorable settlement of uncertain tax positions in various jurisdictions, which resulted in the recognition of net deferred tax assets during the quarter.

      Year-to-Date

      Diluted net income per share for the six months ended June?30, 2019 increased?$0.12, or 4.4%, to?$2.85?per share compared to?$2.73?per share for the six months ended June?30, 2018. Net income - Omnicom Group Inc. for the six months ended June?30, 2019 increased?$5.6 million, or 0.9%, to?$633.9 million?from?$628.3 million?in the same period in 2018.

      Primarily due to the negative effects of foreign exchange rates and disposition activity in excess of acquisitions over the past year, worldwide revenue for the six months ended June?30, 2019 decreased 4.0% to?$7,188.7 million?from?$7,489.2 million?in the same period of 2018.? The components of the change in revenue included a decrease in revenue from the negative impact of foreign currency translation of 3.0%, a decrease in acquisition revenue, net of disposition revenue of 3.7% and an increase in revenue from organic growth of 2.7% when compared to the same period of 2018.

      Organic growth for the six months ended June?30, 2019 compared to the same period in 2018 in our five fundamental disciplines was as follows: Advertising increased 4.7%, CRM Consumer Experience increased 0.7%, CRM Execution & Support decreased 2.9%, Public Relations decreased 0.9% and Healthcare increased 7.6%.

      Across our regional markets, organic growth for the six months ended June?30, 2019 as compared to the same period of 2018 was 2.6% in?the United States, 9.0%? for Other North America,? 3.5% in the United Kingdom,? 2.7% in the Euro Markets and Other Europe, 2.0% in?Asia Pacific?and 2.5% for the?Middle East?and?Africa, while?Latin America?decreased 2.7%.

      Operating profit for the six months ended June?30, 2019 decreased?$1.3 million, or 0.1%, to?$1,002.6 million?compared to?$1,003.9 million?for the same period in 2018.? Our operating margin for the six months ended June?30, 2019 increased to 13.9% versus 13.4% for the same period in 2018.

      For the six months ended June?30, 2019, our effective income tax rate was 25.7% compared to 25.2% for the same period in 2018. The 2019 effective tax rate included an approximately?$11 million?reduction in income tax expense, primarily from the net favorable settlement of uncertain tax positions in various jurisdictions, which resulted in the recognition of net deferred tax assets in the second quarter of 2019.

      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 intangible assets) 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 of intangible assets arising from acquisitions). Accordingly, we believe EBITA and EBITA margin are useful measures for investors to evaluate the performance of our business.

      The financial tables at the end of this document reconcile the GAAP financial measure of Net Income - Omnicom Group Inc. to EBITA for the periods presented.

      For the second quarter of 2019, EBITA decreased?$14.4 million, or 2.4%, to?$594.9 million?from?$609.3 million?in the second quarter of 2018.? Our EBITA margin increased to 16.0% for the second quarter of 2019 versus 15.8% in the second quarter of 2018.

      For the six months ended June?30, 2019, EBITA decreased 1.2%, or?$13.0 million, to?$1,045.4 million?from?$1,058.4 millionfor the same period in 2018. Our EBITA margin for the six months ended June?30, 2019 increased to 14.5% versus 14.1% for the same period in 2018.

      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 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.

      About Omnicom Group Inc.

      Omnicom Group Inc. (NYSE:?OMC) (www.ncwtdj.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 second 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 June?30

      (Unaudited)?

      (Dollars in Millions, Except Per Share Data)

      ? ?
      ? ?
      ? ?

      2019

      ?

      2018

      ? ? ? ? ?
      ?

      Revenue

      $

      3,719.8

      ?

      $

      3,859.6

      ?

      Operating Expenses:

      ? ? ? ? ?
      ?

      Salary and service costs

      2,665.2

      ?

      2,772.9

      ?

      Occupancy and other costs

      315.4

      ?

      319.6

      ?

      Costs of services

      2,980.6

      ?

      3,092.5

      ?

      Selling, general and administrative expenses

      107.7

      ?

      117.4

      ?

      Depreciation and amortization

      57.8

      ?

      67.4

      ? ?

      3,146.1

      ?

      3,277.3

      ?

      Operating Profit

      573.7

      ?

      582.3

      ?

      Interest Expense

      66.6

      ?

      66.4

      ?

      Interest Income

      16.4

      ?

      13.9

      ?

      Income Before Income Taxes

      523.5

      ?

      529.8

      ?

      Income Tax Expense?(a)

      130.6

      ?

      136.7

      ?

      Income From Equity Method Investments

      1.2

      ?

      1.7

      ?

      Net Income

      394.1

      ?

      394.8

      ?

      Net Income Attributed To Noncontrolling Interests

      23.4

      ?

      30.6

      ?

      Net Income - Omnicom Group Inc.

      $

      370.7

      ?

      $

      364.2

      ? ? ? ? ?
      ?

      Net income per share? -? Omnicom Group Inc.

      ? ? ?
      ?

      Basic

      $

      1.69

      ?

      $

      1.61

      ?

      Diluted

      $

      1.68

      ?

      $

      1.60

      ? ? ? ? ?
      ?

      Weighted average shares (in millions)

      ? ? ?
      ?

      Basic

      219.6

      ?

      226.8

      ?

      Diluted

      220.9

      ?

      228.1

      ? ? ? ? ?
      ?

      Dividends Declared Per Common Share

      $

      0.65

      ?

      $

      0.60

      ? ?
      ? ?

      (a)

      For the three months ended June 30, 2019, income tax expense was reduced by approximately $11 million,?primarily from the net favorable settlement of uncertain tax positions in various jurisdictions, which resulted?in the recognition of net deferred tax assets during the quarter.

      ?

      ?

      Omnicom Group Inc.?

      Consolidated Statements of Income?

      Six Months Ended June 30?

      (Unaudited)?

      (Dollars in Millions, Except Per Share Data)

      ?
      ? ?

      2019

      ?

      2018

      ? ? ? ? ?
      ?

      Revenue

      $

      7,188.7

      ?

      $

      7,489.2

      ?

      Operating Expenses:

      ? ? ? ? ?
      ?

      Salary and service costs

      5,232.8

      ?

      5,485.7

      ?

      Occupancy and other costs

      624.7

      ?

      639.9

      ?

      Costs of services

      5,857.5

      ?

      6,125.6

      ?

      Selling, general and administrative expenses

      211.2

      ?

      222.9

      ?

      Depreciation and amortization

      117.4

      ?

      136.8

      ? ?

      6,186.1

      ?

      6,485.3

      ?

      Operating Profit

      1,002.6

      ?

      1,003.9

      ?

      Interest Expense

      129.6

      ?

      128.6

      ?

      Interest Income

      33.4

      ?

      29.3

      ?

      Income Before Income Taxes

      906.4

      ?

      904.6

      ?

      Income Tax Expense?(a)

      233.2

      ?

      227.7

      ?

      Income From Equity Method Investments

      0.7

      ?

      2.6

      ?

      Net Income

      673.9

      ?

      679.5

      ?

      Net Income Attributed To Noncontrolling Interests

      40.0

      ?

      51.2

      ?

      Net Income - Omnicom Group Inc.

      $

      633.9

      ?

      $

      628.3

      ? ? ? ? ?
      ?

      Net income per share? -? Omnicom Group Inc.

      ? ? ?
      ?

      Basic

      $

      2.86

      ?

      $

      2.75

      ?

      Diluted

      $

      2.85

      ?

      $

      2.73

      ? ? ? ? ?
      ?

      Weighted average shares (in millions)

      ? ? ?
      ?

      Basic

      221.4

      ?

      228.5

      ?

      Diluted

      222.5

      ?

      229.8

      ? ? ? ? ?
      ?

      Dividends Declared Per Common Share

      $

      1.30

      ?

      $

      1.20

      ? ?
      ? ?

      (a)

      For the six months ended June 30, 2019, income tax expense was reduced by approximately $11 million, primarily from the net favorable settlement of uncertain tax positions in various jurisdictions, which resulted in the recognition of net deferred tax assets in the second quarter of 2019.

      ?

      ?

      Omnicom Group Inc.

      Reconciliation of Non-GAAP Financial Measures - EBITA

      Three Months Ended June?30

      (Unaudited)

      (Dollars in Millions)

      ? ?
      ? ?

      2019

      ?

      2018

      ? ? ? ? ?
      ?

      Net Income - Omnicom Group Inc.

      $

      370.7

      ?

      $

      364.2

      ?

      Net Income Attributed To Noncontrolling Interests

      23.4

      ?

      30.6

      ?

      Net Income

      394.1

      ?

      394.8

      ?

      Income From Equity Method Investments

      1.2

      ?

      1.7

      ?

      Income Tax Expense

      130.6

      ?

      136.7

      ?

      Income Before Income Taxes

      523.5

      ?

      529.8

      ?

      Interest Income

      16.4

      ?

      13.9

      ?

      Interest Expense

      66.6

      ?

      66.4

      ?

      Operating Profit

      573.7

      ?

      582.3

      ?

      Add back: Amortization of intangible assets

      21.2

      ?

      27.0

      ?

      Earnings before interest, taxes and amortization of intangible assets ("EBITA")

      $

      594.9

      ?

      $

      609.3

      ? ? ? ? ? ? ?
      ?

      Revenue

      $

      3,719.8

      ?

      $

      3,859.6

      ?

      EBITA

      $

      594.9

      ?

      $

      609.3

      ?

      EBITA Margin %

      16.0%

      ?

      15.8%

      The above table reconciles the U.S. GAAP financial measure of Net Income - Omnicom Group Inc. to EBITA (defined as earnings before interest, taxes and amortization of intangibles) and EBITA Margin (defined as EBITA divided by revenue) for the periods presented. We use EBITA and EBITA margin as additional operating performance measures, which exclude the non-cash amortization expense of intangible assets (primarily consisting of amortization of intangible assets arising from acquisitions). Accordingly, we believe EBITA and EBITA margin are useful measures for investors to evaluate the performance of our business. 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.

      ?

      Omnicom Group Inc.

      Reconciliation of Non-GAAP Financial Measures - EBITA

      Six Months Ended June?30

      (Unaudited)

      (Dollars in Millions)

      ? ?
      ? ?

      2019

      ?

      2018

      ? ? ? ? ?
      ?

      Net Income - Omnicom Group Inc.

      $

      633.9

      ?

      $

      628.3

      ?

      Net Income Attributed To Noncontrolling Interests

      40.0

      ?

      51.2

      ?

      Net Income

      673.9

      ?

      679.5

      ?

      Income From Equity Method Investments

      0.7

      ?

      2.6

      ?

      Income Tax Expense

      233.2

      ?

      227.7

      ?

      Income Before Income Taxes

      906.4

      ?

      904.6

      ?

      Interest Income

      33.4

      ?

      29.3

      ?

      Interest Expense

      129.6

      ?

      128.6

      ?

      Operating Profit

      1,002.6

      ?

      1,003.9

      ?

      Add back: Amortization of intangible assets

      42.8

      ?

      54.5

      ?

      Earnings before interest, taxes and amortization of intangible assets ("EBITA")

      $

      1,045.4

      ?

      $

      1,058.4

      ? ? ? ? ? ? ?
      ?

      Revenue

      $

      7,188.7

      ?

      $

      7,489.2

      ?

      EBITA

      $

      1,045.4

      ?

      $

      1,058.4

      ?

      EBITA Margin %

      14.5%

      ?

      14.1%

      The above table reconciles the U.S. GAAP financial measure of Net Income - Omnicom Group Inc. to EBITA (defined as earnings before interest, taxes and amortization of intangibles) and EBITA Margin (defined as EBITA divided by revenue) for the periods presented. We use EBITA and EBITA margin as additional operating performance measures, which exclude the non-cash amortization expense of intangible assets (primarily consisting of amortization of intangible assets arising from acquisitions). Accordingly, we believe EBITA and EBITA margin are useful measures for investors to evaluate the performance of our business. 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.

      SOURCE Omnicom Group Inc.

      ?

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