Uh, earnings, uh, that came out this week, and, uh, so we'll just talk about them both together and, you know, Sam, love to get your, uh, perspective on a couple of the topics that we'll hit on.
What I mean by that is net revenue organic growth on our crude estimates because the numbers aren't disclosed, but the profit margins on a net revenue basis are like 24% on our estimates.
Now, these are slightly different than the narrative that I think the company would generally put out there.
Uh, they are lower margin than they might appear and higher volume and higher growth, but, eh, you actually have to do proper financial analysis to get there.
So on Omnicom, the headline is that they're actually declining on an organic basis but at an incredible level of profitability, uh, which I guess they need, uh, for a lot of reasons, and they had a very low level of capital expenditures.
However, they included advocacy revenues, political revenues which have the two-year cycle, and so you need to back that out, and they don't disclose what that number is.
And it actually is the one company you could point to which is actually investing aggressively against numbers.
Uh, earnings, uh, that came out this week, and, uh, so we'll just talk about them both together and, you know, Sam, love to get your, uh, perspective on a couple of the topics that we'll hit on.
What I mean by that is net revenue organic growth on our crude estimates because the numbers aren't disclosed, but the profit margins on a net revenue basis are like 24% on our estimates.
Now, these are slightly different than the narrative that I think the company would generally put out there.
Uh, they are lower margin than they might appear and higher volume and higher growth, but, eh, you actually have to do proper financial analysis to get there.
So on Omnicom, the headline is that they're actually declining on an organic basis but at an incredible level of profitability, uh, which I guess they need, uh, for a lot of reasons, and they had a very low level of capital expenditures.
However, they included advocacy revenues, political revenues which have the two-year cycle, and so you need to back that out, and they don't disclose what that number is.
And it actually is the one company you could point to which is actually investing aggressively against numbers.
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