I'd also like to remind you that during the course of the call, we will discuss some non-GAAP measures in talking about Omnicom's performance. You can find the reconciliation of those measures to the nearest comparable GAAP measures in the presentation materials.

We're going to begin the call with some brief remarks from John Wren. Following John's remarks, we'll review the financial performance for the quarter in more detail, and then both John and I will be happy to take questions.

John D. Wren

Good morning. I'm pleased to speak to you this morning about our latest business results, the progress we're making and my thoughts for the rest of the year.

2012 is off to a very good start. First quarter results were strong. Revenues exceeded our internal forecast, and we posted significant improvement in our operating margins. Looking at the balance of the year, we're cautiously optimistic on revenue. The region most at risk is Europe. Major economies outside Europe, I'm happy to say, seem to be improving at a steady pace.

From the cost side, our determination to contain costs and drive operating efficiencies is working, and we are on track to achieve our margin objectives for 2012.

Given an improving but fragile global economy, we at Omnicom are focused on the things we can control. We are continuing to make significant investments in people to broaden our capabilities and service offerings. We're also pursuing, as you know, a multi-pronged digital strategy built around the core idea that all of our agencies must have a strong digital talent and capabilities in order to compete in the future.

As a result, we are helping and pushing our agencies where needed in order to accelerate the expansion of their digital expertise. To achieve our objectives, we're employing an open-source technology approach by partnering with technology leaders to ensure that we have access to the latest innovations and information in the marketplace. These partnerships allow us to integrate the most effective digital strategies within our clients' overall marketing plans. Now I'd like to turn my attention to the first quarter.

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