Technology

Omnicom Reports Third Quarter 2024 Results

Published

2 years ago

October 15, 2024

Revenue of $3.9 billion, with organic growth of 6.5%

Net income of $385.9 million

Diluted earnings per share of $1.95; $2.03 Non-GAAP adjusted

Operating income of $600.1 million; EBITA of $622.3 million and 16.0% margin

NEW YORK, Oct. 15, 2024 /PRNewswire/ — Omnicom (NYSE: OMC) today announced results for the quarter ended September 30, 2024.

“Omnicom delivered a strong quarter, with 6.5% organic revenue growth, and 7.9% EBITA growth. We did so while continuing to strengthen our organization by investing in talent, service capabilities, and technology platforms to enhance our client offerings,” said John Wren, Chairman and Chief Executive Officer of Omnicom. “Our cash flow improved, and we continued our very disciplined capital allocation. With exceptional new business wins and exciting new work for our clients, we expect to finish the year with strong momentum.”

Third Quarter 2024 Results

$ in millions, except per share amounts

Three Months Ended September 30,

2024

2023

Revenue

$ 3,882.6

$ 3,578.1

Operating Income

600.1

560.8

Operating Income Margin

15.5 %

15.7 %

Net Income1

385.9

371.9

Net Income per Share – Diluted1

$ 1.95

$ 1.86

Non-GAAP Measures:2,3,4

EBITA6

622.3

576.5

EBITA Margin

16.0 %

16.1 %

Adjusted EBITA

622.3

576.5

Adjusted EBITA Margin

16.0 %

16.1 %

Non-GAAP Adjusted Net Income per Share – Diluted

$ 2.03

$ 1.92

Notes 1-6, see page 10.

Revenue
Revenue in the third quarter of 2024 increased $304.5 million, or 8.5%, to $3,882.6 million. Worldwide revenue growth in the third quarter of 2024 compared to the third quarter of 2023 was led by an increase in organic revenue of $231.3 million, or 6.5%. Acquisition revenue, net of disposition revenue, increased revenue by $74.4 million, or 2.1%, primarily due to the Flywheel Digital acquisition in the Precision Marketing discipline during the first quarter of 2024. The impact of foreign currency translation was neutral.

Organic growth by discipline in the third quarter of 2024 compared to the third quarter of 2023 was as follows: 9.4% for Advertising & Media, 35.3% for Experiential, 4.3% for Public Relations, 0.8% for Precision Marketing, and 0.3% for Execution & Support, partially offset by declines of 1.1% for Healthcare, and 5.4% for Branding & Retail Commerce.

Organic growth by region in the third quarter of 2024 compared to the third quarter of 2023 was as follows: 6.5% for the United States, 10.9% for Asia Pacific, 6.8% for Euro Markets & Other Europe, 24.8% for the Middle East & Africa, 8.7% for Latin America, and 1.5% for Other North America, partially offset by a decline of 0.2% for the United Kingdom.

Expenses
Operating expenses increased $265.2 million, or 8.8%, to $3,282.5 million in the third quarter of 2024 compared to the third quarter of 2023.

Salary and service costs increased $209.5 million, or 8.1%, to $2,796.0 million. These costs tend to fluctuate with changes in revenue and are comprised of salary and related costs, which include employee compensation and benefits costs, freelance labor, third-party service costs, and third-party incidental costs. Salary and related costs increased $90.2 million, or 5.1%, to $1,846.9 million, primarily due to our acquisition of Flywheel Digital. Third-party service costs include third-party supplier costs when we act as principal in providing services to our clients. Third-party incidental costs that are required to be included in revenue primarily consist of client-related travel and incidental out-of-pocket costs, which are billed back to the client directly at our cost. Third-party service costs increased $105.7 million, or 15.6%, to $784.5 million, primarily as a result of organic growth in our Advertising & Media and Experiential disciplines. Third-party incidental costs increased $13.6 million, or 9.0%, to $164.6 million.

Occupancy and other costs, which are less directly linked to changes in revenue than salary and service costs, increased $37.0 million, or 12.8%, to $325.6 million. The increase is primarily related to our acquisition activity during the year. Increased office and other related costs were partially offset by lower rent expense.

SG&A expenses increased $9.7 million, or 10.8%, to $99.5 million, primarily due to professional fees related to strategic initiatives.

Operating Income
Operating income increased $39.3 million, or 7.0%, to $600.1 million in the third quarter of 2024 compared to the third quarter of 2023, and the related margin decreased to 15.5% from 15.7%.

Interest Expense, net
Net interest expense in the third quarter of 2024 increased $2.1 million to $40.4 million compared to the third quarter of 2023. Interest expense increased $12.9 million to $66.4 million, primarily due to higher outstanding debt, and interest income increased, primarily due to higher cash balances. In August 2024, we issued $600 million aggregate principal amount of 5.3% Senior Notes due 2034. Net proceeds from the offering, along with available cash, will be used to fund the $750 million repayment of our 3.65% Senior Notes due November 1, 2024.

Income Taxes
Our effective tax rate for the three months ended September 30, 2024 increased period-over-period to 26.8% from 26.0%.

Net Income – Omnicom Group Inc. and Diluted Net Income per Share
Net income – Omnicom Group Inc. for the third quarter of 2024 increased $14.0 million, or 3.8%, to $385.9 million compared to the third quarter of 2023. Diluted shares outstanding for the third quarter of 2024 decreased 0.9% to 198.2 million from 199.9 million as a result of net share repurchases. Diluted net income per share of $1.95 increased $0.09, or 4.8%, from $1.86. Non-GAAP Adjusted Net Income per Share – Diluted for the third quarter of 2024 increased $0.11, or 5.7%, to $2.03 from $1.92. Non-GAAP Adjusted Net Income per Share – Diluted excluded $16.4 million and $11.6 million of after-tax amortization of acquired and internally developed strategic platform assets in the third quarters of 2024 and 2023, respectively. We present Non-GAAP Adjusted Net Income per Share – Diluted to allow for comparability with the prior year period.

EBITA
EBITA and Adjusted EBITA increased $45.8 million, or 7.9%, to $622.3 million in the third quarter of 2024 compared to the third quarter of 2023, and the related margin decreased to 16.0% from 16.1%. EBITA and Adjusted EBITA excluded amortization of acquired and internally developed strategic platform assets of $22.2 million and $15.7 million in the third quarters of 2024 and 2023, respectively.

Risks and Uncertainties
Current global economic disruptions, including geopolitical events, international hostilities, acts of terrorism, public health crises, high and sustained inflation in countries that comprise our major markets, high interest rates, and labor and supply chain issues could cause economic uncertainty and volatility. The impact of these issues on our business will vary by geographic market and discipline. We monitor economic conditions closely, as well as client revenue levels and other factors. In response to reductions in revenue, we can take actions to align our cost structure with changes in client demand and manage our working capital. However, there can be no assurance as to the effectiveness of our efforts to mitigate any impact of the current and future adverse economic conditions, reductions in client revenue, changes in client creditworthiness, and other developments.

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 such 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.

Conference Call
Omnicom will host a conference call to review its financial results on Tuesday, October 15, 2024, starting at 4:30 p.m. Eastern Time. A live webcast of the call, along with the related slide presentation, will be available at Omnicom’s investor relations website, investor.omnicomgroup.com, and a webcast replay will be made available after the call concludes.

Corporate Responsibility
At Omnicom, we are committed to promoting responsible practices and making positive contributions to society around the globe. Please explore our website (omnicomgroup.com/corporate-responsibility) for highlights of our progress across the areas on which we focus: Empower People, Protect Our Planet, Lead Responsibly.

About Omnicom
Omnicom (NYSE: OMC) is a leading provider of data-inspired, creative marketing and sales solutions. Omnicom’s iconic agency brands are home to the industry’s most innovative communications specialists who are focused on driving intelligent business outcomes for their clients. The company offers a wide range of services in advertising, strategic media planning and buying, precision marketing, retail and digital commerce, branding, experiential, public relations, healthcare marketing and other specialty marketing services to over 5,000 clients in more than 70 countries. For more information, visit www.omnicomgroup.com.

Non-GAAP Financial Measures
We present financial measures determined in accordance with generally accepted accounting principles in the United States (“GAAP”) and adjustments to the GAAP presentation (“Non-GAAP”), which we believe are meaningful for understanding our performance. We believe these measures are useful in evaluating the impact of certain items on operating performance and allows for comparability between reporting periods. EBITA is defined as earnings before interest, taxes, and amortization of acquired intangible assets and internally developed strategic platform assets, and EBITA margin is defined as EBITA divided by revenue. We use EBITA and EBITA margin as additional operating performance measures, which exclude the non-cash amortization expense of acquired intangible assets and internally developed strategic platform assets. We also use Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITA, Adjusted EBITA Margin, Adjusted Income Tax Expense, Adjusted Net Income – Omnicom Group Inc. and Adjusted Net Income per share – Omnicom Group Inc. – Diluted as additional operating performance measures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in accordance with GAAP. Non-GAAP financial measures as reported by us may not be comparable to similarly titled amounts reported by other companies.

Forward-Looking Statements
Certain statements in this document contain forward-looking statements, including statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, from time to time, the Company or its representatives have made, or may make, forward-looking statements, orally or in writing. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial position, or otherwise, based on current beliefs of the Company’s management as well as assumptions made by, and information currently available to, the Company’s management. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “should,” “would,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: adverse economic conditions, including those caused by geopolitical events, international hostilities, acts of terrorism, public health crises, high and sustained inflation in countries that comprise our major markets, high interest rates, and labor and supply chain issues affecting the distribution of our clients’ products; international, national, or local economic conditions that could adversely affect the Company or its clients; losses on media purchases and production costs incurred on behalf of clients; reductions in client spending, a slowdown in client payments, and a deterioration or disruption in the credit markets; the ability to attract new clients and retain existing clients in the manner anticipated; changes in client advertising, marketing, and corporate communications requirements; failure to manage potential conflicts of interest between or among clients; unanticipated changes related to competitive factors in the advertising, marketing, and corporate communications industries; unanticipated changes to, or the ability to hire and retain key personnel; currency exchange rate fluctuations; reliance on information technology systems and risks related to cybersecurity incidents; effective management of the risks, challenges and efficiencies presented by utilizing Artificial Intelligence (AI) technologies and related partnerships in our business; changes in legislation or governmental regulations affecting the Company or its clients; risks associated with assumptions the Company makes in connection with its acquisitions, critical accounting estimates and legal proceedings; the Company’s international operations, which are subject to the risks of currency repatriation restrictions, social or political conditions, and an evolving regulatory environment in high-growth markets and developing countries; and risks related to our environmental, social, and governance goals and initiatives, including impacts from regulators and other stakeholders, and the impact of factors outside of our control on such goals and initiatives. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that may affect the Company’s business, including those described in Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in other documents filed from time to time with the Securities and Exchange Commission. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements.

OMNICOM GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share amounts)

Three Months Ended

September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenue

$ 3,882.6

$ 3,578.1

$ 11,366.9

$ 10,631.3

Operating Expenses:

Salary and service costs

2,796.0

2,586.5

8,288.7

7,747.2

Occupancy and other costs

325.6

288.6

953.9

877.9

Real estate and other repositioning costs1

—

57.8

191.5

Gain on disposition of subsidiary1

—

(78.8)

Cost of services

3,121.6

2,875.1

9,300.4

8,737.8

Selling, general and administrative expenses

99.5

89.8

295.8

278.1

Depreciation and amortization

61.4

52.4

181.4

157.4

Total operating expenses1

3,282.5

3,017.3

9,777.6

9,173.3

Operating Income

600.1

560.8

1,589.3

1,458.0

Interest Expense

66.4

53.5

182.9

165.9

Interest Income

26.0

15.2

74.0

80.9

Income Before Income Taxes and Income From Equity Method Investments

559.7

522.5

1,480.4

1,373.0

Income Tax Expense1

150.2

136.1

389.9

360.7

Income From Equity Method Investments

0.4

1.9

4.6

3.1

Net Income1

409.9

388.3

1,095.1

1,015.4

Net Income Attributed To Noncontrolling Interests

24.0

16.4

62.5

49.7

Net Income – Omnicom Group Inc.1

$ 385.9

$ 371.9

$ 1,032.6

$ 965.7

Net Income Per Share – Omnicom Group Inc.:

Basic

$ 1.97

$ 1.88

$ 5.25

$ 4.84

Diluted1

$ 1.95

$ 1.86

$ 5.19

$ 4.78

Dividends Declared Per Common Share

$ 0.70

$ 2.10

Operating income margin

15.5 %

15.7 %

14.0 %

13.7 %

Non-GAAP Measures:4

EBITA2

$ 622.3

$ 576.5

$ 1,654.5

$ 1,503.2

EBITA Margin2

16.0 %

16.1 %

14.6 %

14.1 %

EBITA – Adjusted1,2

$ 622.3

$ 576.5

$ 1,712.3

$ 1,615.9

EBITA Margin – Adjusted1,2

16.0 %

16.1 %

15.1 %

15.2 %

Non-GAAP Adjusted Net Income Per Share – Omnicom Group Inc. – Diluted1,3

$ 2.03

$ 1.92

$ 5.65

$ 5.39

See Notes 3-5 on page 10 regarding our repositioning actions.

See Note 6 on page 10 for the definition of EBITA.

Beginning with the first quarter of 2024, Adjusted Net Income per Share – Diluted excludes after-tax amortization of acquired intangible assets and internally developed strategic platform assets. We believe these measures are useful in evaluating the impact of these items on operating performance and allows for comparability between reporting periods.

See Non-GAAP reconciliations starting on page 8.

OMNICOM GROUP INC. AND SUBSIDIARIES

DETAIL OF OPERATING EXPENSES

(Unaudited)

(In millions)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Revenue

$ 3,882.6

$ 3,578.1

$ 11,366.9

$ 10,631.3

Operating Expenses:

Salary and service costs:

Salary and related costs

1,846.9

1,756.7

5,531.1

5,306.7

Third-party service costs1

784.5

678.8

2,293.8

2,033.9

Third-party incidental costs2

164.6

151.0

463.8

406.6

Total salary and service costs

2,796.0

2,586.5

8,288.7

7,747.2

Occupancy and other costs

325.6

288.6

953.9

877.9

Real estate and other repositioning costs3

—

57.8

191.5

Gain on disposition of subsidiary3

—

(78.8)

Cost of services

3,121.6

2,875.1

9,300.4

8,737.8

Selling, general and administrative expenses

99.5

89.8

295.8

278.1

Depreciation and amortization

61.4

52.4

181.4

157.4

Total operating expenses

3,282.5

3,017.3

9,777.6

9,173.3

Operating Income

$ 600.1

$ 560.8

$ 1,589.3

$ 1,458.0

Third-party service costs include third-party supplier costs when we act as principal in providing services to our clients.

Third-party incidental costs primarily consist of client-related travel and incidental out-of-pocket costs, which we bill back to the client directly at our cost and which we are required to include in revenue.

See Notes 3-5 on page 10 regarding our repositioning actions.

OMNICOM GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In millions)

Three Months Ended

September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Net Income – Omnicom Group Inc.

$ 385.9

$ 371.9

$ 1,032.6

$ 965.7

Net Income Attributed To Noncontrolling Interests

24.0

16.4

62.5

49.7

Net Income

409.9

388.3

1,095.1

1,015.4

Income From Equity Method Investments

0.4

1.9

4.6

3.1

Income Tax Expense

150.2

136.1

389.9

360.7

Income Before Income Taxes and Income From Equity Method Investments

559.7

522.5

1,480.4

1,373.0

Interest Expense

66.4

53.5

182.9

165.9

Interest Income

26.0

15.2

74.0

80.9

Operating Income

600.1

560.8

1,589.3

1,458.0

Add back: amortization of acquired intangible assets and internally developed strategic platform assets1

22.2

15.7

65.2

45.2

Earnings before interest, taxes and amortization of intangible assets (“EBITA”)1

$ 622.3

$ 576.5

$ 1,654.5

$ 1,503.2

Amortization of other purchased and internally developed software

4.3

4.6

13.4

13.7

Depreciation

34.9

32.1

102.8

98.5

EBITDA

$ 661.5

$ 613.2

$ 1,770.7

$ 1,615.4

EBITA

$ 622.3

$ 576.5

$ 1,654.5

$ 1,503.2

Real estate and other repositioning costs2

—

57.8

191.5

Gain on disposition of subsidiary2

—

(78.8)

EBITA – Adjusted1,2

$ 622.3

$ 576.5

$ 1,712.3

$ 1,615.9

Revenue

$ 3,882.6

$ 3,578.1

$ 11,366.9

$ 10,631.3

Non-GAAP Measures:

EBITA1

$ 622.3

$ 576.5

$ 1,654.5

$ 1,503.2

EBITA Margin1

16.0 %

16.1 %

14.6 %

14.1 %

EBITA – Adjusted1,2

$ 622.3

$ 576.5

$ 1,712.3

$ 1,615.9

EBITA Margin – Adjusted1

16.0 %

16.1 %

15.1 %

15.2 %

See Note 6 on page 10 for the definition of EBITA.

See Notes 3-5 on page 10 regarding our repositioning actions.

The above table reconciles the U.S. GAAP financial measure of Net Income – Omnicom Group Inc. to EBITDA, EBITA, and EBITA – Adjusted. We use EBITA and EBITA Margin as additional operating performance measures, which exclude the non-cash amortization expense of acquired intangible assets and internally developed strategic platform assets. The above table also presents Non-GAAP adjustments to EBITA to present EBITA – Adjusted for the periods presented. Accordingly, we believe EBITA, EBITA Margin, EBITA – Adjusted, and EBITA Margin – Adjusted are useful measures for investors to evaluate the comparability of the performance of our business year to year.

OMNICOM GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In millions)

Three Months Ended September 30,

Reported
2024

Non-GAAP
Adj.

Non-GAAP
2024 Adj.

Reported
2023

Non-GAAP
Adj.

Non-GAAP
2023 Adj.

Revenue

$ 3,882.6

$ —

$ 3,882.6

$ 3,578.1

$ —

$ 3,578.1

Operating Expenses

3,282.5

—

3,282.5

3,017.3

—

3,017.3

Operating Income

600.1

—

600.1

560.8

—

560.8

Operating Income Margin

15.5 %

15.7 %

Nine Months Ended September 30,

Reported
2024

Non-GAAP
Adj.

Non-GAAP
2024 Adj.

Reported
2023

Non-GAAP
Adj. (1)

Non-GAAP
2023 Adj.

Revenue

$ 11,366.9

$ —

$ 11,366.9

$ 10,631.3

$ —

$ 10,631.3

Operating Expenses1

9,777.6

(57.8)

9,719.8

9,173.3

(112.7)

9,060.6

Operating Income

1,589.3

57.8

1,647.1

1,458.0

112.7

1,570.7

Operating Income Margin

14.0 %

14.5 %

13.7 %

14.8 %

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Net Income

Net Income
per Share-
Diluted

Net Income

Net Income
per Share-
Diluted

Net Income

Net Income
per Share-
Diluted

Net Income

Net Income
per Share-
Diluted

Net Income – Omnicom Group Inc. – Reported

$ 385.9

$ 1.95

$ 371.9

$ 1.86

$ 1,032.6

$ 5.19

$ 965.7

$ 4.78

Real estate and other repositioning costs1

—

42.9

0.22

145.5

0.72

Gain on disposition of subsidiary1

—

(55.9)

(0.28)

Amortization of acquired intangible assets and internally
developed strategic platform assets (after-tax)2

16.4

0.08

11.6

0.06

48.2

0.24

33.4

0.17

Non-GAAP Net Income – Omnicom Group Inc. – Adjusted2,3

$ 402.3

$ 2.03

$ 383.5

$ 1.92

$ 1,123.7

$ 5.65

$ 1,088.7

$ 5.39

See Notes 3-5 on page 10 regarding our repositioning actions.

Weighted-average diluted Shares for the three months ended September 30, 2024 and 2023 were 198.2 million and 199.9 million, respectively. Weighted-average diluted shares for the nine months ended September 30, 2024 and 2023 were 198.9 million and 202.0 million, respectively. The above tables reconcile the GAAP financial measures of Operating Income, Net Income – Omnicom Group Inc., and Net Income per Share – Diluted to adjusted Non-GAAP financial measures of Non-GAAP Operating Income – Adjusted, Non-GAAP Net Income-Omnicom Group Inc. – Adjusted and Non-GAAP Adjusted Net Income per Share – Diluted. Management believes these Non-GAAP measures are useful for investors to evaluate the comparability of the performance of our business year to year.

NOTES:

Net Income and Net Income per Share for Omnicom Group Inc.

See non-GAAP reconciliations starting on page 8.

For the nine months ended September 30, 2024, operating expenses include $57.8 million ($42.9 million after-tax) of repositioning costs, primarily related to severance, which reduce diluted net income per share- Omnicom Group Inc. by $0.22. There were no repositioning costs for the three months ended September 30, 2024.

There were no repositioning costs impacting the three months ended September 30, 2023.

For the nine months ended September 30, 2023, operating expenses included real estate operating lease impairment charges, severance, and other exit costs of $191.5 million ($145.5 million after-tax) related to repositioning actions we took in the first and second quarters of 2023 to reduce our real estate requirements, rebalance our workforce, and consolidate operations in certain markets. In addition, in the second quarter of 2023, we recorded a gain of $78.8 million ($55.9 million after tax) on disposition of certain of our research businesses in the Execution & Support discipline. The net impact of these actions reduced diluted net income per share- Omnicom Group Inc. by $0.44.

Beginning with the first quarter of 2024, EBITA is defined as earnings before interest, taxes and amortization of acquired intangible assets and internally developed strategic platform assets. As a result, we reclassified the prior year periods to be consistent with the revised definition, which reduced EBITA from previously reported amounts.

View original content:https://www.prnewswire.com/news-releases/omnicom-reports-third-quarter-2024-results-302276965.html

SOURCE Omnicom Group Inc.

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May 12, 2026

New call for proposals offers up to $1M in grants to support creators and nonprofits using immersive media to drive climate action and civic engagement

LOS ANGELES, May 12, 2026 /PRNewswire/ — Agog: The Immersive Media Institute, a philanthropic organization focused on extended reality (XR) for social good, announced today that it has distributed nearly $6.5 million in grants to date, supporting creators, nonprofits, and field-building efforts that use immersive media to deepen public understanding of urgent social and environmental challenges. Agog is now opening its support to a wider pool of creators through its first public open call, offering up to $1 million for climate-focused immersive storytelling and projects.

Since publicly launching in 2024, Agog has worked to strengthen the ecosystem for immersive storytelling by funding projects, supporting creator labs and development programs, partnering with nonprofits, and bringing together artists, technologists, and cultural leaders. The open call reflects a deepening of Agog’s investment in exploring how immersive media can bring climate stories to life in more immediate, experiential ways.

“After more than three decades working as a journalist focused on climate change, I believe immersive storytelling is a powerful way to help people connect with what’s happening now — and imagine and build what a better future could be,” said Chip Giller, co-founder and executive director of Agog and founder of climate news organization Grist. “Immersive media represents a step change in communications. These technologies put you in the story itself, allowing you to experience it viscerally as a participant. Using them, you can travel to Greenland to experience melting ice sheets, visit low-lying islands in the Pacific threatened by sea-level rise, or even embody a tree growing from a seed to a towering old growth. It’s wild — and the changes in these media are happening fast. We hope this open call encourages more people to learn about immersive media and put it to use in the fight for a livable climate.”

“Climate change is a challenge so immense that it can be hard to grasp, even as it affects every one of us,” said Wendy Schmidt, co-founder of Agog. “Immersive storytelling has the ability to bring the effects of climate change — whether it’s melting glaciers, raging storms, or disappearing coastlines — not only before our eyes but all around us, reaching all of our senses. As Agog deepens its focus on climate storytelling, we hope that this powerful technology can, by helping us all experience these changes, spur us to action for our communities and our planet.”

Agog’s grantmaking supports immersive impact storytelling across climate change, racial equity, Indigenous knowledge, and journalism, alongside broader ecosystem investments. Climate-focused projects include “Out of the Ashes,” a virtual reconstruction of communities impacted by the Los Angeles wildfires. Work in racial equity includes support for wider distribution of “The Book of Distance,” a critically acclaimed virtual reality (VR) documentary exploring memory, migration, and state-sanctioned racism. Agog has also invested in Indigenous-led storytelling through projects like “OurWorlds” and a funding initiative with the Indigenous Screen Office, supporting community-led narratives, language revitalization, and land-based knowledge. In journalism, Agog has supported efforts like the Experiential Journalism Lab at the Investigative Reporting Program at UC Berkeley Journalism, training emerging reporters to develop immersive, experience-driven forms of storytelling grounded in rigorous reporting.

Beyond individual projects, Agog has invested in the infrastructure that allows this work to grow — from creator labs and residencies with partners like PHI, Black Public Media, and Electric South to incubators such as W ORLDING and Reality Hack at MIT, in addition to wider distribution initiatives. Together, these efforts support projects from concept to audience engagement and impact.

“Immersive media has the power to have a generational impact on our society, the land, and humanity,” said idris brewster, founder of Agog grantee Kinfolk Tech. “Agog has recognized the power of and need for this technology, and its support has made this kind of storytelling possible for Kinfolk Tech and many other creators and organizations.”

A New Phase: Climate Futures + Immersive Media Open Call

Agog’s 2026 open call, Climate Futures + Immersive Media, supports projects that use immersive media to engage people more deeply in climate issues and expand pathways for participation and action.

The initiative invites proposals from XR creators and mission-driven organizations new to immersive media, with a focus on projects that move audiences from awareness to action. The review committee will consist of Agog leadership and climate and XR experts, including Myriam Achard, chief of new media partnerships and PR at PHI; Jerome Foster II, sustainability and social impact consultant; Anthony Leiserowitz, Ph.D., director of the Yale Program on Climate Change Communication; and Jacqueline Patterson, founder and executive director of The Chisholm Legacy Project.

Areas of interest for the open call include:

Climate storytelling and civic participationCommunity power and resilienceAccess, equity, and climate justicePlanetary connection and well-beingFuture-building and world design

The open call will support projects across a range of stages and formats, from early concept to more developed work. Agog is particularly interested in projects that use smart glasses, augmented reality, spatial sound, and mixed reality to help people experience climate challenges and solutions in more immediate, embodied ways. Agog will award grants in denominations ranging from $25,000 to $200,000. In addition to funding, selected projects may receive mentorship and opportunities for partnership and distribution.

Applications close June 12. agog.org/opencall2026/

Agog: The Immersive Media Institute

Agog: The Immersive Media Institute is a philanthropic organization founded by Chip Giller and Wendy Schmidt that is dedicated to helping creators and nonprofit leaders use extended reality — including virtual, augmented, and mixed reality — to imagine and build a more connected, just, and compassionate world. Agog operates as a field builder and creative partner, supporting immersive storytellers whose work addresses urgent social and environmental challenges.

CONTACT: Alex Capriotti
alex@agog.org

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SOURCE Agog: The Immersive Media Institute

Technology

Seerist Caps Banner Q1 with Doubled New Customer Wins and 85% Growth in New Logo ARR

Published

4 hours ago

May 12, 2026

AI-powered product advances fuel broad-based momentum across Commercial and International Government markets

RESTON, Va., May 12, 2026 /PRNewswire-PRWeb/ — Seerist, the AI-powered risk intelligence platform trusted by security and intelligence teams around the world, today reported strong first quarter 2026 results. New logo wins doubled year-over-year, and Annual Recurring Revenue (ARR) from new logos surged 85% compared to the same period in 2025, reflecting the convergence of product innovation meeting market demand.

Our customers are operating at a level that simply wasn’t possible before, and the market is responding accordingly. — Alex Berry, Chief Executive Officer, Seerist

The breadth of the quarter’s performance was just as notable. Total company ARR grew 15% from Q1 2025, while Seerist’s Commercial and International Government markets, the two fastest-moving areas of the business, posted a combined 19% ARR increase from the prior year period. Net Expansion in those markets rose 15%, and Gross Retention improved by 5%, signaling that customers are not only renewing but deepening their reliance on Seerist.

“The AI capabilities we’ve built into the platform, automating workflows that used to consume analyst hours, are genuinely force-multiplying what our customers can accomplish. Security and intelligence teams are extending their reach without adding headcount, and the outcomes are speaking for themselves. This quarter’s numbers are a direct reflection of that.”

— Barry Saadatmand, Chief Revenue Officer, Seerist

At the core of this product evolution is AskAnna, Seerist’s AI intelligence assistant. Built to synthesize vast quantities of structured and unstructured data into clear, actionable outputs, AskAnna has emerged as one of the most significant drivers of platform adoption and expansion and is transforming the speed and scale at which customers can act on global risk.

“AskAnna now puts 50,000 analyst hours fused with millions of open source signals all at the fingertips of a query that generates actionable insights in seconds. This is a categorically different way of understanding and responding to risk. Our customers are operating at a level that simply wasn’t possible before, and the market is responding accordingly.”

— Alex Berry, Chief Executive Officer, Seerist

As Seerist heads into the second quarter, the company expects to sustain this trajectory through continued investment in its AI capabilities, expansion of its go-to-market reach, and the deepening of strategic partnerships across Commercial, Federal Government, and International Government sectors.

About Seerist

Seerist, Inc. enables global corporations, governments, and organizations to navigate a volatile and uncertain world by preparing them for potential events that could disrupt operations. Trusted by more than 400 organizations, including over 20% of the Fortune 100, and over 50 government agencies, Seerist combines cutting-edge artificial intelligence (AI) and machine learning (ML)—parsing millions of data points—with expert human analysis built on decades of insight. With 10 global offices and a strategic partnership with Control Risks, Seerist delivers the foresight and clarity needed to make rapid, strategic, and reliable decisions when it matters most. To learn more, visit www.seerist.com

Media Contact

Jen Dillon, Seerist, 1 1 800 674 8398 748, jen.dillon@seerist.com, www.seerist.com

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SOURCE Seerist

Technology

Replit Announces vibecon, its First Creative Conference where Code meets Culture in New York, June 17-18

Published

4 hours ago

May 12, 2026

Oscar-winning filmmaker Spike Jonze, media artist Refik Anadol, advocate Reshma Saujani, AR creator Paige Piskin, digital artist GMUNK, Emmy-winning motion designer Gryun Kim, and the legendary Rhizome’s 7×7 among the names confirmed

FOSTER CITY, Calif., May 12, 2026 /PRNewswire/ — Replit, the AI software creation platform used by more than 50 million people, today announced a first-of-its kind AI conference where code, creativity and culture intersect. The event brings together artists, filmmakers, designers, founders, technologists and curious newcomers to a playground to explore code as the next creative medium.

Taking place June 17–18 at Canyon on Manhattan’s Lower East Side, the inaugural vibecon will bring together an eclectic group of pioneering creators turning software into apps, installations, films, tools, performances, visual systems and interactive experiences that would have been out of reach for most a year ago. For two days, vibecon will be alive with people who no longer draw a line between code and craft. The conference will feature live talks, interactive installations, hands-on workshops, art exhibits and performances designed to show what becomes possible when creators can move from idea to output without losing momentum.

Oscar-winning filmmaker Spike Jonze, the creative brain behind Her, Being John Malkovich, and iconic music videos for everyone from Beastie Boys to Björk. A boundary dissolving storyteller who’s spent decades making machines feel human and humans feel surreal. Spike will be in conversation with Replit CEO, Amjad Masad, on June 17.

Turkish-American media artist Refik Anadol, a pioneer at the intersection of AI, data and architecture, will also take the stage with Replit President and Head of AI Michele Catasta. Anadol is also the co-founder of Dataland, the world’s first museum dedicated to AI art, opening in Los Angeles.

“When we founded Replit 10 years ago, I wanted it to be the platform where creatives could build anything they wanted without learning to code,” said Haya Odeh, co-founder and head of design at Replit. “This summer’s vibecon is the culmination of that idea we had so many years ago – a space where creativity meets code building moments that inspire you, leave you in awe, and make your imagination go wild. Code truly is the new Creative”

Jonze and Anadol are joined by a host of creators on stage and around the event including.

Reshma Saujani Founder of Girls Who Code and Moms First, executive producer of No Country for Mothers, and TIME’s Women of the Year 2026. Her TED talk “Teach girls bravery, not perfection” has 54 million views and her decade-long fight for women’s economic empowerment from childcare, to paid leave, to equal pay, has made her one of the defining activist voices of her generation.

Paige Piskin, one of today’s most prolific AR creators, who has generated more than 400 billion impressions through effects and campaigns for Netflix, Coldplay and major beauty brands. Named a “legend” by VICE and an artistic “master” by Meta, Piskin will talk about how AR has changed what audiences feel when they look at a screen.

GMUNK, digital artist and director, whose psychedelic and atmospheric work spans installations, music videos, title sequences, immersive film and the iconic Windows 10 wallpaper seen by billions of people, will take over the main stage for a talk on switching artistic media in pursuit of creative discomfort.

vibecon will also bring Rhizome’s 7×7 to the stage. The long-running art and technology series pairs artists and technologists to create new work together. It is also the program through which Kevin McCoy developed Quantum, widely regarded as the first NFT artwork.

Vibecon will also feature Lucas Gelfond, the software engineer and writer reimagining the full stack of storytelling at A24 Labs; Karyn Nakamura, the Tokyo-born, MIT-trained artist and engineer probing the hidden infrastructures of perception; Debit, the composer, producer and DJ whose research-driven records and site-specific works have reached the Whitney and the Venice Biennale; and Saarim Zaman, the Dhaka-raised creative technologist and co-founder of ITM, building at the edges of culture and code.

Beyond the stage, vibecon’s installations and workshops will immerse attendees into new worlds they never thought possible.Tigris Li, artist, creative technologist and co-founder of consumer electronics company LYCHEE, is curating a real-time perfume experience that turns memories and AI conversations into a bespoke fragrance on site. LA-born new media artist Nate Mohler, founder of Projekt Blank, will lead a workshop and installation blending AI, memory and urban landscape. Artist Kyle McDonald, who works across machine learning, computer vision and social technology, will debut a new interactive installation that invites attendees to get weird with code.

Focusing on craft, create and connect, the event will feature four distinct zones of engagement:

Main Stage: A main platform for high-velocity talks, keynotes, and performances.The Forum + The Lab: An intimate space for hands-on sessions, live demos, and deep-dive discussion.Installations: Across the entire floor, AI powered art exhibits available for viewing.Event Details Dates: June 17–18, 2026Time: June 17: 11:00 AM – 7pm PM + June 18 11:00 AM – 8:00 PM
Location: Canyon, 145 Delancy St, NYCTickets: vibecon.ai.

For more information, contact press@replit.com

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SOURCE Replit