The ability to generate cash flow in adverse conditions stems from the fact that Omnicom has sufficient margins and a flexible cost structure. We estimate that its variable expenses, which include salaries, third party delivery costs, equipment rent, technology costs etc, stood at $9 billion in 2019, accounting for nearly 70% of total operating expenses and 60% of revenues. Based on this, we determine that the company can take a significant demand hit of -36% before falling into the operating loss zone. Another way to look at Omnicom is to see its financial runway in absence of any revenue. We estimate this figure at 12.6 months which is sufficiently large to allay any concerns.