Interpublic Group of Companies Inc (IPG) 2015 Q2 法說會逐字稿

Good morning, and welcome to the Interpublic Groups second-quarter 2015 earnings conference call. All parties are in a listen-only mode until the question-and-answer portion.

早上好，歡迎來到 Interpublic Group 2015 年第二季度收益電話會議。在問答部分之前，各方都處於只聽模式。

(Operator Instructions)

（操作員說明）

This conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations. Sir, you may begin.

正在錄製此會議。如果您有異議，此時您可以斷開連接。我現在想介紹投資者關係高級副總裁 Jerry Leshne 先生。先生，您可以開始了。

Thank you for joining us. We have posted our earnings release and our slide presentation on our website, interpublic.com. This morning we are joined by Michael Roth and Frank Mergenthaler. We will begin with prepared remarks, to be followed by Q&A. We plan to conclude before market open at 9:30 Eastern.

感謝您加入我們。我們已經在我們的網站 interpublic.com 上發布了我們的收益發布和幻燈片演示。今天早上，Michael Roth 和 Frank Mergenthaler 加入了我們的行列。我們將從準備好的評論開始，然後是問答環節。我們計劃在東部時間 9:30 開市前結束。

During this call we will refer to forward-looking statements about our Company. These are subject to the uncertainties in the cautionary statement that is included in our earnings release and the slide presentation, and further detailed in our 10-Q and other filings with the SEC. We will also refer to certain non-GAAP measures. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. At this point, it is my pleasure to turn things over to Michael Roth.

在這次電話會議中，我們將參考有關我們公司的前瞻性陳述。這些取決於我們的收益發布和幻燈片演示中包含的警告聲明中的不確定性，並在我們的 10-Q 和其他提交給美國證券交易委員會的文件中進一步詳細說明。我們還將參考某些非 GAAP 措施。我們認為，這些措施提供了有用的補充數據，雖然不能替代 GAAP 措施，但可以提高我們財務和運營績效審查的透明度。在這一點上，我很高興將事情交給 Michael Roth。

Thank you, Jerry, and thank you for joining us this morning as we review our results for the second quarter and first half of 2015. I'll start out by covering highlights of our performance. Frank will then provide additional detail, and I'll conclude with an update on our agencies and the tone of business, to be followed by a Q&A.

謝謝你，Jerry，也感謝你今天早上加入我們，因為我們回顧了 2015 年第二季度和上半年的業績。我將從介紹我們表現的亮點開始。Frank 然後將提供更多詳細信息，我將以我們的機構和業務基調的最新情況作為結尾，然後進行問答。

We're pleased to report another quarter of strong organic revenue, as well as profit growth. Organic revenue growth in the quarter was 6.7%. Net acquisitions had a positive impact of 30 basis points, while FX was a negative 5.7%. Notably, FX had essentially no impact on our percentage margin. Total revenue growth was 1.3%.

我們很高興地報告另一個季度強勁的有機收入以及利潤增長。本季度的有機收入增長率為 6.7%。淨收購產生了 30 個基點的積極影響，而外匯產生了 5.7% 的負面影響。值得注意的是，外匯對我們的百分比利潤率基本上沒有影響。總收入增長 1.3%。

We saw positive contributions to our top-line performance by a broad range of our creative, marketing services, and media offerings. Our digital capabilities, which are embedded across the portfolio, and consistently among the best in the industry, were significant drivers of growth for us again this past quarter. Regionally, our largest markets were standouts, as the US, Asia-Pac, and UK showed very good growth, with health care and tech and telecom the leading client sectors.

我們看到廣泛的創意、營銷服務和媒體產品對我們的頂線業績做出了積極貢獻。我們的數字化能力嵌入到整個產品組合中，並且始終處於行業領先地位，在上個季度再次成為我們增長的重要推動力。在區域方面，我們最大的市場表現突出，因為美國、亞太地區和英國表現出非常好的增長，其中醫療保健、科技和電信是主要的客戶領域。

Our operating profit in the quarter increased to $216 million, up 10% from a year ago. Operating margin expanded 90 basis points to 11.5%, reflecting leverage on base payroll, benefits and tax, and all O&G expenses. Diluted EPS was $0.29 a share, an increase of 16% compared to last year's adjusted Q2. Moving to the first half of the year, organic revenue growth was 6.2%, on top of a strong 5.6% a year ago. For the six months, we posted a 21% increase to operating profit and a 45% increase in diluted earnings per share. This performance continues to lead our industry, and builds on a record of accomplishments in which our people can take great pride.

我們本季度的營業利潤增至 2.16 億美元，同比增長 10%。營業利潤率擴大 90 個基點至 11.5%，反映出對基本工資、福利和稅收以及所有 O&G 費用的影響。稀釋後每股收益為 0.29 美元，與去年調整後的第二季度相比增長 16%。今年上半年，有機收入增長 6.2%，高於一年前 5.6% 的強勁增長。在這六個月裡，我們的營業利潤增長了 21%，每股攤薄收益增長了 45%。這一業績繼續引領我們的行業，並建立在我們的員工可以引以為豪的成就記錄之上。

Turning back to additional color on the quarter. In the US, organic growth was 7.7% in Q2, an outstanding result. We had notable growth at most of our agencies, including McCann, FCB, RGA, Huge, Media Brands, Deutsche, Mullen, Weber Shandwick, and Golin. Our international organic growth was also very solid, at 5.3%, once again driven by a full range of services.

回到本季度的其他顏色。在美國，第二季度有機增長率為 7.7%，成績斐然。我們的大部分代理機構都有顯著增長，包括 McCann、FCB、RGA、Huge、Media Brands、Deutsche、Mullen、Weber Shandwick 和 Golin。我們的國際有機增長也非常穩健，達到 5.3%，再次受到全方位服務的推動。

By region, we were led by 11.8% growth in Asia-Pac, highlighted by continued double-digit increase in India and China. We again saw strong performance in the UK, which was up 7.9% organically. In continental Europe, organic growth was 3.6% in the quarter, and 3.6% for the six months, as well. LatAm decreased 1.6% organically in the quarter, chiefly due to challenging macro conditions in Brazil, which we had called out for you during our first-quarter call.

按地區劃分，亞太地區以 11.8% 的增長率領先，印度和中國的持續兩位數增長凸顯了這一點。我們再次看到英國的強勁表現，有機增長 7.9%。在歐洲大陸，本季度有機增長率為 3.6%，前六個月也為 3.6%。LatAm 在本季度有機下降 1.6%，這主要是由於巴西的宏觀環境充滿挑戰，我們在第一季度電話會議中已經為您指出了這一點。

For the first half of the year, our 6.2% organic growth reflected contributions across all major disciplines, as well as all regions of the world, with the exception being a small decrease in LatAm. First half operating margin growth was 100 basis points, with leverage on our base payroll, benefits and tax, and on office and general expenses. As we've said previously, cost discipline and margin enhancement continue to be a top priority, and we continue to successfully execute against that objective.

今年上半年，我們 6.2% 的有機增長反映了所有主要學科以及世界所有地區的貢獻，但拉丁美洲略有下降。上半年營業利潤率增長 100 個基點，這對我們的基本工資、福利和稅收以及辦公室和一般費用都有影響。正如我們之前所說，成本控制和利潤率提高仍然是重中之重，我們將繼續成功地實現這一目標。

With respect to share repurchase, during Q2 we used $51 million to repurchase 2.4 million shares, while over the trailing 12 months, we have utilized approximately $280 million for share repurchases. We had $342 million remaining on our authorization at the end of the quarter. Since instituting our return of capital programs in 2011, we have returned over $2 billion to shareholders in dividends and share repurchases, as well as reduced our dilutive share count by 25%.

在股票回購方面，我們在第二季度用了 5100 萬美元回購了 240 萬股股票，而在過去的 12 個月裡，我們用了大約 2.8 億美元用於股票回購。截至本季度末，我們的授權剩餘 3.42 億美元。自 2011 年實施資本回報計劃以來，我們已通過股息和股票回購向股東返還超過 20 億美元，並將稀釋性股份數量減少 25%。

In sum, our performance in the quarter and the first half continues to underscore the strong competitive position of our agencies across the full spectrum of advertising and marketing disciplines, in terms of our digital expertise and in many of the world's key advertising and media markets. While economic conditions in some areas of the world present macro head winds and uncertainties, the overall tone of business remains solid, and we are effectively managing expenses.

總而言之，我們在本季度和上半年的表現繼續凸顯了我們的代理機構在整個廣告和營銷領域的強大競爭地位，就我們的數字專業知識以及在世界許多主要廣告和媒體市場而言。儘管世界某些地區的經濟狀況存在宏觀逆風和不確定性，但整體業務基調依然穩健，我們正在有效地管理費用。

At the midway point of the year, we believe we are very well positioned to exceed our targeted organic growth for 2015. We are therefore upping that target from the previous 3% to 4% organic revenue growth to a new range of 4% to 5% for the full year. Consistent with that, we will look to deliver toward the upper end of our full range operating margin target of 80 to 100 basis points improvement over 2014. At this stage I'll turn things over to Frank for additional detail on our results, and join you after his remarks for an update on our operating units, to be followed by Q&A.

在今年年中，我們相信我們已做好充分準備，可以超越 2015 年的有機增長目標。因此，我們將該目標從之前的 3% 至 4% 有機收入增長提高到全年 4% 至 5% 的新範圍。與此相一致，我們將努力實現我們的全方位營業利潤率目標的上限，即比 2014 年提高 80 至 100 個基點。在這個階段，我將把事情交給 Frank 以獲取有關我們結果的更多詳細信息，並在他發表評論後與您一起了解我們運營單位的最新情況，然後進行問答。

Thank you, Michael. Good morning. As a reminder, I'll be referring to the slide presentation that accompanies our webcast. On slide 2 you'll see an overview of our results, a number of which Michael touched upon.

謝謝你，邁克爾。早上好。提醒一下，我指的是網絡廣播附帶的幻燈片演示。在幻燈片 2 上，您將看到我們的結果概覽，邁克爾提到了其中的一些內容。

Organic growth was 6.7% in the second quarter, with the US up 7.7%, and international growth of 5.3%. In our first half, organic revenue growth was 6.2%, reflecting 7% US growth and 5.2% international growth. Q2 operating profit was $216 million, an increase of 10%. Operating profit grew 21% for the first six months. Q2 margin was 11.5%, an improvement of 90 basis points compared with last year's Q2. There was essentially no impact from FX on percentage operating margin compared to last year.

第二季度有機增長率為 6.7%，其中美國增長 7.7%，國際增長 5.3%。上半年，有機收入增長 6.2%，反映了美國 7% 的增長和 5.2% 的國際增長。第二季度營業利潤為 2.16 億美元，增長 10%。前六個月的營業利潤增長了 21%。Q2 利潤率為 11.5%，與去年 Q2 相比提高了 90 個基點。與去年相比，外匯對營業利潤率百分比基本上沒有影響。

Diluted EPS of $0.29 compares to Q2, 2014 at $0.23, as reported, and $0.25 excluding a charge of $0.02 per share for early redemption of debt in last year's second quarter. Q2 average fully diluted shares decreased 2% from last year due to our share repurchase program.

稀釋每股收益為 0.29 美元，而 2014 年第二季度為 0.23 美元，據報導，每股收益為 0.25 美元，不包括去年第二季度提前贖回債務的每股 0.02 美元費用。由於我們的股票回購計劃，第二季度平均完全稀釋後的股票比去年減少了 2%。

Turning to slide 3, you'll see our P&L for the quarter. I'll cover revenue and operating expenses in the detailed slides that follow. Slide 4 has more detail on our revenue growth. Revenue was $1.88 billion in the quarter, an increase of 1.3%. Compared to Q2, 2014, the impact of a change in currency exchange rates was significant, at negative 5.7%. While the dollar was stronger against almost all currencies, the most significant changes for our revenue mix were the euro, pound sterling, the Brazilian real, and the Australian dollar. Acquisitions added 30 basis points to revenue.

轉到幻燈片 3，您將看到我們本季度的損益表。我將在接下來的詳細幻燈片中介紹收入和運營費用。幻燈片 4 更詳細地介紹了我們的收入增長。本季度收入為 18.8 億美元，增長 1.3%。與 2014 年第二季度相比，貨幣匯率變化的影響顯著，為負 5.7%。雖然美元兌幾乎所有貨幣都走強，但對我們的收入組合而言，最顯著的變化是歐元、英鎊、巴西雷亞爾和澳元。收購使收入增加了 30 個基點。

The resulting organic revenue increase was 6.7%. It is worth noting that organic growth was actually higher at 7.5% when excluding the decrease in our pass-through revenues, which occurred mainly in our events business. As we have pointed out previously, lower pass-through revenue was offset dollar for dollar by lower pass-through expense, and therefore has no impact on profit.

由此產生的有機收入增長了 6.7%。值得注意的是，如果不包括主要發生在我們活動業務中的轉手收入減少，有機增長率實際上更高，為 7.5%。正如我們之前指出的那樣，較低的轉嫁收入被較低的轉嫁費用抵消了美元對美元的影響，因此對利潤沒有影響。

As you can see on the bottom half of this slide, at our integrated agency networks the organic increase was 7.7%. This was led by our global integrated offerings at McCann and FCB, by Deutsche in the US, our digital specialists RGA and Huge, and by Media Brands. IAN's first half organic growth was 7.2%. At our CMG segment, organic growth was 2.3%, but was mid-single digits excluding the decrease in pass-throughs that have no profit impact. We had double digit organic growth at our PR agencies Weber Shandwick and Golin, which continue to gain market share.

正如您在這張幻燈片的下半部分看到的那樣，在我們的綜合代理網絡中，有機增長率為 7.7%。這是由我們在 McCann 和 FCB 的全球集成產品、美國的 Deutsche、我們的數字專家 RGA 和 Huge 以及 Media Brands 引領的。IAN 上半年的有機增長率為 7.2%。在我們的 CMG 部門，有機增長率為 2.3%，但不包括對利潤沒有影響的傳遞減少，為中等個位數。我們的公關代理萬博宣偉和高林實現了兩位數的有機增長，並繼續擴大市場份額。

Moving on to slide 5, revenue by region, in the US Q2 organic growth was an outstanding 7.7%, with contributions coming from a very broad cross section of our agencies, disciplines, and client sectors. We also had strong performance in the UK. Organic growth was 7.9%, with notable growth at McCann, FCB, Mullen Lowe, and RGA. Organic growth was 7.1% over the first six months.

轉到幻燈片 5，按地區劃分的收入，在美國第二季度的有機增長是驚人的 7.7%，貢獻來自我們機構、學科和客戶部門的非常廣泛的橫截面。我們在英國也有出色的表現。有機增長率為 7.9%，McCann、FCB、Mullen Lowe 和 RGA 增長顯著。前六個月的有機增長率為 7.1%。

Continental Europe increased 3.6% organically in the quarter. We had positive contributions from Weber Shandwick, McCann, Mullen Lowe, and RGA. Among our larger national markets, we continue to see very good growth in Spain, and had mid-single digits in France. Germany and Italy also had slightly increases. While Q2 is our second consecutive quarter of good growth on the continent, which is certainly welcome, our bottoms up market view and macro conditions nonetheless indicate caution for the near term.

歐洲大陸本季度有機增長 3.6%。我們得到了 Weber Shandwick、McCann、Mullen Lowe 和 RGA 的積極貢獻。在我們較大的國家市場中，我們繼續看到西班牙的良好增長，在法國也有中個位數的增長。德國和意大利也略有增加。雖然第二季度是我們在非洲大陸連續第二個季度實現良好增長，這當然值得歡迎，但我們自下而上的市場觀點和宏觀狀況仍然表明短期內保持謹慎。

In Asia-Pac, our largest international region, Q2 organic growth was 11.8%. We had double-digit growth in China, India, and Singapore, as well as notably strong growth in Australia. Regional performance speaks to the strong positioning across our three global integrated agencies, our media business, our digital specialists, and our public relations offerings. In LatAm, our organic decrease was 1.6% in the quarter. The decrease was driven by the increasingly challenged economy in Brazil, partially offset by growth in other markets such as Argentina and Mexico.

在我們最大的國際區域亞太地區，第二季度有機增長率為 11.8%。我們在中國、印度和新加坡實現了兩位數的增長，在澳大利亞的增長尤為強勁。區域績效說明了我們三個全球綜合機構、我們的媒體業務、我們的數字專家和我們的公共關係產品的強大定位。在拉丁美洲，本季度我們的有機下降為 1.6%。下降的原因是巴西經濟面臨的挑戰日益嚴峻，但部分被阿根廷和墨西哥等其他市場的增長所抵消。

As you can see on this slide, our reported revenue decrease includes the effect of sharply weaker local currencies relative to the US dollar. Our other markets group, which made up of Canada, the Middle East and Africa, decreased slightly in the quarter on an organic basis, but is up 3.9% for the six months.

正如您在這張幻燈片上看到的，我們報告的收入下降包括當地貨幣相對於美元大幅走弱的影響。由加拿大、中東和非洲組成的我們的其他市場組在本季度有機地略有下降，但六個月增長了 3.9%。

On slide 6, we chart the longer view of our organic revenue change on a trailing 12-month basis. The most recent data point is 5.8%. Moving on to slide 7, our operating expenses, in the second quarter, total operating expenses increased 30 basis points from a year ago, compared with our reported revenue growth of 1.3%. The FX impact to operating expenses was a negative 5.7%, as it was on revenue.

在幻燈片 6 中，我們繪製了過去 12 個月的有機收入變化的長期視圖。最近的數據點是 5.8%。轉到幻燈片 7，我們的運營費用，在第二季度，總運營費用比一年前增加了 30 個基點，而我們報告的收入增長率為 1.3%。外匯對運營費用的影響為負 5.7%，因為它對收入也有影響。

Underneath our strong margin improvement, the Q2 ratio of salaries and related expense to revenue was 64.2% this year, compared with 63.2% a year ago. The comparison is driven by higher accruals for incentives and other performance-based bonuses, partially offset by leverage on our base payroll, benefits, and tax. The decrease in pass-through revenues weighed on the SRS ratio, as well, though the effect on our margin is offset in O&G. Base salaries, benefits, and tax were 53.2% of revenue, compared with 53.6% a year ago. Incentive expense was 3.7% of revenue, compared to 2.7% a year ago. Our category of all other salaries and related expense was 2.6% of revenue, compared with 2.3% a year ago.

在我們強勁的利潤率改善下，今年第二季度工資和相關費用佔收入的比率為 64.2%，而去年同期為 63.2%。這種比較是由於激勵和其他基於績效的獎金的應計利潤增加，部分被我們的基本工資、福利和稅收的槓桿作用所抵消。轉手收入的減少也對 SRS 比率造成壓力，儘管對我們利潤率的影響在 O&G 中被抵消了。基本工資、福利和稅收佔收入的 53.2%，而一年前為 53.6%。激勵費用佔收入的 3.7%，而一年前為 2.7%。我們所有其他薪水和相關費用的類別佔收入的 2.6%，而一年前為 2.3%。

Total head count at quarter end was approximately 48,400, an increase of 4% year on year. The increase reflects our acquisitions, as well as organic hiring in support of growth, in areas such as digital, creative and PR, as well as our increases in the US, UK, and Asia-Pac.

季度末總員工人數約為 48,400 人，同比增長 4%。這一增長反映了我們在數字、創意和公關等領域的收購和支持增長的有機招聘，以及我們在美國、英國和亞太地區的增長。

Turning to Ops and general expenses on the lower half of the slide, O&G expense was 24.3% of Q2 revenue, compared with 26.2% a year ago, an improvement of 190 basis points. We had leverage across all of our O&G expense groups: Occupancy, Professional fees, Travel and entertainment, and all other O&G. In the quarter, we had a lease buy-out credit in occupancy, which was offset by a net increase in reserves for certain contingencies in other O&G. On slide 8, we show our operating margin history on a trailing 12-month basis. The most recent data point is 10.9%. That's 120 basis-point improvement from a year ago.

轉向幻燈片下半部分的運營和一般費用，O&G 費用佔第二季度收入的 24.3%，而一年前為 26.2%，提高了 190 個基點。我們對所有 O&G 費用組都有影響力：入住、專業費用、旅行和娛樂以及所有其他 O&G。在本季度，我們在入住率方面獲得了租賃買斷信貸，這被其他 O&G 某些意外事件準備金的淨增加所抵消。在幻燈片 8 中，我們展示了過去 12 個月的營業利潤率歷史記錄。最近的數據點是 10.9%。這比一年前提高了 120 個基點。

Turning to the current portion of our balance sheet on slide 9, we ended the second quarter with $856 million in cash and short term marketable securities. The comparison to December 31 reflects that our cash level is seasonal and tends to peak at year end.

轉到幻燈片 9 中我們資產負債表的當前部分，我們在第二季度結束時擁有 8.56 億美元的現金和短期有價證券。與 12 月 31 日的比較反映出我們的現金水平是季節性的，並且往往在年底達到頂峰。

On slide 10, we turn to the second quarter cash flow. Cash provided by operations was $260 million, compared with $169 million a year ago. That includes $41 million generated from working capital, compared with the use of $24 million in Q2, 2014. Investing activities used a net $30 million for capital expenditures. Financing activities used $109 million, chiefly for share repurchase, our common-stock dividend, and payments related to previous acquisitions, somewhat offset by higher short-term borrowings. Our net increase in cash and marketable securities for the quarter was $114 million, compared with $125 million a year ago. On slide 11 we show debt de-leveraging from a peak of $2.35 billion in 2007 to $1.78 billion at the most recent quarter end.

在幻燈片 10 上，我們轉向第二季度的現金流。運營提供的現金為 2.6 億美元，而一年前為 1.69 億美元。其中包括 4100 萬美元的營運資金，而 2014 年第二季度使用了 2400 萬美元。投資活動淨使用了 3000 萬美元的資本支出。融資活動使用了 1.09 億美元，主要用於股票回購、我們的普通股股息以及與先前收購相關的付款，部分被較高的短期借款所抵消。本季度我們的現金和有價證券淨增額為 1.14 億美元，而去年同期為 1.25 億美元。在幻燈片 11 中，我們顯示了債務去槓桿化，從 2007 年的 23.5 億美元的峰值下降到最近一個季度末的 17.8 億美元。

In summary on slide 12, the quarter and the first half represent very solid achievements, and good progress toward our objectives for the full year. We are seeing growth in areas where we have focused our investment in both people and acquisitions. Our operators are focused on the appropriate cost disciplines and market expansion, and our balance sheet is an important area that we can continue to deploy for value going forward. With that, let me turn it back to Michael.

總結幻燈片 12，本季度和上半年取得了非常紮實的成就，並且在實現我們全年目標方面取得了良好進展。在我們將投資重點放在人員和收購上的領域，我們看到了增長。我們的運營商專注於適當的成本紀律和市場擴張，我們的資產負債表是我們可以繼續部署以實現未來價值的重要領域。有了這個，讓我把它轉回給邁克爾。

Thank you, Frank. We're very pleased with our results for both the second quarter and year to date. In terms of organic revenue growth and margin process, Q2 showed very good performance, which was once again ahead of that of our peer group. All of our major units in all regions other than LatAm contributed to this outstanding result. It bears noting that the digital expertise we have embedded throughout the portfolio has been a significant driver of our growth. It's also worth pointing out that unlike others in our space, we have largely grown these digital capabilities organically, and they are key to our strong integrated offerings.

謝謝你，弗蘭克。我們對第二季度和今年迄今的業績感到非常滿意。在有機收入增長和利潤率過程方面，Q2 表現非常出色，再次領先於我們的同行。我們在拉美以外所有地區的所有主要部門都為這一出色的成績做出了貢獻。值得注意的是，我們在整個產品組合中嵌入的數字專業知識一直是我們增長的重要驅動力。還值得指出的是，與我們所在領域的其他公司不同，我們在很大程度上有機地發展了這些數字功能，它們是我們強大的集成產品的關鍵。

We continue to demonstrate disciplined cost management, and we will remain focused on converting at the appropriate levels so as to deliver on our margin improvement target for the year. Investments in talent, supplemented by strategic acquisitions, should ensure that we maintain the very high level of our professional offerings. We also remain committed to robust capital return programs that can drive further value creation for our shareholders.

我們繼續展示嚴格的成本管理，我們將繼續專注於在適當水平上進行轉換，以實現我們今年的利潤率提高目標。對人才的投資，輔之以戰略收購，應確保我們保持高水平的專業服務。我們還將繼續致力於穩健的資本回報計劃，以進一步為股東創造價值。

Looking forward, the tone of the business remains positive. Clients are committed to investing behind their brands to achieve their business objectives, and the complexity of the marketing landscape represents an opportunity for smart marketers and their agencies. We are capitalizing on this opportunity, as evidenced in our organic growth to date this year.

展望未來，業務基調依然樂觀。客戶致力於投資其品牌以實現其業務目標，營銷環境的複雜性為精明的營銷人員及其代理機構提供了機會。正如我們今年迄今為止的有機增長所證明的那樣，我們正在利用這個機會。

While we saw some signs of strengthening in continental Europe, we remain cautious in light of political and economic uncertainty in the region. Brazil has also seen a meaningful slowdown, and we will continue to monitor the state of the Chinese economy and adjust our businesses there accordingly. Our new business pipeline is sound, and we are involved in the full range of opportunities being contested in the market place. As you all know, there is a great deal of activity in terms of media reviews. A number of the reviews involve defending existing client business, where we are one of multiple incumbents, which means there's a both risk and upside for us.

雖然我們看到歐洲大陸出現一些走強跡象，但鑑於該地區的政治和經濟不確定性，我們仍持謹慎態度。巴西也出現了明顯的放緩，我們將繼續監測中國經濟狀況並相應調整我們在中國的業務。我們的新業務渠道很完善，我們參與了市場競爭中的各種機會。眾所周知，在媒體評論方面有很多活動。許多審查涉及捍衛現有客戶業務，我們是眾多現任者之一，這意味著我們既有風險也有好處。

We are also pursuing those net new opportunities where we believe we have the most to gain, and we are passing on others, due to conflict or in order to appropriately manage our resources. The volume of media business that is in play is a function of clients' continual demand for greater efficiencies, as well as cyclical reviews on the part of some clients. It is also a reflection of the fact that technology is impacting communications planning and media investment decisions.

我們也在尋求那些我們認為我們可以獲得最大收益的淨新機會，並且由於衝突或為了適當地管理我們的資源，我們正在傳遞其他機會。正在發揮作用的媒體業務量取決於客戶對更高效率的持續需求，以及部分客戶的周期性審查。這也反映出技術正在影響傳播規劃和媒體投資決策這一事實。

Before moving to my usual updates on the agencies, I'll comment on developments at Cannes, which as you all know is the industry's premiere awards competition when it comes to creativity and innovation. Once again we are pleased to see outstanding performance from across the portfolio. In terms of awards and points won at Cannes, relative to revenue, we continue to be near the top of the industry.

在繼續我對這些機構的常規更新之前，我將評論一下戛納電影節的發展，眾所周知，戛納電影節是業界首屈一指的創意和創新大獎賽。我們再次很高興看到整個投資組合的出色表現。就在戛納獲得的獎項和積分而言，相對於收入，我們繼續接近行業領先地位。

Highlights included RGA being named agency of the year, which is a first for a digital agency, and a sign of how core digital has become to success in our business. FCB took home a Grand Prix for work done to promote wellness among women in the UK, and the network had its best ever performance at Cannes. McCann won four Gold Lions for its groundbreaking makeup genius work for L'Oreal. This is a smartphone and tablet app we helped the client develop that incorporates realtime facial recognition and augmented reality, and it has been downloaded over10 million times since it launched last year.

亮點包括 RGA 被評為年度最佳代理機構，這在數字代理機構中尚屬首次，這標誌著核心數字代理機構如何在我們的業務中取得成功。FCB 因其在促進英國女性健康方面所做的工作而獲得大獎，並且該網絡在戛納電影節上取得了有史以來最好的表現。McCann 憑藉其為歐萊雅打造的開創性彩妝天才作品贏得了四項金獅獎。這是我們幫助客戶開發的智能手機和平板電腦應用程序，結合了實時面部識別和增強現實，自去年推出以來已下載超過 1000 萬次。

Other highlights included the Martin Agency, which won the coveted film Grand Prix with a very creative approach for pre-roll digital ads for Geico, as well as GGH Lowe Germany, which won 12 Lions with one of the festival's most awarded campaigns. Other agencies honored included Campbell Ewald, Deutsche, Hill Holliday, Initiative, UM, and Weber Shandwick.

其他亮點包括 Martin Agency，它以非常有創意的方式為 Geico 的前置數字廣告贏得了令人垂涎的電影大獎，以及 GGH Lowe Germany，它憑藉電影節獲獎最多的活動之一贏得了 12 座獅子獎。其他獲獎機構包括 Campbell Ewald、Deutsche、Hill Holliday、Initiative、UM 和 Weber Shandwick。

In other highlights of Q2 results, we saw continued strong performance at McCann World Group. The quality of the agency's creative product is high, and integration across disciplines remains a focus. I mentioned the caliber of the digital work that McCann is doing for major clients such as L'Oreal, and it's also worth noting that MRM, which is an integral part of World Group, is one of the industry's top digital networks, with offices in over 20 world markets.

在第二季度業績的其他亮點中，我們看到麥肯世界集團的持續強勁表現。該機構的創意產品質量高，跨學科整合仍然是一個重點。我提到了 McCann 為 L'Oreal 等主要客戶所做的數字工作的質量，同樣值得注意的是，MRM 是 World Group 不可或缺的一部分，是行業頂級數字網絡之一，在超過20個世界市場。

Progress at FCB has been steady, with improvements evident in the quality of the creative work, greater consistency in terms of net-new business, and the development of strong capabilities in shopper and digital marketing. Not only is the agency raising its game, but it's also becoming an increasingly attractive destination for talent, as was evident in the recent announcement that Susan Credle will be joining as Chief Creative Officer.

FCB 的進展一直很穩定，創意工作的質量明顯提高，淨新業務的一致性更高，並且在購物者和數字營銷方面的強大能力得到發展。該機構不僅提高了業務水平，而且還成為對人才越來越有吸引力的目的地，最近宣布蘇珊·克雷德爾 (Susan Credle) 將加入該機構擔任首席創意官就是明證。

At CMG, our award winning public relation agencies keep winning market share, and defining the ways in which digital channels can transform this marketing discipline. Weber Shandwick and Golin have raised the bar, and their sister CMG agencies from Octagon to Jack Morton and Future Brands, are also innovating to their respective areas of expertise.

在 CMG，我們屢獲殊榮的公共關係機構不斷贏得市場份額，並定義數字渠道改變這一營銷學科的方式。Weber Shandwick 和 Golin 已經提高了標準，他們的姊妹 CMG 機構從 Octagon 到 Jack Morton 和 Future Brands，也在各自的專業領域進行創新。

We've been saying for some time that the creative firepower of Lowe is something that's at a premium today's world of fragmented media and hard-to-engage consumers, but that the agency needed scale in the US to tap into opportunities with major multi-nationals. By combining them with Mullen, and naming Mullen's CEO Alex Leaky to lead the merged entity, we believe we made that possible, and put the agency on the growth path we need to see from Lowe. Mullen's offerings are highly creative, as well as digital and accountable, as was evident in their winning the Grand Effie for their largely viral campaign on behalf of American Greetings.

一段時間以來，我們一直在說 Lowe 的創意火力在當今媒體分散且難以吸引消費者的世界中非常寶貴，但該機構需要在美國擴大規模才能利用主要的多國民。通過將他們與 Mullen 合併，並任命 Mullen 的首席執行官 Alex Leaky 領導合併後的實體，我們相信我們做到了這一點，並使該機構走上了我們需要從 Lowe 那裡看到的增長道路。Mullen 的產品極具創意，而且數字化和負責任，這在他們代表 American Greetings 贏得大艾菲獎時表現得非常明顯。

I mentioned the new level of new business activity in media earlier. And the team at Media Brands is fully focused on securing existing relationships, and capitalizing on the new client opportunities we are best suited for. The unit is not only performing well in financial terms, but we continue to see the benefits of our investments in Cadreon, our programmatic platform, and AMP, our proprietary data stack. And all our longstanding commitment to media transparency also differentiates us from a number of our competitors.

我之前提到了媒體新業務活動的新水平。Media Brands 的團隊完全專注於維護現有關係，並利用我們最適合的新客戶機會。該部門不僅在財務方面表現良好，而且我們繼續看到我們在程序化平台 Cadreon 和專有數據堆棧 AMP 上的投資所帶來的好處。我們對媒體透明度的長期承諾也使我們有別於許多競爭對手。

Our US integrated independent agencies continue to be a source of strength for Interpublic. Mullen's outstanding offerings are now part of Lowe's go-to-market proposition. Deutsche continues to be a leader in the market place, with exceptional creative and digital capabilities. Along with the Martin Agency, Hill Holliday, Carmichael Lynch, and a number of others, our domestic independents provide clients with a breadth of services, including full-fledged digital, UX analytics, and social capabilities.

我們在美國的綜合獨立機構繼續成為 Interpublic 的力量源泉。Mullen 出色的產品現已成為 Lowe 上市計劃的一部分。憑藉卓越的創意和數字能力，德意志銀行繼續成為市場領導者。與 Martin Agency、Hill Holliday、Carmichael Lynch 和其他許多人一起，我們的國內獨立機構為客戶提供廣泛的服務，包括成熟的數字、用戶體驗分析和社交功能。

In terms of digital, RGA remains the leader in just about every area of innovation that's defining the future of our business. The recent major win with Verizon was a further confirmation of the strength of their offering, and the accolades for Bob and his team from Ad Age to Cannes demonstrate the degree to which technology-enabled marketing is at the center of everything we do.

在數字方面，RGA 在幾乎所有定義我們業務未來的創新領域仍然處於領先地位。最近與 Verizon 的重大勝利進一步證實了他們的產品實力，Bob 和他的團隊從廣告時代到戛納電影節所獲得的讚譽表明，技術支持營銷在我們所做的一切工作中處於中心地位的程度。

We're fortunate to have another agency that's tracking along a similar growth path in my hometown of Brooklyn, which is where Huge is based, though they now have offices in eight other markets and counting. I mentioned the global success of MRM earlier, and the integration of Profero into Lowe is going well, and has played a part of the growth we are seeing from the Lowe network in a number of international markets.

我們很幸運有另一家機構在我的家鄉布魯克林沿著類似的發展道路前進，這是 Huge 的總部所在地，儘管他們現在在其他八個市場設有辦事處並且還在增加。我之前提到了 MRM 在全球的成功，Profero 與 Lowe 的整合進展順利，並且在我們從 Lowe 網絡在許多國際市場上看到的增長中發揮了一部分作用。

One last observation about the importance of digital expertise. I've mentioned previously that some of our peers have approached digital through big headline-grabbing acquisitions, which have often stayed siloed within those holding companies. Going back quite a few years, we made the strategic decision to grow digital competencies organically within every one of our agencies. This strategy places our integrated marketing solutions at the center of a connected world, and continues to be evident in our strong organic growth performance.

關於數字專業知識重要性的最後一個觀察。我之前提到過，我們的一些同行已經通過引人注目的大型收購來實現數字化，這些收購通常在這些控股公司中保持孤立。幾年前，我們做出了戰略決策，要在我們的每個機構內有機地發展數字能力。這一戰略將我們的整合營銷解決方案置於互聯世界的中心，並繼續在我們強勁的有機增長業績中得到體現。

The benefits of this approach are evident across the Interpublic Group. We built out Cadreon at Media Brands, and that is one of the strongest tech platforms in this dynamic space. We've invested in top talent at all our brand agencies. Mullen and Deutsche have outstanding digital skillsets across a range of disciplines, and McCann and FCB are on the same growth path. The social media and content creation capabilities at Weber Shandwick are second to none. If those were stand-alone groups, they would be among the world's largest digital agencies in their respective disciplines.

這種方法的好處在 Interpublic Group 中是顯而易見的。我們在 Media Brands 建立了 Cadreon，這是這個充滿活力的領域中最強大的技術平台之一。我們在所有品牌代理處都投資了頂尖人才。Mullen 和 Deutsche 在一系列學科中擁有出色的數字技能組合，而 McCann 和 FCB 也在同一條成長道路上。萬博宣偉的社交媒體和內容創作能力首屈一指。如果這些是獨立的團體，他們將躋身於各自領域中世界上最大的數字機構之列。

Golin has a strong realtime digital media offering. Recent acquisitions such as Genuine, Prime, and Hudson Global will up the digital game of others in our marketing service specialists. And the addition of Profero is adding an important dimension to Lowe's creative strength.

Golin 擁有強大的實時數字媒體產品。最近收購的 Genuine、Prime 和 Hudson Global 將在我們的營銷服務專家中提升其他人的數字遊戲。Profero 的加入為 Lowe's 的創意實力增添了一個重要維度。

Turning to the second half of the year, we see some geographic markets that will require monitoring, and we will of course remain vigilant on costs, and on the appropriate levels of margin conversion going forward. But our performance for the first six months has been strong on both the top and bottom lines.

談到今年下半年，我們看到一些需要監控的地理市場，我們當然會對成本保持警惕，並在未來適當的利潤率轉換水平上保持警惕。但我們前六個月的業績在收入和利潤方面都很強勁。

At this point, we believe that the appropriate organic target for the full-year 2015 is 4% to 5%. Given our strong growth performance to date, we should aim to deliver in the upper range of our operating margin improvement target of 80 to 100 basis points. Combined with our Company's financial strength and commitment to robust return of capital, we've been and will continue to be, a source of significant value of creation. This will allow us to further enhance shareholder value. With that, I'd like to thank you for your time and support, and open up the call to questions.

在這一點上，我們認為 2015 年全年的適當有機目標是 4% 至 5%。鑑於我們迄今為止強勁的增長表現，我們的目標應該是實現營業利潤率提高目標的上限 80 至 100 個基點。結合我們公司的財務實力和對強勁資本回報的承諾，我們已經並將繼續成為創造重要價值的源泉。這將使我們能夠進一步提升股東價值。有了這個，我要感謝你的時間和支持，並打開問題的電話。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Alexia Quadrani of JPMorgan. Ma'am, your line is open.

我們的第一個問題來自摩根大通的 Alexia Quadrani。女士，您的電話已開通。

Thank you. Congratulations on a very impressive quarter here. My question was on the organic revenue growth outlook for the back half of the year. I don't want to be greedy. I know it's been an amazing run for the first half, but if you can you give us some more color in terms of how you're seeing the back half of the year, in terms of is your guidance -- taking account that you have to be somewhat conservative. There is still some uncertainty in both Europe and frankly all the markets. Or is there some specific head winds in terms of account movement and stuff that we should keep in mind when we think about our estimates for top line for the back half of the year?

謝謝。祝賀這裡有一個非常令人印象深刻的季度。我的問題是關於今年下半年的有機收入增長前景。我不想貪心。我知道上半年的表現非常出色，但如果你能給我們更多關於你如何看待今年下半年的顏色，就你的指導而言 - 考慮到你有要保守一些。歐洲和坦率地說所有市場仍然存在一些不確定性。或者在考慮我們對今年下半年收入的估計時，我們應該牢記在賬戶變動和其他方面的一些特定逆風？

Thank you, Alexia. It only took us two minutes to get to the question of what our forecast was. (laughter) Look, obviously all of the above. There's a degree of conservancy in there. But as we had said in our previous call, we expected tail winds in the first half of the year, and frankly we see that leveling off in the second half of the year, partially because our comps are a little different than the second half of the year, and the on-boarding of new clients that we had starts to level off in terms of those comps. Plus we had a little bit of head winds in terms of some of the client losses. Obviously the second half of the year we're targeting a little bit pull-back on the growth as a result of that impact.

謝謝你，亞歷克西婭。我們只用了兩分鐘就回答了我們的預測是什麼的問題。（笑聲）看，顯然以上都是。那裡有一定程度的保護。但正如我們在之前的電話會議中所說，我們預計上半年會出現順風，坦率地說，我們看到下半年趨於平穩，部分原因是我們的競爭與下半年略有不同這一年，以及我們擁有的新客戶的加入在這些補償方面開始趨於平穩。此外，我們在一些客戶損失方面遇到了一些不利因素。顯然，由於這種影響，我們的目標是今年下半年的增長略有回落。

Nonetheless, we're still confident in our forecast in the 4% to 5% that we moved it. That's why we moved it in that direction. We always try to do better, but I think that's a realistic number for us to take into account both the uncertainty that's out there -- let me just comment on the media reviews. Most of these media reviews that are taking place, the impact of that won't be in effect until really 2016. To answer your other question, we don't expect to see an impact on the media side of the business as a result of these reviews until 2016, and hopefully we'll see positive impact as a result of that.

儘管如此，我們仍然對我們移動它的 4% 到 5% 的預測充滿信心。這就是我們朝那個方向移動它的原因。我們總是努力做得更好，但我認為這是一個現實的數字，讓我們考慮到存在的不確定性——讓我對媒體評論發表評論。大多數正在進行的媒體評論，其影響要到 2016 年才會真正生效。為了回答您的其他問題，我們預計到 2016 年這些審查不會對業務的媒體方面產生影響，並且希望我們會因此看到積極的影響。

Okay, and just a quick follow-up, if I may, on the euro market. I know you don't give margins by region, but just if you could maybe talk generally, do you think the better organic performance we've seen in euro now two quarters in a row -- are you seeing improvement in profitability in that region?

好的，如果可以的話，只是快速跟進一下歐元市場。我知道你不會按地區給出利潤率，但如果你可以籠統地談談，你認為我們現在連續兩個季度在歐元區看到的更好的有機表現 - 你是否看到該地區的盈利能力有所改善？

We're always focusing on improvement. As you know, we had taken a reserve against re-positioning Europe to realign the cost with the organic expectations. We never stop looking for margin improvement in Europe. It's nice to have some organic revenue, but I think we're being very cautious. We don't have built into our plan a recovery in continental Europe. Along with that, we're managing our costs very carefully.

我們始終專注於改進。如您所知，我們對重新定位歐洲採取了保留措施，以根據有機預期重新調整成本。我們從未停止尋求歐洲利潤率的提高。有一些有機收入很好，但我認為我們非常謹慎。我們沒有將歐洲大陸的複蘇納入我們的計劃。與此同時，我們正在非常謹慎地管理我們的成本。

We hope to see some margin improvement, but Europe continues to be a difficult market for us to expand margins. We still view it as a very important market for us, so we're continuing to invest in new people and talent in there. Frankly, we've done a few acquisitions there, and we're seeing positive results. But margin improvement is a little bit harder to get in Europe than we're seeing elsewhere in the world.

我們希望看到利潤率有所改善，但歐洲仍然是我們擴大利潤率的困難市場。我們仍然認為它對我們來說是一個非常重要的市場，所以我們會繼續在那裡投資新的人才和人才。坦率地說，我們在那裡進行了一些收購，並且看到了積極的結果。但與我們在世界其他地方看到的相比，在歐洲要提高利潤率要難一些。

Thank you very much.

非常感謝。

Thank you, Alexia.

謝謝你，亞歷克西婭。

Our next question comes from the line of Mr. David Bank of RBC Capital Markets. Your line is open.

我們的下一個問題來自 RBC Capital Markets 的 David Bank 先生。你的線路是開放的。

Okay, thanks. Thanks for the shout-out for Brooklyn there, Michael.

好的謝謝。感謝您為布魯克林大喊大叫，邁克爾。

I always remember that, Dave.

我一直記得，戴夫。

June historically has been -- I have a couple of questions. The first is June has historically been a pretty big month for you and the industry for that matter. Over the past couple of years it has sometimes driven real volatility around 2Q and your outlook. Can you give us a reflection on June in particular, and what it's telling us about your business and the general environment?

從歷史上看，六月是——我有幾個問題。首先是 6 月對您和整個行業來說歷來都是重要的月份。在過去的幾年裡，它有時會在第二季度和您的前景周圍引發實際波動。您能否特別回顧一下 6 月的情況，它告訴我們您的業務和總體環境是什麼？

A second question is while you've taken the top line up a step function, the range in operating leverage at margin was pretty narrow to begin with, right? At 80 to 100 basis points it's 20 bips. You said -- so we'll be at the upper end of that range. My question is without a -- there really isn't a step function up that matches top line. Have we maxed out on operating leverage conversion, in that you're not going to -- whether or not the top line materially accelerates from here, and this is a pretty good level, do you -- is it possible to start squeezing more operating leverage out incrementally, or have we hit a reasonable run rate? Thanks very much.

第二個問題是，雖然您已經將階梯函數放在首位，但保證金的經營槓桿範圍一開始就非常狹窄，對吧？在 80 到 100 個基點，它是 20 個基點。你說 - 所以我們將處於該範圍的上限。我的問題是沒有 - 確實沒有與頂線相匹配的階躍函數。我們是否已經最大限度地利用經營槓桿轉換，因為你不會 - 無論頂線是否從這里大幅加速，這是一個相當不錯的水平，你 - 是否有可能開始擠壓更多的經營逐步發揮槓桿作用，還是我們達到了合理的運行率？非常感謝。

All of that. Okay, look, June -- you're correct, June is a big month for us and the industry, and we're encouraged by what we saw in June across the board. Obviously that's why we're more comfortable moving the organic revenue up to 4% to 5%, but June doesn't make a year. We still have some cautionary issues out there, particularly in terms of Europe and South America. Therefore we have some level of conservancy in those numbers.

所有的。好吧，看，六月——你是對的，六月對我們和整個行業來說都是重要的一個月，我們對我們在六月看到的全面情況感到鼓舞。顯然，這就是為什麼我們更願意將有機收入提高到 4% 到 5%，但 6 月不是一年。我們仍然存在一些警示性問題，尤其是在歐洲和南美方面。因此，我們對這些數字有一定程度的保護。

Our margin numbers -- we look at it on a full-year basis. When you look at the six months, and what our conversion in the six months, as you know, we look to convert at a 30% ratio. Frankly for the first -- for this quarter we didn't quite make 30%, but we're comfortable in our range of 80 to 100 basis points, because the rest of the year, we expect to see the impact of the on-boarding of talent that we have in the first half of the years, and the revenue coming in, in the second half of the year.

我們的保證金數字——我們以全年為基礎來看待它。當您查看六個月以及我們在六個月內的轉化率時，如您所知，我們希望以 30% 的比率進行轉化。坦率地說，對於本季度，我們並沒有達到 30%，但我們對 80 到 100 個基點的範圍感到滿意，因為在今年餘下的時間裡，我們預計會看到 -我們上半年的人才寄宿，以及下半年的收入。

We never give up trying to expand our margin. I think 30% continues to be a reasonable objective for us, and for you to assume, in the conversion as we go forward. Frankly, using the 80- to 100-basis-point margin improvement, that's where we get to the targets that we're driving against, okay? I think that's a conservative way for us to look at it.

我們從不放棄擴大利潤率的努力。我認為 30% 對我們來說仍然是一個合理的目標，並且你可以假設，在我們前進的轉換中。坦率地說，使用 80 到 100 個基點的利潤率改善，這就是我們實現目標的地方，好嗎？我認為這是我們看待它的一種保守方式。

We wrestled with the issue of what we do with that margin expectation. We felt that by at least saying we think we'll be on the high side of that is an indication to you that we believe we have costs under control in terms of managing it. We still have more work to do. Given the levels of revenue that we see, we're comfortable with that, and we'll deal with future margin expansion as we put this year behind us.

我們努力解決我們如何處理該利潤率預期的問題。我們認為，至少說我們認為我們會處於高位，這表明我們相信我們在管理成本方面已經控制住了成本。我們還有更多工作要做。鑑於我們看到的收入水平，我們對此感到滿意，我們將在今年結束時應對未來的利潤率擴張。

Okay, thank you very much.

好的，非常感謝。

Our next question comes from the line of John Janedis of Jefferies.

我們的下一個問題來自 Jefferies 的 John Janedis。

Thanks. Michael, for a long time you talked about acting as an agent for clients, and not taking inventory, and therefore being transparent and agnostic. I know it's hard to parse out your growth versus peers, but I was wondering if you're seeing any benefits in other parts of your digital business, or clients giving you more route as a result of being more transparent?

謝謝。邁克爾，很長一段時間以來，您一直在談論作為客戶的代理人，而不是清點庫存，因此要保持透明和不可知論。我知道很難將您的增長與同行進行比較，但我想知道您是否在數字業務的其他部分看到了任何好處，或者客戶是否因為更加透明而為您提供了更多途徑？

I think that's a fair question, John, and I've talked about it a lot, as you noted. One thing is you can see the difference in terms of the announced gross versus net that our competitors are putting out there, or soon to put out there in terms of their future releases. Our only issue of growth versus net reflects the pass-throughs that we see in some of our marketing service businesses. You will not see an inflated organic growth number from us as a result of taking inventory into our -- into ownership in terms of selling it to our clients. We believe that continues to be a market distinction for us when we're dealing with our clients.

我認為這是一個公平的問題，約翰，正如你所指出的，我已經談了很多。一件事是，您可以看到我們的競爭對手正在發布的或即將發布的未來版本中公佈的總收入與淨收入之間的差異。我們唯一的增長與淨值問題反映了我們在一些營銷服務業務中看到的傳遞。您不會因為將庫存納入我們的所有權而將其出售給我們的客戶，從而看到我們誇大的有機增長數字。我們相信，當我們與客戶打交道時，這仍然是我們的市場差異。

Now, whether that makes a big difference or not, I think it's still something to be seen in terms of the reviews that are going on. But I can tell you anecdotally and specifically, when we have conversations with our clients about that, all of them indicate they believe the way we're approaching this is an appropriate way to deal with it, and they're pleased to see the transparency and the positions we're taking.

現在，無論這是否有很大的不同，我認為就正在進行的審查而言，這仍然是一件有待觀察的事情。但我可以具體地告訴你，當我們與客戶就此進行對話時，他們都表示他們相信我們處理這個問題的方式是處理它的適當方式，他們很高興看到透明度以及我們所採取的立場。

That said, there's no question that some of our competitors are having success going a different way. That's something we're going to consider, and we always will consider as we move into 2016. Frankly, if the market place doesn't put a benefit to us in terms of taking that position versus our competitors, then it's something we have to look at in terms of our go-to-market strategy. But right now, we believe frankly one, it's the right thing to do in terms of dealing with an agnostic position with respect to our clients. We are an advisor. As an advisor we find it inherently difficult to be in a conflict position when we are advising them on where they should place their media dollars. We believe that is the right go-to-market strategy.

也就是說，毫無疑問，我們的一些競爭對手正在以不同的方式取得成功。這是我們要考慮的事情，我們將在進入 2016 年時始終考慮。坦率地說，如果市場在與我們的競爭對手競爭方面沒有給我們帶來好處，那麼我們必鬚根據我們的上市戰略來考慮這一點。但現在，我們坦率地相信，就我們的客戶處理不可知論者的立場而言，這是正確的做法。我們是顧問。作為一名顧問，當我們建議他們應該將媒體資金投入何處時，我們發現很難處於衝突的位置。我們認為這是正確的上市策略。

If clients, however, feel that as long as they're getting a savings and they're getting a benefit in terms of where their media dollars are being spent, and that doesn't make a difference, then we'll take a look at it. But right now, we believe it's making a difference in the market place. I cannot tell you that we won this particular pitch, which is what your question is, because of that. Because these pitches that are going on right now, I know a lot of ink is being spent in terms of making a point that this issue of transparency and rebates is why these reviews are taking place.

但是，如果客戶認為只要他們節省了費用，並且在媒體費用的支出方面獲得了收益，而這並沒有什麼不同，那麼我們會看看在它。但現在，我們相信它正在改變市場。因此，我不能告訴你我們贏得了這個特定的球場，這就是你的問題。因為現在正在進行的這些宣傳，我知道在強調透明度和回扣問題是進行這些審查的原因方面花費了大量筆墨。

Actually, these reviews are taking place because clients want to make sure that their media dollars are being spent appropriately in terms of efficiently, in the right place, and using all the tools and resources that are out there. They want to make sure that they're getting best-in-class services. Frankly, if I were a client, I'd be asking the same questions. It's not down to a pure question of taking inventory or not take inventory or transparency or not transparency. It's everything being considered at one time. We're very comfortable with our position, and we lead with that in terms of our go-to-market strategy.

實際上，進行這些審查是因為客戶希望確保他們的媒體資金在有效、正確的地方以及使用所有可用的工具和資源方面得到適當的使用。他們希望確保獲得一流的服務。坦率地說，如果我是客戶，我也會問同樣的問題。這不是清點或不清點、透明度或不透明的純粹問題。一切都在同一時間考慮。我們對自己的地位感到非常滿意，並且我們在進入市場戰略方面處於領先地位。

Thanks, and maybe one quick one for Frank. You haven't done much on the acquisition front this year. Can you talk about the pipeline? Are the better spreads in the disciplines you're pursuing widening?

謝謝，也許給弗蘭克一個快速的。今年你在收購方面做得不多。你能談談管道嗎？您所追求的學科中更好的傳播範圍是否擴大了？

Pipeline is robust, John. We've got a number of things we hope to close in the next quarter, quarter and a half. Pricing is competitive. As we've spoken before, the model we like to approach is try and get to an acquisition before there's a process. Some agency we've worked with on a common client, get to know them, they get to know us. That's a path to success and it's worked for us. But our corporate development team is working hard, they're very busy. You can expect us to close some further transactions in the back half of the year.

管道很強大，約翰。我們有很多事情希望在下一個季度、一個半季度內完成。定價具有競爭力。正如我們之前所說，我們喜歡採用的模型是在有流程之前嘗試進行收購。我們曾與一些機構合作過一個共同的客戶，了解他們，他們就會了解我們。這是一條通往成功的道路，對我們很奏效。但是我們的企業開發團隊正在努力工作，他們很忙。你可以期待我們在今年下半年完成一些進一步的交易。

Yes, let me just add in terms of our acquisition strategy -- and I referred to it in my remarks -- we don't look to do big transactions, and we feel that they're A, difficult to integrate; B, the price that you pay for that in terms of using your balance sheet, as well as the risk associated with integration, make it a difficult thing to do. That said, some of them are successful and some of them aren't. Our approach has been quite successful.

是的，讓我補充一下我們的收購戰略——我在發言中提到了這一點——我們不希望進行大交易，我們覺得它們是 A，難以整合； B，你在使用資產負債表方面為此付出的代價，以及與整合相關的風險，使它成為一件困難的事情。也就是說，其中一些是成功的，而另一些則不是。我們的方法非常成功。

I use Huge as an example. When we acquired Huge they had 80 to 100 people. Now they have 800 to 1,000 people on a worldwide basis. There aren't many of those transactions, but those are the kind of transactions that we look at. We look at small to medium acquisitions that are in the sweet spot of areas that we need the expertise, whether it be digital -- which obviously is what everybody is looking at right now -- or a geographic area, or it's a discipline.

我以 Huge 為例。當我們收購 Huge 時，他們有 80 到 100 人。現在，他們在全球範圍內擁有 800 至 1,000 名員工。這些交易並不多，但這些是我們所關注的交易類型。我們著眼於在我們需要專業知識的最佳領域進行的中小型收購，無論是數字領域——這顯然是每個人現在都在關注的領域——還是地理區域，或者是一門學科。

We've done a number of transactions in our PR business. Obviously our PR business is very successful, and we're certainly gaining market share against our competitors. Therefore when we look at opportunities in acquisitions, if we can bolster their go-to-market strategy that's a good thing, and we find transactions that it's appropriate in.

我們在公關業務中完成了許多交易。顯然，我們的公關業務非常成功，而且我們肯定會在與競爭對手的競爭中獲得市場份額。因此，當我們尋找收購機會時，如果我們能夠加強他們的上市戰略，那是一件好事，我們會找到合適的交易。

Don't expect us to announce a huge transaction on the M&A side, but we are looking on a very careful basis to be within the range. We always say we spend between $100 million and $150 million. We can go up above that a little bit, obviously, if the right transaction comes along, but we're very careful and disciplined in term of our acquisitions.

不要指望我們在併購方面宣布一筆巨額交易，但我們正在非常謹慎地尋找範圍內的交易。我們總是說我們的支出在 1 億到 1.5 億美元之間。顯然，如果出現合適的交易，我們可以稍微提高一點，但我們在收購方面非常謹慎和自律。

Thanks for that.

感謝那。

You're welcome.

不客氣。

Thank you. Our next question comes from the line of Mr. Peter Stabler of Wells Fargo Securities. Sir, your line is open.

謝謝。我們的下一個問題來自 Wells Fargo Securities 的 Peter Stabler 先生。先生，您的線路開通了。

Good morning, thanks for the question. One industry for you, Michael. You're no doubt aware there's a narrative out there around mediation. It's been out there for 20 years, right? Ten years ago, we're going to take all your business. Five years ago it was going to be crowd-sourcing and YouTube videos. Today's flavor seems to be technology and the in-housing of programmatic and other activities, enabling marketers to more cheaply and efficiently produce assets deploy those assets without the help of the agency.

早上好，謝謝你的提問。一個適合你的行業，邁克爾。毫無疑問，您知道圍繞調解存在一種說法。它已經存在了 20 年，對吧？十年前，我們要拿走你所有的生意。五年前，它將是眾包和 YouTube 視頻。今天的風格似乎是技術以及程序化和其他活動的內部化，使營銷人員能夠在沒有代理商幫助的情況下更便宜、更高效地生產資產並部署這些資產。

I'm just wondering, if you step back and think broadly about the share of marketing services that is going to the agency holding companies, do you think it is materially different today than it was five or 10 years ago? If you look out over the next couple years, are there things that concern you in terms of moving threats or new competitors, et cetera? Thanks very much.

我只是想知道，如果你退後一步，廣泛地考慮代理控股公司的營銷服務份額，你認為今天與 5 年或 10 年前相比有很大不同嗎？如果您展望未來幾年，在移動威脅或新競爭對手等方面是否有您擔心的事情？非常感謝。

Yes, that's a fair question, Peter. Yes, it's out there. My favorite slide that I show when I make presentations is a headline in the Wall Street Journal that says the demise of the advertising industry, because of all of these new technologies and so on. Of course my next slide is that quote was 25 years ago.

是的，這是一個公平的問題，彼得。是的，它就在那裡。我做演示時最喜歡的幻燈片是《華爾街日報》的一個標題，上面寫著廣告業的消亡，因為所有這些新技術等等。當然，我的下一張幻燈片是 25 年前的那句話。

Look, we have to be on our toes. We have to continue to invest in what works and what client are looking for. As long as we can add that value to clients, there's no need for them to take it in house or use other services. I think what we're seeing actually now, because of the distribution of media outlets right now, most of our clients are looking for solutions, because it's very difficult for them on their own to really go through all of these different outlets on an integrated basis.

看，我們必須保持警惕。我們必須繼續投資於有效的方法和客戶正在尋找的東西。只要我們可以為客戶增加價值，他們就沒有必要把它帶回家或使用其他服務。我認為我們現在實際看到的是，由於目前媒體渠道的分佈，我們的大多數客戶都在尋找解決方案，因為他們很難靠自己的力量真正通過一個集成的所有這些不同的渠道基礎。

I think the value proposition that we have now is as strong as it's ever been. As long as we have the type -- whether it be programmatic buying, whether it be content, whether it be PR, whether it be content creation, all of it, and distribution on a golden basis. We are the only place, and I say we as an industry, we're the only place where we can bring all of this together and hopefully on an agnostic basis to advise our clients where to put their money. I think our value proposition right now is as strong as it's ever been.

我認為我們現在擁有的價值主張與以往一樣強大。只要我們有類型——無論是程序化購買，還是內容，無論是公關，還是內容創作，所有這些，以及在黃金基礎上的分發。我們是唯一的地方，我說我們作為一個行業，我們是唯一可以將所有這些結合在一起並希望在不可知論的基礎上建議我們的客戶把錢放在哪裡的地方。我認為我們現在的價值主張一如既往地強大。

Yes, our clients are going to look to make sure that we're doing it efficiently. It's no different than when we look at acquisitions. Do we choose to grow it organically or buy it? The buy versus rent argument is out there, and it always is an analysis. It's incumbent upon us to show that we have the tools and resources to help our clients. If we don't, they're either going to do it themselves or use some of the other providers.

是的，我們的客戶會希望確保我們的工作高效。這與我們查看收購時沒有什麼不同。我們是選擇有機種植還是購買？購買與租賃的爭論就在那裡，而且它始終是一種分析。我們有責任證明我們擁有幫助客戶的工具和資源。如果我們不這樣做，他們要么自己做，要么使用其他一些提供商。

Do I think it's challenging? Yes. Do I think we've stepped up to the plate? Yes. Do I think we have to do more? Of course. That's really what's driving a lot of these media pitches right now. They want to make sure that they're getting the best., so that they can make decisions with respect to how they move their business going forward, and they're looking to us to provide a solution. If we can't do that, they'll look for other solutions. That's no different than it's been 25 years ago. We just have to stay ahead of the curve.

我覺得這很有挑戰性嗎？是的。我認為我們已經開始行動了嗎？是的。我認為我們必須做更多嗎？當然。這就是現在推動這些媒體宣傳的真正原因。他們想確保他們得到最好的，這樣他們就可以就如何推動他們的業務向前發展做出決定，他們希望我們提供解決方案。如果我們做不到，他們就會尋找其他解決方案。這與 25 年前沒有什麼不同。我們只需要保持領先。

I know our competitors, whether it be the tech companies or consulting companies, are trying to have in-roads in there, in addition to clients taking it in house. But if you -- I talked about this in Cannes. The creativity part of this is something that I think we tend to lose sight of. That is we do have that secret sauce, as I put it, in terms of bringing that creative aspect to all of these different tools and resources. We're the ones who are going to provide that, because this is where the talent wants to be. To work with these clients, whether they be global clients or domestic clients, these creative people are looking to do that, and we provide that.

我知道我們的競爭對手，無論是科技公司還是諮詢公司，除了讓客戶在內部接受它之外，都在努力進入那裡。但如果你——我在戛納談過這個。我認為我們往往會忽視其中的創造力部分。也就是說，正如我所說，我們確實有秘訣，可以將創造性方面帶到所有這些不同的工具和資源中。我們將提供這些，因為這是人才想要的地方。為了與這些客戶合作，無論他們是全球客戶還是國內客戶，這些富有創造力的人都希望這樣做，而我們提供了這一點。

It's very difficult for these tech companies or consulting companies to recruit and retain the talent that we have in the organization. If you just look at McCann and FCB in terms -- as well as the rest of our businesses -- but whether you look at a Rob Riley or Susan Credle or any of the other creative people we within our organizations, those talented people are looking to our industry to use their talent. It's tough to get those kind of people and keep them engaged the way we do.

這些科技公司或諮詢公司很難招募和留住我們組織中的人才。如果你只是從術語上看 McCann 和 FCB——以及我們的其他業務——但無論你看 Rob Riley 或 Susan Credle 還是我們組織內的任何其他有創造力的人，那些有才華的人都在尋找到我們的行業來使用他們的才能。很難得到這樣的人並讓他們像我們一樣參與其中。

I think the demise of our business is not something that's going to happen. It's just -- we just have to remain on our toes to make sure that we continue to invest in people, leverage our creativity expertise, and make sure we have the tools and resources to help our clients.

我認為我們業務的消亡不會發生。只是 - 我們只需要保持警惕，以確保我們繼續投資於人，利用我們的創造力專業知識，並確保我們擁有幫助客戶的工具和資源。

Thank, Mike.

謝謝，邁克。

Our next question comes from the line of Mr. Ben Swinburne of Morgan Stanley. Sir, your line is open.

我們的下一個問題來自摩根士丹利的Ben Swinburne 先生。先生，您的線路開通了。

Just a couple for Frank. Frank, the pass-through revenue that you called out in your prepared remarks, is that all in the US, or any geographic color you can give us?

只是一對弗蘭克。弗蘭克，你在準備好的發言中提到的轉嫁收入是全部在美國，還是你能給我們的任何地理顏色？

Ben, it's primarily the US and the UK.

本，主要是美國和英國。

Got it. Then just going back to this margin question, or I guess our insistence to revisit the margin question, Frank, when you think about the incentive comp, are you guys accruing at a level that needs to go up because you've raised your outlook? That in I know an area where in the past, when you've had a really strong top-line year, you've had to ratchet that up as you moved through the quarters.

知道了。然後回到這個保證金問題，或者我想我們堅持要重新審視保證金問題，弗蘭克，當你考慮激勵補償時，你們是否積累了一個需要上升的水平，因為你已經提高了你的前景？我知道過去有一個領域，當你有一個非常強勁的年度收入時，你不得不在你通過季度移動時逐步提高它。

I think, especially in the second quarter, Ben, we take a -- right in the middle of our media reviews to look at full year. A year ago we had some concerns about the back half of the year. You look at our accrual in the second quarter and incentives was down. This year we felt more positive about it, so we raised it up. Every quarter we effectively marked to market what we think we're going to need for the year based on our current thinking of the year. Right now, we're accruing to where we expect to land.

我認為，特別是在第二季度，Ben，我們採取了 - 就在我們的媒體評論中間，看看全年。一年前，我們對下半年有一些擔憂。你看看我們第二季度的應計利潤，激勵措施減少了。今年我們對此感覺更積極，所以我們提高了它。每個季度，我們都會根據我們當前對這一年的想法，有效地將我們認為今年需要的東西推向市場。現在，我們正在累積到我們期望著陸的地方。

Yes, in general we use 3.5%. This quarter, you're right. We had to catch up, and the reason we had to catch up is not so much as the forecast, but our results indicate an improvement that requires us -- of course a lot of our incentive comp is based on, a significant part, is based on performance, which is where it should be. There's a correlation between our performance and our incentive accrue, right? That's really what you're seeing right here.

是的，一般我們使用3.5%。這個季度，你是對的。我們必須迎頭趕上，而我們必須迎頭趕上的原因並不像預測那麼多，但我們的結果表明需要我們進行改進——當然，我們的很多激勵措施都是基於，很重要的一部分，是基於性能，這是它應該的地方。我們的績效和我們的激勵累積之間存在相關性，對嗎？這就是你在這裡看到的。

Then congratulations on getting the rating agencies all aligned. That was a work in progress. But I wonder if you could just update us on how you think about leverage now going forward. You guys are generating more cash flow than maybe you expected earlier in the year given the top-line strength. As we think about the model over the next couple of years, it seems like you've got a lot of capacity. What's the right leverage level for the Company, in your view?

然後祝賀評級機構一致。這是一項正在進行的工作。但我想知道您是否可以向我們介紹您現在對槓桿的看法。鑑於頂線實力，你們產生的現金流量可能比今年早些時候預期的要多。當我們考慮未來幾年的模型時，您似乎有很多能力。您認為公司的正確槓桿水平是多少？

The right leverage is always a function of the macroeconomics. We want to make sure that we're well positioned for any surprises that may be out there. Frankly, we learned this the hard way 10 years ago. We've worked very hard, and thank you for acknowledging to get the investment grade.

正確的槓桿作用始終是宏觀經濟的函數。我們要確保我們做好準備應對可能出現的任何意外情況。坦率地說，我們在 10 年前通過艱難的方式了解到這一點。我們非常努力，感謝您承認獲得投資等級。

On a pure numbers basis, you can look at our leverage and see that we're probably under-levered, okay, and especially with the investment grade. I know the next part of your question is are we going to be putting in a commercial paper program and use some of our excess cash. We're managing our cash flow. Our treasury department, financial, Frank and his organization. We look at this very carefully.

在純粹的數字基礎上，你可以看看我們的槓桿率，看看我們可能槓桿不足，好吧，尤其是投資級別。我知道你問題的下一部分是我們是否要投入商業票據計劃並使用我們的一些多餘現金。我們正在管理我們的現金流。我們的財務部門，財務部門，弗蘭克和他的組織。我們非常仔細地看待這個問題。

Frankly, if the opportunity is out there for us to put in a commercial paper program and it's beneficial to us we will do that. That should free up some opportunity for us to look at return to shareholders, whether it be in the form of dividends or buy-backs. We still have plenty left in our buy-back authorization. We have over $300 million left, and we intend to use that. I like the position we're in right now from a financial position, and as we get stronger on the macroeconomic environment, then we'll look at the appropriate leverage. I think that's what we've done for years, and that's the way it should be right now.

坦率地說，如果我們有機會實施商業票據計劃並且對我們有利，我們就會這樣做。這應該為我們騰出一些機會來考慮股東回報，無論是以股息還是回購的形式。我們的回購授權還有很多剩餘。我們還剩下 3 億多美元，我們打算使用它。從財務狀況來看，我喜歡我們現在所處的位置，隨著我們在宏觀經濟環境中變得更加強大，然後我們將考慮適當的槓桿作用。我認為這就是我們多年來所做的，現在也應該如此。

A knee-jerk reaction to put on a large amount of debt to buy back shares, for example, which a number of people would argue, I think is a short-term play versus a long-term play. But we do look at this, and it's incumbent upon us to review those transactions with our Board, which we do, and we'll make a call between buy-backs, using our leverage, and dividend distribution. That's what we owe to our shareholders, and that's how we view it.

例如，許多人會爭辯說，我認為是一種下意識的反應，即大量舉債以回購股票，這是一種短期遊戲，而不是長期遊戲。但我們確實會考慮這一點，我們有責任與我們的董事會一起審查這些交易，我們會這樣做，我們將在回購、利用我們的槓桿和股息分配之間做出決定。這就是我們對股東的責任，也是我們的看法。

Got it. I just have one last one. Michael, when we look at the performance first half of the year, I think it's 6%-plus organic, and more if you adjust for pass-through. I'm trying to reconcile that with the comments from marketers about focus on cost and procurement impact, and the tough global macro.

知道了。我只有最後一個。邁克爾，當我們看上半年的表現時，我認為有機增長超過 6%，如果針對傳遞進行調整，則更多。我試圖將其與營銷人員關於關注成本和採購影響以及艱難的全球宏觀經濟的評論相協調。

How do you reconcile those things? Do you have all the good clients, or are you taking a lot of share? Or do you think that there's something happening in media buying in particular that's allowing the agencies to really benefit from this shift to digital spending? You guys tend to not talk about how much of your business is digital, and I understand completely why you do that. But could you give us any sense for just how much the buying business is changing, and whether that's helping to drive this continued strong top line we're seeing?

你如何調和這些事情？你擁有所有的好客戶，還是你佔據了很多份額？或者您是否認為媒體購買方面正在發生一些特別的事情，讓這些機構真正從這種向數字支出的轉變中受益？你們往往不談論你們的業務有多少是數字化的，我完全理解你們為什麼要這樣做。但是，您能否告訴我們購買業務正在發生多大變化，以及這是否有助於推動我們所看到的這種持續強勁的收入？

I thought you would have noticed that much of my script was focusing on our digital capabilities. Frankly, I don't think we get credit for this, the strength of our digital offerings. That's why we spent so much time in our comment to show our strength in digital. You're asking me which of my children do I like better. I think what our results show is that we have strong offerings across the board.

我想你會注意到我的大部分腳本都集中在我們的數字能力上。坦率地說，我不認為我們會因此而受到讚揚，這是我們數字產品的優勢。這就是為什麼我們在評論中花了這麼多時間來展示我們在數字方面的實力。你問我更喜歡我的哪個孩子。我認為我們的結果表明我們擁有全面的強大產品。

Our global networks, McCann obviously is on the front foot, and doing very well. FCB, Mullen Lowe, these are very powerful networks on a global basis. We're seeing the results of investments we've made, restructurings that we've done -- particularly for example Mullen Lowe. We brought in new talent at McCann and FCB, and I think -- I don't think, I know we're seeing the results of that. I think McCann is a perfect example in terms of Harris and his entire team and the people he's been able to bring into McCann. We're seeing results. That is a very competitive offering in the market place, and that's certainly, along with FCB and Lowe -- Mullen Lowe, excuse me -- contributing to the growth that we're seeing. Yes, in a way we're taking market share.

我們的全球網絡，麥肯顯然處於領先地位，而且做得很好。FCB、Mullen Lowe，這些都是全球範圍內非常強大的網絡。我們看到了我們所做的投資和我們所做的重組的結果——特別是 Mullen Lowe。我們在 McCann 和 FCB 引進了新人才，我認為——我不認為，我知道我們正在看到結果。我認為就哈里斯和他的整個團隊以及他能夠帶入麥肯的人員而言，麥肯是一個完美的例子。我們正在看到結果。這是市場上非常有競爭力的產品，當然，還有 FCB 和 Lowe——對不起，Mullen Lowe——為我們所看到的增長做出了貢獻。是的，在某種程度上我們正在搶占市場份額。

That doesn't mean that our digital offerings, the RGA, the Huge, the Profero, the MRNs -- all these -- we have some silo digital offerings that are frankly double-digit growth, so they're helping us a lot. Our marketing services, Weber Shandwick and Golin are taking market share. I don't think there's any question that we're seeing that.

這並不意味著我們的數字產品，RGA、Huge、Profero、MRN——所有這些——我們有一些孤島數字產品，坦率地說，它們實現了兩位數的增長，所以它們對我們有很大幫助。我們的營銷服務，Weber Shandwick 和 Golin 正在佔據市場份額。我認為我們看到的沒有任何問題。

Media is a strong performer for us. We're very comfortable. We made some personnel changes in media. I think Henry is putting together a great team. He has extensive experience in media, and it's helping us in these pitches that we're involved in now. I'm feeling pretty positive about where we stand in these pitches that are out there. As I said, we're defending clients that we have the longstanding relationship. I'm comfortable with that. In those situations where we're new to the block, we hope to pick up some additional revenue.

媒體對我們來說是一個強大的表演者。我們很舒服。我們對媒體進行了一些人事變動。我認為亨利正在組建一支偉大的球隊。他在媒體方面擁有豐富的經驗，這在我們現在參與的這些宣傳中幫助了我們。我對我們在這些球場上的立場感到非常樂觀。正如我所說，我們正在為我們擁有長期合作關係的客戶辯護。我對此很滿意。在我們剛接觸區塊的情況下，我們希望獲得一些額外的收入。

I think it's all of the above is why we're performing, and frankly that's why investors should be look at us. It's not just one-trick pony. It's not an overweight in one particular area, whether it be media or whatever. On a global basis, we're well distributed in terms of our sources of revenue. If you put it all together, you'll end up with an organic growth that we have. That's what makes a competitive organization. Frankly, that's why we're feeling good about this particular result that we're showing, because it's across the board. It's not just one particular network or organization or discipline that's contributing to it.

我認為以上所有都是我們表現出色的原因，坦率地說，這就是投資者應該關注我們的原因。這不僅僅是一招小馬。它不是在某個特定領域超重，無論是媒體還是其他領域。在全球範圍內，我們的收入來源分配得很好。如果你把它們放在一起，你最終會得到我們所擁有的有機增長。這就是一個有競爭力的組織。坦率地說，這就是為什麼我們對我們展示的這個特定結果感覺良好，因為它是全面的。不僅僅是一個特定的網絡、組織或學科在為它做出貢獻。

Thank you, guys.

感謝你們。

Great. You're welcome.

偉大的。不客氣。

Thank you. Our next question comes from the line of Mr. Dan Salmon of BMO Capital. Sir, your line is open.

謝謝。我們的下一個問題來自 BMO Capital 的 Dan Salmon 先生。先生，您的線路開通了。

Hi guys, good morning. Michael, you called out Brazil a couple times in your prepared remarks, and highlighted it for a deceleration. Could you just give a little color on that? It's a funny year there when you're coming off a difficult comp with the World Cup, but going into Olympics next year. How much is just disruption around being in between a couple of huge events, versus core challenges on the macro side there?

大家好，早上好。邁克爾，你在準備好的發言中多次提到巴西，並強調它是為了減速。你能給它一點顏色嗎？這是有趣的一年，你在世界杯上表現不佳，但要參加明年的奧運會。與宏觀方面的核心挑戰相比，在幾個重大事件之間發生的破壞有多少？

Yes, last year I think -- or last quarter we were up 7%, and before that we were up double digits. There is a relative strong comp in Brazil in particular. But look, there's no question that there's a pull-back in Brazil. The huge growth that we've seen across the board is just not there, so we're concerned about it. Of course we had a particular issue in Brazil that we had to deal with. I'm not going to bury our head to it. Frankly, we'll be able to put that behind us, and we feel that we certainly have that fenced in right now.

是的，我認為去年——或者說上個季度我們增長了 7%，而在那之前我們增長了兩位數。特別是在巴西有一個相對強大的競爭。但是，毫無疑問，巴西出現了回調。我們全面看到的巨大增長並不存在，因此我們對此感到擔憂。當然，我們在巴西遇到了一個我們必須處理的特殊問題。我不會埋頭於此。坦率地說，我們將能夠把它拋在腦後，我們覺得我們現在肯定已經把它圍起來了。

It's a market that is going through a lot of changes down there, and so we're cautious about it. Fortunately, in LatAm we're seeing strength in Mexico and Argentina, so that's offsetting some of the weakness we're seeing in Brazil. For the full year, although we're down in the quarter, we're relatively flat we hope for the full year. I think that really reflects what we're seeing in the macro-economic environment.

這是一個正在經歷很多變化的市場，所以我們對此持謹慎態度。幸運的是，在拉丁美洲，我們看到了墨西哥和阿根廷的實力，因此抵消了我們在巴西看到的一些疲軟。對於全年，雖然我們在本季度有所下降，但我們希望全年相對平穩。我認為這確實反映了我們在宏觀經濟環境中看到的情況。

Coming into next year, we hope to see a pick-up in Brazil, because we do have events coming there. Hopefully, particularly with our marketing service businesses, we can provide some kick to the organic side of the business. But it's a concern. The other side of it is, of course, it's not a major part of our business. That's one of the benefits of our global footprint.

進入明年，我們希望在巴西看到回升，因為我們確實有活動要在那裡舉行。希望，特別是對於我們的營銷服務業務，我們可以為業務的有機方面提供一些動力。但這是一個問題。另一方面，當然，它不是我們業務的主要部分。這是我們全球足蹟的好處之一。

Great, thank you.

太好了謝謝。

We have come to the bottom of the hour. Back to you, Mr. Roth, for any closing thoughts.

我們已經走到了盡頭。回到你，羅斯先生，任何結束的想法。

Well, I thank you all for your support. As you can tell, we're You can tell we're delighted with our results, but we're certainty not raising any flags. We have a lot of work ahead of us, and we'll now go back to putting our heads down and delivering. Thank you very much for your support.

嗯，謝謝大家的支持。如您所知，我們是 您可以看出我們對我們的結果感到滿意，但我們肯定不會舉起任何旗幟。我們面前有很多工作要做，現在我們將回去埋頭交付。非常感謝您的支持。

This concludes today's conference. You may disconnect at this time.

今天的會議到此結束。此時您可以斷開連接。