Interpublic Group of Companies Inc (IPG) 2015 Q3 法說會逐字稿

Good morning. And welcome to the Interpublic Group third-quarter 2015 earnings conference call. (Operator Instructions) I would now like to introduce Mr. Jerry Leshne senior vice president of investor relations. Sir, you may begin.

早上好。歡迎參加 Interpublic Group 2015 年第三季度財報電話會議。（操作員說明）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。

Good morning. Thank you for joining us.

早上好。感謝您加入我們。

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.

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，然後進行問答。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 and the cautionary statement that are 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。這些受制於我們的收益發布和幻燈片演示中包含的不確定性和警示性聲明，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 third quarter and nine months of 2015. I will start out by covering highlights of our performance, Frank will then provide additional details, and I will conclude with an update on our agencies and the tone of our Business to be followed by Q&A.

謝謝 Jerry，也感謝你今天早上加入我們，因為我們回顧了 2015 年第三季度和九個月的業績。我將首先介紹我們業績的亮點，然後 Frank 將提供更多詳細信息，最後我將介紹我們機構的最新情況和我們業務的基調，然後進行問答。

We are pleased to report another quarter of strong organic revenue and profit growth. Organic revenue growth in our third-quarter was 7.1%. On top of a very strong comps from a year ago. Net acquisitions had a positive impact of 10 basis points while FX was a negative 5.9%. However FX had very little impact on our operating 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和利潤增長。我們第三季度的有機收入增長率為 7.1%。在一年前非常強大的組合之上。淨收購產生了 10 個基點的積極影響，而外匯則產生了 5.9% 的負影響。然而，外匯對我們的營業利潤率影響很小。總收入增長 1.3%。

We continue to see positive contributions to our topline performance from a broad range of our creative media and marketing services offerings. Across the group additional capabilities were against significant drivers of growth. We also continue to drive strong growth in our largest regional markets with the US, Asia Pac and UK all showing very good advances.

我們繼續看到我們廣泛的創意媒體和營銷服務產品對我們的收入業績做出了積極貢獻。在整個集團中，額外的能力與重要的增長動力背道而馳。我們還繼續推動我們最大的區域市場的強勁增長，美國、亞太地區和英國都取得了很好的進展。

Organic growth in Lat Am was very strong. From the standpoint of client sectors we saw growth across all client verticals. The best performance came in tech and telecom, financial services, food and beverage, and healthcare. Our operating profit in the quarter was $192 million. An increase of 12% from a year ago.

拉丁美洲的有機增長非常強勁。從客戶領域的角度來看，我們看到了所有客戶垂直領域的增長。表現最好的是科技和電信、金融服務、食品和飲料以及醫療保健。我們本季度的營業利潤為 1.92 億美元。比一年前增長了 12%。

Q3 operating margin expanded 100 basis points to 10.3%. We had leverage on both our salaries and related and office and general expenses. Worth noting that below operating profit other expenses in the quarter includes charges totaling $38 million to dispose of certain smaller business units, which were underperforming and which we deemed as non strategic, all of which were outside the US. Most of the expense was non-cash. Frank will have more color in his comments.

第三季度營業利潤率擴大 100 個基點至 10.3%。我們對我們的薪水和相關以及辦公室和一般費用都有影響力。值得注意的是，本季度低於營業利潤的其他費用包括總計 3800 萬美元的費用，用於處置某些表現不佳且我們認為非戰略性的小型業務部門，所有這些業務部門都在美國境外。大部分費用是非現金的。弗蘭克的評論會更有色彩。

The after-tax expense was $0.09 per diluted share in the quarter and $0.08 for the nine months. Excluding the charge of disposition diluted EPS for the quarter was $0.27, an increase of 29% compared to the prior period. Looking at the first nine months, organic revenue growth was 6.5% on top of 5.9% a year ago. We posted a 17% increase to operating profit and a 34% increase in adjusted diluted EPS. This represents industry-leading organic revenue growth and profit growth. That's an accomplishment which all our people across the company can be proud of.

本季度稅後費用為攤薄後每股 0.09 美元，九個月為 0.08 美元。不計入處置費用，本季度稀釋每股收益為 0.27 美元，較上一期增長 29%。從前九個月來看，有機收入增長率為 6.5%，高於一年前的 5.9%。我們公佈營業利潤增長 17%，調整後攤薄每股收益增長 34%。這代表了行業領先的有機收入增長和利潤增長。這是我們公司所有員工都可以引以為豪的成就。

Turning back to a bit more detail on the quarter. US organic growth was 7.1% on top of 7.9% a year ago, which is an outstanding result. We had growth at most of our agencies. Notably McCann, Mediabrands, FCB, Deutsch, R/GA, Weber Shandwick, and Golin. International growth was 7.1%. Once again driven by a full range of services.

回到本季度的更多細節。美國有機增長率為 7.1%，高於一年前的 7.9%，這是一個出色的結果。我們的大多數機構都有增長。值得注意的是 McCann、Mediabrands、FCB、Deutsch、R/GA、Weber Shandwick 和 Golin。國際增長率為 7.1%。再次受到全方位服務的帶動。

By regions we were led by 14.4% growth in Lat Am where we saw increases in most national markets. Asia Pac increased 7.2% organically and was highlighted by our continuing strong trends in India and China. In the UK organic growth was 5.2% on top of last year's 12% growth. We were led by the growth of R/GA and our marketing services specialist at CMG. In continental Europe Q3 organic growth was essentially flat and we continue to stay focused on improving our talent and capabilities in this region.

按地區劃分，拉丁美洲以 14.4% 的增長率領先，我們看到大多數國家市場都有增長。亞太地區有機增長 7.2%，我們在印度和中國的持續強勁趨勢凸顯了這一點。在英國，有機增長率為 5.2%，高於去年 12% 的增長率。R/GA 和我們在 CMG 的營銷服務專家的發展引領了我們的發展。在歐洲大陸，第三季度有機增長基本持平，我們繼續專注於提高我們在該地區的人才和能力。

The first nine months 6 1/2% organic growth reflected growth in every region of the world in contributions across all major disciplines. Nine months operating margin growth was 100 basis points with leverage on our base payroll, benefits and tax and on office and general expenses. As we said previously, supporting our best in class offerings, as well as cost discipline and margin enhancement continue to be our top priorities and we are successfully executing against those objectives.

前九個月 6 1/2% 的有機增長反映了世界每個地區在所有主要領域的貢獻的增長。九個月的營業利潤率增長了 100 個基點，這得益於我們的基本工資、福利和稅收以及辦公室和一般費用。正如我們之前所說，支持我們一流的產品以及成本控制和提高利潤率仍然是我們的首要任務，我們正在成功地實現這些目標。

With respect to share repurchase, during Q3 we used $70 million to repurchase 3.6 million shares. Through nine months we've utilized approximately $172 million of share repurchases and we had $271 million remaining on our authorization as of September 30. Since instituting our return of capital programs in 2011, we have returned $2.3 billion to shareholders in dividends and share repurchases, as well as reduced our dilutive share count by 26%. In sum, our performance in the quarter and year to date continues to demonstrate industry leadership in the strong position of our offerings.

關於股票回購，在第三季度我們用 7000 萬美元回購了 360 萬股股票。九個月以來，我們已經使用了大約 1.72 億美元的股票回購，截至 9 月 30 日，我們還有 2.71 億美元的授權剩餘。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 23 億美元，並將稀釋性股份數量減少 26%。總而言之，我們在本季度和今年迄今的表現繼續證明我們產品的強大地位在行業中處於領先地位。

Heading into our important fourth quarter, economic conditions in some areas of the world will present macro headwinds and uncertainties. While those have been incorporated into our outlook, the overall tone of business nonetheless remains solid and we continue to effectively manage expenses.

進入我們重要的第四季度，世界某些地區的經濟狀況將出現宏觀逆風和不確定性。雖然這些已納入我們的展望，但整體業務基調仍然穩健，我們將繼續有效地管理開支。

Previously we increased our full-year 2015 organic growth target to 4 to 5%. Our strong performance through nine months has us on track to exceed 5%. We also remain well-positioned to achieve 100 basis points of market expansion this year. The high end of our targeted range.

此前，我們將 2015 年全年有機增長目標提高至 4% 至 5%。我們九個月的強勁表現使我們有望超過 5%。我們也有能力在今年實現 100 個基點的市場擴張。我們目標範圍的高端。

With that overview, I will turn it to Frank for additional detail on our results and I will join you after his remarks for an update on our operating units, to be followed by Q&A.

有了這個概述，我將把它轉給弗蘭克，了解我們結果的更多細節，我將在他發表評論後與您一起更新我們的運營單位，然後進行問答。

Thank you, Michael. Good morning.

謝謝你，邁克爾。早上好。

As a reminder I will be referring to the slide presentation that accompanies our webcast. On slide 2 is a summary of our results. Organic growth was 7.1% in the third quarter evenly balance between the US international. In our first nine months organic revenue growth was 6.5%. Q3 operating profit was $192 million, an increase of 12%. For the first nine months operating profit grew 17%. Q3 margin of 10.3% improved 100 basis points and our margin for the nine months also improved 100 basis points.

提醒一下，我將參考網絡廣播附帶的幻燈片演示。幻燈片 2 是我們結果的總結。第三季度有機增長率為 7.1%，在美國國際間持平。在我們的前九個月中，有機收入增長率為 6.5%。第三季度營業利潤為 1.92 億美元，增長 12%。前九個月營業利潤增長了 17%。第三季度 10.3% 的利潤率提高了 100 個基點，我們九個月的利潤率也提高了 100 個基點。

We had a below the line charge of $38 million for the disposition of selected non-US business units. Most of the charge is the balance sheet right off of currency translation adjustments built up over the years with the balance representing the net assets of the disposed businesses. This pertains to a handful of business for which revenue was small with non-cash translation adjustments magnified by large affects changes over the years. The impact of this charge from reported diluted EPS was $0.09 for the quarter. Including the charge diluted EPS was $0.27, which compares to Q3 2014 at $0.21, a 29% increase. Q3 fully diluted shares decreased 3% from last year, due to our share repurchase program.

我們有 3800 萬美元的線下費用用於處置選定的非美國業務部門。大部分費用是多年來建立的貨幣換算調整後的資產負債表，餘額代表已處置業務的淨資產。這涉及少數收入較小的業務，非現金換算調整因多年來的影響變化而放大。報告的攤薄每股收益對本季度的影響為 0.09 美元。包括費用在內的攤薄每股收益為 0.27 美元，與 2014 年第三季度的 0.21 美元相比增長了 29%。由於我們的股票回購計劃，第三季度完全稀釋後的股票比去年減少了 3%。

Turning to slide 3, you will see our P&L for the quarter. I will cover revenue and operating expenses in detail in the slides with follow-ups. I've already covered the disposition-related charges and other expenses.

轉到幻燈片 3，您將看到我們本季度的損益表。我將在後續的幻燈片中詳細介紹收入和運營費用。我已經支付了與處置相關的費用和其他費用。

Slide 4 has more detail on our revenue growth. Revenue was $1.87 billion in the quarter, an increase of 1.3%. Compared to Q3 in 2014, the impact of the changing currency exchange rates was a negative 5.9%, with the dollar significantly stronger in all regions of the world. Acquisitions added 10 basis points to revenue. The resulting organic revenue increase was 7.1%.

幻燈片 4 更詳細地介紹了我們的收入增長。本季度收入為 18.7 億美元，增長 1.3%。與 2014 年第三季度相比，貨幣匯率變化的影響為負 5.9%，美元在世界所有地區都明顯走強。收購使收入增加了 10 個基點。由此產生的有機收入增長了 7.1%。

As you can see on the bottom half of this slide, at our Integrated HT Networks the organic increase was 8%. This was led by our global integrated offerings at McCann and FCB, by Mediabrands, Deutsche, and by R/GA -- IMGA. IMs growth was 7.5% over the first nine months. At our CMG segment Q3 organic growth was 3.7%. We continue to have very strong growth at our PR agencies, notably Weber Shandwick and Golin, which grew at double-digit rates. Organic growth was 2.5% at CMG for the first nine months but was mid-single digit increase excluding the impact of lower pass-through revenues.

正如您在這張幻燈片的下半部分看到的，在我們的集成 HT 網絡中，有機增長是 8%。這是由我們在 McCann 和 FCB、Mediabrands、Deutsche 和 R/GA -- IMGA 的全球集成產品所引領的。IM 在前 9 個月的增長率為 7.5%。在我們的 CMG 部門，第三季度有機增長率為 3.7%。我們的公關代理機構繼續保持強勁增長，尤其是萬博宣偉和高林，它們以兩位數的速度增長。CMG 前九個月的有機增長率為 2.5%，但不包括較低的轉嫁收入的影響，增長率為中個位數。

Moving on to Slide 5, revenue by region, in the US, Q3 organic growth was outstanding at 7.1%, with contributions coming from a very broad cross section of agencies, disciplines, and client sectors. For the nine months organic growth was 7%.

轉到幻燈片 5，按地區劃分的收入，在美國，第三季度的有機增長非常出色，達到 7.1%，貢獻來自非常廣泛的機構、學科和客戶部門。九個月的有機增長率為 7%。

In the UK Q3 organic growth was 5.2% on top of 12.2% last year. We had notably strong performance at R/GA, McCann, Octagon, and Weber Shandwick. For the nine months organic growth was 6.5%. Continental Europe was essentially flat organically in Q3. Our largest markets in the continent were mixed with Spain up organically, Italy and France last, and Germany down.

在英國，第三季度有機增長率為 5.2%，高於去年的 12.2%。我們在 R/GA、McCann、Octagon 和 Weber Shandwick 的表現非常出色。九個月的有機增長率為 6.5%。歐洲大陸在第三季度基本持平。我們在歐洲大陸最大的市場有機地混合了西班牙，意大利和法國最後，德國下降。

In Asia Pac, our largest international region, Q3 organic growth was 7.2%, propelled by strong growth in China and India. Growth for the nine months was 8.4% a performance that speaks to a strength of our positioning across our global integrated agencies, our media business, our digital specialists, and our public relations offerings.

在我們最大的國際區域亞太地區，受中國和印度強勁增長的推動，第三季度有機增長率為 7.2%。九個月的增長率為 8.4%，這一業績表明我們在全球綜合機構、媒體業務、數字專家和公共關係產品方面的實力。

In Lat Am our organic increase was 14.4% in the quarter. We continue to see very strong performance in most national markets such as Mexico, Argentina, and Colombia, which is consistent with the first half of the year. We also had improved quarter in Brazil although business conditions generally remain challenging there. In the quarter we had leading contributions to growth in the region by McCann, Mediabrands, R/GA, and Huge. Our other markets group, which made up of Canada and the Middle East and Africa grew 13.5% organically in the quarter, due chiefly to strong performance in the Middle East, as well as growth in Canada.

在拉丁美洲，本季度我們的有機增長率為 14.4%。我們繼續看到墨西哥、阿根廷和哥倫比亞等大多數國家市場的表現非常強勁，這與上半年一致。我們在巴西的季度也有所改善，儘管那裡的商業環境總體上仍然充滿挑戰。在本季度，麥肯、盟博、R/GA 和 Huge 為我們在該地區的增長做出了主要貢獻。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增長 13.5%，這主要歸功於中東的強勁表現以及加拿大的增長。

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 6%.

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 6%。

Moving on to slide 7, our operating expenses in the third quarter total operating expenses increased 20 basis points from a year ago compared with our reported revenue growth of 1.3%. As a result margin expanded 100 basis points. Underneath that performance our ratio salaries and related expenses to revenue in the quarter was 64.4% this year, an improvement of 50 basis points from a year ago. We had 50 basis points of leverage and our base payroll benefits and tax expense, as well as 20 points of base points on temporary labor. Our accrual for incentives increased by 40 basis points as a percent of revenue driven by our strong operating performance.

轉到幻燈片 7，我們第三季度的運營費用總運營費用比一年前增加了 20 個基點，而我們報告的收入增長率為 1.3%。結果，保證金擴大了 100 個基點。在這一表現之下，我們今年本季度的工資和相關費用與收入的比率為 64.4%，比一年前提高了 50 個基點。我們有 50 個基點的槓桿和我們的基本工資福利和稅收支出，以及 20 個臨時工基點。由於我們強勁的經營業績，我們的激勵應計收入佔收入的百分比增加了 40 個基點。

Total head count at quarter end was approximately 48,700, an increase of 3.2% year on year. The increase chiefly reflects organic hiring in support of growth in areas such as digital, creative, healthcare and PR, as well as regionally in the US UK, and Asia Pac.

季度末總人數約為 48,700 人，同比增長 3.2%。這一增長主要反映了支持數字、創意、醫療保健和公關等領域以及美國、英國和亞太地區地區增長的有機招聘。

Turning to ops and general expenses on the lower half of the slide O&G expense was 25.3 of Q3 revenue compared with 25.8 year ago an improvement of 50 basis points. Our improvement was driven by leverage on expenses for occupancy, travel, office supplies, and telecom and all other O&G expense.

轉向 O&G 費用下半部分的運營和一般費用佔第三季度收入的 25.3，而去年同期為 25.8，提高了 50 個基點。我們的改善是由對入住、差旅、辦公用品、電信和所有其他 O&G 費用的槓桿作用推動的。

On slide 8 we show our operating margin history on a trailing 12-month basis. The most recent data point is 11.1%.

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 11.1%。

Turning to the current portion of our balance sheet on slide 9 we ended the third quarter with $881 million cash and short term marketable securities. Comparison to December 31 reflects our cash level seasonal and tends to peak at year end.

轉到幻燈片 9 中資產負債表的當前部分，我們以 8.81 億美元的現金和短期有價證券結束了第三季度。與 12 月 31 日的比較反映了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 our third-quarter cash flow. Cash provided by operations was $281 million, compared with $176 million a year ago. Working capital was a source of $154 million this year, compared with the use $11 million in Q3 2014. Investing activities used $41 million in the quarter, primarily for CapEx. Financing activities used $151 million, mainly in capital return to shareholders, $70 million for share repurchases, and $48 million for common stock dividends. Our net increase in cash and cash equivalents for the quarter was $26 million.

在幻燈片 10 中，我們轉向第三季度的現金流。運營提供的現金為 2.81 億美元，而一年前為 1.76 億美元。營運資金是今年 1.54 億美元的來源，而 2014 年第三季度使用了 1100 萬美元。本季度投資活動使用了 4100 萬美元，主要用於資本支出。融資活動使用1.51億美元，主要用於向股東返還資本，7000萬美元用於股份回購，4800萬美元用於普通股股息。本季度我們的現金和現金等價物淨增加額為 2600 萬美元。

On slide 11 we showed debt deleveraging from a peak of $2.35 billion in 2007 to $1.75 billion at the most recent quarter end.

在幻燈片 11 中，我們顯示了債務去槓桿化，從 2007 年的峰值 23.5 億美元降至最近一個季度末的 17.5 億美元。

In summary on slide 12, the quarter and the year to date represents very solid performance in progress toward meeting our financial objectives for the full year. We're seeing growth in areas where we have focused our investment in both people and acquisitions. Our operators are focused on the appropriate cost discipline and margin expansion and our balance sheet is an important area that we continue to deploy for value going forward.

在幻燈片 12 的總結中，本季度和今年迄今的表現非常穩健，在實現我們全年的財務目標方面取得了進展。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控制和利潤擴張，我們的資產負債表是我們繼續部署以實現未來價值的重要領域。

With that said, let me turn it back to Michael.

話雖如此，讓我把它轉回給邁克爾。

Thank you Frank.

謝謝弗蘭克。

It's worth repeating that we are pleased to continue reporting strong results. In terms of organic revenue growth and margin progress, Q3 continues to make us a leader in our peer group. Contributions came from across the portfolio. In terms of agencies, geography, client categories, all fueled by the outstanding creativity, insights, and digital capabilities that we have throughout Interpublic. Our success is a reflection of the strength of our offerings and our client-centric focus.

值得重申的是，我們很高興繼續報告強勁的業績。在有機收入增長和利潤增長方面，第三季度繼續使我們成為同行中的領導者。貢獻來自整個投資組合。在機構、地域、客戶類別方面，所有這些都受到我們在 Interpublic 中擁有的傑出創造力、洞察力和數字能力的推動。我們的成功反映了我們產品的實力和我們以客戶為中心的重點。

Ultimately it is driven by the caliber of our people. Across the group we continue to see evidence that Interpublic and our agencies are consistently a first choice for the industry's best talent. For some time, talent has been a top strategic priority for us; one that has fueled our return to levels of organic growth that are fully competitive or better. We are proud that our culture has become a differentiator for us and has our long-standing commitment to diversity and inclusion, where we have a strong and established track record as the leader in our space.

最終，它是由我們員工的才幹驅動的。在整個集團中，我們繼續看到證據表明 Interpublic 和我們的代理機構始終是業內最優秀人才的首選。一段時間以來，人才一直是我們的首要戰略重點；一個推動我們恢復到完全有競爭力或更好的有機增長水平的人。我們感到自豪的是，我們的文化已成為我們的差異化因素，並且我們長期致力於多元化和包容性，我們作為我們所在領域的領導者擁有強大而穩固的業績記錄。

On our call last quarter we drilled down and provided greater focus on the role digital expertise is playing in all of our work we do for our clients from advertising through media and marketing services. We pointed out that unlike others in our space, IPG's digital capabilities have been largely grown organically and are embedded within every one of our disciplines. This commitment to incubating new skills, developing new products and services and investing in new technology has allowed us to stay highly relevant in today's digital world. It gives us confidence that our offerings are forward facing, competitive, and increasingly vital to clients as they seek to navigate the complexity of the media and marketing landscape.

在我們上個季度的電話會議上，我們深入研究並更加關注數字專業知識在我們為客戶所做的所有工作中所扮演的角色，從廣告到媒體和營銷服務。我們指出，與我們所在領域的其他公司不同，IPG 的數字能力在很大程度上是有機增長的，並嵌入到我們的每一個學科中。這種對培養新技能、開發新產品和服務以及投資新技術的承諾使我們能夠在當今的數字世界中保持高度相關性。它讓我們相信，我們的產品具有前瞻性、競爭力，並且在客戶尋求駕馭複雜的媒體和營銷環境時對他們越來越重要。

Operationally it's clear that we continue to be disciplined in terms of cost management. We remain focused on converting at the appropriate levels to deliver 100 basis points of margin improvement for the year. We also remain committed to robust capital return programs that have been driving further value creation for our shareholders. As we look to the fourth quarter, the tone of the business is solid, clients are being measured in their approach, but the year-end period will be key to delivering for all marketers and they are relying on partners that have the tools, insights, and capabilities to connect with consumers across channels and drive desired business outcomes.

在運營上，很明顯我們在成本管理方面繼續受到紀律處分。我們仍然專注於在適當的水平上進行轉換，以實現今年利潤率提高 100 個基點。我們還繼續致力於穩健的資本回報計劃，這些計劃一直在為我們的股東進一步創造價值。展望第四季度，業務基調穩固，客戶正在衡量他們的方法，但年底將是為所有營銷人員提供服務的關鍵，他們依賴擁有工具、洞察力的合作夥伴，以及跨渠道與消費者建立聯繫並推動預期業務成果的能力。

We remain cautious on Europe although our plans did not factor in growth in that region. The Brazilian and Chinese economies have been challenged, although our operations in those regions continue to deliver results.

儘管我們的計劃並未考慮該地區的增長，但我們仍對歐洲持謹慎態度。巴西和中國的經濟一直受到挑戰，儘管我們在這些地區的業務繼續取得成果。

The new business pipeline is solid. Year to date we continue to be net new business positive, and in fact near the top of the new business lead tables. The significant number of media pictures continue and it bears noting that we have been performing well to date with a number of headline wins: notably UM's wins of the Coca-Cola media review, J&J's US media buying and planning accounts, as well as CVS and McCormick, which was won in collaboration with R/GA. Those are reflection of the cutting edge offerings we have within Mediabrands. In terms of strategic media thinkers, outstanding digital and data platforms, and the scale and expertise to deliver buying efficiency to some of the world's largest and most demanding clients.

新業務渠道穩固。年初至今，我們繼續對新業務保持積極態度，實際上在新業務領先表中名列前茅。大量媒體圖片仍在繼續，值得一提的是，我們迄今為止表現良好，贏得了多項頭條新聞：特別是 UM 贏得了可口可樂媒體評論、強生的美國媒體購買和規劃賬戶，以及 CVS 和McCormick，這是與 R/GA 合作贏得的。這些反映了我們在盟博內部擁有的尖端產品。在戰略媒體思想家、傑出的數字和數據平台以及為世界上一些最大和最苛刻的客戶提供購買效率的規模和專業知識方面。

An additional point that is worth repeating when it comes to emerging media is that we do not take ownership of digital media but resale to clients. So our strong organic growth does not reflect the growth of digital media arbitrage revenue that you are seeing among some of our peers who take principal positions and resell owned inventory to clients at a margin. We continue to believe that our role as an agnostic consultant is key and allows us to provide clients with the recommendations and services that are best for their business.

關於新興媒體，值得重複的另一點是，我們不擁有數字媒體的所有權，而是轉售給客戶。因此，我們強勁的有機增長並沒有反映出數字媒體套利收入的增長，您在我們的一些同行中看到了這種收入，他們擔任主要職位並以利潤向客戶轉售自有庫存。我們仍然相信，我們作為不可知論顧問的角色是關鍵，它使我們能夠為客戶提供最適合他們業務的建議和服務。

We also remain committed to the highest standard of transparency, an area in which we have been a leader for some time. This continues to gain in important as the world of digital media is beset by challenges surrounding viewability and other issues that make it imperative that we serve as wholly objective partners to our clients.

我們還繼續致力於最高標準的透明度，一段時間以來，我們一直是該領域的領導者。隨著數字媒體世界受到圍繞可見度和其他問題的挑戰的困擾，這使得我們必須作為客戶的完全客觀的合作夥伴，這一點繼續變得重要。

McCann continues to post strong performance with outstanding creative work on its major multinationals and notable local market wins in the UK, Australia and India. We are seeing great collaboration within world group and this cross selling and integration is helping them win new accounts, as well as increase their share wallet with existing clients. The digital and healthcare units within McCann had strong performance. In the healthcare space it was good to see that McCann Health and FCB Health led us to outstanding performance at the medical marketing and media competition, where we vested the other holding companies in terms of awards won.

麥肯憑藉其在主要跨國公司的出色創意工作以及在英國、澳大利亞和印度取得的顯著本地市場胜利，繼續保持強勁業績。我們看到了 world 集團內部的良好合作，這種交叉銷售和整合正在幫助他們贏得新客戶，並增加他們與現有客戶的份額。麥肯內部的數字和醫療保健部門表現強勁。在醫療保健領域，很高興看到 McCann Health 和 FCB Health 帶領我們在醫療營銷和媒體競賽中取得了出色的表現，我們在這些競賽中獲得的獎項授予了其他控股公司。

Progress at FCB continues. The agency is consistently appearing on pitch lists with notable recent wins with Lincoln Financial by the New York office, BMO Harris Bank by the Toronto office, new work from Coke at FCB in South Africa and strong momentum at Inferno FCB in London. FCB Health remains a powerhouse in its field in the agency's shopper marketing operation. FCB Red is also a very strong resource.

FCB 的進展仍在繼續。該機構一直出現在推銷名單上，最近在紐約辦事處贏得了林肯金融、多倫多辦事處贏得了 BMO 哈里斯銀行、南非 FCB 的可口可樂的新工作以及倫敦 Inferno FCB 的強勁勢頭。FCB Health 仍然是該機構購物者營銷業務領域的強者。FCB Red也是一個非常強大的資源。

At CMG our award-winning public relations Weber Shandwick and Golin continue to gain market share. Beyond digital where both firms have been in the forefront of their discipline. They are also moving into content marketing and upstream to more strategic and integrated opportunities. We are well-positioned here, and we are also seeing good progress from our sports and entertainment and experiential businesses, as well as continuing improvement in the branding sector.

在 CMG，我們屢獲殊榮的公關萬博宣偉和 Golin 繼續獲得市場份額。除了數字化，兩家公司都處於各自領域的前沿。他們還進軍內容營銷和上游，以獲得更具戰略性和綜合性的機會。我們在這方面處於有利地位，我們也看到我們的體育娛樂和體驗業務取得了良好進展，以及品牌領域的持續改進。

Focus on Mullen Lowe during the quarter was squarely on merger integration and setting the stage for a successful 2016 and beyond. The agency's senior global leadership recently met to decide on and articulate the network's market position, strategy, and brand identity. This will include both agencies long-standing commitment to creative excellence. Mullen's contemporary hyper bundled approach and Lowe's deep knowledge of dynamic international markets. It's a combination that is working for many leading clients, including Unilever and we look forward to seeing it build positive momentum in the marketplace.

本季度對 Mullen Lowe 的關注完全集中在合併整合上，並為 2016 年及以後的成功奠定了基礎。該機構的全球高級領導最近召開會議，決定並闡明該網絡的市場地位、戰略和品牌標識。這將包括兩家機構對卓越創意的長期承諾。Mullen 的現代超捆綁方法和 Lowe 對動態國際市場的深入了解。這是一個為包括聯合利華在內的許多領先客戶服務的組合，我們期待看到它在市場上建立積極的勢頭。

Our US independence continued to be a source of strength for Interpublic. Deutsche is an example of the benefits of combining big creative ideas with a fully integrated suite of digital capabilities. The marketing agency Hill Holliday and Carmichael Lynch are other agencies that deliver with this model and provide us with a range of options that can meet the needs of the domestic clients.

我們在美國的獨立性繼續成為 Interpublic 的力量源泉。Deutsche 是將大創意與完全集成的數字功能套件相結合的好處的一個例子。營銷機構 Hill Holliday 和 Carmichael Lynch 是其他採用這種模式的機構，為我們提供了一系列可以滿足國內客戶需求的選擇。

In terms of digital, our offerings are consistently outstanding, whether it be our social media capabilities at Weber and Golin, Cadreon and AMP within Mediabrands, or the integrated digital capabilities at all of our brand agencies. MRM is a top-tier digital network and the close collaboration we're seeing before them and McCann is elevating the overall world group offering, just as the integration of Profero and Mediahub are significantly strengthening Mullen Lowe's go to market positioning.

在數字方面，我們的產品始終如一，無論是我們在 Weber 和 Golin、盟博旗下的 Cadreon 和 AMP 的社交媒體功能，還是我們所有品牌代理機構的集成數字功能。MRM 是一個頂級數字網絡，我們看到他們與麥肯的密切合作正在提升整個世界集團的產品，正如 Profero 和 Mediahub 的整合顯著加強了 Mullen Lowe 的市場定位。

We are also fortunate to have R/GA, the undisputed leader in digital- and technology-enabled marketing that continue to win business and awards, as well as innovate with programs such as the R/GA accelerators that give us a line of sight into terrific startups with ideas and technology that will play a role in shaping the future of communications and consumer experience. Our current accelerator is taking place in Los Angeles in collaboration with the LA Dodgers and the participating companies span every aspect of connected sport, from athlete training to venue management to new social channels in which consumers can share their passion for sports.

我們也很幸運擁有 R/GA，這是數字和技術支持營銷領域無可爭議的領導者，它繼續贏得業務和獎項，並通過 R/GA 加速器等項目進行創新，使我們能夠深入了解擁有創意和技術的出色初創公司將在塑造通信和消費者體驗的未來方面發揮作用。我們目前的加速器是與洛杉磯道奇隊合作在洛杉磯舉辦的，參與公司涵蓋互聯運動的各個方面，從運動員訓練到場地管理，再到消費者可以分享他們對運動的熱情的新社交渠道。

Huge is another digital specialist that has performed exceptionally well for us. Beyond its industry-leading strategic consulting, design, and UX practices, the agency recently made news when it opened a coffee shop in its Atlanta office to serve as a real-time lab in which we will develop and test digital retail innovations for both current and prospective clients. For us at Interpublic the new business of advertising means that we encourage ambitious change across the entire organization. By providing access to emerging and transformative technologies we develop programs that help us attract talent and create work that puts the user experience first. All in the service of our clients.

Huge 是另一位為我們表現出色的數字專家。除了其行業領先的戰略諮詢、設計和用戶體驗實踐外，該機構最近在其亞特蘭大辦事處開設了一家咖啡店作為實時實驗室，我們將在其中開發和測試數字零售創新，從而成為新聞。和潛在客戶。對於 Interpublic 的我們來說，新的廣告業務意味著我們鼓勵整個組織進行雄心勃勃的變革。通過提供對新興和變革性技術的訪問，我們開發了一些程序來幫助我們吸引人才並創造將用戶體驗放在首位的工作。一切為了我們的客戶服務。

Looking to the balance of this year, we stayed diligent on cost so as to ensure that we can deliver on our margin commitment. There are geographic markets that we will need to monitor, but performance for the first nine months has been very strong and positions us well for a strong close to the full year. As mentioned in my initial remarks, we believe that given our performance to date the appropriate organic revenue growth targets for the new year is in excess of 5% and that we are on track to deliver 100 basis points of operating margin improvement at the end of our initial target for the year -- at the high end for of our initial target.

展望今年的餘額，我們在成本方面保持勤奮，以確保我們能夠兌現我們的保證金承諾。我們需要監控一些地理市場，但前九個月的表現非常強勁，使我們在接近全年的時候處於有利地位。正如我在最初的發言中提到的，我們認為，鑑於我們迄今為止的表現，新年適當的有機收入增長目標超過 5%，並且我們有望在年底實現 100 個基點的營業利潤率改善。我們今年的初始目標 - 在我們初始目標的高端。

Moving forward, we are therefore closer to achieving our previously stated goal of 13%. Combined with our company's financial strength and robust return of capital, which have and will continue to be a source of significant value creation, this will allow us to further enhance shareholder value.

因此，展望未來，我們更接近於實現我們之前設定的 13% 的目標。結合我們公司的財務實力和穩健的資本回報，這已經並將繼續成為重要價值創造的源泉，這將使我們能夠進一步提高股東價值。

With that I would like to thank you for your time and continued support and open the call up to questions.

在此，我要感謝您的寶貴時間和一如既往的支持，並歡迎大家提問。

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）

Alexia Quadrani of JPMorgan.

摩根大通的 Alexia Quadrani。

Thank you.

謝謝。

My first question for Michael: you continue to show such impressive organic revenue growth with some of the highest organic growth this quarter I can remember maybe in several years now, even on difficult comps. Can you provide a bit more color on what's causing this incremental change? Is it the more your agencies are doing from very well? Is it that you've got tailwind from a lot of new business you have won? Is it the overall macroenvironment? Is it client budgets? Any color that can point to what's giving you, even incrementally stronger in organic growth?

我對邁克爾的第一個問題：你繼續展示如此令人印象深刻的有機收入增長，本季度我記得可能在幾年內實現了一些最高的有機增長，即使是在困難的情況下。您能否提供更多關於導致這種增量變化的原因的顏色？您的代理機構做得越多越好嗎？是不是因為您贏得了許多新業務而順風順水？是整體的宏觀環境嗎？是客戶預算嗎？任何顏色都可以指出是什麼給了你，甚至在有機增長中逐漸增強？

Thank you Alexia. All of the above.

謝謝亞歷克西婭。上述所有的。

Look, none of this is by accident. We have started on this journey by clearly investing in talent. And I think what you're seeing right now is the fact that the talent that we've embedded within all of our organizations is really shining in terms of what clients are looking for in terms of moving the needle with their business. But creative talent and overall talent needs tools and resources within the organization to make sure we can deliver on that. So we've invested in all of these tools and resources throughout the Company. And finally, we really are a client centric environment so everyone is focusing on the needs of the clients, and therefore we are focusing on what we can bring to the resources within IPG to the client to meet those needs.

看，這一切都不是偶然的。我們通過對人才的明確投資開始了這一旅程。而且我認為您現在看到的事實是，我們在所有組織中嵌入的人才在推動業務發展方面真正閃耀著客戶所尋求的人才。但創意人才和整體人才需要組織內的工具和資源，以確保我們能夠實現這一目標。因此，我們在整個公司投資了所有這些工具和資源。最後，我們確實是一個以客戶為中心的環境，所以每個人都關注客戶的需求，因此我們關注我們可以為客戶帶來 IPG 資源的東西，以滿足這些需求。

We are seeing success in our open architecture model, where if you look at the business wins, all of our agencies are aware of the fact that if their particular disciplines need other resources from IPG they raise their hand and we bring the additional IPG resources to the table. And frankly we are getting a reputation in the marketplace, appropriately, that we do this very well and we really focus on the needs of the clients versus our own silos. And I think the new business wins that we're seeing, as well as the embedded growth we're seeing in our existing client base, really is indicative of the fact that all of the IPG resources are available to move the needle with our client and we are executing against that.

我們在我們的開放式架構模型中看到了成功，如果您查看業務勝利，我們所有的機構都意識到這樣一個事實，即如果他們的特定學科需要 IPG 的其他資源，他們會舉手，我們將額外的 IPG 資源帶到桌子。坦率地說，我們在市場上獲得了適當的聲譽，我們在這方面做得很好，我們真正關注客戶的需求而不是我們自己的孤島。我認為我們看到的新業務勝利，以及我們在現有客戶群中看到的內在增長，確實表明所有 IPG 資源都可用於推動我們客戶的發展我們正在執行反對。

But in the end, it takes people and belief by those people that they have a huge resource base behind them. And the other thing which I particularly like is when I participate in a lot of these pitches, what we see in the room are cross disciplines either from within the agencies or outside IPG and it's not uncommon for the client to come up to me and say, you know I didn't even realize which individuals were from which discipline. And that's really what clients are looking for in their resources. So I'm particularly proud of all of our agencies, whether it be our traditional agencies, our digital agencies, our marketing services, PR. I mean across the board we are all doing quite well.

但最終，它需要人們和這些人相信他們擁有巨大的資源基礎。我特別喜歡的另一件事是，當我參與很多這樣的推介時，我們在房間裡看到的是來自代理機構內部或 IPG 外部的跨學科，客戶來找我說的情況並不少見，你知道我什至沒有意識到哪些人來自哪個學科。而這正是客戶在他們的資源中尋找的。所以我為我們所有的代理機構感到特別自豪，無論是我們的傳統代理機構、我們的數字代理機構、我們的營銷服務、公關。我的意思是，我們都做得很好。

And just a follow-up if I can on profitability. I know you don't discuss margins as, say, by region. But maybe you can talk just generally, you've seen a couple of, you know -- a long period now where you've seen a lot more stability in your European operations. Are you seeing maybe better profitability in that area now that you've seen stability for a while, or markets such as Germany which are still weak, really pulling it down for you?

如果我可以盈利的話，只是跟進。我知道您不會按地區討論利潤率。但也許你可以籠統地說，你已經看到了一些，你知道 - 很長一段時間以來，你已經看到歐洲業務更加穩定。既然您已經看到了一段時間的穩定性，或者德國等仍然疲軟的市場真的為您拉低了市場，那麼您是否看到該地區的盈利能力可能更好？

Well clearly we're seeing better profitability. That doesn't mean better is where we want to be. I mean it's always been a challenge for profitability in Europe for us. We've taken a lot of actions, we have repositioned assets, we've brought in new management, we've reduced layers of people, and it's a very competitive market. And it's great to see us on the positive side for the nine months. As I said in my remarks, we're not counting on a bigger recovery. But the profitability side of it is moving forward. But it's still not at the levels we want it to be. So we've got more work to do in continental Europe. But we have made great strides towards that.

很明顯，我們看到了更好的盈利能力。這並不意味著更好就是我們想要成為的地方。我的意思是，對我們來說，這一直是歐洲盈利能力的挑戰。我們採取了很多行動，我們重新定位了資產，我們引入了新的管理層，我們減少了人員層級，這是一個競爭非常激烈的市場。很高興看到我們在這九個月裡保持積極的一面。正如我在發言中所說，我們並不指望更大的複蘇。但它的盈利能力方面正在向前發展。但它仍然沒有達到我們想要的水平。因此，我們在歐洲大陸還有更多工作要做。但我們已經朝著這個方向邁進了一大步。

Thank you very much.

非常感謝。

Thank you.

謝謝。

John Janedis of Jefferies LLC

Jefferies LLC 的 John Janedis

Thank you. Michael, there's been a lot of talk in the market recently about the viability of the agency model in offerings and with all recent pitches have you seen a change in the groups you are competing against? And for the business you've won are there pieces of the business that you would typically work on that [once you] maybe nontraditional players?

謝謝。邁克爾，最近市場上有很多關於代理模式在產品中的可行性的討論，在最近的所有宣傳中，你是否看到你所競爭的群體發生了變化？對於您贏得的業務，是否有您通常會從事的業務[一旦您]可能是非傳統參與者？

Well, yes, I -- the viability of the model -- it's funny, I gave a talk at IAB and I put up my favorite slide, which is a quote that says the agency business is going to be disintermediated and is basically doomed and then I go to the next slide and it's a quote in 1975.

嗯，是的，我——這個模型的可行性——很有趣，我在 IAB 做了一個演講，我放了我最喜歡的幻燈片，這句話說代理業務將被去中介化，基本上註定要失敗，然後我轉到下一張幻燈片，這是 1975 年的一句話。

So I mean there are always people out there saying that the competitors in other disciplines whether it be Ad-tech or smaller agencies. In the end we have the resources and capabilities that can compete with any resource out there. And frankly when we don't have it, yes, we use outside parties, we work well with them. It's incumbent upon us to know what we do well and what we don't do well. That's what this whole concept of open architecture is all about, John. And that is we're looking at the client first and if we don't have a resource internally, and when I say internally I mean within IPG, it's not uncommon for us to use outside resources to help us.

所以我的意思是總是有人說其他學科的競爭對手，無論是廣告技術還是較小的機構。最後，我們擁有可以與任何資源競爭的資源和能力。坦率地說，當我們沒有它時，是的，我們使用外部方，我們與他們合作得很好。我們有責任知道我們在哪些方面做得好，在哪些方面做得不好。約翰，這就是整個開放式架構概念的全部內容。那就是我們首先關注客戶，如果我們沒有內部資源，當我在內部說我的意思是在 IPG 內部時，我們使用外部資源來幫助我們的情況並不少見。

And frankly that's what shows clients that we are thinking of them versus ourselves and yet we end up dealing with nontraditional people whether it be on the Ad-tech side. Even in some of the production, we don't like it, but even some of the production facilities that clients request us to use, you know, we have to be in a world now where collaboration works. And the collaboration starts with us, and if it's not within our organization we have to be able to collaborate with other parties our clients are happy with.

坦率地說，這就是向客戶表明我們正在考慮他們而不是我們自己，但我們最終與非傳統人士打交道，無論是在廣告技術方面。即使在某些生產中，我們不喜歡它，但即使是客戶要求我們使用的一些生產設施，你知道，我們現在必須處在一個協作有效的世界中。合作從我們開始，如果不在我們的組織內，我們必須能夠與我們的客戶滿意的其他方合作。

We are able to do all of that and sometimes working with the third parties turns out to be a lot smoother than sometimes working with ourselves, which is a shame on us, but that's the reality of the world out there. The world is changing and our model has to change with us, and I think that's one of the things you're seeing why we're being successful in that we are not wedded to the silo mentality of the past. We have to collaborate. We have to collaborate within IPG, and we have to collaborate outside of IPG with other parties.

我們能夠做到所有這些，有時與第三方合作比有時與我們自己合作要順利得多，這對我們來說是一種恥辱，但這就是外面世界的現實。世界在變化，我們的模式也必須隨之改變，我認為這就是你看到的我們之所以成功的原因之一，因為我們沒有拘泥於過去的孤島心態。我們必須合作。我們必須在 IPG 內部進行協作，並且我們必須在 IPG 外部與其他各方進行協作。

Okay thanks and then just separately as you mentioned you picked up some good wins since your last call and also year-to-date. Can you update us on any potential talent on organic as they roll in. Maybe for either the balance of the year or into next year?

好的，謝謝，然後就像您提到的那樣，自上次通話以來以及年初至今，您都取得了一些不錯的勝利。您能向我們介紹有機方面的任何潛在人才嗎？也許是今年餘下時間或明年？

Well I said we are net new business positive. So by definition if we're net new business positive we are going to move into the year with tailwinds. But we still have the fourth quarter to go. The fourth quarter is our biggest quarter. It's project-based, so we're waiting to see how that comes in. We have a number of reviews still out there. It's unlikely that those reviews will impact 2015, so it will affect 2016 numbers, and we are cautiously optimistic on those reviews that we've had.

好吧，我說過我們是淨新業務積極的。因此，根據定義，如果我們的新業務是淨積極的，那麼我們將順風進入這一年。但我們還有第四節。第四季度是我們最大的季度。它是基於項目的，所以我們在等著看它是如何出現的。我們還有很多評論。這些審查不太可能影響 2015 年，因此它會影響 2016 年的數字，我們對我們已經進行的這些審查持謹慎樂觀態度。

The fact that we've been successful on the media reviews in particular, obviously we're feeling comfortable going into the year finals of some of the media pitches that are out there. But you never know what these pitches but we're very comfortable with how we are positioned in them. So if we are successful with those, or at least some of those, we'll certainly go in to 2016 with tailwinds.

事實上，我們在媒體評論方面取得了特別的成功，顯然我們對進入一些媒體宣傳的年度決賽感到很自在。但是你永遠不知道這些推銷是什麼，但我們對我們在其中的定位非常滿意。因此，如果我們在這些方面取得成功，或者至少在其中一些方面取得成功，我們肯定會順風進入 2016 年。

Thanks so much.

非常感謝。

David Bank of RBC Capital Markets

加拿大皇家銀行資本市場的大衛銀行

Thanks. First off, Michael, whatever's in the Kool-Aid over there you can feel free to sprinkle it on the rest of the S&P 500 and we will be much happier.

謝謝。首先，邁克爾，無論那邊的 Kool-Aid 有什麼，你都可以隨意將它灑在標準普爾 500 指數的其餘部分，我們會更快樂。

We are beginning to feel a little bit like Dan Murphy but -- (laughing)

我們開始覺得有點像 Dan Murphy 但是——（笑）

Yes, you're seeing the ball really well right now.

是的，你現在看球真的很好。

Exactly, David, thank you.

正是，大衛，謝謝你。

But on a more serious note, we are -- I think it is a bit of a follow-up to a couple of questions before, but it's early days lots of headlines but early days on some longer-term changes that I think we as outsiders are trying to understand about how the business is changing you know programmatically, for instance. We look at these things and we see things that appear to be able to be done mechanically more efficiently and we worry that, you know, maybe that takes some value out of the chain that you would be paid for and I think on the flipside -- and we can see headlines about that. What we don't often see headlines about are, you know, what is the traction that you are getting on your skill set in helping clients leverage off these mechanical solutions? Right? Like what is the counterbalance to growing fees on integrating these third-party and your own party products and frankly just helping clients navigate how to use these mechanical solutions. Can you talk about how you're seeing that so far? Is there a financial impact yet? How do you help us understand it?

但更嚴肅地說，我們 - 我認為這是對之前幾個問題的跟進，但現在很多頭條新聞還處於早期階段，但我認為我們作為一些長期變化的早期階段例如，局外人正試圖了解業務如何以編程方式發生變化。我們審視這些事情，我們看到似乎可以更有效地機械完成的事情，我們擔心，你知道，這可能會從價值鏈中拿走一些價值，而我認為另一方面 - - 我們可以看到有關的頭條新聞。我們不經常看到的頭條新聞是，你知道，在幫助客戶利用這些機械解決方案方面，你的技能有何吸引力？正確的？例如，集成這些第三方和您自己的產品的費用增加的平衡是什麼，坦率地說，只是幫助客戶了解如何使用這些機械解決方案。你能談談你到目前為止的看法嗎？是否有財務影響？你如何幫助我們理解它？

You know I think the key to making a success out of that, there's no question that there's a trend there and we can discuss all sorts of reasons why that trend is there. But our job is to work with our clients. It's interesting I was just talking to our folks on a pitch that we just had this week and there we had a presentation on Cadreon and Programmatic. Obviously, that's a very strong asset of IPG. It's growing tremendously both in the marketplace and competitively. And yet the client is considering taking that inside.

你知道我認為成功的關鍵是，毫無疑問，那裡有一種趨勢，我們可以討論這種趨勢存在的各種原因。但我們的工作是與客戶合作。有趣的是，我剛剛在本周剛剛舉行的一次推介會上與我們的人交談，我們在那裡做了關於 Cadreon 和 Programmatic 的演講。顯然，這是 IPG 的一項非常強大的資產。它在市場和競爭中都在飛速發展。然而，客戶正在考慮將其帶入內部。

So as part of the pitch, we present ideas and our people from Cadreon present what we are doing and you see the client sitting there saying, oh my goodness. How come we didn't think of that and how come we didn't think if this. So, yes, we work with our clients who are intending to bring some of it inside. In the end, we act as integrators. Our job, and I've always said this, confusion is good for us, and the reason it's good for us is we get paid to help make sense out of all of this.

因此，作為推銷的一部分，我們提出想法，Cadreon 的員工介紹我們正在做的事情，您會看到客戶坐在那裡說，我的天哪。為什麼我們沒有想到這一點，我們怎麼沒有想到這一點。所以，是的，我們與打算將其中一些內容帶入內部的客戶合作。最後，我們充當集成商。我們的工作，我一直這麼說，混淆對我們有好處，它對我們有好處的原因是我們得到報酬來幫助理解所有這些。

And if clients are looking to us to help them do this, we have to be able to respond. And if it means helping them bring it inside, that's okay. But they are still going to need the current thinking in the investments that we make in these tools that clients just are not a position to make. And frankly the talent that we are able to recruit in that environment is so different than the talent that you can recruit internally on a siloed basis. So, yes, clients are bringing it in. It's not a threat, it's just another tool that clients have that they want us to work with in the overall integrated offering. And we have to be able to do that.

如果客戶希望我們幫助他們做到這一點，我們必須能夠做出回應。如果這意味著幫助他們將其帶入內部，那沒關係。但是他們仍然需要我們對這些工具進行投資的當前想法，而客戶無法進行這些投資。坦率地說，我們能夠在那種環境中招聘的人才與您可以在內部孤立地招聘的人才截然不同。所以，是的，客戶正在引入它。這不是威脅，它只是客戶希望我們在整體集成產品中使用的另一種工具。我們必須能夠做到這一點。

You know the history of our industry is when clients bring things internally a lot of times it comes back. And the reason for it is the ability to recruit talent, as well as to keep investing in the tools and resources that you need to be current. So, yes, it's a phenomenon there's no question about it and clients are trying to do it internally, but I think they'll find in the long-term that we still have a role to play here in helping them accomplish what they're looking for, but at the same time using the tools and resources that we have that they are not capable of developing.

你知道我們行業的歷史是客戶把東西帶回內部很多次。這樣做的原因是能夠招募人才，以及繼續投資於您需要的工具和資源。所以，是的，這是一種毫無疑問的現象，客戶正在嘗試在內部進行，但我認為從長遠來看，他們會發現我們仍然可以在這裡發揮作用，幫助他們完成他們正在做的事情尋找，但同時使用我們擁有的他們無法開發的工具和資源。

So we don't fight it, we actually help them do it. And that's -- you know again that's one piece of the puzzle. I mean again if there's a relationship with the client, it has to be broad and it has to be seen as that we are in a partnership with the client. And we have all of these different resources that we bring to the table. And if the client feels comfortable asking us to help them, we don't view it as them taking business away from us, it's part of what our role is. And we have to build it into our model. But it's a reality, but it's been a reality for years in this industry and it just changes different forms.

所以我們不打它，我們實際上幫助他們做到這一點。那就是——你又知道那是拼圖的一部分。我的意思是，如果與客戶有關係，它必須是廣泛的，並且必須被視為我們與客戶的合作夥伴關係。我們擁有所有這些不同的資源，我們可以帶到桌面上。如果客戶願意要求我們幫助他們，我們不會將其視為他們搶走了我們的業務，這是我們職責的一部分。我們必須將其構建到我們的模型中。但這是一個現實，但它在這個行業已經存在多年，只是換了不同的形式。

Okay. Thank you very much.

好的。非常感謝。

Thank you, David.

謝謝你，大衛。

Peter Stabler from Wells Fargo Securities.

富國銀行證券的 Peter Stabler。

Good morning. Thanks for taking the question.

早上好。感謝您提出問題。

Actually I want to follow on yet again on John and David. Questions here, Michael, so with regard to the reviews, we see headlines out there sometimes from large clients suggesting that they are going to use the review process to drive down there aggregate fees, right. Just wondering if you could comment on that?

實際上，我想再繼續談談 John 和 David。這裡的問題，邁克爾，所以關於審查，我們有時會看到大客戶的頭條新聞表明他們將使用審查流程來降低總費用，對吧。只是想知道你是否可以對此發表評論？

The idea that coming out of this process as the dust settles, that the total fee envelope available to all of you is smaller and I guess the other piece of this that doesn't get talked about as much is the situations where the scope of work actually expands. So I am wondering if you could talk a little bit about the first part and then what kind of expansion might you see as you get into these reviews where, who knows, fees could actually go up. Thanks very much.

隨著塵埃落定，從這個過程中出來的想法，你們所有人可用的總費用包絡更小，我想另一個沒有被談論太多的部分是工作範圍的情況實際上擴大。所以我想知道你是否可以談談第一部分，然後當你進入這些評論時你會看到什麼樣的擴展，誰知道，費用實際上可能會上漲。非常感謝。

Well, yes, no, I mean, look, any review that takes place clearly has a view towards what they call efficiencies. Efficiencies obviously means fee reductions and clients for generations have been looking for more for less. So it's something we're very much used to and it puts the burden on us to be more efficient, but yet we have to be able to meet the needs of the clients. And, yes, that presents problems in terms of us maintaining margin. But again, remember this is only one piece of the puzzle.

好吧，是的，不，我的意思是，看，任何進行的審查顯然都針對他們所謂的效率。效率顯然意味著費用的減少，幾代人的客戶一直在尋找事半功倍的服務。所以這是我們非常習慣的事情，它給我們帶來了提高效率的負擔，但我們必須能夠滿足客戶的需求。而且，是的，這給我們維持利潤率帶來了問題。但同樣，請記住這只是拼圖的一部分。

When we talk about margins it's aggregate margins in all of the different disciplines and resources. And sure on some basic contract work that we have in scope margins maybe a little bit less than they may have been before. But in the end, it's our opportunity and clients expect it for us to be able to bring in new ideas that help them move the needle and that's what is called -- known as out of scope work and out of scope work is something that typically we get higher margins on. That's the way our business works and clients know that. But first they have to start with a line in the sand.

當我們談論利潤時，它是所有不同學科和資源的總利潤。當然，在一些基本的合同工作中，我們在範圍內的利潤率可能比以前少一點。但最終，這是我們的機會，客戶希望我們能夠帶來新的想法，幫助他們取得進展，這就是所謂的 - 稱為超出範圍的工作，超出範圍的工作通常是我們獲得更高的利潤。這就是我們的業務運作方式，客戶也知道這一點。但首先他們必須從沙灘上的一條線開始。

So these reviews establish a line in the sand in terms of scope of work and fees that will be available and we have to work within that model. And it's incumbent upon us to make sure that the additional work that we do and clients understand that if it's out of scope they have to pay for it and we typically make better margins on the out of scope work. That's not a secret in our industry and clients know it.

因此，這些審查在可用的工作範圍和費用方面確立了界限，我們必須在該模型內工作。我們有責任確保我們所做的額外工作和客戶明白，如果超出範圍，他們必須為此付費，而我們通常會在超出範圍的工作中獲得更好的利潤。這在我們的行業中不是秘密，客戶也知道。

And the other part of it is this is a value-based environment. And if we can show that we are moving the needle and clients value the type -- the ideas that we are bringing to them and the fact that it's in fact proving that results that we believe it can do, clients have incentive fees with us, there are performance-based contracts that we have on -- particularly on the media side of the business.

另一方面，這是一個基於價值的環境。而且，如果我們能夠證明我們正在發揮作用，並且客戶重視這種類型——我們帶給他們的想法以及事實證明我們相信它可以做到的結果，客戶就會收到我們的獎勵費，我們有基於績效的合同——尤其是在媒體方面。

So there are vehicles that we have to develop opportunities for us to enhance margins. And that's the way the business is and so we don't view procurement as a bad word, we don't view as these reviews as necessarily being only with a view towards fee reductions. The other reason these reviews are taking place is because they want to see if they're getting best in class offerings. And frankly if I was a client, I would be asking the same thing.

因此，我們必須開發一些工具來提高我們的利潤率。這就是業務的方式，所以我們不認為採購是一個壞詞，我們不認為這些審查必然只是為了減少費用。進行這些審查的另一個原因是他們想看看他們是否獲得了同類產品中最好的。坦率地說，如果我是客戶，我也會問同樣的問題。

So we approach these reviews even when we're incumbent as an opportunity to show clients and future clients what we can bring to the table, what resources we have, and how we can work differently with them to move the needle. You know what's interesting is the incumbents usually start out as, why haven't you brought this to us before?

因此，即使我們有責任向客戶和未來的客戶展示我們可以帶來什麼、我們擁有哪些資源以及我們如何以不同的方式與他們合作以取得進展，我們也會將這些評論視為一個機會。你知道有趣的是，現任者通常一開始就說，你為什麼以前不把這個帶給我們？

So therefore if you look at the history of reviews incumbents generally don't do well. But when you really drill down on it, incumbents have been dealing within a certain playbook both with the client and ourselves. These reviews open up a different playbook. And that means there's got to be change both on the client's side, as well as our side. And I see that's what's happening in a number of these reviews.

因此，如果您查看評論的歷史，現任者通常表現不佳。但是當你真正深入研究時，現任者一直在與客戶和我們自己打交道。這些評論打開了不同的劇本。這意味著客戶方面和我們方面都必須進行更改。我看到這就是許多此類評論中發生的事情。

Clients are recognizing that their approach isn't necessarily the right approach, and they're willing to think of a different approach that we can bring to the table. And that means opportunity. Every time we get to work with our clients and show what we can do it presents opportunities for us across the board. So, that's how we approach it.

客戶認識到他們的方法不一定是正確的方法，他們願意考慮我們可以提出的不同方法。這意味著機會。每次我們與客戶合作並展示我們的能力時，都會為我們提供全面的機會。所以，這就是我們處理它的方式。

Thanks Michael.

謝謝邁克爾。

Ben Swinburne from Morgan Stanley.

來自摩根士丹利的本·斯威本。

Thank you. Good morning. I guess I have to be the guy, Michael, that asks about the ANA stuff.

謝謝。早上好。我想我一定是那個問起 ANA 問題的人，邁克爾。

I thought I was going for call without it, Ben.

本，我以為我會在沒有它的情況下打電話。

I'll take the bullet. But, now that -- it was announced yesterday, generally what we thought was going to happen. From where you sit when you look at who they've hired and everything you know about the process, do you expect any impact on Interpublic Group or, you know, what from your perspective should we be looking for from this process, if anything?

我來接子彈但是，現在 - 它是昨天宣布的，一般來說我們認為會發生什麼。當您查看他們僱用的人員以及您對流程的了解時，從您的位置來看，您是否期望對 Interpublic Group 產生任何影響，或者，從您的角度來看，我們應該從這個流程中尋找什麼，如果有的話？

You know it's not a surprise to anybody so I don't know why people all of a sudden are shocked and so on. The ANA has been talking about this. The four A's has been talking about it. Everybody's been talking about it. So the fact that the ANA hired two firms to do it, to help them with it is not a surprise to us at all. Obviously we have dealt with these firms before not so much the [Kroll] but as much as the other one, but we've been talking about transparency. It started with us frankly 10 years ago, maybe it's 11 now, time flies you're having good time, on this whole issue of rebates, and so this is nothing that we are afraid of. We've been very clear on rebate issues for ten years now.

你知道這對任何人來說都不足為奇，所以我不知道為什麼人們突然感到震驚等等。ANA 一直在談論這個。四個A一直在談論它。每個人都在談論它。因此，ANA 聘請了兩家公司來幫助他們完成這項工作這一事實對我們來說一點也不奇怪。顯然，我們之前與這些公司打交道的不是 [Kroll]，而是其他公司，但我們一直在談論透明度。坦率地說，10 年前我們就開始了，現在可能是 11 年了，時間過得真快，在整個回扣問題上，你玩得很開心，所以這不是我們害怕的。十年來，我們在回扣問題上一直非常清楚。

It's in all of our contracts, we welcome, in fact in all these reviews, we have audit capabilities from our clients to come in and review this, so this isn't new for us. And it's part of the verification and audit that we have within our own systems. Clients are welcome to come in and in fact we do share with them results from that and some of them -- one of the firms that is doing this actually we worked with in the past. So this isn't really nothing new for our industry. Any type of review like this, you know, everyone raises questions of what they're going to find. It's unfortunate that the headlines particularly in Europe have made it look like this is a criminal investigation you know.

這是我們所有的合同，我們歡迎，事實上，在所有這些審查中，我們有客戶的審計能力來審查這個，所以這對我們來說並不新鮮。這是我們在自己的系統中進行的驗證和審計的一部分。歡迎客戶進來，事實上我們確實與他們分享了結果，其中一些是這樣做的公司之一，實際上我們過去曾與之合作過。所以這對我們的行業來說並不是什麼新鮮事。像這樣的任何類型的評論，你知道，每個人都會對他們將要找到的內容提出疑問。不幸的是，尤其是在歐洲的頭條新聞讓這看起來像是你知道的刑事調查。

The last I looked ANA doesn't have the ability to subpoena. And if you read these headlines you would think that's what was going on. That's not what's going on, it's a look into the practices within an industry. That's nothing new. This is an industry organization making sure that their constituents are comfortable with what's going on in the practice. And you know we've been dealing with this all along. So from an IPG perspective, we're very comfortable on rebate transparency, we're very comfortable on contractual transparency. We have it in all of our contracts and verification and review is part of our process. There's nothing in any of that that concerns us.

我上次看全日空沒有傳票的能力。如果您閱讀這些標題，您會認為這就是正在發生的事情。這不是正在發生的事情，而是對行業內實踐的審視。這不是什麼新鮮事。這是一個行業組織，確保其成員對實踐中發生的事情感到滿意。你知道我們一直在處理這個問題。因此，從 IPG 的角度來看，我們對回扣透明度非常滿意，我們對合同透明度也非常滿意。我們在所有合同中都有它，驗證和審查是我們流程的一部分。這些都與我們無關。

That's very helpful. Thank you.

這很有幫助。謝謝。

I just wanted to follow up on the digital buying front, which I know is a part of your business; not all of your business but one that gets a lot of focus. You know what you've done with Cadreon -- can you talk about how much you've been able to get all of your different agencies to leverage that platform when they buy media or do you still have certain pockets of your organization that are doing it on their own? It seems like a pretty complex organizational challenge to have sort of a centralized platform. But I am imagining as you go through these reviews it's just a huge part of the conversation. So maybe you could just talk about it from a management perspective how you guys are set up and how it's working.

我只是想跟進數字購買方面的情況，我知道這是你們業務的一部分；不是你所有的業務，而是一個得到很多關注的業務。你知道你用 Cadreon 做了什麼——你能談談你在多大程度上讓你所有的不同機構在購買媒體時利用這個平台，或者你的組織中是否還有某些人在做靠自己嗎？擁有某種集中式平台似乎是一個相當複雜的組織挑戰。但我想當你瀏覽這些評論時，它只是談話的重要部分。所以也許你可以從管理的角度談談你們是如何設置的以及它是如何工作的。

Well, you know, look, the key to this is obviously our multinational clients that go through Mediabrands. They're clearly using Cadreon.

好吧，你知道，看，關鍵顯然是我們通過盟博的跨國客戶。他們顯然在使用 Cadreon。

Yes.

是的。

And that's part of their business model. We have a number of agencies that do their own buying that have their own capabilities, and that's fine. But frankly from a business management point of view, we always argue, whenever we have the operating reviews of our businesses, and they talk about it, they all think they have a better model. And if their better model is working that's terrific, but it seems that the efficiencies that can be gotten by dealing from with a Mediabrands' platform in terms of current thinking and resources just as compelling and frankly I wish some of our agencies would use it more but that -- certainly the bulk of our media buying is going through that.

這是他們商業模式的一部分。我們有許多機構自己進行採購，他們有自己的能力，這很好。但坦率地說，從業務管理的角度來看，我們總是爭辯說，每當我們對我們的業務進行運營審查時，他們談論它，他們都認為他們有更好的模式。如果他們更好的模式正在運作，那就太棒了，但就當前的思維和資源而言，通過與盟博平台打交道所獲得的效率似乎同樣引人注目，坦率地說，我希望我們的一些機構能更多地使用它但那——當然，我們的大部分媒體購買都在經歷這一過程。

Got it. And then I just have -- go ahead.

知道了。然後我只是 - 繼續。

There's always opportunities for more, but clearly the bulk of it is going through Cadreon.

總是有更多的機會，但很明顯，其中大部分是通過 Cadreon 進行的。

I just have one last one for Frank. Totally different topic. I think you had in the last year about $1.3 billion of NOLs, and I think a lot of that stuff is overseas. As you create more profitability, particularly in Europe, can you access those more rapidly, which, of course increases the value of those NOLs? Just any color on how we think about cash taxes as the business continues to do so well.

我只有最後一張給弗蘭克。完全不同的話題。我想你去年有大約 13 億美元的 NOL，而且我認為其中很多都在海外。隨著您創造更多的盈利能力，尤其是在歐洲，您能否更快地獲得這些盈利能力，這當然會增加這些 NOL 的價值？隨著業務的持續發展，我們如何看待現金稅的任何顏色。

You're right, Ben. Most NOLs are in Europe for the most part. So an increased profitability in Europe is helpful in accessing those NOLs. Our cash tax rate this year we're seeing is going to be 27/28%. It was high teens to low 20s for the last three years but we've burned through all of our US NOLs where most -- a lot of our profitability is.

你是對的，本。大多數 NOL 大部分位於歐洲。因此，歐洲盈利能力的提高有助於獲得這些 NOL。我們今年看到的現金稅率將為 27/28%。在過去的三年裡，它是十幾歲到二十多歲，但我們已經燒掉了我們所有的美國 NOL，其中大部分 - 我們的大部分盈利能力都是如此。

Yes, the --

是的 -

I will weigh in a little bit on that, Frank. I am a tax guy. Some of these --

弗蘭克，我會稍微權衡一下。我是一名稅務人員。其中一些 -

I apologize for not directing it to the right guy.

我很抱歉沒有把它交給合適的人。

He's on a roll, Ben. Keep going.

他很順利，本。繼續前進。

I am on a roll, Ben. You know, some of these NOLs in these countries are client -- country centric. It's not just Europe. Okay?

我很順利，本。你知道，這些國家/地區的一些 NOL 是以客戶為中心的。不僅僅是歐洲。好的？

Yes.

是的。

The additional challenge is generating profitability within those countries. And obviously we get involved in tax planning in terms of where revenue is being generated. So that's why we have a great tax department who is responsible for making sure that our contracts are reflecting that and we are optimize -- what we call optimizing using our NOLs and we are very focused on doing that.

額外的挑戰是在這些國家/地區創造盈利能力。顯然，我們根據產生收入的地方參與了稅收籌劃。所以這就是為什麼我們有一個偉大的稅務部門負責確保我們的合同反映了這一點並且我們正在優化 - 我們稱之為使用我們的 NOL 進行優化並且我們非常專注於這樣做。

Thank you.

謝謝。

Dan Salmon from BMO Capital Markets.

BMO 資本市場的 Dan Salmon。

Good morning everyone.

大家，早安。

Michael, could you talk a little bit about the hiring of Simon Bond. I know he was the new business champion over at BDO. I'm just curious about the role being at the holding company level. Is it largely still focused on new business or is there a little bit more responsibility around coordinating amongst the agencies a little bit thinking of your comments earlier about the success of an open architecture, is it to help facilitate that a little bit as well too?

邁克爾，你能談談聘用西蒙邦德的事嗎？我知道他是 BDO 的新業務冠軍。我只是對控股公司層面的角色感到好奇。它主要仍然專注於新業務，還是在機構之間協調方面承擔更多責任，稍微考慮一下您之前關於開放式架構成功的評論，是否也有助於促進這一點？

Oh absolutely. Look, we already have some very talented people within IPG who work on these multinational open architectural client situations where they are working with the units themselves, whether it be FCB, whether it be McCann, whether it be Lowe, and it's their responsibility to work with the people within these agencies to make sure that the needs of the clients are being met with all of the resources of IPG. We were fortunate to have an opportunity to recruit Simon to our organization and clearly his responsibility will be both on the new business side, but also on these open architecture pitches.

哦絕對。看，我們在 IPG 內部已經有一些非常有才華的人，他們在這些跨國開放式建築客戶的情況下工作，他們自己與單位合作，無論是 FCB、麥肯還是 Lowe，他們有責任工作與這些機構內的人員合作，確保 IPG 的所有資源都能滿足客戶的需求。我們很幸運有機會招募 Simon 加入我們的組織，顯然他的職責將既包括新業務方面，也包括這些開放式架構。

More and more these RFPs are coming into the holding company. They're coming directly to me actually, and sometimes -- which is why I have to look at my emails every day. But it really comes in to the holding company and they are saying, you tell us which is the best way you want to approach this RFP. So someone like Simon with his vast experience in new business and client focus and frankly his knowledge of the consulting industry and the relationships he has is a tremendous asset for us and frankly Simon's already been involved with a number of our agencies' pitches that are going on right now. And he's a resource, you know, and we're from the home office and we are here to help.

越來越多的 RFP 進入控股公司。他們實際上是直接來找我的，有時——這就是為什麼我必須每天查看我的電子郵件。但它真的進入了控股公司，他們說，你告訴我們這是你想要處理這個 RFP 的最佳方式。因此，像 Simon 這樣的人在新業務和以客戶為中心方面擁有豐富的經驗，坦率地說，他對諮詢行業的了解以及他所擁有的關係對我們來說是一筆巨大的財富，而且坦率地說，Simon 已經參與了我們許多機構的推銷活動現在。他是一個資源，你知道，我們來自家庭辦公室，我們在這裡提供幫助。

And some of our agencies have already tapped into Simon to help him in terms of their pitch. He's fantastic in terms of new business pitches and he has actually gone in and helped these agencies and frankly we had a couple of wins that he helped in terms of the presentations. So he's -- the fact that we were able to recruit Simon is an indication to me that this whole notion of open architecture is one that is resonating in the industry and our reputation for being a holding company that collaborates with all of the agencies within the holding company is real, and I think his presence along with the other individuals within IPG, whether it be Peter or Terry. They all work very closely with our agencies. And they know that they are there to be helpful to our agencies. The pitches themselves are coming in different forms and we have to be able to respond to the needs of the clients.

我們的一些代理機構已經利用 Simon 來幫助他進行宣傳。他在新的商業宣傳方面非常出色，他實際上已經進入並幫助了這些機構，坦率地說，我們取得了幾次勝利，他在演講方面提供了幫助。所以他——我們能夠招募西蒙這一事實向我表明，開放式架構的整個概念正在行業中引起共鳴，我們作為一家與所有機構合作的控股公司而享有盛譽。控股公司是真實的，我認為他和 IPG 的其他人一起存在，無論是 Peter 還是 Terry。他們都與我們的機構密切合作。他們知道他們在那裡是為了幫助我們的機構。球場本身以不同的形式出現，我們必須能夠響應客戶的需求。

Great. Thank you.

偉大的。謝謝。

Thank you. Did Simon ask you to raise that question?

謝謝。西蒙讓你提出這個問題了嗎？

Tim Nolan from Macquarie.

來自麥格理的蒂姆·諾蘭。

Good morning. Thanks for taking the question.

早上好。感謝您提出問題。

Taking a very high level view IPG has come a long, long, long way since you both have been there. And it seems to me, if I may be so bold, you are probably in what I would say the eighth inning of your career, maybe in the top of the ninth. Correct me if you think that's too optimistic. You do have some margin to recover yet.

以非常高的水平看待 IPG，自從你們倆都在那里以來，IPG 已經走了很長很長的路。在我看來，如果我可以這麼大膽的話，你可能正處於職業生涯的第八局，也許是第九局。如果您認為這過於樂觀，請糾正我。您確實還有一些餘地可以恢復。

Yes.

是的。

You've see still some relatively high salary and service numbers. You mentioned Europe requiring some work to get back to more better profitability. I just wonder with all of this put together what do you think are the last steps that need to be taken to really get you to that 13% target? Or to just -- how do you think about really getting through that final hurdle if that's the right way to think about it?

你仍然看到一些相對較高的薪水和服務數字。你提到歐洲需要一些工作來恢復更好的盈利能力。我只是想知道將所有這些放在一起，您認為真正讓您達到 13% 的目標需要採取的最後步驟是什麼？或者只是 - 如果這是正確的思考方式，您如何看待真正克服最後的障礙？

Well, we're constantly thinking about how to get to that hurdle because that's obviously a main objective for all of us. We are well on our way and you're right. Call it the eighth, ninth inning whatever you want. We are making great progress and it's clearly within our sights to accomplish that. So we're feeling pretty positive about that.

好吧，我們一直在思考如何克服這個障礙，因為這顯然是我們所有人的主要目標。我們進展順利，你是對的。隨便你叫它第八局，第九局。我們正在取得很大進展，而且顯然我們可以實現這一目標。所以我們對此感到非常積極。

Look, we're a variable cost model. Our biggest variable cost is SRS. It's not a secret we said what we have to do is focus on that and you can focus on that by generating revenue, which is what we've been doing. And keeping an eye on those cost pressures and the SRS. So we've done a great job on O&G and that's showing the improvement even in the third quarter. We see an improvement there.

看，我們是一個可變成本模型。我們最大的可變成本是 SRS。我們說過我們必須做的就是專注於此，這不是秘密，您可以通過創收來專注於此，這就是我們一直在做的事情。並密切關注這些成本壓力和 SRS。所以我們在 O&G 方面做得很好，即使在第三季度也顯示出改善。我們看到那裡有所改善。

We have seen leverage. We have seen at least 50 basis points and if you work through the pass-throughs, it's really 80 basis points this quarter in terms of leverage on SRS. So we're very focused on it and we just have to continue to do that and we see that there's still opportunity to do it and that's how we are going to get there.

我們已經看到了槓桿作用。我們已經看到至少 50 個基點，如果你通過傳遞工作，就 SRS 的槓桿率而言，本季度實際上是 80 個基點。所以我們非常專注於它，我們只需要繼續這樣做，我們看到仍然有機會這樣做，這就是我們實現目標的方式。

Tim, it's probably more agency specific now than it is IPG specific. As we look to the last inning or inning and a half, it's getting those certain agencies that aren't where they need profitability wise to cross the goal line.

蒂姆，它現在可能比 IPG 更具體。當我們回顧最後一局或半局時，它正在讓那些不在他們需要盈利能力的地方明智地越過球門線的某些機構。

And look let's face it we use incentives within our -- our agency goals are focused on margin improvement and they know that the best way to get margin improvement is to keep an eye on their SRS ratio. So it's both monitored, as Frank said, from the agencies, as well as from our reviews at the holding company. So you know this isn't rocket science, this business, and we're very comfortable in our ability to manage that. I think we've proven that you know we know how to manage that.

讓我們面對現實吧，我們在我們內部使用激勵措施——我們的代理目標專注於提高利潤率，他們知道提高利潤率的最佳方式是密切關注他們的 SRS 比率。因此，正如弗蘭克所說，它既受到機構的監督，也受到我們對控股公司的審查的監督。所以你知道這不是火箭科學，這項業務，我們對我們管理它的能力感到非常自在。我認為我們已經證明你知道我們知道如何管理它。

You know we can do this and I have said this before, we can get there tomorrow, but you know part of this is making sure we have the talent and resources to generate growth. So on a longer-term basis, had we not had the talent and resources that we had within all of our different agencies, we wouldn't be delivering the results that you're seeing right now.

你知道我們可以做到這一點，我之前也說過，我們明天可以到達那裡，但你知道其中一部分是確保我們擁有實現增長的人才和資源。因此，從長遠來看，如果我們沒有在所有不同機構中擁有的人才和資源，我們就不會提供您現在看到的結果。

So if we starve the pipeline of people and got our SRS ratios in line quicker, yes we may achieve our goal, but our long-term viability would be adversely affected. I kind of like the way we're doing it now. If you're looking at 80 to 100 basis point margin improvement you know at clips along the way you know we're going to get there. We just -- we are not going to get there tomorrow and it would be silly for us to shoot ourselves in the foot and do something dramatic that would get us there.

因此，如果我們讓人員管道挨餓並更快地使我們的 SRS 比率符合要求，是的，我們可能會實現我們的目標，但我們的長期生存能力將受到不利影響。我有點喜歡我們現在做這件事的方式。如果你正在尋找 80 到 100 個基點的利潤率改善，你就會知道我們會到達那裡。我們只是 - 我們明天不會到達那裡，如果我們搬起石頭砸自己的腳並做一些能讓我們到達那裡的戲劇性事情，那將是愚蠢的。

Just look at the write off that we are having. We are focusing on unprofitable businesses that are in geographic locations that aren't necessary that are a drag on our P&L. And so this time the $38 million is 4 to 5 locations in areas that we don't have to be. They were dilutive and we either sold them or closed them. And that's how we get there. We're constantly looking at those types of opportunities.

看看我們的註銷就知道了。我們專注於位於不必要的地理位置的無利可圖的業務，這些業務拖累了我們的損益。所以這一次 3800 萬美元是在我們不必去的地區的 4 到 5 個地點。它們具有稀釋性，我們要么賣掉它們，要么關閉它們。這就是我們到達那裡的方式。我們一直在尋找這些類型的機會。

I wasn't at all suggesting you should accelerate the process and get to 13% tomorrow. It was more to say 100 basis points margin improvement this year is great. If the market holds and you do well and you have new account wins, maybe that's a similar target for next year, and then you're getting there already. I would just wonder and I think you've answered, you've done a lot of work with the individual agencies over the years. Is it really just a matter of like finding some last bits to clear out, winning some business, having the scale, and just letting the operating leverage takeover. Is that the way to think of it?

我根本不是建議你應該加快這個過程，明天就達到 13%。更確切地說，今年 100 個基點的利潤率改善非常好。如果市場保持穩定並且您表現良好並且您贏得了新客戶，那麼明年的目標可能與此類似，那麼您已經達到了目標。我只是想知道，我想你已經回答了，多年來你與各個機構做了很多工作。這真的只是一個問題，比如找到最後一些要清理的東西，贏得一些業務，擁有規模，然後讓運營槓桿接管。是這樣想的嗎？

Yes, I mean, that's it. It's like everything else its execution and with the changes we've made across all of the networks in both people and structure; we put Mullen and Lowe together this past year. You know, I am very comfortable with our leadership across the board. We brought Henry in to run Mediabrands. Alex to run Lowe and Mullen, and obviously Harris and Carter are doing great jobs. So I'm very comfortable with our leadership and am very confident that we will get to objectives.

是的，我的意思是，就是這樣。它的執行以及我們在人員和結構方面對所有網絡所做的更改就像其他所有內容一樣；去年我們把 Mullen 和 Lowe 放在一起。你知道，我對我們的全面領導感到非常滿意。我們讓亨利來經營盟博。Alex 負責管理 Lowe 和 Mullen，顯然 Harris 和 Carter 做得很好。因此，我對我們的領導感到非常滿意，並且非常有信心我們將實現目標。

Great job. Thanks very much.

做得好。非常感謝。

Thank you.

謝謝。

We do not have further questions on queue. Speakers you may proceed.

我們沒有關於隊列的進一步問題。您可以繼續發言。

Well, I thank you all for participating. I look forward to our next call, which will report our year-end results. Have great holidays. Thank you.

嗯，謝謝大家的參與。我期待著我們的下一次電話會議，屆時將報告我們的年終業績。祝你假期愉快。謝謝。

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。