Interpublic Group of Companies Inc (IPG) 2015 Q4 法說會逐字稿

Good morning and welcome to The Interpublic Group fourth-quarter and full-year 2015 earnings conference call.

早上好，歡迎來到 Interpublic Group 第四季度和 2015 年全年收益電話會議。

(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. Thank you, 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。謝謝，先生，您可以開始了。

Good morning. Thank you for joining us. We have posted our earnings release and our slide presentation on our website, www.interpublic.com.

早上好。感謝您加入我們。我們已經在我們的網站 www.interpublic.com 上發布了我們的收益發布和幻燈片演示。

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 AM Eastern.

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上午 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 are included in our earnings release and the slide presentation, and are further detailed in our 10-K and other filings with the SEC.

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示聲明中的不確定性，並在我們的 10-K 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。

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.

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 all for joining us this morning as we review our results for the fourth quarter and 2015. As usual, I'll start out by covering the highlights of our performance. Frank will then provide additional details and I'll conclude with an update on our agencies, to be followed by our Q&A.

感謝 Jerry，感謝大家今天早上加入我們，回顧我們 2015 年第四季度的業績。像往常一樣，我將首先介紹我們表現的亮點。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，然後是我們的問答環節。

We're pleased to report a very strong performance for both the fourth quarter and full year. Among the financial highlights, organic revenue growth was 5.2% in the quarter which brought our organic growth to 6.1% for the full year. In 2015 we grew organically in every major region of the world and across nearly all major agencies and client sectors.

我們很高興地報告第四季度和全年的強勁表現。在財務亮點中，本季度的有機收入增長率為 5.2%，這使我們全年的有機增長率達到 6.1%。2015 年，我們在全球每個主要地區以及幾乎所有主要機構和客戶領域實現了有機增長。

Operating margin in the quarter was 20.8%, an increase of 120 basis points, marking our highest Q4 margin in at least a decade. Full year operating margin was 11.5%, and increase of 100 basis points from 2014, which is at the high end of the range we targeted coming into the year. Operating profit increased 11% for the full year.

本季度的營業利潤率為 20.8%，增長了 120 個基點，是我們至少十年來最高的第四季度利潤率。全年營業利潤率為 11.5%，比 2014 年增加 100 個基點，處於我們今年目標範圍的高端。全年營業利潤增長 11%。

Adjusted diluted earnings per share for the year was up 23% to $1.21 from $0.98 in 2014. That excludes a loss of $0.12 per share this year, largely non-cash, due to the disposition of non-strategic businesses in the third and fourth quarters. Fourth-quarter adjusted diluted earnings per share was $0.66, excluding a loss of $0.03 per share for business dispositions.

全年調整後的攤薄每股收益從 2014 年的 0.98 美元增長 23% 至 1.21 美元。這不包括今年每股虧損 0.12 美元，主要是非現金虧損，原因是第三和第四季度非戰略業務的處置。第四季度調整後的攤薄每股收益為 0.66 美元，不包括因業務處置而每股虧損 0.03 美元。

Over the last two years in a very fast changing and competitive industry, we have achieved total organic revenue growth of 12%, which is outstanding compared to our principal peers. During that two-year span we have also increased operating profit by 32% and comparable diluted EPS by 55%.

在過去兩年中，在一個瞬息萬變且競爭激烈的行業中，我們實現了 12% 的有機總收入增長，這與我們的主要同行相比非常出色。在那兩年的時間裡，我們的營業利潤也增加了 32%，可比稀釋每股收益增加了 55%。

All of our people can take pride in these accomplishments. Their talent, the great work they do every day on behalf of our clients, what drives such terrific results in the marketplace. We thank them for their hard work and dedication.

我們所有的員工都可以為這些成就感到自豪。他們的才華，他們每天為我們的客戶所做的出色工作，是什麼在市場上取得瞭如此出色的成績。我們感謝他們的辛勤工作和奉獻精神。

Returning to the fourth quarter. Organic revenue growth was 5.2%. Currency had a negative 5.5% impact on revenue, while net business dispositions were negative 20 basis points.

回到第四季。有機收入增長 5.2%。貨幣對收入有 5.5% 的負面影響，而淨業務處置為負 20 個基點。

We posted notably strong growth in the US, Asia-Pac, UK, and LatAm. Continental Europe remained challenged, although the region did show modest organic growth for the full year. Our Q4 growth reflects contributions from all major disciplines, including advertising, media, public relations.

我們在美國、亞太地區、英國和拉丁美洲實現了顯著的強勁增長。歐洲大陸仍然面臨挑戰，儘管該地區全年確實顯示出適度的有機增長。我們第四季度的增長反映了所有主要學科的貢獻，包括廣告、媒體、公共關係。

We continue to have especially strong performance from the digital services embedded across the portfolio, as well as growth at digital specialists R/GA, Huge and MRM//McCann. At the agency level, a wide range of our portfolio contributed to growth, led by McCann, Mediabrands, FCB, Weber Shandwick, Golin, Octagon and FutureBrand. The top performing client sectors in Q4 were tech and telecom, healthcare and financial services.

我們繼續從產品組合中嵌入的數字服務中獲得特別強勁的表現，以及數字專家 R/GA、Huge 和 MRM//McCann 的增長。在代理機構層面，我們廣泛的產品組合為增長做出了貢獻，其中以 McCann、Mediabrands、FCB、Weber Shandwick、Golin、Octagon 和 FutureBrand 為首。第四季度表現最好的客戶行業是科技和電信、醫療保健和金融服務。

New business was another highlight of the quarter. In media, we were pleased to add Johnson & Johnson's global buying and planning to the roster of 2015 media wins that includes US responsibilities for J&J, Coca-Cola and CVS. Creative wins in the quarter included Verizon Wireless, MGM Resorts, ALDI Nord, and Bank of America's retail business.

新業務是本季度的另一個亮點。在媒體方面，我們很高興將強生公司的全球採購和規劃列入 2015 年媒體獲獎名單，其中包括美國對強生、可口可樂和 CVS 的責任。本季度的創意勝利包括 Verizon Wireless、MGM Resorts、ALDI Nord 和美國銀行的零售業務。

As a result, our net new business was positive in Q4 as it has been through the year. Operating expenses were again well managed. Underneath organic growth of 5.2% in the quarter, our organic operating expense increase was 3.1%.

因此，與全年一樣，我們的淨新業務在第四季度是積極的。運營費用再次得到妥善管理。在本季度 5.2% 的有機增長的推動下，我們的有機運營費用增長了 3.1%。

The result was Q4 operating margin expansion of 120 basis points. For the full year, operating margin expansion of 100 basis points reflects leverage on both our salaries and related, and our office and general expenses.

結果是第四季度營業利潤率擴大了 120 個基點。全年，營業利潤率增長 100 個基點反映了我們的工資和相關費用以及辦公室和一般費用的槓桿作用。

During Q4 we repurchased 5 million shares using $113 million. For the full year, we utilized $285 million for the repurchase of 14 million shares, and our year-end share count eligible for dilution decreased 3% compared to 2014. This activity builds on a sustained capital return program that we initiated in 2011.

在第四季度，我們用 1.13 億美元回購了 500 萬股股票。全年，我們動用了 2.85 億美元回購了 1400 萬股股票，與 2014 年相比，我們符合稀釋條件的年終股票數量減少了 3%。這項活動建立在我們於 2011 年啟動的持續資本回報計劃的基礎上。

Since that time, we've returned a total of $2.5 billion to shareholders through a combination of dividends and share repurchase, and we reduced our outstanding shares eligible for dilution by over 25%. In addition, on the strength of our operating results, we have announced this morning our Board's decision to raise IPG's quarterly dividend by 25% to $0.15 per share. This marks our third consecutive year of higher dividends with annual increases of 25% or more.

從那時起，我們通過股息和股票回購相結合的方式向股東返還了總計 25 億美元，並將符合稀釋條件的已發行股票減少了 25% 以上。此外，基於我們的經營業績，我們今天上午宣布董事會決定將 IPG 的季度股息提高 25% 至每股 0.15 美元。這標誌著我們連續第三年派息增加，年增長率達到 25% 或更多。

We also announced that our Board has authorized an additional $300 million for share repurchase. Combined with $159 million remaining on our existing authorization as of the beginning of the year, this brings the total amount available for share repurchase to $459 million. These actions demonstrate our confidence in the financial and operational strength of IPG, as well as our future prospects.

我們還宣布，我們的董事會已授權追加 3 億美元用於股票回購。加上截至年初我們現有授權剩餘的 1.59 億美元，這使可用於股票回購的總額達到 4.59 億美元。這些行動表明我們對 IPG 的財務和運營實力以及我們的未來前景充滿信心。

Turning to our 2016 outlook. It's encouraging to see our agencies competing so successfully in the marketplace. We continue to convert growth to operating profit at a high level and we remain committed to a disciplined use of capital that can further drive shareholder value.

轉向我們的 2016 年展望。看到我們的代理機構在市場競爭中如此成功令人鼓舞。我們繼續將增長轉化為高水平的營業利潤，我們仍然致力於有紀律地使用資本，以進一步推動股東價值。

As you can see in our results today, the tone of the business remains solid through year-end in most major world regions. And we all know that marketing is becoming increasingly complex and dynamic every day, due to the pace of technological innovation and shifting consumer behavior. This represents further opportunity for our Company as well as our industry. Given these trends, as well as the overall strength of our offerings, we are well-positioned to continue to deliver solid growth.

正如您在我們今天的業績中所看到的那樣，到年底，全球大多數主要地區的業務基調依然穩健。我們都知道，由於技術創新的步伐和消費者行為的轉變，營銷每天都變得越來越複雜和動態。這為我們公司和我們的行業帶來了更多機會。鑑於這些趨勢，以及我們產品的整體實力，我們有能力繼續實現穩健增長。

There are, however, factors that require us to temper our outlook. Of course, our industry leading results the past two years sets a high bar for comparable performance in 2016. Moreover, in certain markets, macro conditions present uncertainties and even headwinds.

然而，有一些因素需要我們調整我們的前景。當然，我們過去兩年的行業領先業績為 2016 年的可比業績設定了高標準。此外，在某些市場，宏觀環境存在不確定性甚至不利因素。

This is true most clearly in Brazil, but also with respect to markets such as Continental Europe and the Middle East. There is also concern for slowing in China. The currency environment remains volatile which could have negative effects on client spending.

這在巴西最為明顯，但在歐洲大陸和中東等市場也是如此。人們還擔心中國經濟放緩。貨幣環境仍然不穩定，這可能對客戶支出產生負面影響。

As we've said since the start of the year, there is significant volatility in the financial markets. As a result, the uncertainty we're all experiencing leads us to approach the new year with a degree of caution. Not withstanding this environment, for 2016 we are currently targeting 3% to 4% organic growth.

正如我們自年初以來所說的那樣，金融市場波動很大。因此，我們都在經歷的不確定性讓我們以一定程度的謹慎來迎接新的一年。儘管存在這種環境，我們目前的目標是 2016 年實現 3% 至 4% 的有機增長。

Net acquisitions to date should add another 50 basis points to our growth in the year. It's worth noting that at current FX rates, the currency impact to our top line as well as to our operating expenses, is expected to be approximately negative 2.5% for the full year.

迄今為止的淨收購應該為我們今年的增長再增加 50 個基點。值得注意的是，按照當前的匯率，貨幣對我們的收入和運營費用的影響預計全年約為負 2.5%。

Along with this level of growth, we expect to continue to build on our record operating margin expansion. We are therefore targeting an additional 50 basis points or more of margin improvement in 2016, which would bring us to at least 12%, closer to our objective of 13% operating margin or better. As always, as the year unfolds we will regularly review our perspective when we report back to you during our quarterly calls.

隨著這一增長水平，我們預計將繼續擴大我們創紀錄的營業利潤率。因此，我們的目標是在 2016 年將利潤率提高 50 個基點或更多，這將使我們至少達到 12%，更接近我們 13% 或更高的營業利潤率目標。一如既往，隨著時間的推移，我們將在季度電話會議上向您匯報時定期回顧我們的觀點。

At this stage I'll turn things over to Frank for additional details on our results.

在這個階段，我會把事情交給 Frank 來了解我們結果的更多細節。

Good morning. As a reminder, I will be referring to the slide presentation that accompanies our webcast. On slide 2 you'll see a summary of our results.

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摘要。

Fourth-quarter organic growth was 5.2%. US organic growth was 6.2% and international organic growth was 4.1%, with all major regions except Continental Europe which decreased only slightly. For the full year, all regions were up organically and organic growth was 6.1%.

第四季度有機增長率為 5.2%。美國有機增長率為 6.2%，國際有機增長率為 4.1%，除歐洲大陸外，所有主要地區均略有下降。全年來看，所有地區均實現有機增長，有機增長率為 6.1%。

Q4 operating margin was 20.8%, compared with 19.6% a year ago. For the full year, operating margin increased 100 basis points to 11.5% and operating profit increased 11%. For the quarter, diluted earnings per share was $0.63 and was $0.66 excluding expense of $0.03 per share for business dispositions, which is reflected pretax in our other expense line.

第四季度營業利潤率為 20.8%，而一年前為 19.6%。全年營業利潤率增長 100 個基點至 11.5%，營業利潤增長 11%。本季度，每股攤薄收益為 0.63 美元，扣除每股 0.03 美元的業務處置費用後為 0.66 美元，這反映在我們其他費用項目中的稅前。

Full-year diluted EPS was $1.09 per share and would have been $1.21 per share excluding business dispositions expense in Q3 and Q4, which were largely non-cash. We purchased 14 million shares for $285 million during the year. As Michael mentioned, we announced this morning that our Board has once again significantly increased our common share dividend to $0.15 per share quarterly, and added $300 million to our share repurchase authorization.

全年攤薄後每股收益為 1.09 美元，如果不包括第三季度和第四季度的業務處置費用（主要是非現金），每股收益為 1.21 美元。我們在這一年中以 2.85 億美元的價格購買了 1400 萬股股票。正如邁克爾提到的，我們今天早上宣布，我們的董事會再次將我們的普通股股息大幅增加至每季度每股 0.15 美元，並增加了 3 億美元的股票回購授權。

Turning to slide 3. You'll see our P&L for the quarter. I'll cover revenue expenses in detail in the slides that follow.

轉到幻燈片 3。您將看到我們本季度的損益表。我將在接下來的幻燈片中詳細介紹收入支出。

Here it is worth noting a few below the line items. The $12 million of expense for the dispositions of a few non-strategic agency offices is reflected in our other expense line, below operating income. Our effective tax rate adjusted for the dispositions was 33.1% in the fourth quarter and 35.2% for the full year, which compares favorably to last year's adjusted tax rate.

這裡值得注意的是下面幾行項目。用於處置一些非戰略機構辦公室的 1200 萬美元費用反映在我們的其他費用項目中，低於營業收入。我們根據處置調整後的有效稅率在第四季度為 33.1%，全年為 35.2%，優於去年的調整後稅率。

Our tax rate has been volatile from year to year, given our operations in over 100 countries, our utilization of loss carry-forwards and the requirements of a regular adjusting valuation allowances. In 2015 our effective tax rate benefited from the implementation of planning strategies and from the net reversal of small tax valuation allowances in the fourth quarter.

考慮到我們在 100 多個國家/地區開展業務、我們使用虧損結轉以及定期調整估值準備金的要求，我們的稅率每年都在波動。2015 年，我們的有效稅率受益於規劃戰略的實施和第四季度小額稅收估值津貼的淨逆轉。

We expect our normalized effective rate will be in the range of 37% to 39% in 2016. It is also worth noting that our cash tax rate in 2015 was 29%.

我們預計 2016 年我們的標準化有效率將在 37% 至 39% 的範圍內。還值得注意的是，我們 2015 年的現金稅率為 29%。

Turning to revenue on slide 4. Fourth-quarter revenue was $2.2 billion, compared to Q4 2014 the impact of the change in exchange rates was a negative 5.5%, while net dispositions were negative 20 basis points. The resulting organic decrease -- increase was 5.2%.

關於幻燈片 4 的收入。第四季度收入為 22 億美元，與 2014 年第四季度相比，匯率變化的影響為負 5.5%，而淨資產處置為負 20 個基點。由此產生的有機減少 - 增加是 5.2%。

For the full year, the strength of the US dollar continued to have a significant translation impact on reported revenues and operating expenses in all international regions. Revenue growth for 2015 was therefore 1%, consisting of 6.1% organic growth and a positive 30 basis points from net acquisitions, while currency was a negative 5.4%.

全年來看，美元走強繼續對所有國際地區的報告收入和運營支出產生重大影響。因此，2015 年的收入增長為 1%，包括 6.1% 的有機增長和來自淨收購的正 30 個基點，而貨幣為負 5.4%。

It's worth noting that our pass-through revenue decreased approximately $25 million organically in 2015 compared to 2014, which was an impact of 30 basis points on organic growth. Lower pass-through revenues are offset dollar for dollar, however, by lower O&G expense. We anticipate a similar negative pass-through impact of 30 to 50 basis points in total organic growth in 2016, which is reflected in the growth targets Michael shared earlier.

值得注意的是，與 2014 年相比，2015 年我們的轉手收入有機減少了約 2500 萬美元，這對有機增長產生了 30 個基點的影響。然而，較低的轉嫁收入被較低的 O&G 費用抵消了美元對美元的影響。我們預計 2016 年總體有機增長將出現類似的負面傳遞影響，即 30 至 50 個基點，這反映在邁克爾之前分享的增長目標中。

On the bottom portion of this slide, Q4 revenue growth balanced between our IAN and CMG segments, which had growth of 4.9% and 6.5% respectively. For the full year, organic growth at IAN was a robust 6.7%.

在這張幻燈片的底部，我們的 IAN 和 CMG 部門的第四季度收入增長平衡，分別增長了 4.9% 和 6.5%。全年，IAN 的有機增長強勁，達到 6.7%。

At CMG organic grow was 3.6% for the year, with the important qualifier that this is where we see a disproportionately large impact from decreasing pass-through revenue on the smaller of the two segments. Underlying growth at CMG was high-single digit percent.

在 CMG，今年的有機增長率為 3.6%，重要的限定條件是，我們看到這兩個部分中較小部分的傳遞收入減少產生了不成比例的巨大影響。CMG 的基本增長率為高個位數百分比。

Moving on to slide 5, revenue by region. In the US, Q4 organic growth was 6.2%, driven by growth from existing clients and net new business. We were led by our largest fully integrated networks, McCann and FCB as well as by Mediabrands, R/GA and Huge.

轉到幻燈片 5，按地區劃分的收入。在美國，受現有客戶和淨新業務增長的推動，第四季度有機增長率為 6.2%。我們由我們最大的完全集成網絡 McCann 和 FCB 以及盟博、R/GA 和 Huge 領導。

We had strong performance from PR agencies, Weber Shandwick and Golin. Among client sectors, tech and telecom and healthcare continue to be growth leaders. For the full year, US organic growth was 6.8% with increases across all major disciplines, with sector leadership from tech and telecom and healthcare.

公關公司萬博宣偉和 Golin 的表現非常出色。在客戶行業中，科技、電信和醫療保健繼續引領增長。全年，美國有機增長率為 6.8%，所有主要學科均有增長，其中科技、電信和醫療保健行業處於領先地位。

Turning to international markets. The UK grew 7% organically in Q4. We continue to see solid performance from McCann and FCB and had notable growth at Jack Morton.

轉向國際市場。英國在第四季度有機增長 7%。我們繼續看到 McCann 和 FCB 的穩健表現，以及 Jack Morton 的顯著增長。

UK organic growth was 6.6% for the full year. In Continental Europe the environment for growth continued to be challenging and our agencies revenue change in the quarters was negative 80 basis points. In our largest markets we had moderate growth in Germany but that was offset by decreases in France, Spain and Italy.

英國全年有機增長率為 6.6%。在歐洲大陸，增長環境仍然充滿挑戰，本季度我們的代理機構收入變化為負 80 個基點。在我們最大的市場中，我們在德國實現了溫和增長，但被法國、西班牙和意大利的下滑所抵消。

For the full year, organic growth for Continental Europe was a positive 1.4%. Overall the continent represented 9% of our 2015 revenue mix.

全年來看，歐洲大陸的有機增長率為 1.4%。總體而言，非洲大陸占我們 2015 年收入組合的 9%。

In Asia-Pacific, our largest international region, organic revenue growth was 7.9% in Q4. That was on top of 13% growth a year ago. Among our largest national markets, we had solid increases in India, Australia and China.

在我們最大的國際區域亞太地區，第四季度有機收入增長 7.9%。這高於一年前 13% 的增長率。在我們最大的國家市場中，我們在印度、澳大利亞和中國實現了穩步增長。

We had growth across most of our agencies including Mediabrands, McCann, MullenLowe, Jack Morton, Weber Shandwick and R/GA. For the year, organic growth in the region was 8.3% paced by double-digit growth in China, India, Singapore and Hong Kong.

我們的大部分代理機構都有增長，包括盟博、麥肯、MullenLowe、Jack Morton、Weber Shandwick 和 R/GA。全年，該地區的有機增長率為 8.3%，中國、印度、新加坡和香港的增長率為兩位數。

In LatAm we grew 5.5% organically in the quarter, on top of 11% growth a year ago. We continue to see strong performance in Argentina, Mexico and Colombia, along with a slight decrease in Brazil due to continued macro headwinds.

在拉美，我們在本季度實現了 5.5% 的有機增長，高於一年前 11% 的增長。我們繼續看到阿根廷、墨西哥和哥倫比亞的強勁表現，以及巴西由於持續的宏觀逆風而略有下降。

Our growth in the region was led by McCann, Huge and R/GA. For the year organic growth was 4.7%.

我們在該地區的增長由 McCann、Huge 和 R/GA 引領。全年有機增長率為 4.7%。

In our other markets group, revenue increased 60 basis points organically on top of 12% organic growth in Q4 2014. This group is made up of Canada, the Middle East and Africa. For the year, organic growth was 4.8% with strong performance in the Middle East and Canada.

在我們的其他市場組，收入在 2014 年第四季度有機增長 12% 的基礎上有機增長 60 個基點。該組由加拿大、中東和非洲組成。全年有機增長率為 4.8%，中東和加拿大表現強勁。

On slide 6 we chart the longer view of our organic revenue change on a trailing 12 month basis. Most recent data point is 6.1% for calendar 2015.

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。2015 年的最新數據點是 6.1%。

Moving on to slide 7, our operating expenses. In the fourth quarter the organic increase in our operating expenses was 3.1%, compared with 5.2% organic revenue growth. Salaries and related expense decreased to 56.2% for the fourth quarter revenue, compared with 57.4% a year ago.

轉到幻燈片 7，我們的運營費用。第四季度，我們的運營費用有機增長 3.1%，而有機收入增長 5.2%。第四季度收入的薪金和相關費用下降至 56.2%，而一年前為 57.4%。

That was mainly due to lower incentive and other performance based expense in the quarter. Incentive expenses were accrued at a higher level over the first nine months of this year compared to 2014, due to strong operating performance throughout the year.

這主要是由於本季度較低的激勵和其他基於績效的費用。由於全年強勁的經營業績，與 2014 年相比，今年前 9 個月應計的激勵費用水平更高。

Base payroll, benefits and tax increased as a percentage of revenue in Q4 mainly due to the impact of currency changes. Office and general expenses were 23% of fourth-quarter revenue this year, the same level as last year. For the full year, operating expenses increased 4.8% on an organic basis, compared to organic revenue growth of 6.1%.

基本工資、福利和稅收在第四季度佔收入的百分比有所增加，這主要是由於貨幣變動的影響。辦公室和一般費用佔今年第四季度收入的 23%，與去年持平。全年，營業費用有機增長 4.8%，而有機收入增長 6.1%。

Looking at the sources of operating leverage for the full year, our ratio of salaries and related expenses to revenue improved 20 basis points to 63.8% from 64% in 2014. Underneath that, base payroll, benefits and tax expense was 52.7% of revenue, compared to 52.6% a year ago. But it is worth noting this ratio would have improved by 20 basis points if not for the decrease in our pass-through revenue, which is offset in our O&G expenses.

從全年經營槓桿的來源來看，我們的工資和相關費用佔收入的比率從 2014 年的 64% 提高了 20 個基點至 63.8%。除此之外，基本工資、福利和稅收支出佔收入的 52.7%，而一年前為 52.6%。但值得注意的是，如果不是因為我們的轉嫁收入減少，這個比率會提高 20 個基點，這被我們的 O&G 費用所抵消。

Expense for temporary labor was 3.6% of revenue for the full year 2015, compared to 3.8% a year ago. Incentive expense was 3.7% of revenue for the full year compared to 3.5% in 2014, reflecting strong performance against our financial targets, almost entirely in our long-term incentive programs. Severance expense was 0.9% of revenue in 2015, the same level as a year ago.

臨時工費用佔 2015 年全年收入的 3.6%，而一年前為 3.8%。全年激勵費用佔收入的 3.7%，而 2014 年為 3.5%，這反映出我們財務目標的強勁表現，幾乎完全體現在我們的長期激勵計劃中。2015 年遣散費佔收入的 0.9%，與一年前持平。

Our salary -- our other salaries and related category was 2.9% of revenue, compared with 3.2% in 2014. Year-end headcount was approximately 49,000, an increase of 3.6%. The increases were due to hiring in growth areas of our portfolio, including McCann, Mediabrands, public relations, and for digital talent notably in support of new business wins.

我們的薪水——我們的其他薪水和相關類別佔收入的 2.9%，而 2014 年為 3.2%。年終員工人數約為 49,000 人，增長 3.6%。增長是由於在我們投資組合的增長領域招聘，包括 McCann、Mediabrands、公共關係，以及數字人才，特別是為了支持新業務的勝利。

Turning to office and general expenses for the full year, O&G was 24.7% of revenue compared to 25.6% in 2014. We had a operating leverage on nearly all of our O&G categories, as our real estate, purchasing, shared service and IT teams continued to drive significant efficiencies. That includes 40 basis points on occupancy, 10 basis points on telecom, office supplies and travel, and 50 basis points on all other O&G, which includes the benefits of lower pass-throughs.

至於全年的辦公室和一般費用，O&G 佔收入的 24.7%，而 2014 年為 25.6%。隨著我們的房地產、採購、共享服務和 IT 團隊繼續顯著提高效率，我們對幾乎所有 O&G 類別都有運營槓桿。這包括入住率的 40 個基點，電信、辦公用品和旅行的 10 個基點，以及所有其他 O&G 的 50 個基點，其中包括較低的傳遞率的好處。

On slide 8 we show our operating margin history on a trailing 12 month basis. As the chart reflects, with the most recent data point 11.5%, we have come along way. There is still work to be done and we remain highly focused on attaining our long-term goal.

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。正如圖表所反映的那樣，最近的數據點為 11.5%，我們已經取得了進展。還有很多工作要做，我們仍然高度關注實現我們的長期目標。

Slide 9 is provided for clarity on the impact of business dispositions on our diluted earnings per share. As shown here, our loss on sales of businesses was $12 million in Q4 and with minimal tax benefit, resulting in a loss of $0.03 per diluted share.

提供幻燈片 9 是為了清楚說明業務處置對我們攤薄後每股收益的影響。如此處所示，我們在第四季度的業務銷售損失為 1200 萬美元，稅收優惠極少，導致每股攤薄虧損 0.03 美元。

For the full year, at right, the expense of our business sales was $50 million before tax, with again only a small tax shield. The result was a loss of $0.12 per diluted share for the year. In sum, the adjusted EPS comparison is $1.21 per share for this year and $0.98 per share for 2014.

就全年而言，右圖，我們的業務銷售費用為稅前 5000 萬美元，同樣只有很少的稅盾。結果是當年每股攤薄虧損 0.12 美元。總而言之，今年調整後的每股收益比較為 1.21 美元，2014 年為每股 0.98 美元。

Turning to slide 10, the current portion of our balance sheet, we ended the year with $1.51 billion of cash and short-term marketable securities, which compared to $1.67 billion a year ago. We returned $481 million to shareholders during the year through our share repurchase and common stock dividends.

轉到幻燈片 10，即我們資產負債表的當前部分，我們在年底時擁有 15.1 億美元的現金和短期有價證券，而一年前為 16.7 億美元。年內，我們通過股票回購和普通股股息向股東返還了 4.81 億美元。

On slide 11 we turn to cash flow for the full year. Cash from operations in 2015 was $674 million, compared with $670 million a year ago. That includes $118 million used in working, capital compared with $131 million a year ago.

在幻燈片 11 中，我們轉向全年的現金流量。2015 年的運營現金為 6.74 億美元，而一年前為 6.7 億美元。其中包括用於營運資金的 1.18 億美元，而一年前為 1.31 億美元。

Our investing activities used $203 million in the year, including $161 million for CapEx and $29 million for acquisitions. Our M&A pipeline continues to be strong. While timing can shift between periods, we continue to target $150 million to $200 million annually for acquisitions.

當年我們的投資活動使用了 2.03 億美元，其中 1.61 億美元用於資本支出，2900 萬美元用於收購。我們的併購管道繼續保持強勁。雖然時間可能會在不同時期發生變化，但我們繼續將每年 1.5 億至 2 億美元的收購目標定為目標。

Financing activities used $473 million in 2015, mainly $285 million for the repurchase of our common stock and $196 million in common stock dividends. In 2015 our net decrease in cash and marketable securities was $158 million. Slide 12 is the long you view of our debt decreasing from $2.3 billion in 2007 to our current debt level of $1.76 billion at the end of 2015.

2015 年融資活動使用了 4.73 億美元，主要用於回購普通股的 2.85 億美元和普通股股息的 1.96 億美元。2015 年，我們的現金和有價證券淨減少 1.58 億美元。幻燈片 12 是您對我們債務的長期看法，從 2007 年的 23 億美元減少到 2015 年底我們目前的 17.6 億美元的債務水平。

Slide 13 shows the total of our average basic plus dilutive shares over time, and at the far right shows the total as of year end 2015. This has been an area of substantial progress with average total shares decreasing by 125 million shares over the time period. Our starting position for 2016 is [409 million shares] on the right.

幻燈片 13 顯示了一段時間內我們的平均基本股和稀釋股的總數，最右邊顯示的是截至 2015 年底的總數。這是一個取得實質性進展的領域，在此期間平均總股數減少了 1.25 億股。我們2016年的起始位置是右邊的【4.09億股】。

In summary on slide 14, we are pleased with our performance in the quarter and the year. Our teams executed very well, achieving strong revenue growth while maintaining expense discipline and our balance sheet continues to be a source of value creation as evident in the actions announced by our Board today. That leaves us well-positioned entering 2016.

總結幻燈片 14，我們對本季度和本年度的表現感到滿意。我們的團隊執行得非常好，在保持支出紀律的同時實現了強勁的收入增長，我們的資產負債表繼續成為價值創造的源泉，這在我們董事會今天宣布的行動中顯而易見。這使我們在進入 2016 年時處於有利地位。

With that I'll turn it back over to Michael.

有了這個，我會把它轉回給邁克爾。

Thank you, Frank. Let me apologize for the granularity we're showing in this report. It is a full-year report which is why this is the time of year where we really provide some more detail.

謝謝你，弗蘭克。對於我們在這份報告中顯示的粒度，我深表歉意。這是一份全年報告，這就是為什麼每年的這個時候我們真正提供更多細節的原因。

Please bear with us. I hope you'll see some of the important ins and outs in our performance for 2015.

請多多包涵。我希望您能在我們 2015 年的表現中看到一些重要的來龍去脈。

But from every perspective, 2015 was a very successful year which saw us accomplish significant milestones in terms of our performance in the marketplace, as well as our financial results. We continue to demonstrate the effectiveness of our offerings with particular emphasis on our creative and digital capabilities. We further strengthened our position as the destination of choice for the industry's top talent.

但從各個角度來看，2015 年都是非常成功的一年，見證了我們在市場表現和財務業績方面取得了重大里程碑。我們繼續展示我們產品的有效性，特別強調我們的創意和數字能力。我們進一步鞏固了我們作為行業頂尖人才首選目的地的地位。

One key element of our talent strategy is a long-standing successful commitment to diversity and inclusion. We reinforce these values through a comprehensive set of award winning programs and we ensure accountability by tying executive compensation directly to diversity objectives. We began our formal programs a decade ago.

我們人才戰略的一個關鍵要素是對多元化和包容性的長期成功承諾。我們通過一套全面的屢獲殊榮的計劃來強化這些價值觀，並且我們通過將高管薪酬直接與多元化目標掛鉤來確保問責制。我們在十年前就開始了我們的正式課程。

Since then we've seen dramatic improvements in the diversity of our workforce. An environment that encourages respect and trust is key to a creative business like ours, and a competitive advantage comes with having a variety of perspectives and beliefs when solving our clients' business challenges.

從那時起，我們看到了員工隊伍多樣性的顯著改善。鼓勵尊重和信任的環境是像我們這樣的創意企業的關鍵，而在解決客戶的業務挑戰時，擁有多種觀點和信念會帶來競爭優勢。

The quality of our people and our work helped us deliver industry-leading organic revenue growth and we further enhanced operating margin by 100 basis points. We also continued to strengthen our capital structure, achieved investment grade status from all the major credit agencies and built on our strong shareholder return programs.

我們的員工和工作質量幫助我們實現了行業領先的有機收入增長，我們進一步將營業利潤率提高了 100 個基點。我們還繼續加強我們的資本結構，獲得所有主要信貸機構的投資等級地位，並建立在我們強大的股東回報計劃的基礎上。

Highlights of our performance included continued progress in McCann Worldgroup and share growth at CMG, as well as outstanding performance from Mediabrands in the midst of a historically unprecedented number of media account reviews. R/GA delivered its strongest financial and reputational year ever. FCB continued in the successful implementation of its turnaround plan.

我們業績的亮點包括 McCann Worldgroup 的持續進步和 CMG 的份額增長，以及 Mediabrands 在歷史上前所未有的媒體評論數量中的出色表現。R/GA 實現了有史以來最強勁的財務和聲譽年度。FCB 繼續成功實施其重整計劃。

We once again saw dynamic growth from our digital special agencies and within the embedded digital capabilities across our portfolio. The quality of our offerings is at its highest level in well over a decade. This was evident in the recognition we received across the portfolio.

我們再次看到我們的數字專門機構和我們產品組合中的嵌入式數字功能的動態增長。我們的產品質量處於十多年來的最高水平。這從我們在整個投資組合中獲得的認可中顯而易見。

We once again led all holding companies in Ad Age A List honors with R/GA, McCann and Deutsch on this prestigious list and UM chosen as media agency of the year, a designation it also earned from Ad Week. Across every marketing discipline we posted exceptional performance in the industry's most important competitions that award creativity and marketing effectiveness. Weber Shandwick and Golin won numerous PR Agency of the year honors.

我們與 R/GA、McCann 和 Deutsch 一起再次在 Ad Age A List 榮譽中領跑所有控股公司，並且 UM 被選為年度媒體機構，這也是它在廣告周中獲得的稱號。在每個營銷學科中，我們都在業內最重要的獎勵創造力和營銷效率的競賽中表現出色。萬博宣偉和戈林榮獲多項年度公關公司榮譽。

Our healthcare agencies dominated the medical marketing and media aware. At Cannes, R/GA was named agency of the year and the Martin Agency brought home the Grand Prix in the film category. In terms of awards per dollar of revenue, IPG agencies' performance in Effie awards globally led the industry, with MullenLowe taking both the Grand Effie and winning agency of the year.

我們的醫療保健機構主導了醫療營銷和媒體意識。在戛納電影節，R/GA 被評為年度最佳代理商，而 Martin Agency 獲得了電影類大獎。在每美元收入所獲獎項方面，IPG 機構在艾菲獎中的表現全球領先，MullenLowe 包攬了年度艾菲獎和獲獎機構。

Importantly, the effectiveness of our agencies was equally apparently in consistently strong new business performance throughout the year. During 2015 McCann posted strong growth across the range of its agencies and further improved its creative profile. Management continued to build on the level of collaboration and cross-selling within Worldgroup, as well as the strong digital and accountability offerings at MRM.

重要的是，我們機構的有效性同樣明顯地體現在全年持續強勁的新業務績效中。2015 年，麥肯在其代理範圍內實現了強勁增長，並進一步提升了其創意形象。管理層繼續加強 Worldgroup 內部的協作和交叉銷售水平，以及 MRM 強大的數字和問責制產品。

The agency also strengthened its already powerful position in key markets such as India, China and Brazil. At CMG, our award winning public relation agencies, Weber and Golin continued to gain market share, driven by growth from their largest clients and best-in-class digital and content market capabilities. Where both firms have established positions at the forefront of their field.

該機構還加強了其在印度、中國和巴西等主要市場的強大地位。在 CMG，我們屢獲殊榮的公共關係機構 Weber 和 Golin 繼續獲得市場份額，這得益於其最大客戶的增長以及一流的數字和內容市場能力。兩家公司都在各自領域的前沿建立了地位。

Octagon and Jack Morton remain leaders in their respective disciplines. Mediabrands was also a top tier performer with very strong performance in the media reviews that dominated the headlines in 2015.

Octagon 和 Jack Morton 仍然是各自領域的領導者。Mediabrands 在 2015 年佔據頭條新聞的媒體評論中也表現出色。

Having already won the US J&J Coke and CVS assignments, UM closed the year by prevailing in the global J&J consolidation, and added a solid showing in the Sony review in early 2016. The organic investments we've made in digital, programmatic and data capabilities are playing a key role in Mediabrands' success.

UM已經拿下美國強生可口可樂和CVS的任務，以在全球強生整合中獲勝而結束了這一年，並在2016年初的索尼評論中再添亮眼。我們在數字、程序化和數據能力方面的有機投資在盟博的成功中發揮著關鍵作用。

R/GA had an outstanding year which featured strong growth as well as creative work that is recognized across all digital media, and increasingly the traditional channels as well. The agency is also a leader in terms of innovation. Not only in the agency's offerings but also its accelerator programs where we incubate startups and share learnings with many other major clients.

R/GA 度過了出色的一年，增長強勁，創意作品在所有數字媒體以及越來越多的傳統渠道中得到認可。該機構也是創新方面的領導者。不僅在該機構的產品中，而且在我們孵化初創公司並與許多其他主要客戶分享經驗的加速器計劃中。

Positive momentum at FCB continued as the agency secured new assignments from leading advertisers such as InBev, Coca-Cola, Fiat Chrysler. At Cannes, FCB had its best performance ever in the arrival of a tremendously talented new global creative leader to take the quality of the agency's product to an even greater height. FCB's healthcare offering was once again a top performer in its space.

FCB 繼續保持積極勢頭，因為該機構獲得了英博、可口可樂、菲亞特克萊斯勒等領先廣告商的新任務。在戛納，FCB 取得了有史以來最好的表現，因為一位才華橫溢的新全球創意領袖的到來將該機構的產品質量提升到了一個更高的高度。FCB 的醫療保健產品再次成為該領域的佼佼者。

MullenLowe continued to progress. Their position as a nimble global network with a strong creative culture in contemporary hyper-bundled approach is being well received in the marketplace. The global leadership team is aligned and energized.

MullenLowe 繼續進步。他們作為一個靈活的全球網絡，在當代超捆綁方式中具有強大的創意文化，在市場上廣受好評。全球領導團隊齊心協力，充滿活力。

We are also seeing the benefits from the integration of Profero as the group's digital partner, especially in key markets such as the US, UK and China. Our focus on open architecture solutions, which combine the best of our talent from across the organization, was once again a meaningful contributor to our results. Many multi-agency opportunities came into the group, domestically and internationally.

我們還看到了 Profero 作為集團數字合作夥伴的整合所帶來的好處，尤其是在美國、英國和中國等主要市場。我們專注於開放式架構解決方案，它結合了我們整個組織的最優秀人才，再次對我們的成果做出了有意義的貢獻。許多多機構機會進入該集團，國內和國際。

The largest of these included the year's most significant holding company review in Latin America, LatAm Airlines, which we are now serving in over 20 countries. As well as J&J's Janssen Pharmaceuticals, which further underscores the value that our custom built WX unit delivers to this important client. And we continue to improve our delivery of integrated multi-agency solutions for existing multi-nationals.

其中最大的包括今年拉丁美洲最重要的控股公司審查，LatAm Airlines，我們現在在 20 多個國家/地區提供服務。以及 J&J 的 Janssen Pharmaceuticals，這進一步強調了我們定制的 WX 單元為這個重要客戶帶來的價值。我們將繼續改進為現有跨國公司提供的綜合多機構解決方案。

Overall, our strong performance in 2015 reflects a series of long-term strategic decisions we've [put] back with significant investment over time. The key drivers of our industry-leading organic revenue performance have been talent acquisition and development, particularly in creative and strategic roles, the open architecture model that I just discussed, as well as embedding digital experience into all our agencies. Our commitment to developing new skills, products and services and incorporating technology in all of our offerings, has allowed us to stay highly relevant in the digital world.

總體而言，我們在 2015 年的強勁表現反映了我們隨著時間的推移通過大量投資 [放回] 的一系列長期戰略決策。我們行業領先的有機收入表現的關鍵驅動因素是人才的獲取和發展，特別是在創意和戰略角色方面，我剛才討論的開放式架構模型，以及將數字體驗嵌入我們所有的機構。我們致力於開發新技能、產品和服務，並將技術融入我們的所有產品，這使我們能夠在數字世界中保持高度相關性。

For the year, we also saw continued progress related to the operating and financial management of our Company. First and foremost, significant improvements in profitability keep us on track to achieving our long-term goal.

在這一年裡，我們也看到了與公司經營和財務管理相關的持續進步。首先，盈利能力的顯著提高使我們能夠實現我們的長期目標。

Many initiatives are fueling the strong profitability trajectory that Frank shared with you. Among them are our performance incentives put in place that are driving continued focus on leveraging our investment in base payroll and temporary labor.

許多舉措正在推動 Frank 與您分享的強勁盈利軌跡。其中包括我們實施的績效激勵措施，這些激勵措施正在推動我們繼續專注於利用我們對基本工資和臨時工的投資。

On the real estate front our measure of square foot per employee decreased again in 2015 by approximately 3% to 202 square feet, down from over 240 square feet a few years ago. In the back office, over 75% of global revenue is now on an SAP platform. Most of which is supported by our shared services.

在房地產方面，2015 年我們每名員工的平方英尺再次下降約 3% 至 202 平方英尺，低於幾年前的 240 多平方英尺。在後台，超過 75% 的全球收入現在來自 SAP 平台。其中大部分由我們的共享服務支持。

This included 2005 additions in India, China and the US, with plans to add our agencies in Australia and Brazil in 2016. Our return of capital programs also continued to positively impact results and we've put approximate $2.5 billion towards total shareholder returns since 2011. The point in which we reinstituted these programs.

這包括 2005 年在印度、中國和美國增加的代理機構，併計劃在 2016 年增加我們在澳大利亞和巴西的代理機構。我們的資本回報計劃也繼續對業績產生積極影響，自 2011 年以來，我們已投入約 25 億美元用於股東總回報。我們重新啟動這些程序的要點。

We remain fully committed to further improving margins and building on these robust capital return programs. The latter is evident in our Board's actions announced today with our dividend increase by 25%, and provided for a current authorization of approximately $460 million for share repurchase. We are well-positioned as we move into 2016.

我們仍然完全致力於進一步提高利潤率並建立這些強大的資本回報計劃。後者在我們董事會今天宣布的行動中很明顯，我們的股息增加了 25%，並提供了目前約 4.6 億美元的股票回購授權。進入 2016 年，我們已做好充分準備。

As you've heard me say before, complexity is good because the value proposition of our portfolio of offerings is highly relevant to clients as they seek to navigate a dynamic media and marketing landscape. The general tone of the business remains solid. Yet as we've seen since the start of the year, there is significant volatility in the financial markets and we will closely monitor the impact it has on consumer sentiment.

正如您之前聽我說過的那樣，複雜性是好的，因為我們產品組合的價值主張與尋求駕馭動態媒體和營銷環境的客戶高度相關。業務的總體基調仍然穩固。然而，正如我們自今年年初以來所看到的那樣，金融市場波動很大，我們將密切關注它對消費者情緒的影響。

We are therefore approaching the year with appropriate degree of caution. Therefore, for 2016, we're targeting 3% to 4% organic growth, an improvement of margin of 50 basis points or more. Coupled with our continued commitment to capital returns, we are confident that achieving these targets will allow us to build on our strong track record of enhancing shareholder value.

因此，我們以適當的謹慎態度來迎接這一年。因此，對於 2016 年，我們的目標是實現 3% 至 4% 的有機增長，將利潤率提高 50 個基點或更多。加上我們對資本回報的持續承諾，我們相信實現這些目標將使我們能夠在提高股東價值方面取得良好的成績。

We thank you for your time and support and we look forward to updating you on our progress on our next call. At this point I'll open it up for questions.

感謝您的時間和支持，我們期待在下次電話會議上向您通報我們的進展情況。在這一點上，我會打開它來提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Our first question is from the line of Miss Alexia Quadrani of JPMorgan. Your line is now open.

我們的第一個問題來自摩根大通的 Alexia Quadrani 小姐。您的線路現已開通。

Thank you very much. I guess my first question is, Michael, you have such great insight in what the advertisers are thinking and sometimes there is a disconnect between Wall Street and Main Street. I guess what I'd love to hear is, what are your advertisers saying in terms of their outlook for the year, I guess how rattled are they if at all about any of these macro concerns?

非常感謝。我想我的第一個問題是，邁克爾，你對廣告商的想法有如此深刻的洞察力，有時華爾街和普通街之間存在脫節。我想我想听聽的是，您的廣告商對今年的前景有何看法，我想他們對這些宏觀問題的擔憂程度如何？

Follow-on along that same vein there. Your you new business wins have been so impressive from what we can see on the outside. You guys see a lot more internally. Do you think you're in a better position, I guess going into 2016 than you were in 2015, in terms of your tailwind of new business?

沿著同樣的方向繼續下去。從我們在外面看到的情況來看，您的新業務勝利令人印象深刻。你們在內部看到了更多。就新業務的順風而言，您認為進入 2016 年比 2015 年處於更好的位置嗎？

Well, good morning to you, Alexia. How come you didn't ask me how our January sales were?

那麼，早上好，亞歷克西婭。你怎麼不問我我們一月份的銷售情況如何？

I still might.

我仍然可能。

Look, I don't think there's any question that there appears to be a disconnect between what's happening in the market and business. If you look at how we finished the fourth quarter, the tone of our business was solid. That said, as we look into 2016, everyone on a global basis is watching this very carefully and are concerned about the future direction of the global economy.

聽著，我認為毫無疑問，市場和企業正在發生的事情之間似乎存在脫節。如果你看看我們如何結束第四季度，我們的業務基調是穩固的。也就是說，當我們展望 2016 年時，全球每個人都在非常仔細地關注這一點，並對全球經濟的未來走向感到擔憂。

Our business is subject to changes in macroeconomics. And that's why we put a tone of caution in terms of our forecast for 2016. That said, we haven't seen major pullbacks by our clients. We do our budgeting on a zero up basis.

我們的業務受宏觀經濟變化的影響。這就是為什麼我們對 2016 年的預測持謹慎態度。也就是說，我們還沒有看到客戶出現重大回調。我們在零基礎上進行預算。

We take all of our agencies, they look at their business, book of business. They look at what they anticipate based on conversations with our clients. They put some levels of caution in those numbers. They also put some levels of optimism in terms of to be generated revenue. It's not an exact science.

我們把我們所有的代理機構，他們看他們的業務，業務簿。他們根據與客戶的對話來了解他們的預期。他們對這些數字持一定程度的謹慎態度。他們還對產生的收入持一定程度的樂觀態度。這不是一門精確的科學。

Which is why if you look at 2015, we started the year fairly conservative and as we went through the year we upped our guidance and we expanded our margin expectations. But the tone right now is okay, particularly if you look at 59% of our businesses in the United States, and although we don't see high expectations in terms of growth, 3% to 4% growth in the United States enables us to expand margin by at least 50 basis points. And that's, to answer your other question, gives us a conversion of around close to 30% which is what we've always said.

這就是為什麼如果你看看 2015 年，我們會在這一年開始時相當保守，而隨著這一年的過去，我們提高了我們的指導，並擴大了我們的利潤率預期。但現在的基調還不錯，特別是如果你看看我們 59% 的業務在美國，雖然我們對增長沒有很高的期望，但美國 3% 到 4% 的增長使我們能夠將保證金擴大至少 50 個基點。也就是說，回答你的其他問題，給我們帶來了接近 30% 的轉化率，這就是我們一直所說的。

And if you expand the organic growth, that's where you see expansion of over the 50 basis points. The tone of the business at least right now is consistent. But again, given this volatility, it's something that we have to be put some element of caution out there and I think it would be irresponsible for us not to have done that. And certainly you're seeing that by our competitors in terms of the numbers they're showing.

如果你擴大有機增長，那就是你看到超過 50 個基點的擴張。至少現在的業務基調是一致的。但同樣，考慮到這種波動性，我們必須謹慎行事，我認為我們不這樣做是不負責任的。當然，您會從我們的競爭對手展示的數字中看到這一點。

Let me just comment, Frank mentioned it, we do build in 3% to 4% some element of our pass-through in that guidance. So if you assumed a 30 to 50 basis point reduction in the pass-throughs, effectively that organic number is 3.5% to 4.5%. Let me just add that, that pass-through is a direct pass-through. It's not us taking positions with respect to digital inventory, which I'm sure will be another question.

讓我評論一下，Frank 提到過，我們確實在該指南中構建了 3% 到 4% 的傳遞元素。因此，如果您假設傳遞減少 30 到 50 個基點，那麼有機數字實際上是 3.5% 到 4.5%。讓我補充一點，傳遞是直接傳遞。這不是我們在數字庫存方面的立場，我相信這將是另一個問題。

As far as the headwinds and tailwinds, we had some great wins on the media side. We did have some losses. There is a change in the tone of our business and that is because a significant part of our business growth is coming from digital, digital business tends to be much more project oriented. And as a result, some projects that we were able to deliver in 2015 we're not sure of repeating in 2016.

就逆風和順風而言，我們在媒體方面取得了一些重大勝利。我們確實有一些損失。我們的業務基調發生了變化，這是因為我們業務增長的很大一部分來自數字，數字業務往往更加以項目為導向。因此，我們不確定在 2016 年能否重複我們在 2015 年交付的一些項目。

So with respect to tailwinds, the tailwinds aren't as specific as we've said going into 2015. That said, we do have tailwinds, but I wouldn't equate them to as high a number as we had in 2015. But the other side of it, given our performance on the digital side, we believe our offerings are so strong that we'll see project based business continue in 2016.

因此，就順風而言，順風並不像我們所說的進入 2015 年那樣具體。也就是說，我們確實有順風，但我認為它們不會像 2015 年那樣高。但另一方面，考慮到我們在數字方面的表現，我們相信我們的產品非常強大，我們將看到基於項目的業務在 2016 年繼續發展。

Okay. Thank you. If I could just squeeze in one more, maybe for Frank, if you're looking at the margin improvement this coming year, I guess where do you think most of the leverage comes from, the salaries and related or the O&G?

好的。謝謝。如果我能再擠一個，也許是為了弗蘭克，如果你正在考慮明年的利潤率提高，我想你認為大部分槓桿來自哪裡，工資和相關或 O&G？

We're looking for both, Alexia. The key theme, the key metric that we look at is organic growth, versus organic growth of our expenses. It gets a little convoluted when you look at the individual metrics because of the impact of pass-throughs on those metrics and also the impact of the foreign exchange. So again, we're looking at leverage out of both of our major cost buckets.

我們正在尋找兩者，亞歷克西婭。關鍵主題，我們關注的關鍵指標是有機增長，而不是我們支出的有機增長。由於傳遞對這些指標的影響以及外彙的影響，當您查看單個指標時，它會變得有點令人費解。因此，我們再次從我們的兩個主要成本桶中尋找槓桿。

Okay. Thanks very much. Congratulations on a great year.

好的。非常感謝。祝賀你度過了美好的一年。

Thank you.

謝謝。

Thank you. Our next question is from John Janedis with Jefferies. Your line is now open.

謝謝。我們的下一個問題來自 Jefferies 的 John Janedis。您的線路現已開通。

Thank you. Good morning. Michael, great to see the consistency this year. I know you talked about some of the headwinds globally. But for the budget, are you assuming a similar performance out of Continental Europe and Latin America, particularly in light of the comments out of Brazil? And then related topic, given the comments about a potential currency impact on spend, was there any visible impact last year given the impact from currency? Thanks.

謝謝。早上好。邁克爾，很高興看到今年的一致性。我知道您談到了全球的一些不利因素。但是對於預算，您是否假設歐洲大陸和拉丁美洲的表現類似，特別是考慮到巴西的評論？然後是相關主題，考慮到有關貨幣對支出的潛在影響的評論，考慮到貨幣的影響，去年是否有任何明顯的影響？謝謝。

Look, we went into 2015 assuming plus or minus 1% in Continental Europe. We actually ended up on a full-year basis up 1%, a little bit over. For our forecast for 2016 is very similar to how we went into 2015. I might add, we did increase some margin in Continental Europe which shows if we have revenue we can expand margin.

看，我們假設歐洲大陸正負 1% 進入 2015 年。我們實際上以全年為基礎上漲了 1%，略微上漲了一點。因為我們對 2016 年的預測與我們對 2015 年的預測非常相似。我可能會補充說，我們確實增加了歐洲大陸的一些利潤率，這表明如果我們有收入，我們可以擴大利潤率。

The second half of year of Brazil was better than the first half of the year. We had some hiccups in Brazil in the first half of the year. We're not assuming a big recovery in Brazil but we do see offsets in the rest of Latin America, which is why we believe we should have a good year coming out of Latin America. So that's built into our forecast.

巴西下半年好於上半年。今年上半年，我們在巴西遇到了一些小問題。我們並沒有假設巴西會出現大幅復甦，但我們確實看到拉丁美洲其他地區出現抵消，這就是為什麼我們認為拉丁美洲應該有一個好年頭。所以這已納入我們的預測。

We're not expecting double-digit growth in LatAm. Remember, we're coming off of double-digit growth off our 2015. So we expect some single-digit growth, mid-single digit growth in Latin America.

我們預計拉美不會出現兩位數的增長。請記住，我們在 2015 年實現了兩位數的增長。因此，我們預計拉丁美洲會出現一些個位數增長，中等個位數增長。

Okay. Thanks. Then just separately, Frank, given the uncertainty, is this going to be a year where temp labor ticks up rather than full-time hires, and does budget assume an increase in FTEs?

好的。謝謝。然後，Frank，考慮到不確定性，那麼單獨來說，今年是否會是臨時工而不是全職員工增加的一年，預算是否假設 FTE 增加？

We look at total SRS and really don't bifurcate between and temp. I think there's a tendency to leverage temp when there's a lot of new business activity, which we saw last year. I think we managed it quite well. But we don't get that granular. We look at our agencies to deliver an SRS target that we set in the budgeting process.

我們著眼於總 SRS，並且真的不會在 和 temp 之間分叉。我認為，當有很多新的業務活動時，就會傾向於利用 temp，這是我們去年看到的。我認為我們做得很好。但是我們沒有那麼細化。我們著眼於我們的機構來實現我們在預算過程中設定的 SRS 目標。

Okay. Speaking of that, was project business up in the fourth quarter?

好的。說到這裡，項目業務在第四季度有增長嗎？

Yes.

是的。

Yes.

是的。

Thank you.

謝謝。

Thank you. Our next question is from Ben Swinburne with Morgan Stanley. Your line is now open.

謝謝。我們的下一個問題來自摩根士丹利的 Ben Swinburne。您的線路現已開通。

Thank you. Good morning. Michael, two for you. I'm wondering if maybe you can time travel back to the last two Februaries when you also guided the 3% to 4% and help us think about whether there's anything different that you see today in macro uncertainty versus the last two years, where I think Europe was probably front of mind obviously. We've got some issues in emerging markets now. Just wondering if you think things are worse, better or sort of similar to how your clients are talking to you about their business today versus the past years, when obviously you delivered such a strong result.

謝謝。早上好。邁克爾，給你兩個。我想知道你是否可以回到過去兩個 2 月，當時你也引導 3% 到 4% 並幫助我們思考你今天在宏觀不確定性方面看到的是否與過去兩年有什麼不同，我在那裡認為歐洲顯然是最重要的。我們現在在新興市場遇到了一些問題。只是想知道您是否認為事情更糟、更好或有點類似於您的客戶今天與您談論他們的業務與過去幾年相比，顯然您取得瞭如此強勁的結果。

And then you had made a comment at a recent conference that you thought media review activity could be pretty high in 2016. Just wondering if you could maybe revisit that comment? Fill us in a little bit.

然後你在最近的一次會議上發表評論說，你認為 2016 年的媒體評論活動可能會很高。只是想知道您是否可以重溫該評論？填寫我們一點點。

Frank, just wondering if you could give us cash tax guidance or help for 2016 or any comment around your NOL position at this point? Thank you, guys.

弗蘭克，只是想知道你是否可以給我們 2016 年的現金稅指導或幫助，或者關於你此時的 NOL 職位的任何評論？感謝你們。

You keep forgetting I'm a tax guy. I'll answer the tax question for you.

你老是忘記我是個稅務人員。我來為您解答稅務問題。

You yelled at me last time for that too. I keep forgetting, sorry.

上次你也因此罵我。我一直忘記，對不起。

Cash taxes are 29%. We've used up our NOL in the US which is why the cash taxes have gone up. We still have over $1 billion of NOLs but that's principally over in Europe, which we can't use until those earnings take effect. So we did he see some benefit there. But basically had our cash taxes are in the 29% range right now.

現金稅為 29%。我們在美國用完了 NOL，這就是現金稅上漲的原因。我們仍然有超過 10 億美元的 NOL，但這主要是在歐洲，在這些收益生效之前我們無法使用。所以我們確實看到了一些好處。但基本上我們的現金稅現在在 29% 的範圍內。

Thank you.

謝謝。

I think it's different. Look, first of all, let me talk about the UK. I think what we have seen if you compare it to two years ago, a turnaround in the UK. So we're forecasting as our performance this year was 7% to 8%. We see a solid year for the UK as well going into 2016.

我認為這是不同的。看，首先讓我談談英國。我認為，如果將其與兩年前進行比較，我們會看到英國的轉機。所以我們預測我們今年的業績是 7% 到 8%。進入 2016 年，我們認為英國也將迎來穩健的一年。

I think that's a -- that's a big -- that's 9% of our business. And so therefore that's encouraging for us going into 2016. I think Continental Europe anecdotally seems to be better, but I haven't met anyone who isn't concerned about Continental Europe. I was in Davos, the conversations continued to be concerned with the financial institutions in Europe in particular, and I think that uncertainty drives our clients to be concerned.

我認為這是一個 - 這是一個很大 - 這是我們業務的 9%。因此，這對我們進入 2016 年是令人鼓舞的。我認為歐洲大陸似乎更好，但我還沒有見過不關心歐洲大陸的人。我在達沃斯，談話繼續特別關注歐洲的金融機構，我認為不確定性促使我們的客戶感到擔憂。

That said, it's a global economy and there's no question that our multinational clients are looking for growth markets. India, China, Latin America. Frankly, United States, we're seeing good pickup in the United States. And I think that's a little bit different than it was a couple of years ago.

也就是說，這是一個全球經濟，毫無疑問，我們的跨國客戶正在尋找增長市場。印度、中國、拉丁美洲。坦率地說，美國，我們在美國看到了很好的回升。我認為這與幾年前有點不同。

So there's no question that this volatility in the financial markets and in the financial institutions is giving everyone a lot of angst in terms of whether it be access to liquidity, whether affecting the capital markets, and if I were running one of those companies I would be looking hard at our spend which puts additional burden on what we have to do. I think they're not stopping spending. They're just being very careful in terms of where they spend. And that puts the burden on us to prove that what we do actually works.

因此，毫無疑問，金融市場和金融機構的這種動盪讓每個人都非常焦慮，是否會獲得流動性，是否會影響資本市場，如果我經營其中一家公司，我會認真審視我們的開支，這給我們必須做的事情增加了額外的負擔。我認為他們不會停止支出。他們只是在花錢的地方非常小心。這給我們帶來了證明我們所做的事情確實有效的負擔。

And if we can put together a fully integrated offering that shows how we can move the needle, it's innovative, we save some money in the process, we're effective, we're held accountable for the performance of that, then I think our clients have the money to spend and they will do that. But they do have an element of caution in that which is why it's still early in the year and a lot of things are happening and let's face it, we have issues with oil and who knows what's going to happen with the price of oil and those kind of things. So there is caution out there.

如果我們可以提供一個完全集成的產品來展示我們如何能夠推動針頭，它是創新的，我們在這個過程中節省了一些錢，我們是有效的，我們對它的性能負責，那麼我認為我們的客戶有錢花，他們會花錢。但他們確實有一點謹慎，這就是為什麼現在還處於年初，很多事情都在發生，讓我們面對現實吧，我們在石油方面遇到了問題，誰知道石油價格會發生什麼以及那些諸如此類的事情。所以要小心。

But, what's amazing is our business as I said, we're not expecting a 6% growth again. We're expecting -- we're forecasting 3% to 4%, and if we deliver 3% to 4% we can expand margin by a healthy 50 basis points or better. And I think that's a reasonable way to go into 2016.

但是，正如我所說，令人驚奇的是我們的業務，我們預計不會再次增長 6%。我們預計 - 我們預測 3% 至 4%，如果我們提供 3% 至 4%，我們可以將利潤率擴大 50 個基點或更好。我認為這是進入 2016 年的合理方式。

I'm not trying to be a Debbie downer here, but I'm just trying to be cautious in terms of what may be ahead of us. If we're wrong, then we'll adjust accordingly. Right now, I'm comfortable with the numbers that we're putting out there.

我不想在這裡成為黛比的沮喪者，但我只是想對我們可能會遇到的事情保持謹慎。如果我們錯了，那麼我們會相應地進行調整。現在，我對我們公佈的數字感到滿意。

Got it. Anything on the reviews front?

知道了。評論方面有什麼嗎？

No, we still have the US Army is probably the biggest one. That's a mandatory review. Last time we had it, we prevailed in the review.

不，我們還有美國陸軍，可能是最大的一支。那是強制審查。上次我們有它，我們在審查中佔了上風。

BMW media is still out there. We're comfortable where we are on that. The rest of the reviews we're challengers, so we hope to pick up some business along those lines.

寶馬媒體仍然在那裡。我們對此感到滿意。其餘的評論我們是挑戰者，所以我們希望沿著這些路線獲得一些業務。

Thank you very much.

非常感謝。

Thank you. Our next question is from Peter Stabler with Wells Fargo. Your line is now open.

謝謝。我們的下一個問題來自 Wells Fargo 的 Peter Stabler。您的線路現已開通。

Thanks for taking the questions. A couple if I could. Michael, wondering on the guidance and the reference to the 30 to 50 bps of headwind from pass-through, is that tied to the dispositions this year? And then just generally speaking, wondering if you could back up a little bit and talk about the CMG services, the below the line stuff in some cases, branding events, shopper marketing, sports sponsorship. PR has been doing well.

感謝您提出問題。如果可以的話一對夫婦。邁克爾想知道指導和對傳遞帶來的 30 到 50 個基點逆風的參考，這是否與今年的處置有關？然後一般來說，想知道你是否可以稍微備份一下，談談 CMG 服務，在某些情況下，線下的東西，品牌活動，購物者營銷，體育贊助。公關一直做得很好。

If you could give us your outlook. A lot of time spent talking to investors about concerns on secular challenges, most of that has to do with traditional advertising, just want to -- just wonder if you look at that question through the lens of marketing services, what's the outlook there? And then one quick follow-up. Thanks.

如果你能給我們你的展望。花了很多時間與投資者討論對長期挑戰的擔憂，其中大部分與傳統廣告有關，只是想 - 只是想知道你是否從營銷服務的角度來看這個問題，那裡的前景如何？然後是快速跟進。謝謝。

Okay. Pass-through is a direct pass-through. It has nothing to do with dispositions. The 30 basis points is apples-to-apples. That's principally from our CMG businesses, particularly Jack Morton, our event businesses. Again, as you recall, those are direct pass-throughs for revenue and expenses.

好的。直通是直通。這與性格無關。30 個基點是同類產品。這主要來自我們的 CMG 業務，尤其是我們的活動業務 Jack Morton。同樣，您還記得，這些是收入和支出的直接轉嫁。

I'll comment on PR. I'm going to let Frank talk about since it falls within his purview. Remember, the PR business has changed dramatically. What's happening is all our different disciplines are all covering all sorts of aspects of the market place. Digital capabilities, social networking, social media, content, all of that is part of what we're seeing across the board in both digital and PR agencies and our traditional agencies.

我會評論公關。我打算讓 Frank 談談，因為它屬於他的職權範圍。請記住，公關業務發生了翻天覆地的變化。正在發生的事情是我們所有不同的學科都涵蓋了市場的各個方面。數字能力、社交網絡、社交媒體、內容，所有這些都是我們在數字和公關機構以及我們的傳統機構中全面看到的一部分。

And as a result, Weber Shandwick in particular was a leader in terms of looking at their portfolio and converting to the digital and social environment, and as a result we've seen them taking market share out there. It's because of their content and new thinking in terms of PR. We're encouraged by that. We think they continue -- we have best-in-class offerings there and we continue to see solid growth there. Frank?

因此，尤其是萬博宣偉在審視其產品組合以及向數字和社交環境轉型方面處於領先地位，因此我們看到他們在那裡佔據了市場份額。這是因為他們在公關方面的內容和新思維。我們對此感到鼓舞。我們認為他們會繼續——我們在那裡提供一流的產品，我們繼續看到那裡的穩健增長。坦率？

To add on to Michael's comments, we made specific investments around new capabilities around PR. You look at our performance at Weber, at Golin, at [DeBreese] it's clear they're gaining market share. The critical thing is we're going to need to continue to invest and keep our place in the marketplace.

為了補充 Michael 的評論，我們圍繞 PR 的新功能進行了具體投資。你看看我們在 Weber、Golin、[DeBreese] 的表現，很明顯他們正在獲得市場份額。關鍵是我們需要繼續投資並保持我們在市場上的地位。

Looking at the rest of the portfolio, our sports business at Octagon, our experiential business at Jack Morton, it's very, very strong. The CMG segment does get impacted by the decline in pass-throughs, and that's intentional. We've been trying to migrate our contracts away from being a principal specifically in our experiential business to an agent.

看看其餘的投資組合，我們在 Octagon 的體育業務，我們在 Jack Morton 的體驗業務，它非常非常強大。CMG 細分市場確實受到傳遞率下降的影響，這是有意為之的。我們一直在努力將我們的合同從專門從事體驗業務的委託人轉移到代理人。

So when you look at it on a net revenue basis our growth has been high-single digits for the past three years. So those businesses are very, very healthy. And it's nice in our branding business that Futurebrands had again, a very strong year. We're very supportive of that segment and we'll continue to invest.

因此，當你在淨收入的基礎上看它時，我們過去三年的增長一直是高個位數。所以這些企業非常非常健康。在我們的品牌業務中，Futurebrands 再次取得了非常強勁的一年。我們非常支持該細分市場，我們將繼續投資。

Let me add when we say we talk about invest, we actually had an acquisition by Golin in China this year. And we haven't had -- we basically grow our business in China organically by hiring some really talented people as we did in 2015. For Golin, we actually bought a company that's very attractive and added to their portfolio.

讓我補充一下，當我們說我們談論投資時，我們實際上今年在中國被 Golin 收購了。我們還沒有——我們基本上是通過像 2015 年那樣聘請一些真正有才華的人來有機地發展我們在中國的業務。對於 Golin，我們實際上購買了一家非常有吸引力的公司，並將其添加到他們的投資組合中。

The other important part is when we talk about integrated offerings, we mean it. And so when we put together open architecture, whether it's Golin, whether it's Octagon, whether it's Weber Shandwick, we bring them into the open architecture model. So when we're sitting at the table and presenting the best of IPG to our clients, it includes a full array of our businesses. So our marketing services, our traditional agency businesses, our digital capabilities and our media. They're all sitting at the table, and frankly that's what clients want to see and the collaboration is critical to that, which is why we spend so much time on collaboration within IPG.

另一個重要部分是，當我們談論集成產品時，我們是認真的。因此，當我們將開放式架構放在一起時，無論是 Golin、Octagon 還是 Weber Shandwick，我們都會將它們納入開放式架構模型。因此，當我們坐在桌前向我們的客戶展示 IPG 的最佳產品時，它包括我們的全部業務。所以我們的營銷服務、我們的傳統代理業務、我們的數字能力和我們的媒體。他們都坐在桌子旁，坦率地說，這就是客戶希望看到的，協作對此至關重要，這就是我們在 IPG 內部花費大量時間進行協作的原因。

And this open architecture model actually works. And even on -- when we're just looking at media pitches we bring in the open architecture on media. We have different disciplines, digital, experiential, all of that comes to play in these pitches. And frankly, I'm a firm believer that's one of the reasons we've been successful in the new business arena. Because I've heard a number of clients say to me when we walked out of the room that what was -- it was refreshing is that they didn't know which individual was from which discipline and the team really spoke as one voice and they were focusing on clients.

而且這種開放式架構模型確實有效。甚至 - 當我們只看媒體宣傳時，我們會引入媒體的開放架構。我們有不同的學科，數字的，體驗的，所有這些都在這些球場上發揮作用。坦率地說，我堅信這是我們在新業務領域取得成功的原因之一。因為當我們走出房間時，我聽到很多客戶對我說，令人耳目一新的是，他們不知道哪個人來自哪個學科，團隊真的是一個聲音，他們專注於客戶。

And that makes a big difference to the clients because they don't have to worry about our silos and our issues. They're just interested in servicing their clients. And if we didn't have the marketing service arm that we have at CMG and the media and the digital capabilities and the creative capabilities at our agencies, we wouldn't be able to do that. So I'm very comfortable with that.

這對客戶來說意義重大，因為他們不必擔心我們的孤島和問題。他們只對服務客戶感興趣。如果我們沒有我們在 CMG 擁有的營銷服務部門以及我們代理機構的媒體和數字能力以及創意能力，我們將無法做到這一點。所以我對此很滿意。

Thanks for all the color. I'll leave it there.

感謝所有的顏色。我會把它留在那裡。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you, speakers. Our next question is from Tom Eagan with Kelsey advisors. Your line is now open.

謝謝各位演講者。我們的下一個問題來自 Tom Eagan 和 Kelsey 顧問。您的線路現已開通。

Well, that was a good question. Thank you. Could we go on to the next?

嗯，這是一個很好的問題。謝謝。我們可以繼續下一步嗎？

Thank you. Our next question is from Brian Wieser with Pivotal. Sir, your line is now open.

謝謝。我們的下一個問題來自 Pivotal 的 Brian Wieser。先生，您的線路現已開通。

Hi, thanks for taking the question. On that open architecture angle, I was curious if you could comment a little bit about Philippe Krakowsky, his role now with Mediabrands, and what the thinking is behind that and how that presumably ties into bringing resources across the holding Company into Mediabrands and tying it together?

您好，感謝您提出問題。在開放架構的角度上，我很好奇你是否可以評論一下 Philippe Krakowsky，他現在在 Mediabrands 的角色，以及這背後的想法是什麼，以及這可能如何將整個控股公司的資源帶入 Mediabrands 並將其捆綁在一起一起？

Separately, maybe a bigger picture question. I'm curious about how you think about making or refraining from strategic shifts at the holding Company level versus encouraging the individual business units to do the same. We've seen publicists obviously stake a claim in consulting services and WPP maybe a bit more investing across ecosystem and content and media and data. I'm curious how you're thinking about the role of the future direction of marketing services and where that should originate from?

另外，也許是一個更大的問題。我很好奇你是如何考慮在控股公司層面做出或避免戰略轉變，而不是鼓勵各個業務部門也這樣做。我們已經看到公關人員顯然在諮詢服務方面佔有一席之地，而 WPP 可能會在生態系統、內容、媒體和數據方面進行更多投資。我很好奇您如何看待營銷服務未來方向的作用以及它應該從何而來？

First of all, as you know, Philippe is sort of an integral part of the collaboration we have at IPG. Henry's done a tremendous job in coming into Mediabrands and the success of Mediabrands is pretty evident by the results of their performance, and he's done a great job, him and his team at UM initiative and all the rest of Mediabrands.

首先，如您所知，Philippe 是我們在 IPG 合作中不可或缺的一部分。Henry 在加盟盟博方面做得非常出色，而盟博的成功從他們的表現中可以明顯看出，他和他在 UM initiative 的團隊以及所有其他盟博都做得很好。

Philippe's oversight role at Mediabrands is exactly that, to bring -- to make sure that we're looking at all the possibilities of collaboration. And as well Philippe has a technology background and helping in terms of new media and new technology as well.

Philippe 在盟博的監督角色正是這樣——確保我們正在研究合作的所有可能性。菲利普也有技術背景，在新媒體和新技術方面也有幫助。

It was exceptionally well received at Mediabrands and the people, plus frankly Philippe has an HR responsibility. So he knows a lot of those people very well and they work very closely together. I can't tell you how many favorable e-mails I receive for both clients as well as individuals on that move, so we're really excited about it.

它在 Mediabrands 和員工中受到了極大的歡迎，而且坦率地說，Philippe 負責人力資源。所以他對這些人中的很多人都非常了解，而且他們一起工作非常密切。我無法告訴你我收到了多少對客戶和個人的有利電子郵件，所以我們對此感到非常興奮。

Marketing services, as I said, it fits very nicely into the open architecture model. I don't believe we have to own various data sources and so on when we can rent them.

正如我所說，營銷服務非常適合開放式架構模型。當我們可以租用它們時，我認為我們不必擁有各種數據源等。

But that said, we did a data analytics acquisition in Israel this year. Mediabrands has their own data sources. And when they need to use that, they have over 80 or 100 different data sources.

但話雖如此，我們今年在以色列進行了數據分析收購。盟博有自己的數據源。當他們需要使用它時，他們有超過 80 或 100 個不同的數據源。

As long as there's partnering out there we can rent it. We think we have to do it. We have a sufficient amount of analytics and data to make our offerings competitive, if not better. And we don't have to own it. But when there are unique opportunities out there, we make some tactical investments in it.

只要有合作夥伴，我們就可以租用它。我們認為我們必須這樣做。我們有足夠的分析和數據來使我們的產品具有競爭力，如果不是更好的話。我們不必擁有它。但是當存在獨特的機會時，我們會對其進行一些戰術投資。

We did it in a little -- in TV. We did it in keep. So we look at it both ways. The key to this in the open architecture is having a vehicle without having to restructure our corporation to collaborate. And since we've been doing it for 10 years, we didn't need to restructure our entire Company.

我們做了一點——在電視上。我們做到了。所以我們從兩個方面來看。在開放式架構中，關鍵是擁有一輛車，而無需重組我們的公司以進行協作。由於我們已經這樣做了 10 年，所以我們不需要重組整個公司。

We have high priority objectives for all of our CEOs that require them to collaborate both within their networks as well as outside. So it's kind of interesting to see everybody jumping on this, but we started doing this 10 years ago and it's part of our DNA. And every time there's a new thing out there in terms of whether it be data, whether it be content, we want to participate and we'll do it through our partnerships, through investments, or just contractual arrangements.

我們為所有 CEO 制定了高度優先的目標，要求他們在網絡內外進行協作。所以看到每個人都跳上這個很有趣，但我們在 10 年前就開始這樣做了，這是我們 DNA 的一部分。每當有新事物出現時，無論是數據，還是內容，我們都想參與，我們將通過合作夥伴關係、投資或合同安排來實現。

Thank you very much.

非常感謝。

Thank you, Brian. Operator, next caller, next question, please. I guess it's been that clear.

謝謝你，布萊恩。請接線員，下一個來電者，下一個問題。我想這已經很清楚了。

Thank you. Sir, our next question, thank you, is from Mr. Bill Bird with FBR. Sir, your line is now open.

謝謝。主席先生，我們的下一個問題，謝謝，來自 FBR 的 Bill Bird 先生。先生，您的線路現已開通。

(Technical Difficulties) 2016. Then second, what are your current thoughts on targeted leverage? Thank you.

（技術難點）2016。其次，您目前對定向槓桿有何看法？謝謝。

Bill, I'm sorry, we didn't hear the first part of your question.

比爾，對不起，我們沒有聽到你問題的第一部分。

I'm sorry, was wondering if you could talk about the new buyback authorization and what a reasonable pace of buybacks is to expect in 2016?

抱歉，想知道您是否可以談談新的回購授權以及 2016 年合理的回購速度是多少？

Well, we've been averaging close to $300 million buybacks per year. We have an extra $149 million on top of the authorization. We're not committed to doing all of it in one year. We'll have a normalized annual buyback throughout the year.

嗯，我們平均每年回購近 3 億美元。除了授權之外，我們還有額外的 1.49 億美元。我們不會承諾在一年內完成所有這些工作。我們將全年進行標準化的年度回購。

That said, every once in a while we're opportunistic. You saw we were a little over-weighted in the fourth quarter when we saw some price pressure on our stock. So we have the flexibility. For analytics point, if you use $300 million I think that's a reasonable number for us to spend, and we'll be opportunistic and see how the marketplace goes.

也就是說，我們偶爾會投機取巧。當我們看到我們的股票出現一些價格壓力時，你看到我們在第四季度有點超重。所以我們有靈活性。對於分析點，如果你使用 3 億美元，我認為這對我們來說是一個合理的支出數字，我們會投機取巧，看看市場如何發展。

This is part of a long-term strategy. We believe that given our leverage, obviously bringing our ratings up one more notch will be very helpful us. In that it will give us a freer commercial paper program which could help us in terms of the cyclicality of our cash flows, and that could free up some additional cash as well.

這是長期戰略的一部分。我們相信，鑑於我們的影響力，顯然將我們的評級再提高一個等級將對我們非常有幫助。因為它將為我們提供一個更自由的商業票據計劃，這可以在我們現金流的周期性方面幫助我們，並且也可以釋放一些額外的現金。

So from an overall program point of view, we're very comfortable with our balance sheet and where we are. We hope to have a commercial paper program if we get one more notch up. We have a robust return of capital on buybacks and 25% increase in dividend is a very nice mix between dividends and buybacks.

因此，從整體計劃的角度來看，我們對我們的資產負債表和我們所處的位置非常滿意。如果我們再提高一個檔次，我們希望有一個商業票據計劃。我們在回購方面有強勁的資本回報，股息增加 25% 是股息和回購之間的一個非常好的組合。

So our overall structure in terms of return has been very well received by the investors before year end. Between Frank and myself and Jerry, we've met with most of our shareholders. And this is based on the input we're getting from all of our shareholders. And as far as our leverage, we're very comfortable and we want to be where we are heading into a market that is as volatile or potentially volatile as it is right now.

因此，我們在回報方面的整體結構在年底前受到了投資者的好評。在弗蘭克和我以及傑里之間，我們會見了我們的大多數股東。這是基於我們從所有股東那裡得到的意見。就我們的槓桿作用而言，我們非常自在，我們希望能夠進入一個像現在這樣動盪或潛在動蕩的市場。

Great. Thank you.

偉大的。謝謝。

Thank you. Our last question is from Mr. Tim Nolan with Macquarie. Sir, your line is now open.

謝謝。我們的最後一個問題來自麥格理的蒂姆諾蘭先生。先生，您的線路現已開通。

Thanks. I wonder if I could try to tie together a few of the threads from the conversation here and ask a question this way. Given the sense of confusion between what the financial markets are telling us and what you and your peers are telling us about ad spending, I wonder if there's something beyond traditional advertising or traditional marketing services in what you are doing with your clients? I.e., are companies like IPG becoming more business services providers, providing technology and advertising and marketing services overall and therefore you become more embedded in your clients' budget processes, and therefore you have a greater chance of sustaining more resilient spending beyond just advertising and marketing services? Is that something maybe is providing a sense of optimism amongst your clients on their spending?

謝謝。我想知道我是否可以嘗試將此處對話中的一些線索聯繫在一起並以這種方式提出問題。鑑於金融市場告訴我們的與您和您的同行告訴我們的關於廣告支出的混淆，我想知道在您為客戶做的事情中是否有超越傳統廣告或傳統營銷服務的東西？也就是說，像 IPG 這樣的公司是否正在成為更多的商業服務提供商，提供技術以及廣告和營銷服務，因此您會更加深入地融入客戶的預算流程，因此您更有可能在廣告和營銷之外維持更具彈性的支出服務？這是否可能讓您的客戶對他們的支出感到樂觀？

That's a great question and the answer to that is yes. Particularly on the digital. If you look for example what R/GA is doing in terms of design and business planning and product development, the accelerated program are examples of that.

這是一個很好的問題，答案是肯定的。特別是在數字方面。例如，如果您查看 R/GA 在設計和業務規劃以及產品開發方面所做的工作，加速計劃就是其中的例子。

We have capabilities, and there aren't many companies that have the capabilities we have both in terms of typical advertising role, media planning, content distribution, digital expertise, insights, all of that put together and frankly what we do actually works. And we had data and we have all sorts of information that shows that if we can bring all of these offerings together, we can in fact help our clients move the needle. And it's refreshing to be able to walk into a room and put together some new ideas from a business context. And you're right, it's not just traditional advertising. It's looking into the future.

我們有能力，而且在典型的廣告角色、媒體規劃、內容分發、數字專業知識、洞察力方面，沒有多少公司擁有我們擁有的能力，所有這些都放在一起，坦率地說，我們所做的實際上是有效的。我們有數據，我們有各種各樣的信息表明，如果我們能夠將所有這些產品結合在一起，我們實際上可以幫助我們的客戶改變現狀。能夠走進一個房間並從商業環境中匯集一些新想法，這讓人耳目一新。你是對的，這不僅僅是傳統廣告。它正在展望未來。

We can anticipate where consumers are going to be spending their money, and based on those insights we can help our clients real-time look at where they can allocate their dollars and if it's not working we can shift with them. We can create dashboards with our clients. We can help them do design work. We can do branding for them.

我們可以預測消費者將把錢花在哪裡，並且根據這些洞察力，我們可以幫助我們的客戶實時查看他們可以在哪里分配他們的錢，如果它不起作用，我們可以與他們一起轉移。我們可以與客戶一起創建儀表板。我們可以幫助他們做設計工作。我們可以為他們做品牌。

It really turns out to be a full service offering that we can tap into and it gives them a degree of comfort that they're getting cutting edge insights without having to add 12 different disciplines coming in a room, working together. So I do believe -- and of course we do consulting. Several of our agencies have a consulting basis arm to it. So yes, our business is changing and frankly, that's why I'm bullish on our industry.

事實證明，它確實是我們可以利用的全面服務產品，它讓他們感到一定程度的安慰，因為他們獲得了前沿的見解，而不必在一個房間裡加入 12 個不同的學科，一起工作。所以我相信——當然我們也做諮詢。我們的一些機構有一個諮詢基礎部門。所以是的，我們的業務正在發生變化，坦率地說，這就是我看好我們行業的原因。

For years they talked about our industry being disintermediated, going away. We always find a way to sustain ourselves and I think if you look at our results you've got a pretty good indication we're capable of doing that. So yes. I thank you for that question.

多年來，他們一直在談論我們的行業正在脫媒、消失。我們總能找到一種方法來維持自己，我認為如果你看看我們的結果，你就會很好地表明我們有能力做到這一點。所以是的。我感謝你提出這個問題。

With that said I think those are our last questions. I really thank you for your support throughout the year. We're excited about 2016. Notwithstanding some caution that we've made and I look forward to bringing it to light. Thank you very much.

話雖如此，我認為這些是我們最後的問題。真的很感謝大家一年來的支持。我們對 2016 年感到興奮。儘管我們已經做出了一些警告，但我期待著將其公之於眾。非常感謝。

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

謝謝。今天的會議到此結束。此時您可以斷開連接。