Interpublic Group of Companies Inc (IPG) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Interpublic Group Fourth Quarter and Full Year 2022 Conference Call. (Operator Instructions) This conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations. Sir, you may begin.

早上好，歡迎來到 Interpublic Group 第四季度和 2022 年全年電話會議。 （操作員說明）正在錄製此會議。如果您有異議，此時您可以斷開連接。我現在想介紹投資者關係高級副總裁 Jerry Leshne 先生。先生，您可以開始了。

Good morning. Thank you for joining us. This morning, we are joined by our CEO, Philippe Krakowsky; and by Ellen Johnson, our CFO. We have posted our earnings release and our slide presentation on our website, interpublic.com. We will begin our call with prepared remarks to be followed by Q&A. We plan to conclude before market open at 9:30 Eastern time.

早上好。感謝您加入我們。今天早上，我們的首席執行官 Philippe Krakowsky 加入了我們的行列；以及我們的首席財務官 Ellen Johnson。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。我們將以準備好的評論開始我們的電話會議，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 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. We will also refer to forward-looking statements about our company. These are subject to the uncertainties and the cautionary statement that is included in our earnings release and the slide presentation and further detailed in our 10-Q and other filings with the SEC.

在這次電話會議中，我們將參考某些非 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。我們還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。

At this point, it is my pleasure to turn things over to Philippe Krakowsky.

在這一點上，我很高興將事情交給 Philippe Krakowsky。

Thanks, Jerry, and thank you for joining us this morning. As usual, I'll start with a high-level view of our performance in the quarter and the full year and our outlook for the year ahead. Ellen will then provide additional detail, and I'll conclude with updates on key developments at our agencies to be followed by Q&A.

謝謝，傑里，感謝你今天早上加入我們。像往常一樣，我將首先對我們在本季度和全年的表現以及我們對未來一年的展望進行高層次的看法。然後 Ellen 將提供更多詳細信息，我將以我們機構的主要發展的最新情況作為結尾，隨後進行問答。

We're pleased to share another year of strong performance. Before turning to the numbers, I'd like to once again thank our more than 58,000 colleagues around the world whose dedication to our clients and one another are exceptional along with our expertise spanning creative marketing services, technology and data management. That's what continues to be at the heart of our performance.

我們很高興與大家分享又一年的強勁表現。在談到這些數字之前，我想再次感謝我們在世界各地的 58,000 多名同事，他們對我們的客戶和彼此的奉獻是非凡的，以及我們在創意營銷服務、技術和數據管理方面的專業知識。這一直是我們業績的核心。

Turning to our results. For the full year, organic growth was 7%, and our adjusted EBITDA margin was 16.6%. Both are at the levels we shared with you in our last update in October. It's worth noting that a year ago at this time, we looked ahead to full year 5% organic growth on top of very challenging multiyear comps, and performance throughout the year drove consistent increases to that 7%. We grew in every world region and broadly across client sectors. Our 3-year organic growth stack, therefore, stands at 14%, the level of performance that speaks to the strength and relevance of our offerings, particularly in services and sectors demanding precision and accountability.

轉向我們的結果。全年有機增長率為 7%，調整後的 EBITDA 利潤率為 16.6%。兩者都處於我們在 10 月份的最新更新中與您分享的水平。值得注意的是，一年前的這個時候，我們預計全年有機增長 5%，加上極具挑戰性的多年競爭，全年的業績推動持續增長至 7%。我們在世界每個地區和廣泛的客戶領域都有所發展。因此，我們 3 年的有機增長堆棧為 14%，這一績效水平說明了我們產品的實力和相關性，特別是在要求精確和問責制的服務和行業。

In our fourth quarter, organic net revenue growth was 3.8%, which brings 3-year growth performance to 9.7%. That means that, as expected, growth slowed in the fourth quarter consistent with global macroeconomic and geopolitical crosswinds, which we're all aware of. Notwithstanding slowdowns across the global economy and, with that, a broadly more cautious marketing and media environment, our growth continued in every world region during the fourth quarter. Overall, U.S. organic growth was 2.4% despite dilution from certain units in the portfolio on top of a very strong 12.1% a year ago. Organic growth in our international markets was 6.1% on top of 11% a year ago.

在我們第四季度，有機淨收入增長 3.8%，使 3 年增長業績達到 9.7%。這意味著，正如預期的那樣，第四季度的增長放緩與我們都知道的全球宏觀經濟和地緣政治逆風一致。儘管全球經濟放緩，營銷和媒體環境普遍更加謹慎，但第四季度我們在世界每個地區都繼續增長。總體而言，美國有機增長為 2.4%，儘管投資組合中的某些部門在一年前非常強勁的 12.1% 之上有所稀釋。我們國際市場的有機增長率為 6.1%，高於一年前的 11%。

By sector, growth in the fourth quarter was led by our clients in the auto and transportation sector, followed by the retail, our other sector of industrials and government, and health care. Going the other way, tech and telco, which for us is our second largest client sector, began to show the impact of (inaudible) but I guess we could refer sector-specific issues, which we're forecasting will continue to present headwinds for us for at least the first half of 2023. Also in Q4, we felt the largest quarterly impact of the late 2021 loss of a large food and beverage client, which will finish running off at the end of Q1 this year.

按行業劃分，第四季度的增長由我們在汽車和運輸行業的客戶引領，其次是零售、我們的其他工業和政府部門以及醫療保健。另一方面，技術和電信，對我們來說是我們的第二大客戶行業，開始顯示出（聽不清）的影響，但我想我們可以參考特定行業的問題，我們預測這些問題將繼續帶來不利影響至少在 2023 年上半年。同樣在第四季度，我們感受到了 2021 年底失去大型食品和飲料客戶的最大季度影響，該客戶將在今年第一季度末結束。

Each of our operating segments grew organically in the quarter. In Media, Data & Engagement Solutions, organic growth was 5%, led by double-digit growth at IPG Mediabrands. Increases at our digital specialists, which we've called out previously, weighed significantly on segment and group-wide growth in the quarter and the year. Our Integrated Advertising & Creativity Led Solutions segment grew 2.6%, paced again by IPG Health, which posted high single-digit growth performance. Our segment of Specialized Communications & Experiential Solutions grew 3.5% organically with leadership from the full range of our experiential and sports marketing offerings.

我們的每個運營部門在本季度都實現了有機增長。在媒體、數據和互動解決方案方面，有機增長為 5%，其中 IPG 盟博的兩位數增長領漲。我們之前提到的數字專家的增加對本季度和本年度的部門和集團範圍內的增長產生了重大影響。我們的綜合廣告和創意主導解決方案業務增長 2.6%，再次由 IPG Health 帶動，後者實現了高個位數的增長。我們的專業通信和體驗解決方案部門在我們全方位的體驗和體育營銷產品的領導下有機增長了 3.5%。

Turning to profitability and expenses in the quarter. Our teams continued their outstanding execution, effectively navigating today's complicated economic environment. This, in turn, led to the strong fourth quarter margin performance we're reporting today. We've been able to deliver this result while continuing to invest in our offerings and to take significant real estate actions in the quarter that will further our structural operating efficiencies going forward.

轉向本季度的盈利能力和費用。我們的團隊繼續出色的執行力，有效地應對了當今復雜的經濟環境。這反過來又導致我們今天報告的第四季度利潤率表現強勁。我們已經能夠在繼續投資於我們的產品並在本季度採取重大房地產行動的同時取得這一成果，這將進一步提高我們未來的結構性運營效率。

Fourth quarter net income was $297.2 million as reported. Our adjusted EBITA was $568.4 million, which is before a noncash charge in the quarter for those real estate actions. Adjusted EBITA margin in the quarter was 22.3%, and that brings full year adjusted EBITA to $1.57 billion and margin on net revenue of 16.6%.

據報導，第四季度淨收入為 2.972 億美元。我們調整後的 EBITA 為 5.684 億美元，這是在本季度因這些房地產行動而產生的非現金費用之前。本季度調整後的 EBITA 利潤率為 22.3%，這使全年調整後的 EBITA 達到 15.7 億美元，淨收入利潤率為 16.6%。

I think it's worth reflecting that, at that margin level, we've successfully consolidated 260 basis points of margin improvement over the last 3 years, along with that very strong 3-year growth stat that I mentioned earlier. Fourth quarter diluted earnings per share was $0.76 as reported and was $1.02 as adjusted for the real estate restructuring charge, intangible amortization and the disposition of small nonstrategic businesses.

我認為值得反思的是，在那個利潤率水平上，我們在過去 3 年中成功地鞏固了 260 個基點的利潤率提高，以及我之前提到的非常強勁的 3 年增長數據。報告的第四季度每股攤薄收益為 0.76 美元，經房地產重組費用、無形攤銷和小型非戰略性業務處置調整後為 1.02 美元。

In sum, our fourth quarter completes a year of strong financial performance across the key performance metrics of growth, adjusted EBITA and earnings per share. During the quarter, we also closed on the acquisition of RafterOne, a leading e-commerce implementation partner, which brings additional scale and capability to our offerings in an area of growth and strategic importance.

總而言之，我們第四季度在增長、調整後 EBITA 和每股收益等關鍵績效指標方面實現了強勁的財務業績。在本季度，我們還完成了對領先的電子商務實施合作夥伴 RafterOne 的收購，這為我們在增長和戰略重要性領域的產品帶來了額外的規模和能力。

Over the course of 2022, we also returned capital to shareholders in the amount of $777 million between dividends and share repurchases. Given the continuing strength of our operating results and confidence in our strategic trajectory, our Board has once again raised IPG's quarterly dividend by 7% to $0.31 per share. This marks our 11th consecutive year of higher dividends, which, as you know, continued uninterrupted through the pandemic. Our Board also authorized an additional $350 million share repurchase program on top of the $80 million remaining in our previous authorization.

在 2022 年期間，我們還在股息和股票回購之間向股東返還了 7.77 億美元的資本。鑑於我們持續強勁的經營業績和對我們戰略軌蹟的信心，我們的董事會再次將 IPG 的季度股息提高 7% 至每股 0.31 美元。這標誌著我們連續第 11 年派發更高的股息，如您所知，在大流行期間持續不間斷。除了我們之前授權的 8000 萬美元之外，我們的董事會還批准了額外的 3.5 億美元的股票回購計劃。

Turning the discussion to 2023 and our outlook for the year. There remains a meaningful degree of macroeconomic uncertainty. Visibility, therefore, is somewhat challenged. I think it's fair to say that clients are approaching 2023 with equal parts conviction in the need to be in the market as well as an increased level of conservatism. That's not to say that they're any less focused on the need to drive for growth into the new year or to invest in the transformation of their business. It's just that we're seeing budgeting decisions made with more deliberation. And it's also fair to say that there's significant variability within our client portfolio from client to client.

將討論轉向 2023 年和我們對這一年的展望。仍然存在一定程度的宏觀經濟不確定性。因此，能見度受到了一些挑戰。我認為可以公平地說，客戶正在接近 2023 年，他們對進入市場的必要性以及保守主義水平的提高有著同等的信念。這並不是說他們不再關注在新的一年推動增長或投資業務轉型的需要。只是我們看到預算決策是經過深思熟慮做出的。而且可以公平地說，我們的客戶組合在不同客戶之間存在顯著差異。

We're confident that the strongest growth areas of our business, such as consultative media services, health-care marketing, experiential marketing, commerce as well as data management and data sales will continue to perform strongly despite the broader economic situation.

我們相信，儘管經濟形勢不佳，但我們業務增長最強勁的領域，如諮詢媒體服務、醫療保健營銷、體驗營銷、商業以及數據管理和數據銷售，將繼續表現強勁。

We're also confident in our operational rigor and flexible cost model. Our actions in the fourth quarter to further reduce our occupied real estate footprint by nearly 7% demonstrates our consistent and ongoing focus on identifying and acting on opportunities to rethink our business model and improve efficiency. So bridging all of these moving parts together, we expect organic net revenue growth for 2023 of 2% to 4% on top of those industry-leading multiyear comparators and further expansion of our adjusted EBITDA margins to 16.7% for the full year.

我們也對我們的運營嚴謹性和靈活的成本模型充滿信心。我們在第四季度採取的行動進一步減少了近 7% 的佔用房地產足跡，表明我們始終如一地持續關注發現機會並抓住機會重新思考我們的業務模式並提高效率。因此，將所有這些移動部分聯繫在一起，我們預計 2023 年有機淨收入增長 2% 至 4%，超過那些行業領先的多年比較器，並將我們調整後的全年 EBITDA 利潤率進一步擴大至 16.7%。

Our priorities for the year remain consistent. First, to build on IPG's strategic differentiation, which for us means to focus on the people, talent and capabilities that enable us to solve a broader set of business problems and which further our evolution into a higher-value solutions provider as well as strong execution when it comes to integrating our agency's expertise through open architecture solutions.

我們今年的優先事項保持一致。首先，以 IPG 的戰略差異化為基礎，這對我們來說意味著專注於使我們能夠解決更廣泛的業務問題的人員、人才和能力，並進一步發展成為更高價值的解決方案提供商以及強大的執行力當談到通過開放式架構解決方案整合我們機構的專業知識時。

Second, to combine those client-focused offerings with operational excellence, which is always important but never more so than in an uncertain economic climate. Delivering on these goals and our new financial targets as well as our longstanding commitment to return of capital should lead to another year of value creation for all of our stakeholders.

其次，將那些以客戶為中心的產品與卓越運營相結合，這始終很重要，但在不確定的經濟環境中尤為重要。實現這些目標和我們新的財務目標以及我們對資本回報的長期承諾應該會為我們所有的利益相關者帶來又一年的價值創造。

At this point, I'm going to hand things over to Ellen for a more in-depth view of our results.

在這一點上，我將把事情交給 Ellen，以便更深入地了解我們的結果。

Thank you. I hope everyone is well. I would like to join Philippe and thank our people for their terrific accomplishments. As a reminder, my remarks will track to the presentation slides that accompany our webcast.

謝謝。我希望每個人都好。我想和 Philippe 一起感謝我們的員工取得的非凡成就。提醒一下，我的發言將跟隨著我們網絡廣播的演示幻燈片。

Beginning on Slide 2 of the presentation. Fourth quarter net revenue was essentially flat from a year ago with organic growth of 3.8%. That brings organic growth for the year to 7% and our 3-year growth to 14%. Adjusted EBITA in the quarter before a net restructuring charge was $568.4 million and margin on net revenue was 22.3%, a restructuring charge in the quarter, resulting from having identified further opportunities to optimize our real estate portfolio. We reduced our occupied real estate footprint by approximately 500,000 square feet or 6.7%. The net charge in the quarter was $101.7 million, which we expect will result in $20 million of permanent expense savings, which will be realized as we move forward. There was no severance involved in these most recent actions.

從演示文稿的幻燈片 2 開始。第四季度淨收入與一年前基本持平，有機增長 3.8%。這使今年的有機增長率達到 7%，我們的 3 年增長率達到 14%。本季度調整後的 EBITA 為 5.684 億美元，淨重組費用為 5.684 億美元，淨收入利潤率為 22.3%，這是本季度的重組費用，這是因為我們發現了進一步優化房地產投資組合的機會。我們將佔用的房地產足跡減少了約 500,000 平方英尺或 6.7%。本季度的淨費用為 1.017 億美元，我們預計這將帶來 2000 萬美元的永久性費用節省，這將在我們向前推進時實現。這些最近的行動沒有涉及遣散費。

You'll recall that in 2020, we reduced our lease footprint by 1.7 million square foot, and the additional actions are a recognition that, in the wake of the pandemic, operating model has changed with respect to office space. While we will still continue to optimize our square footage in the normal course of our business, we do not anticipate additional restructuring charges.

您會記得，在 2020 年，我們將租賃面積減少了 170 萬平方英尺，而這些額外的行動表明，在大流行之後，辦公空間的運營模式已經發生了變化。雖然我們仍將在正常業務過程中繼續優化我們的面積，但我們預計不會產生額外的重組費用。

Our diluted earnings per share in the quarter was $0.76 as reported and $1.02 as adjusted to exclude the restructuring charge, the amortization of acquired intangibles and a small nonoperating loss from business dispositions. Our adjusted diluted EPS was $2.75 for the full year.

我們在本季度報告的稀釋後每股收益為 0.76 美元，經調整後為 1.02 美元，以排除重組費用、收購的無形資產攤銷和業務處置產生的小額非經營性虧損。我們調整後的全年攤薄每股收益為 2.75 美元。

We concluded the year in a strong financial position with $2.5 billion of cash on the balance sheet and with 1.6x gross financial debt to EBITA as defined in our credit facility. We repurchased 3.2 million shares in the fourth quarter, bringing our full year repurchases to 10.3 million, returning $320 million to our shareholders in 2022. Our Board increased a quarterly dividend to $0.31 and authorized another $350 million repurchase program in addition to the $80 million remaining on our prior authorization.

我們以強勁的財務狀況結束了這一年，資產負債表上有 25 億美元的現金，根據我們的信貸安排，EBITA 的金融債務總額為 1.6 倍。我們在第四季度回購了 320 萬股股票，使我們的全年回購量達到 1030 萬股，並在 2022 年向股東返還了 3.2 億美元。我們的董事會將季度股息增加到 0.31 美元，並在剩餘的 8000 萬美元之外批准了另一個 3.5 億美元的回購計劃在我們的事先授權下。

Turning to Slide 3, you'll see our P&L for the quarter. I'll cover revenue and operating 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和運營費用。

Turning to the fourth quarter and full year revenue on Slide 4. Net revenue in the quarter was $2.55 billion, an increase of $1.6 million from a year ago. Compared to Q4 '21, the impact of the change in exchange rates was negative 3.9%. Net acquisitions added 20 basis points. Our organic net revenue increase was 3.8%, which on the right-hand side of this slide brings us to 7% for the full year.

轉到幻燈片 4 上的第四季度和全年收入。本季度淨收入為 25.5 億美元，比去年同期增加 160 萬美元。與 21 年第四季度相比，匯率變化的影響為負 3.9%。淨收購增加了 20 個基點。我們的有機淨收入增長了 3.8%，這張幻燈片的右側使我們全年增長了 7%。

Further down the slide, we break out segment net revenue performance. Our Media, Data & Engagement Solutions segment grew 5% organically on top of 11.9% in the fourth quarter of 2021. As you can see on the slide, the segment is comprised of IPG Mediabrands, Acxiom, Kinesso and our digital specialist agencies.

在幻燈片的下方，我們細分了細分市場的淨收入表現。我們的媒體、數據和參與解決方案部門在 2021 年第四季度實現了 11.9% 的有機增長 5%。正如您在幻燈片中看到的那樣，該部門由 IPG Mediabrands、Acxiom、Kinesso 和我們的數字專業機構組成。

IPG Mediabrands grew at double-digit rate. As first noted on our third quarter call, R/GA and Huge are in the process of transforming their business models and had soft performance, which weighed significantly on the overall segment growth. That's something we will not lap until the back half of this year. At the right-hand side of the slide, organic growth was 6.4% for the full year.

IPG Mediabrands 以兩位數的速度增長。正如我們在第三季度電話會議上首次指出的那樣，R/GA 和 Huge 正在轉變其業務模式並且業績不佳，這對整體細分市場的增長產生了重大影響。這是我們要到今年下半年才能完成的事情。在幻燈片的右側，全年有機增長率為 6.4%。

Organic growth at our Integrated Advertising & Creativity Led Solution segment was 2.6%, which was on top of 10.3% a year ago. As a reminder, the segment is comprised of IPG Health, McCann, MullenLowe, FCB and our domestic integrated agencies. Our growth in the quarter was led by a strong increase in IPG Health, which grew in the high single digits. For the year, the segment grew 7.1% organically.

我們的集成廣告和創意主導解決方案部門的有機增長率為 2.6%，高於一年前的 10.3%。提醒一下，該部門由 IPG Health、McCann、MullenLowe、FCB 和我們的國內綜合機構組成。我們本季度的增長是由 IPG 健康的強勁增長帶動的，該業務以高個位數增長。今年，該部門有機增長 7.1%。

At our Specialized Communications & Experiential Solutions segment, organic growth was 3.5%, which compounds 15.2% in last year's fourth quarter. This segment is comprised of Weber Shandwick, Golin, Jack Morton, Momentum, Octagon and DXTRA Health. We will lap a high single-digit increases in our Experiential Solutions. For the year, the SC&E segment increased 8.5% organically.

在我們的專業通信和體驗解決方案部門，有機增長率為 3.5%，與去年第四季度的複合增長率為 15.2%。該部門由 Weber Shandwick、Golin、Jack Morton、Momentum、Octagon 和 DXTRA Health 組成。我們將在我們的體驗解決方案中實現高個位數的增長。今年，SC&E 部門有機增長 8.5%。

Moving to Slide 5, our revenue growth by region in the quarter. The U.S., which was 63% of our fourth quarter net revenue, grew 2.4% organically on top of 12.1% in last year's fourth quarter. We had notably strong growth at IPG Mediabrands, IPG Health, MRM and Jack Morton and experiential. Decreases at our digital specialists r/GA and Huge weighed on our U.S. growth rate by 160 basis points in the quarter.

轉到幻燈片 5，本季度我們按地區劃分的收入增長。美國占我們第四季度淨收入的 63%，有機增長 2.4%，高於去年第四季度的 12.1%。我們在 IPG Mediabrands、IPG Health、MRM 和 Jack Morton 以及體驗式業務方面取得了顯著的強勁增長。我們的數字專家 r/GA 和 Huge 的業績下滑拖累了本季度我們在美國的增長率 160 個基點。

International markets were 37% of our net revenue in the quarter and increased organically. You'll recall the same markets increased 11% a year ago.

國際市場占我們本季度淨收入的 37%，並且有機增長。你會記得同樣的市場在一年前增長了 11%。

In the U.K., organic growth in the quarter was 9.4% led by notably strong performance in media, experiential and at MullenLowe. Continental Europe grew 5.7% organically. We were led by very strong growth in Spain, while Germany and France were relatively flat year-over-year.

在英國，由於媒體、體驗和 MullenLowe 的強勁表現，本季度的有機增長率為 9.4%。歐洲大陸有機增長 5.7%。西班牙的增長非常強勁，而德國和法國的同比增長相對持平。

In Asia Pac, organic growth was 3% in the quarter with strong results in Australia, Japan and China, while India decreased. In LatAm, we grew 5.8% organically on top of 22.5% a year ago. Our other international markets group, which consists of Canada, the Middle East and Africa, grew 6.9% organically on top of 18.7% a year ago, which reflects notably strong growth in the Middle East followed by Canada.

在亞太地區，本季度有機增長率為 3%，澳大利亞、日本和中國的業績強勁，而印度則有所下降。在拉美，我們在一年前的 22.5% 基礎上實現了 5.8% 的有機增長。我們的其他國際市場集團（包括加拿大、中東和非洲）在一年前的 18.7% 基礎上實現了 6.9% 的有機增長，這反映出中東地區的強勁增長，其次是加拿大。

Moving on to Slide 6 and operating expenses in the quarter. Our fully adjusted EBITDA margin in the quarter was 22.3% compared to 19.3% in 2021, an increase of 300 basis points. As you can see on this slide, we had operating leverage on each of our major cost lines.

轉到幻燈片 6 和本季度的運營費用。我們本季度全面調整後的 EBITDA 利潤率為 22.3%，而 2021 年為 19.3%，增加了 300 個基點。正如您在這張幻燈片上看到的，我們對每條主要成本線都有運營槓桿。

Our ratio of salary and related expenses as a percentage of net revenue was 61% compared with 62.2% in last year's fourth quarter. Underneath that ratio, we delevered on our expenses for base pay, benefits of tax as headcount increased to support revenue growth. We ended the quarter with headcount of 58,400, an increase of 5% from a year ago. Our expenses for temporary labor, performance-based incentive compensation and severance were all notably lower than a year ago.

我們的工資和相關費用占淨收入的比例為 61%，而去年第四季度為 62.2%。在這個比率之下，我們減少了基本工資的支出，隨著員工人數的增加而帶來的稅收優惠以支持收入增長。本季度末，我們的員工人數為 58,400 人，比去年同期增長 5%。我們在臨時工、基於績效的激勵薪酬和遣散費方面的支出都明顯低於一年前。

Our office and other direct expenses decreased as a percentage of net revenue by 160 basis points to 13.5%. That reflects leverage due to lower occupancy expenses. We also reduced all other office and other direct expense compared to last year as a percent of net revenue, which reflects lower client service costs, consulting and employee-related expenses. Our SG&A expense was 1.2% of net revenue, a decrease of 10 basis points.

我們的辦公室和其他直接費用占淨收入的百分比下降了 160 個基點，降至 13.5%。這反映了由於較低的入住費用而產生的槓桿作用。與去年相比，我們還減少了所有其他辦公室和其他直接費用占淨收入的百分比，這反映了客戶服務成本、諮詢和員工相關費用的降低。我們的 SG&A 費用占淨收入的 1.2%，下降了 10 個基點。

Turning to Slide 7. We spun detail on adjustments to our reported fourth quarter results in order to give you better transparency and a picture of comparable performance. This begins on the left-hand side of our reported results and steps through to adjusted EBITA, excluding restructuring and our adjusted diluted EPS.

轉到幻燈片 7。我們詳細介紹了對我們報告的第四季度業績的調整，以便為您提供更好的透明度和可比較的業績圖。這從我們報告結果的左側開始，逐步調整為調整後的 EBITA，不包括重組和調整後的攤薄每股收益。

Our expense for the amortization of acquired intangibles in the second column was $22.1 million. The real estate restructuring charges were $101.7 million and the related tax benefit was $26 million. Below operating expenses are losses on the dispositions of small nonstrategic businesses was $8.3 million, which is shown in column 4. At the foot of the slide, you can see the after-tax impact per diluted share of these adjustments, which bridges our diluted EPS as reported at $0.76 to adjusted earnings of $1.02 per diluted share.

我們在第二欄中對收購的無形資產進行攤銷的費用為 2210 萬美元。房地產重組費用為 1.017 億美元，相關稅收優惠為 2600 萬美元。運營費用下方是處置小型非戰略性企業的損失 830 萬美元，如第 4 列所示。在幻燈片底部，您可以看到這些調整對攤薄後每股收益的稅後影響，這彌補了我們攤薄後的每股收益據報告為 0.76 美元，調整後每股攤薄收益為 1.02 美元。

Slide 8 similarly depicts adjustments for the full year, again, for continuity and comparability. Our amortization expense was $84.7 million. Our charge for restructuring was $102.4 million. Dispositions over the course of the year resulted in a book loss of $3.8 million. The result is adjusted EBITA of $1.57 billion and diluted EPS of $2.75. Our adjusted effective tax rate for the full year was in line with our expectations at 24.8%.

幻燈片 8 同樣描述了全年的調整，同樣是為了連續性和可比性。我們的攤銷費用為 8470 萬美元。我們的重組費用為 1.024 億美元。全年的處置導致賬面損失 380 萬美元。結果是調整後的 EBITA 為 15.7 億美元，攤薄後每股收益為 2.75 美元。我們調整後的全年有效稅率為 24.8%，符合我們的預期。

On Slide 9, we turn to cash flow for the full year. Cash from operations was $608.8 million. Cash used in working capital was $672.3 million compared with cash generated from working capital of $743.4 million a year ago.

在幻燈片 9 中，我們轉向全年的現金流量。來自運營的現金為 6.088 億美元。用於營運資金的現金為 6.723 億美元，而一年前營運資金產生的現金為 7.434 億美元。

As we've pointed out in the past, working capital is volatile. In each of the previous 3 years, we had very strong working capital results. And over the last 4 years, we generated a total of $1.4 billion.

正如我們過去指出的那樣，營運資金是不穩定的。在過去的 3 年中，我們每年都有非常強勁的營運資金結果。在過去的 4 年裡，我們總共創造了 14 億美元的收入。

Our investing activities used $460 million. That mainly reflects our acquisition of RafterOne and our CapEx in the year. Our financing activities used $869.5 million, representing our common stock dividend and repurchases of our shares. Our net decrease in cash for the year was $719.1 million.

我們的投資活動使用了 4.6 億美元。這主要反映了我們今年對 RafterOne 的收購和我們的資本支出。我們的融資活動使用了 8.695 億美元，代表我們的普通股股息和回購我們的股份。我們當年的現金淨減少額為 7.191 億美元。

Slide 10 is the current portion of our balance sheet. We ended the year with $2.5 billion of cash and equivalents.

幻燈片 10 是我們資產負債表的當前部分。我們以 25 億美元的現金和等價物結束了這一年。

Slide 11 depicts the maturities of our outstanding debt and our diversified maturity schedule. Total debt at year-end was $2.9 billion. As you can see on the schedule, we have $250 million maturity in 2024, and then our next scheduled maturity is not until 2028.

幻燈片 11 描述了我們未償還債務的到期日和我們多樣化的到期時間表。年底總債務為 29 億美元。正如您在時間表上看到的那樣，我們在 2024 年有 2.5 億美元到期，然後我們的下一個計劃到期時間要到 2028 年。

In summary, on Slide 12, our teams continue to execute at a high level. I would like to again recognize the accomplishments of our people, and the strength of our balance sheet and liquidity have us well positioned to continue our track record of success, both financially and commercially.

總之，在幻燈片 12 中，我們的團隊繼續保持高水平執行。我想再次認可我們員工的成就，我們資產負債表和流動性的實力使我們處於有利地位，可以繼續我們在財務和商業上的成功記錄。

And with that, I'll turn it back to Philippe.

有了這個，我會把它轉回給菲利普。

Thanks, Ellen. As you can see from our results, our strategy, talent and culture continue to drive innovation, creativity and collaboration that fuel our clients' success in an increasingly digital economy. Over the past 3 years, we've organically added $1.2 billion of revenue to our business as well as increased adjusted EBITA by over $360 million since the start of 2020. Credit to our teams for those very strong results.

謝謝，艾倫。正如您從我們的結果中看到的那樣，我們的戰略、人才和文化繼續推動創新、創造力和協作，推動我們的客戶在日益數字化的經濟中取得成功。在過去的 3 年裡，自 2020 年初以來，我們的業務收入有機增加了 12 億美元，調整後的 EBITA 增加了超過 3.6 億美元。這些非常強勁的業績要歸功於我們的團隊。

Throughout this period, what we're seeing play out are the accelerated technology-driven shifts in media and consumer behavior that our company had anticipated and against which we've made significant investments. Our expertise in first-party data management, performance media and accountable marketing solutions are all areas relevant to marketers looking to build their brands while also delivering business outcomes.

在此期間，我們看到的是技術驅動的媒體和消費者行為加速轉變，這是我們公司所預期的，並且我們已經進行了大量投資。我們在第一方數據管理、績效媒體和負責任的營銷解決方案方面的專業知識與尋求建立品牌同時交付業務成果的營銷人員相關的所有領域。

Vital to our strong performance are our media, data and health-care offerings. These specialized assets have evolved their offerings to combine marketing services with emerging communication channels and technology -- is to help clients find new ways to identify and interact with individual consumers.

我們的媒體、數據和醫療保健產品對我們的強勁表現至關重要。這些專業資產已經發展了他們的產品，將營銷服務與新興的溝通渠道和技術相結合——幫助客戶找到識別個人消費者並與之互動的新方法。

As you saw in October, we continue to look for strategic areas of investment. With our RafterOne acquisition, we brought a talented and specialized team into the IPG network to architect and implement scaled Salesforce solutions that connect brands with customers through end-to-end commerce experiences in both B2B and B2C settings. The RafterOne team will help us deliver creative campaigns that work smarter for our clients by building meaningful relationships in digital marketing platforms.

正如您在 10 月份看到的那樣，我們繼續尋找戰略投資領域。通過收購 RafterOne，我們將一支才華橫溢的專業團隊引入 IPG 網絡，以設計和實施規模化的 Salesforce 解決方案，通過 B2B 和 B2C 環境中的端到端商務體驗將品牌與客戶聯繫起來。 RafterOne 團隊將通過在數字營銷平台中建立有意義的關係，幫助我們為客戶提供更智能的創意活動。

Enterprise marketing suites like Salesforce and Adobe formed the foundation of so many brands' marketing technology stacks, and our company can serve as a bridge between those brands, their consumers and these platforms, strengthening every touch point in the customer journey. We continue to invest in this important growth area and recently announced that we brought on board our first Chief Commerce Strategy Officer. He joins us from Accenture where he oversaw their omnichannel commerce practice.

Salesforce 和 Adobe 等企業營銷套件構成了許多品牌營銷技術堆棧的基礎，而我們公司可以充當這些品牌、他們的消費者和這些平台之間的橋樑，加強客戶旅程中的每個接觸點。我們繼續投資於這個重要的增長領域，最近宣布我們聘請了第一位首席商務戰略官。他從埃森哲加入我們，負責監督他們的全渠道商務實踐。

At IPG, he'll connect our existing channel and platform expertise, including strong and scaled teams at MRM, RafterOne, Reprise media and IPG platform services as well as others across our entire portfolio. And he'll orchestrate how our company supports clients as they build out commerce solutions and integrate them with a full breadth of their marketing programs.

在 IPG，他將連接我們現有的渠道和平台專業知識，包括 MRM、RafterOne、Reprise media 和 IPG 平台服務以及我們整個產品組合中的其他強大團隊。他將協調我們公司如何支持客戶構建商務解決方案並將其與全方位的營銷計劃相整合。

Turning now to the highlights of agency-level performance in Q4. As we've mentioned, results were once again led by our media, data and technology offerings. Media performed very strongly to close out a successful year. And during the quarter, we saw a series of notable wins, including Celebrity Cruises at Mediahub, Energy Australia, the retention of major client Merck and the addition of assignments on AWS at initiative and the onboarding of Moneysupermarket Group at UM where earlier this week, we also announced that we welcomed the new Global CEO to the agency.

現在轉向第四季度機構級績效的亮點。正如我們所提到的，結果再次由我們的媒體、數據和技術產品引領。媒體表現非常強勁，結束了成功的一年。在本季度，我們看到了一系列顯著的勝利，包括 Mediahub、Energy Australia 的 Celebrity Cruises、主要客戶 Merck 的保留以及在 AWS 上主動增加任務以及本週早些時候在 UM 加入 Moneysupermarket Group，我們還宣布歡迎新的全球首席執行官加入該機構。

As we speak, IPG Mediabrands is also hosting their third annual Equity Upfront, which provides opportunities for clients and our agencies to engage directly with diverse-owned media partners, including black-, API-, Hispanic- and LGBTQIA-owned media which is vital to establishing the kinds of partnerships that can change buying patterns in the industry.

就在我們說話的時候，IPG 盟博也舉辦了他們的第三次年度股權預付，這為客戶和我們的代理機構提供了直接與多元化媒體合作夥伴接觸的機會，包括黑人、API、西班牙裔和 LGBTQIA 擁有的媒體，這至關重要建立可以改變行業購買模式的合作夥伴關係。

Acxiom continues to be a strong contributor to the performance of our media agencies as well as others in the group who've incorporated audience-led methodologies into how they develop strategic insights and creative work. During the quarter, Acxiom brought in new logo wins and contract renewals in the automotive, CPG, financial services, insurance, retail, and travel and entertainment sectors. They were recognized as a leader in the Snowflake Modern Marketing stack report and also launched a new integration with a customer data platform Tealium to enhance deterministic modeling capabilities.

Acxiom 繼續為我們的媒體機構以及集團中其他將以受眾為主導的方法納入他們如何開發戰略洞察力和創造性工作的媒體機構的績效做出強大貢獻。本季度，Acxiom 在汽車、CPG、金融服務、保險、零售、旅遊和娛樂領域贏得了新標識並續簽了合同。他們在 Snowflake 現代營銷堆棧報告中被公認為領導者，並推出了與客戶數據平台 Tealium 的新集成，以增強確定性建模能力。

Turning to IPG Health. That network continued to deliver strong results for us in the quarter, compounding very strong -- excuse me, again, trailing growth since we created the group approximately 15 months ago. While growing with nearly every existing client, IPG Health also focused on expanding its presence globally through some strategic alliances, notably in Europe. And the caliber of their creative work was honored at the 2022 MM+M awards, where the network was named Large Healthcare Network of the Year.

轉向 IPG 健康。該網絡在本季度繼續為我們帶來強勁的業績，複合非常強勁——對不起，自從大約 15 個月前我們創建該集團以來，增長一直落後。在與幾乎所有現有客戶一起成長的同時，IPG Health 還專注於通過一些戰略聯盟擴大其在全球的影響力，尤其是在歐洲。他們的創造性工作在 2022 年 MM+M 大獎中獲得了表彰，該網絡被評為年度大型醫療保健網絡。

At our global advertising networks, we continue to see the benefit of our investment in strong differentiated agency cultures, which are driving distinctive ideation and creativity, and we're seeing that recognized again and again in the industry. FCB won significant accolades during its first full year under its new leadership team, who was named as 1 of the 10 most innovative advertising agencies of 2022 by Fast Company. It was honored as the #2 network overall in Cannes, and was once again named Festival's top-ranked North America network, thanks to powerhouse offices in New York, Chicago and Toronto, which it bears noting are all leaders in leveraging data to power audience insights and creativity.

在我們的全球廣告網絡中，我們繼續看到我們投資於強大的差異化代理文化的好處，這些文化正在推動獨特的構思和創造力，我們看到這一點在行業中一次又一次地得到認可。 FCB 在其新領導團隊的領導下的第一個完整年度贏得了重大讚譽，該團隊被 Fast Company 評為 2022 年最具創新力的 10 家廣告公司之一。由於紐約、芝加哥和多倫多的強大辦事處，它被評為戛納電影節總體排名第二的網絡，並再次被評為電影節北美排名第一的網絡，值得注意的是，這些都是利用數據為觀眾提供動力的領導者洞察力和創造力。

With a new CEO in place at the beginning of the fourth quarter, McCann saw new business wins with Smirnoff, which make it part of the Diageo roster, and postconsumer brands. McCann also launched work for recently won clients Converse and Prudential. Additionally, the agency was named Network of the Year at the 2022 Epica Awards for the fifth time in 6 years, and McCann New York won Epica's Innovation Grand Prix for Mastercard's Touch Card, the accessible card standard for blind and partially cited people. More recently, McCann also announced a series of senior organizational changes, elevating key internal leaders and adding new executives to the agency.

隨著第四季度初新任首席執行官的上任，麥肯看到了與 Smirnoff 的新業務勝利，這使其成為帝亞吉歐名冊和消費後品牌的一部分。 McCann 還為最近贏得的客戶 Converse 和 Prudential 開展了工作。此外，該機構在 2022 年 Epica 獎中六年來第五次被評為年度最佳網絡，麥肯紐約憑藉萬事達卡的 Touch Card 贏得了 Epica 的創新大獎，這是為盲人和部分被引用者提供的無障礙卡標準。最近，麥肯還宣布了一系列高級組織變革，提拔了關鍵的內部領導人，並為該機構增加了新的高管。

MullenLowe Group continued to secure new business as it had throughout the year. With the addition of Ferrero International, (inaudible), National Highways in England, Lifestyle Fashion in India and the Barcelona football club in Spain. We also announced a new global CEO for MullenLowe promoting a key female leader from within our organization, who's known across the industry as a champion of creativity, a strong growth driver and someone fully committed to diversity and inclusion.

MullenLowe Group 一如既往地繼續獲得新業務。加上 Ferrero International（聽不清）、英國的 National Highways、印度的 Lifestyle Fashion 和西班牙的巴塞羅那足球俱樂部。我們還宣布了一位新的 MullenLowe 全球首席執行官，提拔了我們組織內的一位重要女性領導者，她在整個行業被稱為創造力的擁護者、強大的增長動力以及完全致力於多元化和包容性的人。

Among our domestic independent agencies as part of the agency's goal to help reshape our industry, the Martin Agency announced their commitment to hire a minimum of 50% directorial and editorial talent from underrepresented groups for all their video content production.

在我們的國內獨立機構中，作為該機構幫助重塑我們行業的目標的一部分，馬丁機構宣布他們承諾從代表性不足的群體中聘用至少 50% 的導演和編輯人才來製作他們所有的視頻內容。

At our earn and experiential agencies, performance was led by Octagon, Jack Morton and Momentum, all of which posted strong growth in the quarter. With more than 3 decades of World Cup experience, Octagon was very active with a range of clients at this year's tournament. For example, with longtime client Budweiser, the agency ran a range of on-site activations in Doha, managed complex global influencer campaigns and hosted nearly 0.5 million consumers who are fans in viewing events around the world.

在我們的收入和體驗機構中，Octagon、Jack Morton 和 Momentum 的表現領先，所有這些機構在本季度都實現了強勁增長。憑藉 3 多年的世界杯經驗，Octagon 在今年的比賽中與眾多客戶非常活躍。例如，與長期客戶百威啤酒一起，該機構在多哈開展了一系列現場活動，管理複雜的全球影響力活動，並接待了近 50 萬消費者，他們是世界各地觀看活動的粉絲。

Jack Morton continued to deliver outstanding performance and launched a sponsorship consulting practice, which is dubbed Jack 39 and continued to build out Jack X, which is their global experience innovation practice, which creates events with combined content with Web 3.0 tech.

傑克·莫頓 (Jack Morton) 繼續提供出色的表現，並啟動了一項名為 Jack 39 的讚助諮詢業務，並繼續構建 Jack X，這是他們的全球體驗創新業務，它創建了內容與 Web 3.0 技術相結合的活動。

Among our public relations firms during the quarter, Golin had several wins, including a product launch for new alcohol brands, corporate communications work for food products and services brand and then being named the influencer AOR for household appliances manufacturer globally.

在本季度我們的公關公司中，Golin 贏得了幾項勝利，包括新酒類品牌的產品發布、食品和服務品牌的企業傳播工作，然後被評為全球家用電器製造商的影響者 AOR。

Weber Shandwick announced new client wins with HP in North America and IKEA in the U.K. And the network also launched what it's calling the Business Society and Society Futures, which is a C-suite offering that combines public affairs, corporate affairs as well as organizational design and consultancy.

萬博宣偉宣布贏得了北美惠普和英國宜家的新客戶。該網絡還推出了它所謂的商業協會和社會未來，這是一個結合了公共事務、公司事務和組織設計的高級管理人員產品和諮詢。

During the quarter, DXTRA Health posted strong gains, winning a large global oncology assignment from a major pharma client. And in addition, its leader was named to PR Week's Health Influencer 30, which is the annual list of most influential individuals in health-care communications.

在本季度，DXTRA Health 取得了強勁的收益，贏得了一家大型製藥客戶的一項大型全球腫瘤學任務。此外，其領導者還入選了 PR Week 的健康影響者 30，這是年度醫療傳播領域最具影響力人物的名單。

At the holding company level, as you know, we have a longstanding commitment to ESG and D&I as key strategic priorities. And as you may have seen last week, we announced that IPG has been included on the Bloomberg Gender Equality Index for the fourth consecutive year and was recognized for the first time as a top-rated ESG performer by Sustainalytics.

如您所知，在控股公司層面，我們長期致力於將 ESG 和 D&I 作為關鍵戰略重點。正如您上周可能已經看到的那樣，我們宣布 IPG 已連續第四年被列入彭博性別平等指數，並首次被 Sustainalytics 評為 ESG 最佳表現者。

We were also once again included in the FTSE4Good Index, and Newsweek's America Most Responsible Companies 2023, and Forbes featured us on both its America's Best Large Employers list as well as the World's Top Female-friendly Company for 2022.

我們還再次入選 FTSE4Good 指數和《新聞周刊》的 2023 年美國最具責任感公司，福布斯將我們列入 2022 年美國最佳大型雇主榜單和全球女性友好型公司榜單。

As a business in which human capital is so vital to our success, our culture, including an intentional approach to ESG, has long been an important part of our strategy for attracting and retaining top talent, whether in strategic, creative, data analytics or engineering roles, or across a range of other skillsets that have become key to our evolving offerings.

作為一個人力資本對我們的成功至關重要的企業，我們的文化，包括有意識的 ESG 方法，長期以來一直是我們吸引和留住頂尖人才戰略的重要組成部分，無論是在戰略、創意、數據分析還是工程領域角色，或一系列其他技能組合，這些技能組合已成為我們不斷發展的產品的關鍵。

Looking ahead, we believe IPG remains well positioned for the future. Much of our growth in recent years as well as in 2022 was fueled by disciplines that most actively tap into our data and precision marketing capabilities as well as our exceptional health-care marketing offerings. These are growing parts of our portfolio that continue to develop into more structural and secular revenue streams. We know the world in which we live is increasingly digital and that, more than ever, clients need help from us in using audience-led thinking to solve for a widening set of business problems and opportunities.

展望未來，我們相信 IPG 仍然為未來做好準備。我們近年來和 2022 年的大部分增長都受到最積極利用我們的數據和精準營銷能力以及我們卓越的醫療保健營銷產品的學科的推動。這些是我們投資組合中不斷增長的部分，它們將繼續發展成為更具結構性和長期性的收入來源。我們知道我們生活的世界越來越數字化，客戶比以往任何時候都更需要我們的幫助，使用以受眾為主導的思維來解決範圍更廣的業務問題和機遇。

We've been leaders in this space, and 2023 will be a year in which we consolidate those gains and prepare to further evolve the way in which we deliver this expertise to marketers is to elevate the value of the services and solutions we provide. In addition, we're confident that our commerce and experiential disciplines, which not today figuring as large in our revenue mix, will continue to grow going forward.

我們一直是這個領域的領導者，2023 年將是我們鞏固這些成果的一年，並準備進一步改進我們向營銷人員提供專業知識的方式，以提升我們提供的服務和解決方案的價值。此外，我們有信心，我們的商業和體驗學科在未來將繼續增長，而這些學科在今天的收入組合中所佔比例並不大。

As stated earlier, despite the broader uncertainty that we're seeing at a macroeconomic level, we expect to deliver growth in 2023 of 2% to 4% on top of a very strong record that has compounded for a number of years. And consistent with that level of growth, we foresee adjusted EBITA margin expansion to 16.7%.

如前所述，儘管我們在宏觀經濟層面看到了更廣泛的不確定性，但我們預計在多年來複合的非常強勁的記錄之上，我們預計 2023 年將實現 2% 至 4% 的增長。與這一增長水平一致，我們預計調整後的 EBITA 利潤率將擴大至 16.7%。

Of course, another key area of value creation remains a strong balance sheet and liquidity. And our ongoing commitment to capital returns is clear in the actions that were announced by our Board today, which also speak to the confidence in our strategic position and future prospects.

當然，價值創造的另一個關鍵領域仍然是強大的資產負債表和流動性。我們對資本回報的持續承諾在董事會今天宣布的行動中得到了明確體現，這也表明了我們對戰略地位和未來前景的信心。

Part of our balanced approach to capital allocation, we'll continue to further invest behind the growth of our businesses by developing our people and continuing to differentiate our offerings. This includes a disciplined approach to M&A, focusing on opportunities that are consistent with strategic growth areas, primarily commerce and performance media, business transformation and consultancy.

作為我們平衡的資本配置方法的一部分，我們將繼續通過培養我們的員工和繼續差異化我們的產品來進一步投資支持我們的業務增長。這包括嚴格的併購方法，專注於與戰略增長領域一致的機會，主要是商業和績效媒體、業務轉型和諮詢。

We thank our clients, our people and those of you on this call for your continued support. And with that, let's open the floor for questions.

我們感謝我們的客戶、我們的員工和你們中的那些人，感謝你們在這次電話會議上的持續支持。然後，讓我們開始提問。

(Operator Instructions) And our first question is from David Karnovsky with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 David Karnovsky。

Philippe, you noted client uncertainty and a conviction to stay invested. I wanted to see if you could provide some insight into your conversations with marketers, how they manage that balance and kind of what factors are keeping them tipped into the side of remaining in the market? And then just on the guide overall, that range is a little wider than we're used to seeing. Is that all due to the economy? And should we think of macro as maybe the main driver in pushing you towards the lower or upper end?

菲利普，你注意到客戶的不確定性和繼續投資的信念。我想看看您能否就您與營銷人員的對話提供一些見解，他們如何管理這種平衡以及哪些因素使他們傾向於留在市場上？然後就整體指南而言，該範圍比我們過去看到的要寬一些。這都是經濟的原因嗎？我們是否應該將宏觀視為推動您走向低端或高端的主要驅動力？

Maybe I'll take them backwards if that's okay with you. I mean, I think if you think about our budgeting process, right, it's bottoms up with our operators. We do, in fact, as you suggest, go client by client. We look at pipeline. And then with our larger clients, obviously, we're able to engage with them directly. And I think what we're pointing out there is just that I think what's happening is that the caution that we're seeing is less a function of the specifics of what's going on right now. I think it's just the open-endedness, the concern about a potential downturn somewhere along the line as we get further into 2023. But again, if you go back to how we build the budget, that bottoms up, look at clients, factor in the pipeline, clearly factor in a view of the macro, and we're going to have a geographic or a client or even a business mix that's specific to us. And then we did call out a couple of places. As you know, I think we're quite direct and kind of clear about what's going on in the business, where are we taking the business. So we called out a couple of places where some things require attention, and some things are having an impact as we look at the year ahead.

如果你不介意的話，也許我會把它們倒過來。我的意思是，我想如果你考慮一下我們的預算流程，對的，它是我們的運營商自下而上的。事實上，正如你所建議的，我們確實是一個客戶一個客戶地進行。我們看管道。然後對於我們的大客戶，顯然，我們能夠直接與他們接觸。而且我認為我們要指出的只是我認為正在發生的事情是我們看到的謹慎與現在正在發生的事情的具體情況無關。我認為這只是開放性，隨著我們進一步進入 2023 年，人們擔心某個地方可能出現經濟衰退。但是，如果你再回到我們如何制定預算，那就是自下而上，看看客戶，考慮因素管道，清楚地考慮到宏觀觀點，我們將擁有特定於我們的地理或客戶甚至業務組合。然後我們確實指出了幾個地方。如您所知，我認為我們非常直接並且清楚地了解業務中發生的事情，我們將把業務帶到哪裡。因此，我們指出了一些需要注意的地方，並且在我們展望未來一年時，有些事情正在產生影響。

So I would say that that's how we got to the range. The fact that the range is broader than one would see in other years is reflective of that sense of uncertainty. I think you're seeing broader ranges when companies are going out there. And I would say we're comfortable at the midpoint of that range.

所以我想說這就是我們到達靶場的方式。範圍比往年更寬這一事實反映了這種不確定感。我認為當公司走出去時，你會看到更廣泛的範圍。我會說我們對該範圍的中點感到滿意。

Okay. And then maybe one for Ellen. I wanted to ask a question about longer-term margins. So as IPG pushes to become more of a higher-value solutions partner, as you guys phrased it, how does that potentially impact your margin trajectory? Should we necessarily think of higher value services is translating to higher margins in addition to higher growth? Or are there other kind of considerations like specialized labor that could offset that we should consider?

好的。然後也許是給艾倫的。我想問一個關於長期利潤率的問題。因此，隨著 IPG 努力成為更高價值的解決方案合作夥伴，正如你們所說，這對你們的利潤軌蹟有何潛在影響？除了更高的增長之外，我們是否一定認為更高價值的服務正在轉化為更高的利潤率？或者是否有其他類型的考慮因素，例如我們應該考慮的可以抵消的專業勞動力？

Sure. Thank you for the question. Very optimistic about the opportunity to increase our margins going forward. And I would point to, we have a long track record of doing so. I mean, if you look at the past couple of years, we've increased our margins 260 basis points since 2019. So I think it's a combination of several factors. One, as you point out, I think high-value services is a continued opportunity for us. But also, I think we have a good track record of translating growth profitably into margin expansion. We manage our costs in a very disciplined way. And we're continuously looking at opportunities on business transformation. We have a large portion of our revenue in shared services. We manage our real estate portfolio centrally. So put all those things together, I do think that there is opportunity for margin expansion as we move ahead.

當然。感謝你的提問。對未來增加利潤的機會非常樂觀。我要指出的是，我們在這方面有著長期的記錄。我的意思是，如果你看看過去幾年，自 2019 年以來我們的利潤率增加了 260 個基點。所以我認為這是幾個因素的結合。第一，正如你所指出的，我認為高價值服務對我們來說是一個持續的機會。而且，我認為我們在將盈利增長轉化為利潤率擴張方面有著良好的記錄。我們以非常有紀律的方式管理我們的成本。我們一直在尋找業務轉型的機會。我們有很大一部分收入來自共享服務。我們集中管理我們的房地產投資組合。所以把所有這些東西放在一起，我確實認為隨著我們的前進，利潤率有機會擴大。

And one just quick add there, David, is just that, across the senior teams, whether it's corporate or any of the units, our incentives are fully aligned to that objective, right? So the plan is modestly more heavily weighted to margin than revenue. And so to our mind, that ensures that where there's growth, there's profitable growth, and that when we're in a circumstance that's got more uncertainty, we're still able to, as Ellen said, make good on that consistent record of where there's growth, we've demonstrated that we can convert it to incremental profit.

大衛，只要快速補充一下，在高級團隊中，無論是公司還是任何單位，我們的激勵措施都完全符合該目標，對嗎？因此，該計劃對利潤率的權重略高於收入。因此，在我們看來，這確保了有增長的地方就有盈利增長，並且當我們處於不確定性更大的環境中時，我們仍然能夠像艾倫所說的那樣，保持一致的記錄有增長，我們已經證明我們可以將其轉化為增量利潤。

The next question is from Lina Ghayor with BNP Paribas.

下一個問題來自法國巴黎銀行的 Lina Ghayor。

I have 3, please. The first 1 is on the guidance. Could you elaborate a tiny bit more on the guidance regarding the impact of inflation on the revenue? And marginally, what shape do you expect the growth to be, for example, H1 versus H2?

我有 3 個。第一個是指南。您能否詳細說明有關通貨膨脹對收入影響的指導？另外，您預計增長會是什麼形狀，例如，H1 與 H2？

The second one, perhaps for Ellen on wage inflation. How much was wage inflation in '22? And what have you taken for 2023 in your assumptions?

第二個，也許是艾倫關於工資上漲的。 22 年的工資通脹是多少？您對 2023 年的假設是什麼？

And lastly, Philippe, just to come back on your point at the beginning of your remark, could you comment on the performance by sector? I think you mentioned telecoms. Could you elaborate? And more generally, what is the attitude of your clients by sector ahead of '23?

最後，菲利普，回到你發言開頭的觀點，你能按部門評論一下表現嗎？我想你提到了電信。你能詳細說明一下嗎？更一般地說，在 23 世紀之前，按行業劃分的客戶態度如何？

Sure. That's a lot. So I guess there are 2 inflation questions. I will take the -- so in terms of inflation vis-a-vis our growth, yes, the majority of our contracts have written into them the ability to -- as the world changes, sort of go back to clients and talk about the cost of the services that we provide to them. That's not something that triggers automatically. It requires that you enter into a conversation or ultimately kind of a negotiation with clients. So if I were to talk about what's gone into our thinking and how we build the forecast that leads to the guidance, revenue growth is primarily from growing scope with our existing clients. And we definitely believe that there is -- that the primary avenue for growth, the most -- the one that we're most keen on is growth with existing clients. So deepen the relationship, bring additional services.

當然。好多啊。所以我想有 2 個通貨膨脹問題。我將採取 - 因此就通貨膨脹與我們的增長相比，是的，我們的大部分合同都寫入了他們的能力 - 隨著世界的變化，有點回到客戶並談論我們向他們提供的服務的成本。那不是自動觸發的東西。它要求您與客戶進行對話或最終進行談判。因此，如果我要談論我們的想法以及我們如何建立導致指導的預測，收入增長主要來自我們現有客戶範圍的擴大。我們絕對相信 - 增長的主要途徑，最 - 我們最熱衷的是與現有客戶的增長。所以加深關係，帶來額外的服務。

Then secondarily, clearly, you have the opportunity to add when there are new business opportunities and pitches. So I think that, that's really what is baked into it. And then as we've discussed, we're beginning to, in some instances, be able to go to clients with some of these services that are new services based on the data and the technology part of what we've been building. So I think that's one part of the question. And then Ellen -- I'll let Ellen take the cost as it bakes into our business, and then the second part, and then I'll come back for your third piece on sectors.

其次，很明顯，當有新的商業機會和推介時，你有機會加入。所以我認為，這真的是融入其中的東西。然後正如我們所討論的那樣，在某些情況下，我們開始能夠向客戶提供其中一些服務，這些服務是基於我們一直在構建的數據和技術部分的新服務。所以我認為這是問題的一部分。然後是艾倫——我會讓艾倫承擔成本，因為它融入了我們的業務，然後是第二部分，然後我會回來討論你關於行業的第三部分。

So as far as inflation on our cost base, we've been very transparent that there's been modest inflation in the salary line, but ones that we feel are very manageable and that will not take us off the growth trajectory on our margins nor deter us from expanding them accordingly. So that was factored into our guidance for '23 and going forward.

因此，就我們成本基礎上的通貨膨脹而言，我們一直非常透明，工資線中存在適度的通貨膨脹，但我們認為這些通貨膨脹是非常可控的，不會讓我們脫離利潤率的增長軌道，也不會阻止我們相應地擴展它們。因此，這被納入了我們對 23 年及未來的指導。

And then I guess on sectors, so auto and transportation is strong, and we see it continuing. Health care, financial services for us, given the mix of clients that we've got in retail, that has continued to be a place where we've got quite progressive, modern clients. And then the other category. As I mentioned, I think the -- a lot of the headlines and a lot of the sort of sector-specific issues that we're seeing in tech are manifesting in conversations with clients. And there, what we're seeing is clients either taking reductions or being -- not committing for a full year. So I think as we said, what we saw there was something that I think is -- we're seeing the impact, the duration on that is perhaps open-ended. And then food and beverage for us will have the runoff of a very large industry consolidation that took place at the holding company level in late '21. And as we said, it impacted Q4 most heavily, but we'll still see some impact.

然後我猜想在行業方面，所以汽車和運輸業很強勁，而且我們看到它還在繼續。考慮到我們在零售業的客戶組合，我們的醫療保健和金融服務一直是我們擁有相當進步的現代客戶的地方。然後是另一類。正如我提到的，我認為——很多頭條新聞和我們在科技領域看到的很多特定行業的問題都體現在與客戶的對話中。在那裡，我們看到的是客戶要么減少，要么——一整年都沒有承諾。所以我認為，正如我們所說，我們看到的是我認為的東西——我們正在看到影響，其持續時間可能是無限的。然後，我們的食品和飲料將在 21 世紀末在控股公司層面發生的非常大的行業整合中產生影響。正如我們所說，它對第四季度的影響最為嚴重，但我們仍會看到一些影響。

So in terms of the revenue deltas, it's definitely, for us, the items that we've identified for you which we are addressing are definitely going to impact first half, whether it's the digital agencies and where they are in their cycle of transformation as the macro becomes a bit more challenged, and then some of these client items. So for us, it's definitely -- a stronger back half is very much where and how we've gotten to that guidance.

因此，就收入增量而言，對我們來說，我們為您確定的我們正在解決的項目肯定會影響上半年，無論是數字機構還是他們在轉型週期中的位置宏變得更具挑戰性，然後是其中一些客戶項目。所以對我們來說，這絕對是 - 更強壯的後半部分是我們獲得指導的地方和方式。

The next question is from Steve Cahall with Wells Fargo.

下一個問題來自富國銀行的 Steve Cahall。

Maybe just to follow up on that theme a little bit first. So Philippe, can you give us an idea of what the net new business impact is for 2023? It sounds like it's probably modestly negative. So just want to make sure I'm piecing all that together. And I'd love to include some components of this question, which is how does kind of health care set up from a growth rate perspective in 2023 since that's such a big part of the revenue mix?

也許只是先跟進一下這個主題。那麼 Philippe，你能告訴我們 2023 年新業務的淨影響是什麼嗎？聽起來可能有點消極。所以只是想確保我將所有這些拼湊在一起。我想包括這個問題的一些組成部分，即從 2023 年的增長率角度來看，醫療保健是如何建立的，因為這是收入組合的很大一部分？

And R/GA and Huge, it sounds like those will be drags this year. Historically, they've kind of been some real superstar agencies for IPG. So I guess, how do you kind of think about the journey of these digitally native agencies? Is it still an area of investment? And how do they kind of fit in the portfolio going forward?

而 R/GA 和 Huge，聽起來它們今年將成為拖累。從歷史上看，他們一直是 IPG 的一些真正的超級明星機構。所以我想，您如何看待這些數字原生機構的旅程？它仍然是一個投資領域嗎？他們如何適應未來的投資組合？

Sure. Look, I think you're right. They're premium providers. It's a largely project-based business, which is -- I think both of those, a premium provider of uncertain macro project-based business. Again, projects showed up in Q4 for us at a very solid level I'd say in line with overall Q4 growth. Experiential was strong. PR was maybe a bit below the segment growth, but the digital projects that you would see at those very high-end agencies were definitely not at the levels -- they were weak. And so I think that every 3 to 5 years, these agencies need to kind of reinvent and reconfigure because they are, to your point, at the leading edge. But I think that in the current environment, that's where we find ourselves with them.

當然。看，我認為你是對的。他們是優質供應商。它主要是基於項目的業務，我認為這兩者都是不確定的基於宏觀項目的業務的優質提供商。同樣，項目在第四季度以非常穩固的水平出現在我們身上，我想說這與第四季度的整體增長一致。體驗感很強。 PR 可能略低於細分市場的增長，但你會在那些非常高端的機構看到的數字項目肯定達不到這個水平——它們很弱。因此，我認為每隔 3 到 5 年，這些機構就需要進行某種程度的改造和重新配置，因為就您而言，它們處於領先地位。但我認為在當前環境下，這就是我們發現自己與他們在一起的地方。

PS, they're also probably more exposed to tech than many of our businesses. So we've seen client attrition and lower growth there. And Huge has pretty clear line of sight into what their new value proposition is, and that'll be going in the market probably towards the end of the first quarter here. So they've also been because of the strength that you call out, tying them more into whether it's open architecture or whether it's the kind of the overall data stack that we've built is clearly something that we need to focus on. So it may be that long-term success. And a measure of independence is something that is going to need to be addressed.

PS，他們也可能比我們的許多企業更容易接觸到技術。因此，我們已經看到那裡的客戶流失和增長放緩。 Huge 對他們的新價值主張有非常清晰的認識，這可能會在第一季度末進入市場。所以他們也是因為你所呼籲的力量，將他們更多地與開放架構或我們構建的整體數據堆棧的類型聯繫起來顯然是我們需要關注的事情。所以這可能是長期的成功。獨立性的衡量標準是需要解決的問題。

And then on the question around new business, again, we now see new business in the big media pitches and then in some of the more traditional parts of the business probably the creative ad agencies and, to some degree, PR. We don't see the new business within health very much. And then a lot of what's going on, as I said, has become project specific. So I'd say we're going into the year exactly as you said with a modest headwind. And then was there one piece of the question that I'm forgetting at this point?

然後關於新業務的問題，我們現在再次在大型媒體宣傳中看到新業務，然後在業務的一些更傳統的部分可能是創意廣告代理，在某種程度上，公關。我們看不到健康領域的新業務。正如我所說，然後發生的很多事情已經成為特定於項目的。所以我想說我們將完全按照你所說的那樣進入這一年，但阻力不大。然後有一個問題我現在忘記了嗎？

And then health. I think we see health at scale now, having put these assets together. And as we said, trailing very, very strong performance, doing high single digit in the quarter. That's probably consistent with what they did for the year, and that's consistent with the expectation that we have for them as we go into '23.

然後是健康。我認為我們現在看到了大規模的健康，將這些資產放在一起。正如我們所說，落後於非常非常強勁的表現，在本季度取得了很高的個位數。這可能與他們今年所做的一致，也與我們進入 23 年時對他們的期望一致。

Great. And then maybe just a short follow-up for Ellen. Working capital was a big use in '22. I think it was favorable in '21. I know the timing of the year can be a strange line to draw in the sand, but should we expect it to then be back to probably a benefit in '23?

偉大的。然後可能只是對艾倫的簡短跟進。營運資金在 22 世紀是一個很大的用途。我認為這在 21 年是有利的。我知道一年的時間可能是一條奇怪的線，但我們是否應該期望它在 23 年恢復到可能的收益？

So as we've pointed out, working capital is volatile. Whether you get paid on the 31st or the 1st, right, when you print your balance sheet and cash flow makes a big difference. It is something that we spent a lot of time and have a lot of discipline around and carefully manage. And if you go back over the past 4 years, I think we've generated $1.4 billion in working capital. So I would expect going forward, it will normalize. But you're right. In any one year, you can get an aberration.

因此，正如我們所指出的，營運資金是不穩定的。無論您是在 31 日還是 1 日收到付款，對吧，當您打印資產負債表和現金流時，都會有很大的不同。這是我們花了很多時間、有很多紀律和謹慎管理的事情。如果你回顧過去 4 年，我認為我們已經產生了 14 億美元的營運資金。所以我希望繼續前進，它會正常化。但你是對的。在任何一年中，您都可能會出現像差。

Our next question is from Michael Nathanson with MoffettNathanson.

我們的下一個問題來自 Michael Nathanson 和 MoffettNathanson。

I want to ask you about the RafterOne acquisition. I believe it's the biggest deal since Acxiom. If you go back through the history of the company, it's probably one of the biggest deals we've seen, right? So can you talk a little bit more about the necessity to do it, the multiples of skillsets and whether or not like this is the beginning, and it's not like we take but the beginning of maybe more tuck-in acquisitions like that.

我想問你關於 RafterOne 收購的問題。我相信這是自 Acxiom 以來最大的一筆交易。如果你回顧一下公司的歷史，它可能是我們見過的最大的交易之一，對吧？那麼你能不能多談談這樣做的必要性，技能組合的倍數以及這是否是開始，這不像我們採取的那樣，而是可能更多這樣的收購的開始。

And then for en, given the FX volatility, what's your thinking on the year ahead for FX and any impact from acquisitions and investments to revenue this year?

然後，考慮到外彙的波動性，您對未來一年的外匯以及收購和投資對今年收入的影響有何看法？

Look, I think that's really -- I mean, it's very apt observation, right? I can definitely speak to RafterOne and what it is about them and why, right? So to our mind, a very strong asset in a very specific space that is growing very fast, right? So obviously, Salesforce as a platform means a lot more to more of our clients. So they're ascendant. And then for the dollars that go into a major Salesforce implementation, there's a multiple, there's a $4 or $5 that to the service provider. So that's a -- there's a large service economy around that, and we're very strong in Adobe. And to us, we were building that Salesforce capability, started working with this company as a partner, got to know them. And it was actually preemptive on our part because I don't know that their ownership was -- their owners were necessarily thinking that this was a moment in time at which they would trade the asset. But from where we sit, tech implementation, direct-to-consumer work, the internal platform services group that we've created so that we are bringing kind of bigger presence into those kinds of engagements, so I think Salesforce -- I mean, RafterOne is 500 experts, I think 800 or 900 certifications, and both B2B and B2C expertise. But I think what you said that's very accurate is that we're a bigger company by a fair bit as of the last 3 years. So you used to think of us as doing tuck-ins, and they were quite small, and they were much more sort of agency-like. And to our mind, I think we want to concentrate that buying power and then focus on these areas where what you've got is sort of a hybrid of marketing expertise, some measure of creativity against an emerging channel and then some piece of what they do, which brings some technology expertise. So I think you probably will see us do fewer, and scale-wise, they'll have gotten bigger. What tuck-in means will be, I think, more like this.

看，我認為這真的——我的意思是，這是非常恰當的觀察，對吧？我絕對可以和 RafterOne 談談他們是什麼以及為什麼，對吧？所以在我們看來，在一個非常快速增長的非常特定的空間中，這是一項非常強大的資產，對吧？很明顯，Salesforce 作為一個平台對我們更多的客戶意味著更多。所以他們是上升的。然後對於用於主要 Salesforce 實施的美元，有多個，服務提供商有 4 美元或 5 美元。所以這是一個 - 圍繞它有一個巨大的服務經濟，我們在 Adobe 方面非常強大。對我們來說，我們正在構建 Salesforce 能力，開始作為合作夥伴與這家公司合作，了解他們。這實際上是我們的先發製人，因為我不知道他們的所有權 - 他們的所有者一定會認為這是他們交易資產的時刻。但從我們的立場來看，技術實施、直接面向消費者的工作、我們創建的內部平台服務小組，以便我們為這些類型的參與帶來更大的影響力，所以我認為 Salesforce——我的意思是， RafterOne 有 500 名專家，我認為有 800 或 900 名認證，以及 B2B 和 B2C 專業知識。但我認為你說的非常準確，因為在過去的 3 年裡，我們是一家更大的公司。所以你曾經認為我們是在做塞內褲，它們很小，而且更像是代理機構。在我們看來，我認為我們希望集中購買力，然後專注於這些領域，在這些領域，你所擁有的是營銷專業知識的混合體，針對新興渠道的一些創造力衡量標準，然後是他們的一些東西做，這帶來了一些技術專長。所以我想你可能會看到我們做的更少，而且在規模上，他們會變得更大。我認為，塞進去的意思更像是這樣。

And with regards to FX, '22 was a larger impact than what we typically see. It was negative 3% on revenue growth and actually 20 basis points on margin. For the most part, our revenue expenses, if you look historically, are pretty well matched. And so going forward, we're expecting based on what the rates are today, a flat impact on revenue and a de minimis impact on margin.

關於 FX，'22 的影響比我們通常看到的要大。收入增長為負 3%，利潤率實際上為 20 個基點。在大多數情況下，如果你從歷史上看，我們的收入支出是相當匹配的。因此，展望未來，我們預計根據今天的利率，對收入的影響持平，對利潤率的影響微乎其微。

Ellen, can I follow up? I remember asking you when you guys started about that question about margin. Why was your drag on margin from that (inaudible) this year? I think you answered previously, it wasn't much difference. So what happened this year on margin that didn't happen in the past?

艾倫，我可以跟進嗎？我記得你們什麼時候開始問過關於保證金的問題的。為什麼你今年會拖累利潤率（聽不清）？我想你之前回答過，沒什麼區別。那麼今年在過去沒有發生的保證金上發生了什麼？

It was more an impact of what happened in the currency markets, right? If you look at '22, the currency markets moved more than they historically do. But for the very vast majority of our businesses, revenue expenses are matched by currency, and we -- that was probably the largest impact we've seen in a very long time, and we do not expect that type of impact at all going forward.

這更多是貨幣市場發生的事情的影響，對吧？如果你看看 22 年，貨幣市場的波動幅度超過了歷史水平。但對於我們的絕大多數業務而言，收入支出與貨幣相匹配，我們 - 這可能是我們在很長一段時間內看到的最大影響，我們預計未來不會出現這種影響.

Our next question is from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的蒂姆諾倫。

Could I ask a couple of cost-related questions, please. If my math is right, your $20 million in real estate savings equates to about 30 basis points of margin. Is that the kind of scope of upside we could expect in 2023? And maybe an offset to that or maybe a boon to that, I don't know, would be any comments you could make on staff. I heard your comment on managing the staff cost inflation versus the revenue growth. It sounds like you guys maybe net-net might still be hiring rather than reducing staff. And there's a lot of talent now available from all these layoffs at lots of other companies. I'm just wondering what you could (inaudible) about your expectations in terms of staffing levels and growth in cost this year?

我可以問幾個與費用相關的問題嗎？如果我的計算是正確的，你 2000 萬美元的房地產儲蓄相當於大約 30 個基點的保證金。這是我們在 2023 年可以預期的那種上升空間嗎？我不知道，你可以對員工發表任何評論，這可能是對此的抵消，也可能是對它的好處。我聽到了您關於管理員工成本通脹與收入增長的評論。聽起來你們可能 net-net 可能仍在招聘而不是裁員。許多其他公司的所有這些裁員現在可以提供很多人才。我只是想知道您對今年的人員配置水平和成本增長有何期望（聽不清）？

Sure. Maybe I'll start with your second question first. We always -- hiring always lags revenue growth. And so where -- we are forecasting growth for next year and underneath growth, we will hire responsibly in a disciplined fashion. Conversely, when we have contractions, we take actions.

當然。也許我會先從你的第二個問題開始。我們總是 - 招聘總是落後於收入增長。因此，我們預測明年的增長以及在增長的基礎上，我們將以一種有紀律的方式負責任地招聘。相反，當我們有收縮時，我們會採取行動。

As far as the real estate, I think your math is a little bit aggressive on the 30 basis points. And the $20 million that we noted on the call will happen over more than 1 year. You need to sublease some of the properties in order to realize the full benefit. But we're very optimistic about the numbers we put out there. We feel really good that we've taken another look and really have been able to optimize our real estate portfolio. Like I mentioned, it's a very centralized process in the way we manage it here, and we've really taken the learnings that we've had over the last couple years and then applied in, in a way to become more efficient.

至於房地產，我認為你的數學在 30 個基點上有點激進。我們在電話會議上提到的 2000 萬美元將在 1 年多的時間內完成。您需要轉租部分房產才能實現全部收益。但我們對我們在那裡公佈的數字非常樂觀。我們重新審視並真正能夠優化我們的房地產投資組合，這讓我們感覺非常好。就像我提到的那樣，我們在這裡管理它的方式是一個非常集中的過程，我們確實吸取了過去幾年的經驗，然後應用到其中，以提高效率。

Our next question is from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I had a quick question in terms of the macro. In terms of the macro uncertainty, is there anything that you would call out in terms of either higher or lower risk profile as it relates to account reviews? It just doesn't seem like it's been as active as I would have thought, but I'd love any color that you have.

我有一個關於宏觀的快速問題。就宏觀不確定性而言，您是否會提出與賬戶審查相關的更高或更低風險狀況？它似乎不像我想像的那麼活躍，但我喜歡你擁有的任何顏色。

That's an interesting question and a fair one, right, because we've all been assuming that there was going to be a backlog going all the way back to pandemic. Understandable that there were fewer, but everybody sort of waited for the floodgates to open. And I think '21 was -- there was just a great deal of opportunity growing with your existing clients, doing more of the kind of new services that we have been building for some period of time. The word is that there likely will be. As I said, scale reviews these days tend to come in media and then to some extent in health care. But at the moment, it's more kind of in the murmurs than the reality. But we'll obviously all know. I mean, the -- our folks on the ground at agencies, our growth leader here at the center are all saying that they believe that it will begin to pick up steam. But right now, I don't have a ton of hard data that says that's the case.

這是一個有趣的問題，也是一個公平的問題，對吧，因為我們一直假設在大流行病期間會一直積壓。人數減少是可以理解的，但每個人都在等待閘門打開。而且我認為 21 年是 - 與現有客戶一起成長的機會很多，做更多我們已經建立了一段時間的新服務。這個詞是可能會有。正如我所說，現在的量表評論往往出現在媒體上，然後在某種程度上出現在醫療保健領域。但目前，它更像是雜音而不是現實。但顯然我們都會知道。我的意思是，我們在機構的實地工作人員，我們在中心的增長負責人都說他們相信它將開始加速發展。但現在，我沒有大量確鑿的數據表明情況確實如此。

And that was our last question. I will now turn it back to Philippe for any final thoughts.

這是我們的最後一個問題。我現在將把它轉回給 Philippe 以徵求任何最終想法。

Thank you, Sue. Thank you all for the time and the interest. We're looking forward to the year. We've got a lot of work to do, and we'll keep you posted as we go. Thanks again.

謝謝你，蘇。謝謝大家的時間和興趣。我們期待著這一年。我們有很多工作要做，我們會隨時通知您。再次感謝。

Thank you. And that does conclude today's conference. Thank you all for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。謝謝大家的參與。此時您可以斷開連接。