Interpublic Group of Companies Inc (IPG) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Interpublic Group First Quarter 2023 Conference Call. (Operator Instructions) This conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎來到 Interpublic Group 2023 年第一季度電話會議。 （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。

I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations. Sir, you may begin.

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.

早上好。感謝您加入我們。今天上午，我們的首席執行官 Philippe Krakowsky 和首席財務官 Ellen Johnson 加入了我們的行列。

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.

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 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. These are further detailed in our 10-Q and other filings with the SEC.

在此次電話會議中，我們將參考有關我們公司的前瞻性陳述。這些受制於我們的收益發布和幻燈片演示中包含的不確定性和警示性聲明。這些在我們向美國證券交易委員會提交的 10-Q 和其他文件中有進一步的詳細說明。

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.

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。

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。

Thank you, Jerry, and good morning. As usual, I'll begin our call with an overview of our performance in the quarter. Ellen will then provide additional details, and I'll conclude with updates on highlights at our agencies to be followed by your Q&A.

謝謝你，傑里，早上好。像往常一樣，我將首先概述我們在本季度的表現。然後 Ellen 將提供更多詳細信息，最後我將更新我們機構的亮點，隨後您將進行問答。

Let's start at the top with revenue. The organic change of our revenue before billable expenses was a decrease of 20 basis points against last year's very strong first quarter organic growth of 11.5%. That performance is consistent with our internal forecast, not only for IPG as a whole, but across our operating segments and at the individual agency level.

讓我們從收入的頂部開始。與去年第一季度 11.5% 的非常強勁的有機增長相比，我們扣除可計費費用的收入的有機變化減少了 20 個基點。這一業績與我們的內部預測一致，不僅對 IPG 整體而言，而且在我們的運營部門和各個機構層面。

Back in February, we called out for you the puts and takes specific to our diverse portfolio of services and within client sectors, which would be impacting our results during the first half of this year. So it's fair to say the year is tracking as we expected.

早在 2 月，我們就我們多樣化的服務組合和客戶部門為您召集了看跌期權和看跌期權，這將影響我們今年上半年的業績。所以可以公平地說，這一年正如我們預期的那樣。

In keeping with our typical calendar, we recently refreshed our outlook with our operators, and we remain comfortable at the midpoint of the growth range we shared with you on our February call, which is 2% to 4% organic revenue growth for the full year.

與我們的典型日曆保持一致，我們最近更新了我們對運營商的展望，我們仍然對我們在 2 月份電話會議上與您分享的增長范圍的中點感到滿意，即全年有機收入增長 2% 至 4% .

Specifically, during the first quarter, the services and sectors that have led our substantial multiyear growth notably Media and Healthcare, continue to perform strongly. Our experiential and public relations businesses also continued their growth into the new year.

具體而言，在第一季度，引領我們多年大幅增長的服務和行業，尤其是媒體和醫療保健，繼續表現強勁。我們的體驗和公共關係業務在新的一年裡也繼續增長。

It's also worth calling out that we've continued to win some of the largest competitive new account opportunities in markets so far this year. These wins encompass a diverse set of client sectors, including financial services, pharma and autos. And as they come on stream, they'll build on the large client win in the retail sector, which closed out last year.

同樣值得一提的是，今年迄今為止，我們繼續贏得市場上一些最具競爭力的新客戶機會。這些勝利涵蓋了不同的客戶領域，包括金融服務、製藥和汽車。隨著它們的投產，它們將建立在去年關閉的零售業大客戶的基礎上。

Taken together, and given the advanced client briefs increasingly in play, new account activity further demonstrates our role in the business transformation agendas of the world's most sophisticated marketers.

總而言之，鑑於高級客戶簡報的作用越來越大，新客戶活動進一步證明了我們在全球最成熟的營銷人員的業務轉型議程中的作用。

As we've called out in recent conversations with you, the performance of our digital specialist agencies continued to weigh on growth in the first quarter. Transformation underway at those businesses does continue to progress, and we will begin to cycle their revenue decreases in our third quarter.

正如我們在最近與您的對話中所指出的那樣，我們的數字專業機構的業績繼續對第一季度的增長構成壓力。這些業務正在進行的轉型確實在繼續取得進展，我們將在第三季度開始循環他們的收入下降。

You'll also recall that in our most recent call, we underscored the evolving impact of a more challenging environment specific to the technology sector, which is one of our largest client sectors. We've all seen it in the headlines, most prominently with respect to employment in technology that austerity and cost focus did continue to weigh on our revenue results in the first quarter.

您還會記得，在我們最近的電話會議中，我們強調了技術行業特有的更具挑戰性的環境不斷變化的影響，這是我們最大的客戶行業之一。我們都在頭條新聞中看到了這一點，最突出的是在技術就業方面，緊縮和成本關注確實繼續影響我們第一季度的收入結果。

Notwithstanding that impact and a macro that, since the beginning of Q4 of last year, has been somewhat more cautious, it's notable that 6 of our 8 client sectors grew in the quarter on top of very strong performance a year ago.

儘管存在這種影響，而且自去年第四季度開始以來，宏觀經濟變得更加謹慎，但值得注意的是，我們的 8 個客戶行業中有 6 個在本季度實現了增長，而一年前的表現非常強勁。

We were led by growth in our other sector of diversified industrials and government clients with growth in consumer goods, financial services, autos, healthcare and food and beverage. As discussed, our tech and telecom sector decreased in the quarter, as did to a much lesser degree, retail. Both were comping against double-digit gains a year ago.

我們受到其他多元化工業和政府客戶部門增長的帶動，消費品、金融服務、汽車、醫療保健以及食品和飲料領域的增長。正如所討論的，我們的科技和電信部門在本季度有所下降，零售業的下降程度要小得多。兩者都在與一年前的兩位數增長相提並論。

Regionally, the U.S. decreased 90 basis points organically in the quarter. And this is largely the result of agency- and sector-specific challenges that we've just called out and came against 12% growth in Q1 of 2022. Our international markets grew 1.2% organically on top of 10% growth a year ago.

從地區來看，美國本季度有機下降 90 個基點。這在很大程度上是我們剛剛提出的針對機構和部門的特定挑戰的結果，這些挑戰與 2022 年第一季度 12% 的增長率相悖。我們的國際市場在一年前 10% 的增長基礎上有機增長了 1.2%。

In terms of our segments, each was cycling double-digit growth a year ago. Our Media, Data & Engagement Solutions segment decreased 70 basis points organically in the quarter, strong growth in our Media offerings was offset by the underperformance at the digital specialty agencies.

就我們的細分市場而言，每個細分市場在一年前都實現了兩位數的增長。我們的媒體、數據和參與解決方案部門在本季度有機下降了 70 個基點，我們媒體產品的強勁增長被數字專業機構的表現不佳所抵消。

Our segment of Integrated Advertising & Creativity Led Solutions decreased 90 basis points organically. And there, we were again outpaced -- paced by growth at IPG Health while the decreases in the tech and telco sector weighed on overall segment performance.

我們的集成廣告和創意主導解決方案部分有機地減少了 90 個基點。在那裡，我們再次落後於 IPG Health 的增長，而科技和電信行業的下滑拖累了整體細分市場的表現。

In Specialized Communications & Experiential Solutions, we grew 3.3% organically, highlighted by increases across our experiential and public relations offerings.

在專業通信和體驗解決方案方面，我們實現了 3.3% 的有機增長，突出體現在我們的體驗和公共關係產品的增長上。

As we navigate the near term, our team has demonstrated over a period of many years that we have the financial and management talent; [tools] and business model to successfully manage margin in a range of business environments.

當我們在短期內航行時，我們的團隊在多年的時間裡證明了我們擁有財務和管理人才； [工具] 和業務模型，以在一系列業務環境中成功管理利潤。

Q1 adjusted EBITA margin was 9.7% in our smallest seasonal quarter. And that result compares favorably to our pre-pandemic first quarter 2019 margin of approximately 5%, which means we're seeing both structural efficiencies and meaningful leverage on our growth over the last several years.

在我們最小的季節性季度中，第一季度調整後的 EBITA 利潤率為 9.7%。這一結果與我們在 2019 年第一季度大流行前約 5% 的利潤率相比有優勢，這意味著我們在過去幾年中看到了結構效率和對我們增長的有意義的槓桿作用。

As expected, margin decreased from a year ago when expenses for travel and entertainment were still unusually low due to the impact of the pandemic as well as additions to headcount, which had lagged the robust growth environment.

正如預期的那樣，利潤率較一年前有所下降，當時由於大流行的影響以及員工人數的增加，差旅和娛樂費用仍然異常低，這落後於強勁的增長環境。

We are effectively managing our flexible operating model. This is clear in our expense for temporary labor, performance-based incentive compensation and SG&A. Each was notably lower than a year ago. Our expense for severance was also elevated in this year's first quarter, and we'll begin to see the benefit to margin of those actions going forward.

我們正在有效地管理我們靈活的運營模式。這在我們的臨時工、基於績效的激勵薪酬和 SG&A 費用中很明顯。每個都明顯低於一年前。我們的遣散費在今年第一季度也有所增加，我們將開始看到這些行動對未來利潤率的好處。

Further, we continue to see the impact from actions that we've taken over the last few years on our real estate portfolio, where we've reduced occupied square footage by approximately 30%. As with the top line target, we remain committed to our margin target for the year of 16.7%.

此外，我們繼續看到我們在過去幾年中採取的行動對我們的房地產投資組合產生的影響，我們已經將佔用面積減少了大約 30%。與最高目標一樣，我們仍然致力於實現今年 16.7% 的利潤率目標。

Diluted earnings per share in the quarter was $0.33 as reported and was $0.38 as adjusted for intangibles and amortization and other items. During the quarter, we repurchased 2.2 million shares using $78 million. In February, our Board authorized another $350 million share repurchase program and increased our common share dividend by 7%.

報告的本季度稀釋每股收益為 0.33 美元，經無形資產和攤銷及其他項目調整後為 0.38 美元。本季度，我們用 7800 萬美元回購了 220 萬股股票。 2 月，我們的董事會又批准了 3.5 億美元的股票回購計劃，並將我們的普通股股息提高了 7%。

Our ability to create marketing and media solutions that bring together creativity, technology and data at scale is responsive to the evolving needs of marketers for more advanced and integrated services. We're consistently bringing together our differentiated resources to deliver precise, accountable and audience-led thinking and solutions.

我們有能力創建營銷和媒體解決方案，將創意、技術和數據大規模地結合在一起，以滿足營銷人員對更先進和集成服務不斷變化的需求。我們始終如一地匯集我們的差異化資源，以提供精確、負責和以受眾為主導的思維和解決方案。

The current macro may be creating a moment in which, for certain clients, efficiency is prevailing at the expense of increasing effectiveness in order to power business growth. But in the mid and longer term, we remain confident that the fundamental drivers of value for our clients, employees, shareholders and the communities in which we operate, remains strong at Interpublic.

當前的宏觀經濟可能正在創造這樣一個時刻，在這個時刻，對於某些客戶而言，效率以犧牲提高效率為代價來推動業務增長。但從中長期來看，我們仍然相信，Interpublic 為我們的客戶、員工、股東和我們經營所在的社區創造價值的基本驅動力依然強勁。

At this point, it seems appropriate to hand the call over to Ellen for a more detailed review of our results.

在這一點上，將電話轉交給 Ellen 以對我們的結果進行更詳細的審查似乎是合適的。

Thank you. I hope that everyone is well. 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。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 with the highlights on Slide 2 of the presentation, our first quarter revenue, before billable expenses or net revenue, decreased 2.3% from a year ago, with an organic decrease of 20 basis points. Our organic net revenue decrease was 90 basis points in the U.S. which was partially offset by organic growth in our international markets of 1.2%.

從演示文稿幻燈片 2 的亮點開始，我們第一季度的收入（扣除可計費費用或淨收入）比去年同期下降 2.3%，有機下降 20 個基點。我們在美國的有機淨收入下降了 90 個基點，這部分被我們國際市場 1.2% 的有機增長所抵消。

First quarter adjusted EBITA, before a small restructuring adjustment, was $210.8 million, and margin was 9.7%. Diluted earnings per share was $0.33 as reported and $0.38 as adjusted. The adjustments exclude the after-tax impact of the amortization of acquired intangibles, the small adjustment to our previous restructuring actions and nonoperating losses on the sales of certain small nonstrategic businesses. We repurchased 2.2 million shares during the quarter for $78 million.

在進行小規模重組調整之前，第一季度調整後的 EBITA 為 2.108 億美元，利潤率為 9.7%。報告的稀釋後每股收益為 0.33 美元，調整後為 0.38 美元。這些調整不包括所收購無形資產攤銷的稅後影響、我們之前重組行動的小幅調整以及某些小型非戰略性企業銷售的非經營性虧損。我們在本季度以 7800 萬美元回購了 220 萬股股票。

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 up.

轉到幻燈片 3，您將看到我們本季度的損益表。我將在後續幻燈片中詳細介紹收入和運營費用。

Turning to the first quarter revenue in more detail on Slide 4. Our net revenue in the quarter was $2.18 billion. Compared to Q1 '22, the impact of the change in exchange rates was negative 2.3%, with the dollar stronger against currency in nearly all of our international markets.

轉到幻燈片 4 上更詳細的第一季度收入。我們本季度的淨收入為 21.8 億美元。與 22 年第一季度相比，匯率變化的影響為負 2.3%，美元兌我們幾乎所有國際市場的貨幣走強。

Net acquisitions added 20 basis points. Our organic decrease of revenue before billable expenses, was $4 million or 20 basis points. At the bottom of this slide, we break out segment revenue.

淨收購增加了 20 個基點。我們在計費費用前的收入有機減少為 400 萬美元或 20 個基點。在這張幻燈片的底部，我們細分了部門收入。

Our Media, Data & Engagement Solutions segment decreased 70 basis points organically against double-digit growth a year ago. Strong growth at our Media businesses was offset by decreases elsewhere in the segment. As we have previously noted, our digital specialist agencies are in the process of transforming their business models, and their performance weighed significantly on the overall segment growth at approximately the same level as in Q4.

我們的媒體、數據和參與解決方案部門與一年前的兩位數增長相比有機下降了 70 個基點。我們媒體業務的強勁增長被該部門其他業務的下滑所抵消。正如我們之前所指出的，我們的數字專業機構正在轉變他們的商業模式，他們的業績對整體細分市場的增長產生了重大影響，與第四季度大致持平。

Our Integrated Advertising & Creativity Led Solutions segment decreased organically by 90 basis points against double-digit growth a year ago. Growth at IPG Health was offset by decreases at certain of our other creatively led integrated agencies.

我們的綜合廣告和創意主導解決方案部門有機下降了 90 個基點，而一年前是兩位數的增長。 IPG Health 的增長被我們其他一些創造性領導的綜合機構的下滑所抵消。

At our Specialized Communication & Experiential Solutions segment, organic growth was 3.3%. We grew across public relations and experiential offerings on top of double-digit growth in the first quarter of last year.

在我們的專業通信和體驗解決方案部門，有機增長率為 3.3%。在去年第一季度實現兩位數增長的基礎上，我們在公共關係和體驗產品方面實現了增長。

Moving on to Slide 5, our organic net revenue growth by region. In the U.S., which comprised 68% of our revenue before billable expenses in the quarter, our organic decrease was 90 basis points against 12.2% growth a year ago.

轉到幻燈片 5，我們按地區劃分的有機淨收入增長。在美國，占我們本季度計費前收入的 68%，與一年前的 12.2% 增長相比，我們的有機下降為 90 個基點。

Our growth at Mediabrands, IPG Health and our public relations agencies was offset by decreases in our specialty digital offerings and at certain of our other agencies, mainly as a result of declines in the tech sector.

我們在盟博、IPG Health 和我們的公共關係機構的增長被我們的專業數字產品和某些其他機構的減少所抵消，這主要是由於科技行業的下滑。

International markets were 32% of our net revenue in the quarter, an increase of 1.2% organically on top of 10.2% growth last year. The U.K. increased 2.9% organically. We were led by strong increases at our median experiential offerings and at McCann. Continental Europe decreased 4% organically in the quarter, both in Spain and Portugal, was more than offset by decreases in Germany and France.

本季度國際市場占我們淨收入的 32%，在去年 10.2% 的基礎上有機增長 1.2%。英國有機增長 2.9%。我們的中位數體驗產品和 McCann 的強勁增長引領了我們。歐洲大陸在本季度有機下降 4%，包括西班牙和葡萄牙，但被德國和法國的下降所抵消。

Asia Pac decreased 2.6% organically. Japan, China and India were all lower, but Australia and New Zealand increased. Our organic growth in LatAm was 3.9% and was led by strong growth in Media, we saw increases across all of our national markets.

亞太地區有機下降 2.6%。日本、中國和印度均下跌，但澳大利亞和新西蘭上漲。我們在拉丁美洲的有機增長為 3.9%，這得益於媒體的強勁增長，我們在所有國家市場都看到了增長。

Our Other Markets group, which is Canada and Middle East and Africa, grew 9.3% on top of 19.9% a year ago, with notably strong growth continuing in the Middle East.

我們的其他市場集團，即加拿大、中東和非洲，在一年前的 19.9% 的基礎上增長了 9.3%，其中中東地區繼續保持強勁增長。

Moving on to Slide 6 and operating expenses in the quarter. Our net operating expenses, which exclude billable expenses, the amortization of acquired intangibles, and the restructuring adjustment, increased only 60 basis points from a year ago. The result was our margin of adjusted EBITA, was 9.7%.

轉到幻燈片 6 和本季度的運營費用。我們的淨運營費用（不包括可計費費用、收購的無形資產攤銷和重組調整）僅比一年前增加了 60 個基點。結果是我們的調整後 EBITA 利潤率為 9.7%。

As expected, our margin decreased from 12.3% a year ago, when headcount and T&E expenses were lower due to the pandemic. That 9.7% result represents a significant increase from the pre-pandemic first quarter of 2019 when margins were approximately 5%.

正如預期的那樣，我們的利潤率比一年前的 12.3% 有所下降，當時由於大流行，員工人數和 T&E 費用較低。 9.7% 的結果比 2019 年大流行前第一季度的利潤率約為 5% 有了顯著增長。

As you can see on this slide, our ratio of total salaries and related expense as a percentage of net revenue was 72.5% compared with 70.2% a year ago. Again, all of these ratios are against a smallest quarterly net revenue base of the year.

正如您在這張幻燈片上看到的，我們的總工資和相關費用占淨收入的比例為 72.5%，而一年前為 70.2%。同樣，所有這些比率都是針對今年最小的季度淨收入基數。

Underneath that SRS results, we delivered on our expense for base payroll, benefits and tax due to hiring over the course of the past year. Our average head count increased 3.8% from the first quarter of last year to support our organic growth of 4.3% over the trailing 12-month period.

在 SRS 結果的基礎上，我們支付了過去一年因招聘而產生的基本工資、福利和稅收費用。我們的平均員工人數比去年第一季度增加了 3.8%，以支持我們在過去 12 個月內實現 4.3% 的有機增長。

Our expense for performance-based incentive compensation decreased from a year ago from 4% to 2.5% of net revenue. The decrease reflects our slower start to the year. Severance expense was 1.5% of net revenue compared with 50 basis points a year ago. As we continue to evolve the portfolio and transform our businesses, we expect severance will remain elevated in our second quarter and that we will increasingly see the benefits of these actions on margins as we move forward through the year.

我們基於績效的激勵薪酬支出占淨收入的比例從一年前的 4% 下降至 2.5%。這一減少反映了我們今年開局較慢。遣散費占淨收入的 1.5%，而一年前為 50 個基點。隨著我們繼續發展投資組合併轉變我們的業務，我們預計第二季度的遣散費將保持高位，並且隨著我們在今年向前邁進，我們將越來越多地看到這些行動對利潤率的好處。

Temporary labor expense was 3.4% of net revenue compared with 4.8% in Q1 '22, which is consistent with its role as a variable and a flexible expense when revenue slows. Each of these ratios is in the appendix on Slide 22.

臨時勞動力費用占淨收入的 3.4%，而 22 年第一季度為 4.8%，這與其在收入放緩時作為可變和靈活費用的作用一致。這些比率中的每一個都在幻燈片 22 的附錄中。

Also on this slide, our office and other direct expense was 15.2% of net revenue compared with 14.5% in Q1 '22. Underneath that, we continue to leverage our expense for occupancy, which was 4.9% of net revenue compared with 5.1% a year ago.

同樣在這張幻燈片上，我們的辦公室和其他直接費用占淨收入的 15.2%，而 22 年第一季度為 14.5%。在此之下，我們繼續利用我們的入住費用，占淨收入的 4.9%，而一年前為 5.1%。

All other office and other direct expense was 10.3% of net revenue compared with 9.4% in Q1 '22, which reflects the return of certain variable expenses, most notably higher T&E and meetings compared to a year ago. Our SG&A expense was 60 basis points of net revenue, a decrease of 30 basis points from a year ago.

所有其他辦公室和其他直接費用占淨收入的 10.3%，而 22 年第一季度為 9.4%，這反映了某些可變費用的回報，最明顯的是與一年前相比更高的 T&E 和會議費用。我們的 SG&A 費用占淨收入的 60 個基點，比一年前下降 30 個基點。

On Slide 7, we present details on adjustments to our reported first quarter results in order to provide better transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EBITA and our adjusted diluted EPS.

在幻燈片 7 中，我們詳細介紹了對我們報告的第一季度業績的調整，以提供更好的透明度和可比較的業績圖。這從左側開始，顯示我們報告的結果，然後逐步顯示調整後的 EBITA 和調整後的攤薄每股收益。

Our expense for the amortization of acquired intangibles, in the second column, was $20.9 million. The restructuring charges were $1.6 million, which were small adjustments in the quarter related to previous restructuring actions. Below operating expenses in column 4, we had a pretax loss in the quarter of $4.2 million in other expenses due to the dispositions with a few small nonstrategic businesses.

在第二欄中，我們用於攤銷已購無形資產的費用為 2090 萬美元。重組費用為 160 萬美元，是本季度與之前重組行動相關的小幅調整。在第 4 列的運營費用下方，由於對一些小型非戰略性企業的處置，我們在本季度的其他費用中有 420 萬美元的稅前虧損。

At the foot of this slide, we present the after-tax impact per diluted share of each of these adjustments, which bridges our diluted EPS, as reported, at $0.33 to adjusted earnings of $0.38 per diluted share.

在這張幻燈片的底部，我們展示了每項調整對稀釋後每股收益的稅後影響，這將我們報告的稀釋後每股收益 0.33 美元與調整後的每股稀釋後收益 0.38 美元聯繫起來。

On Slide 8, we turn to cash flow in the quarter. Cash used in operations was $547.6 million compared with $633.6 million a year ago. As a reminder, our operating cash flow is highly seasonal. We typically generate significant cash from working capital in the fourth quarter and use cash in the first quarter.

在幻燈片 8 中，我們轉向本季度的現金流量。運營中使用的現金為 5.476 億美元，而一年前為 6.336 億美元。提醒一下，我們的經營現金流具有很強的季節性。我們通常在第四季度從營運資金中產生大量現金，並在第一季度使用現金。

During this year's first quarter, our working capital use was $695 million, and that follows our fourth quarter of last year when we generated $851 million from working capital. The net of the 2 is $156 million of cash generated from working capital, which is squarely in the range of our recent history.

在今年第一季度，我們的營運資金使用量為 6.95 億美元，而去年第四季度我們從營運資金中產生了 8.51 億美元。兩者的淨額是營運資金產生的 1.56 億美元現金，這恰好在我們最近的歷史範圍內。

It's worth noting that cash from operations and for working capital changes was $148 million in the quarter.

值得注意的是，本季度來自運營和營運資本變動的現金為 1.48 億美元。

In our investing activities, we used $34.7 million in the quarter, mainly for CapEx. Our financing activities in the quarter used $274.3 million, primarily for our common stock dividend, share repurchases and taxes withheld in our performance-based incentive compensation. Our net decrease in cash for the quarter was $866.3 million, which is comparable to the first quarter a year ago.

在我們的投資活動中，我們在本季度使用了 3,470 萬美元，主要用於資本支出。我們本季度的融資活動使用了 2.743 億美元，主要用於我們的普通股股息、股票回購和基於績效的激勵薪酬中預扣的稅款。我們本季度的現金淨減少額為 8.663 億美元，與去年第一季度相當。

Slide 9 is the current portion of our balance sheet. We ended the quarter with $1.68 billion of cash and equivalents.

幻燈片 9 是我們資產負債表的當前部分。我們在本季度結束時擁有 16.8 億美元的現金和等價物。

Slide 10 depicts the maturities of our outstanding debt. As you can see on the schedule, total debt at quarter end was $2.9 billion. Our next maturity is April 2024 for only $250 million. Thereafter, our next maturity is not until 2028.

幻燈片 10 描述了我們未償債務的到期日。正如您在時間表中看到的那樣，季度末的總債務為 29 億美元。我們的下一個到期日是 2024 年 4 月，僅需 2.5 億美元。此後，我們的下一個成熟期要到 2028 年。

In summary, on Slide 11, our teams are focused on executing at a high level. And importantly, we're on track to deliver on our expectations for the year. I would like to express our pride in and gratitude for the efforts of our people. The strength of our balance sheet and liquidity mean that we remain well positioned, both financially and commercially.

總之，在幻燈片 11 上，我們的團隊專注於高水平執行。重要的是，我們有望實現今年的預期。我想對我們人民的努力表示我們的自豪和感謝。我們資產負債表和流動性的實力意味著我們在財務和商業上都處於有利地位。

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. The results we're reporting today, as you heard, are in line with what we forecast coming into the year for the first quarter and consistent with the phasing of our full-year plans. That said, our top line performance in the quarter is not in keeping with our long-term track record or the growth we're collectively striving to achieve.

謝謝，艾倫。正如您所聽到的，我們今天報告的結果與我們對今年第一季度的預測一致，並且與我們全年計劃的分階段一致。也就是說，我們本季度的營收表現與我們的長期業績記錄或我們共同努力實現的增長不符。

As mentioned earlier, during the quarter, we won several of the highest profile and largest reviews in the industry, and these wins encompass a diverse set of client sectors and demonstrate our key role in the business transformation journey of marketers in a number of sectors across the economy. They will also increasingly benefit our growth as we move further into the year.

如前所述，在本季度，我們贏得了幾項業內最高知名度和最大的評論，這些勝利涵蓋了不同的客戶領域，證明了我們在多個領域的營銷人員的業務轉型過程中的關鍵作用經濟。隨著我們進入今年，它們也將越來越有利於我們的增長。

We continue to invest in our emerging technology capabilities as well as expertise across the group and with external partners, with a focus on areas including Web 3.0 and artificial intelligence. We also recently launched a pilot program during the quarter with [D-Wave], quantum computing pioneer, to build advertising optimization equations based on our existing data sets, focusing first on an engagement with 1 of our top 20 clients.

我們繼續投資於我們的新興技術能力以及整個集團和外部合作夥伴的專業知識，重點是 Web 3.0 和人工智能等領域。我們最近還在本季度與量子計算先驅 [D-Wave] 啟動了一項試點計劃，以根據我們現有的數據集構建廣告優化方程式，首先關注與我們前 20 大客戶之一的互動。

When it comes to AI and machine learning, IPG has been investing in this area for some time, Reprise media and network that specializes in search marketing and retail media marketplaces, onboarded a Chief AI Officer over 2 years ago, just as MRM was adding a Global Head of AI and Behavioral Sciences. Acxiom has also been a long-time user of AI in their data analytics practice to improve how companies reach consumers.

在 AI 和機器學習方面，IPG 已經在該領域投資了一段時間，專注於搜索營銷和零售媒體市場的 Reprise media and network 在 2 年多前就任首席 AI 官，當時 MRM 正在增加一個人工智能和行為科學全球負責人。 Acxiom 在其數據分析實踐中也是 AI 的長期用戶，以改善公司接觸消費者的方式。

All 3 of these entities fit on our AI Steering Committee, which recently launched a number of incubators and labs that leverage our enterprise agreements with a range of large technology partners.

所有這 3 個實體都適合我們的 AI 指導委員會，該委員會最近啟動了一些孵化器和實驗室，利用我們與一系列大型技術合作夥伴的企業協議。

Turning to specific highlights from the quarter at the agency level. At our Media, Data & Engagement Solutions segment, we continue to see strong growth in industry recognition for our media operations.

轉向機構層面本季度的具體亮點。在我們的媒體、數據和參與解決方案部門，我們繼續看到我們的媒體業務在行業認可度方面的強勁增長。

Notably, IPG Media brands was named the New Media AOR and Marketing Transformation Partner for GEICO in a highly competitive industry-wide review. Initiative continued outstanding performance was recognized by both Adweek, which named it Global Media Agency of the Year and Ad Age, where Initiative was A-List Media Agency of the Year.

值得注意的是，IPG Media brands 在競爭激烈的全行業評審中被 GEICO 評為新媒體 AOR 和營銷轉型合作夥伴。 Initiative 持續出色的表現得到了 Adweek 和 Ad Age 的認可，Adweek 將其評為年度全球媒體代理商，Initiative 被評為年度 A-List 媒體代理商。

At UM, the network welcomed the new global CEO and won multiple honors at the Campaign's Global Agency of the Year Awards. Our Mediahub agency, now a part of Mediabrands, was named Media AOR for home appliances brand Bosch in Australia and New Zealand. It extended its relationship with Royal Caribbean and Celebrity Cruises in the U.K. and Europe. And Mediahub was also named Global Media Agency of Record by Esprit.

在 UM，該網絡迎來了新的全球首席執行官，並在 Campaign 的年度全球代理商獎中贏得了多項榮譽。我們的 Mediahub 代理機構（現在是盟博集團的一部分）在澳大利亞和新西蘭被命名為家用電器品牌博世的 Media AOR。它在英國和歐洲擴展了與皇家加勒比和名人遊輪的關係。 Mediahub 也被 Esprit 評為 Global Media Agency of Record。

Matterkind's Outcome Navigator, our proprietary suite of connected solutions for digital media that guarantees outcomes for marketers, was named a winner at the 2023 BIG Innovation Awards, presented by the Business Intelligence Group. And Reprise Media, which I mentioned earlier, has been shortlisted in the running to be Campaign's Global Performance Agency of the Year.

Matterkind 的 Outcome Navigator 是我們專有的數字媒體連接解決方案套件，可確保營銷人員取得成果，它在商業智能集團頒發的 2023 年 BIG 創新獎中獲獎。我之前提到的 Reprise Media 已入圍 Campaign 年度全球績效代理機構的候選名單。

Acxiom continues to lean into its strategic partnerships, integrating its ethical data and identity products in the cloud solutions, including data clean rooms powered by Snowflake, which allow customers to securely share data sets with partners and platforms to identify high-value audiences and consumers.

Acxiom 繼續致力於其戰略合作夥伴關係，將其道德數據和身份產品集成到雲解決方案中，包括由 Snowflake 提供支持的數據潔淨室，使客戶能夠與合作夥伴和平台安全地共享數據集，以識別高價值的受眾和消費者。

Since the start of the year, Acxiom has been among Salesforce's fastest-growing full-stack marketing partners. And we further expanded the list of leading ad tech platforms, where marketers can find and activate Acxiom data.

自今年年初以來，Acxiom 一直是 Salesforce 增長最快的全棧營銷合作夥伴之一。我們進一步擴展了領先的廣告技術平台列表，營銷人員可以在其中找到並激活 Acxiom 數據。

During the quarter, we saw our new Salesforce asset RafterOne [acquire] new assignments from Motorola in partnership with MRM. Huge has begun to go to market under its new positioning as a consultative creative growth accelerator. The agency recently launched in Australia and was also recognized by Business Insider as a thought leader in the area of AI.

在本季度，我們看到我們的新 Salesforce 資產 RafterOne [獲得] 摩托羅拉與 MRM 合作的新任務。 Huge 已開始以其作為諮詢創意增長加速器的新定位進入市場。該機構最近在澳大利亞成立，還被 Business Insider 評為人工智能領域的思想領袖。

At R/GA, we announced significant C-suite changes. Globally, new business wins included Metagenics and KFC. R/GA has also brought generative AI into its creative work processes on clients like Verizon, Opendoor and Nike and released an AI ethics handbook with this client in assessing how they will incorporate the technology into their marketing programs. Campaign also named R/GA a Digital Innovation Agency of the Year in the U.K.

在 R/GA，我們宣布了重大的最高管理層變動。在全球範圍內，贏得的新業務包括 Metagenics 和肯德基。 R/GA 還將生成人工智能引入其為 Verizon、Opendoor 和耐克等客戶提供的創意工作流程，並與該客戶一起發布了人工智能道德手冊，以評估他們將如何將該技術納入其營銷計劃。 Campaign 還將 R/GA 評為英國年度數字創新機構。

In our Integrated Advertising & Creativity Led Solutions segment, IPG Health led performance. During the quarter, we saw wins with a number of clients in the growing therapeutic areas of oncology, endocrine, metabolic and cardiovascular disease.

在我們的集成廣告和創意主導解決方案部分，IPG Health 表現領先。在本季度，我們在腫瘤、內分泌、代謝和心血管疾病等不斷發展的治療領域贏得了許多客戶。

The company also made significant leadership appointments, named a Chief Medical Officer and a Chief Strategy Officer, who will both facilitate even greater interconnectivity across the network in the service of our health and pharma clients.

該公司還任命了一名首席醫療官和一名首席戰略官，任命了重要的領導層，他們將在為我們的健康和製藥客戶服務時促進整個網絡的更大互聯互通。

On prior calls and conversations with you, we've mentioned that our Media and Health offerings leverage IPG's data spine and our open architecture model. This quarter, IPG Health launched a healthcare-first connected data intelligence platform in the U.S., integrating tools from Acxiom, IPG's marketing intelligence engine and Mediabrands into their offering.

在之前與您的電話和對話中，我們提到我們的媒體和健康產品利用了 IPG 的數據主乾和我們的開放架構模型。本季度，IPG Health 在美國推出了醫療保健首創的互聯數據智能平台，將來自 Acxiom、IPG 的營銷智能引擎和盟博的工具集成到他們的產品中。

And IPG Health was also named Healthcare Network of the Year by Ad Age, marking the first time a healthcare network has been named to the prestigious A-list.

IPG Health 還被 Ad Age 評為年度醫療保健網絡，這標誌著醫療保健網絡首次入選享有盛譽的 A-list。

At McCann, wins in the first quarter included premium mattress brand, Beautyrest at McCann, Detroit and continued growth at McCann Paris' Luxury Practice, which recently added the Valentino brand.

在麥肯，第一季度的勝利包括底特律麥肯的高端床墊品牌 Beautyrest 以及麥肯巴黎的 Luxury Practice 的持續增長，該品牌最近增加了 Valentino 品牌。

At FCB, the highlight in the quarter came when the network was appointed global agency of record for Skoda, including one of the biggest pitches in Europe.

在 FCB，當網絡被任命為斯柯達的全球代理機構時，本季度的亮點出現了，其中包括歐洲最大的球場之一。

The World Advertising Research Center also named FCB New York as the industry's #1 most awarded creative Agency for effectiveness. And FCB's contract for change work of the Chicago office, I believe for [Michelob ULTRA], was the world's most awarded communications campaign for effectiveness.

世界廣告研究中心還將 FCB New York 評為業界排名第一的有效性創意機構。而 FCB 的芝加哥辦事處變更工作合同，我相信 [Michelob ULTRA]，是世界上獲得最多獎勵的有效傳播活動。

MullenLowe in the U.K. was named Agency of Record for Manpower. And more recently, the agency was selected by the U.S. Golf Association to help grow and brand the sport.

英國的 MullenLowe 被命名為人力資源記錄機構。最近，該機構被美國高爾夫協會選中，幫助發展和品牌化這項運動。

Reflecting an increase in the number of global in-person events as well as the need for companies to seek out strategic communications advice during periods of economic uncertainty and societal change, our Specialized Communications & Experiential Solutions segment saw good growth during the quarter.

反映出全球面對面活動數量的增加以及公司在經濟不確定性和社會變革時期尋求戰略傳播建議的需求，我們的專業傳播和體驗解決方案部門在本季度實現了良好增長。

Octagon onboarded new brand and talent clients as well as negotiating a historic long-term partnership agreement for Stephen Curry with Under Armour. Additionally, along with the Mediabrands team, Octagon was tapped to serve as the strategic lead for GEICO's more than 100 sports marketing partnerships with leagues and teams.

Octagon 吸引了新的品牌和人才客戶，並與 Under Armour 就斯蒂芬庫里達成了歷史性的長期合作協議。此外，與盟博團隊一起，Octagon 被任命為 GEICO 與聯盟和球隊的 100 多個體育營銷合作夥伴關係的戰略領導者。

Weber Shandwick had a solid start to the year with its multi-stakeholder approach. The firm's corporate and public affairs capabilities drove growth, [added] the health and wellness sectors. Agency's one new client partner, Case International Harvester, the global agricultural company, and expanded assignments with several large clients, including Mars.

萬博宣偉憑藉其多方利益相關方方法在今年開局良好。該公司的企業和公共事務能力推動了增長，[補充]健康和保健部門。 Agency 的一個新客戶合作夥伴，即全球農業公司 Case International Harvester，並擴大了與包括 Mars 在內的幾個大客戶的任務。

[Golin] saw strong growth in the quarter, driven by the U.K. and North America, but it saw sector strength in consumer marketing and healthcare. A key executive hire included a new health equity lead, who will help integrate the agency's public health, social purpose and sustainability teams.

[Golin] 在英國和北美的推動下，本季度實現了強勁增長，但它在消費者營銷和醫療保健領域表現強勁。一名重要的高管聘用包括一名新的健康公平負責人，他將幫助整合該機構的公共衛生、社會目標和可持續發展團隊。

Jack Morton continues to see new client wins with clients like Nike, [Riot Games] and Novartis and notable activations in the quarter, including large-scale client events at March Madness and MLB's opening day.

傑克·莫頓 (Jack Morton) 繼續贏得耐克、[Riot Games] 和諾華 (Novartis) 等客戶的新客戶，並在本季度顯著活躍，包括在瘋狂三月和 MLB 開幕日舉行的大型客戶活動。

Similarly, Momentum posted growth in the quarter as an innovative in the way brands connect with consumers, notably through the use of immersive technologies, including the integration of augmented and mixed reality with live broadcast. This approach helped them win new clients like Purina and General Mills.

同樣，Momentum 在本季度實現了增長，這是品牌與消費者聯繫方式的創新，特別是通過使用沉浸式技術，包括將增強現實和混合現實與直播相結合。這種方法幫助他們贏得了 Purina 和 General Mills 等新客戶。

At the holding company level, we've long been clear that for IPG, our commitment to ESG is a priority with 5 key strategic pillars, including D&I, climate action, human capital, data ethics & privacy and responsible media and content. With growing demand for climate action among consumers and the need for all companies to adapt to changing regulations particularly in the data space, ESG is a crucial topic not just for us but for our clients.

在控股公司層面，我們長期以來一直清楚，對於 IPG，我們對 ESG 的承諾是一個優先事項，有 5 個關鍵戰略支柱，包括 D&I、氣候行動、人力資本、數據道德和隱私以及負責任的媒體和內容。隨著消費者對氣候行動的需求不斷增長，以及所有公司都需要適應不斷變化的法規，尤其是在數據領域，ESG 不僅對我們而且對我們的客戶來說都是一個至關重要的話題。

On our call in February, we indicated to you that we we're entering the year in a net new business negative position. In the intervening period, we've successfully neutralized that deficit, and the benefits of those wins will begin to come on stream in the second half of the year.

在我們 2 月份的電話會議上，我們向您表示，我們將以淨新業務負頭寸進入這一年。在此期間，我們已經成功抵消了這一赤字，這些勝利的好處將在今年下半年開始顯現。

Despite macro uncertainty that's largely consistent with what we saw in Q4, the tone of the business remains solid. We should meaningfully cycle issues at certain of our agencies beginning in the third quarter.

儘管宏觀不確定性與我們在第四季度看到的基本一致，但業務基調仍然穩固。從第三季度開始，我們應該在某些機構有意義地循環問題。

Industry new business activity in areas where we're strong, notably media, is picking up and should present further upside opportunities for us. As indicated earlier, we remain comfortable with our growth outlook for the year, along with our expectation for margin expansion.

我們強勢領域（尤其是媒體）的行業新業務活動正在興起，應該會為我們帶來進一步的上行機會。如前所述，我們對今年的增長前景以及我們對利潤率擴張的預期仍然感到滿意。

Over time, we've consistently demonstrated that we can expand margins. Our flexible cost model is an important lever, not only for improving margins in times of growth, but also to consolidate those gains in the face of downturns in the business environment.

隨著時間的推移，我們一直證明我們可以擴大利潤率。我們靈活的成本模型是一個重要的槓桿，不僅可以在增長時期提高利潤率，而且可以在業務環境低迷時鞏固這些收益。

Another key area for value creation remains our strong balance sheet and liquidity. And our ongoing commitment to capital returns has been clearly underscored by both our recent dividend increase as well as share repurchases.

創造價值的另一個關鍵領域仍然是我們強大的資產負債表和流動性。我們最近的股息增加和股票回購都清楚地強調了我們對資本回報的持續承諾。

The teams remain highly focused on delivering on our targets by continuing to provide higher-order business solutions to clients to help them drive growth in the digital economy. We thank our partners and our people for their our continued support as well as those of you on this call for your time and interest.

這些團隊通過繼續為客戶提供更高階的業務解決方案來幫助他們推動數字經濟的增長，從而高度專注於實現我們的目標。我們感謝我們的合作夥伴和我們的員工對我們的持續支持，也感謝你們在這次電話會議上的時間和興趣。

And with that, let's open the floor to questions.

然後，讓我們開始提問。

(Operator Instructions) Our first question is from Steve Cahall with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Steve Cahall。

So Philippe, it sounds like the U.S. trend should see sequential improvement throughout the year. I think your last quarter of cycling off a big loss, and I think you'll now be cycling on to some wins. So first off, is that right as we kind of think about the trend to organic growth as we move through the year?

所以 Philippe，聽起來美國的趨勢應該會在全年出現連續改善。我認為你騎自行車的最後一個季度損失慘重，我認為你現在騎自行車會取得一些勝利。所以首先，當我們考慮這一年的有機增長趨勢時，這是否正確？

And then in the release, you mentioned some of the weakness in the tech sector. I imagine what's gone on recently in the financial sector probably hasn't helped. So in your mind, is there any new negatives in your technology exposure? Or are the expectations for that vertical kind of unchanged from where you were when you started the year? And then I have a follow-up for Ellen.

然後在新聞稿中，您提到了科技行業的一些弱點。我想金融部門最近發生的事情可能沒有幫助。那麼在您看來，您的技術曝光是否有任何新的負面影響？還是您對這種垂直類型的期望與您年初時的期望沒有變化？然後我有艾倫的後續行動。

Sure. I think what we're seeing is consistent with what we shared with you back in February, right? So I think within tech and telco, it comes down to individual decision-making by actually a fairly tight number of clients or a handful of clients that's specific to either facts and circumstances in their business or clearly, the degree to which that sector is being impacted.

當然。我認為我們所看到的與我們在 2 月份與您分享的內容一致，對嗎？因此，我認為在科技和電信公司中，這實際上歸結為相當數量的客戶或少數客戶的個人決策，這些客戶特定於他們業務中的事實和情況，或者很明顯，該行業的發展程度受影響。

And then in terms of how we are thinking about and kind of how the year phases, it's definitely the case that we think that the bulk of what we've indicated to you, so both the sector and tech and telco, I think, is probably about a 2% drag on organic growth at the worldwide level in Q1.

然後就我們的思考方式以及年度階段的方式而言，我們認為我們向您表明的大部分內容肯定是這樣的，所以我認為，無論是行業、科技還是電信公司，都是第一季度全球範圍內的有機增長可能會受到約 2% 的拖累。

So whether it's that or whether it's what's happening within those two kind of leading edge digital agencies in the portfolio that, that will cycle off starting the beginning of Q3.

因此，無論是在投資組合中的這兩種領先數字機構中發生的事情，還是從第三季度開始開始循環。

Great. And then, Ellen, I think salaries were up more than 2 percentage points as a percentage of revenue in the quarter. Office [indirect] was up a little bit as well. Maybe how are you thinking about the ability to pass through some of the cost or wage inflation through organic growth? Is there any upside to EBITA margin guidance? And is there any more restructuring we should expect this year?

偉大的。然後，艾倫，我認為本季度工資佔收入的百分比上升了 2 個百分點以上。辦公室 [間接] 也有所上漲。也許您如何考慮通過有機增長來轉移一些成本或工資通脹的能力？ EBITA 利潤率指導有任何上行空間嗎？今年我們應該期待更多的重組嗎？

Maybe I'll start with your last question first. No, we do not plan on any more restructuring and then working backwards in inflation. So the vast majority of our clients and -- contracts do have clauses that allow us to come to the table and have discussions with our clients. But it's not [automatic], and it's a discussion.

也許我會先從你的最後一個問題開始。不，我們不打算再進行任何重組，然後在通貨膨脹方面倒退。因此，我們的絕大多數客戶和合同確實有條款允許我們來到談判桌前與我們的客戶進行討論。但這不是[自動]，而是討論。

And our main objective with our clients, in addition to make sure that we get fairly paid for our services, is really to grow our share a lot with them. So it's a conversation but as we've said previously, it hasn't been a large part of our growth to date or in our forecast. Really, it's more organic growth with existing clients and our net new business wins.

我們與客戶的主要目標，除了確保我們的服務得到公平的報酬外，實際上是增加我們與他們的份額。所以這是一次對話，但正如我們之前所說，迄今為止或我們的預測中，它並不是我們增長的很大一部分。確實，這是與現有客戶的有機增長和我們的新業務淨贏。

With our -- we're very comfortable with our margin targets for the year. If you look at it, when you look at base salaries, you're comparing it to a year ago, when growth was so strong and our headcount was lagging that growth. You'll also see higher return-to-office expenses in our numbers this year with T&E and meetings.

有了我們——我們對今年的利潤率目標感到非常滿意。如果你看一下，當你看基本工資時，你是在將它與一年前進行比較，當時增長如此強勁，而我們的員工人數卻落後於增長。您還會在我們今年的 T&E 和會議數據中看到更高的返回辦公室費用。

But that said, you see us using our variable cost structure and flexing it. You see temp help down, performance-based comp is also lower. So we remain very confident in our margin target for the year.

但就是說，你看到我們使用我們的可變成本結構並調整它。您會看到臨時幫助下降，基於性能的補償也較低。因此，我們對今年的利潤率目標仍然非常有信心。

Our next question is from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

So we wanted to see if you could dig in a bit on the digital specialist agencies, R/GA and Huge. We've seen some articles in the trade is about ongoing restructurings there. So wondering where you think you are in terms of getting these agencies to where they need to be? And would you expect them, in the longer term, to return to being growth engines for the company or have some of what were very unique capabilities a few years ago, just kind of been adapted by our other networks?

所以我們想看看您是否可以深入了解數字專業機構 R/GA 和 Huge。我們已經看到行業中的一些文章是關於那裡正在進行的重組的。所以想知道你認為你在讓這些機構到達他們需要去的地方方面的進展如何？從長遠來看，您是否期望他們重新成為公司的增長引擎，或者擁有幾年前非常獨特的一些功能，只是被我們的其他網絡所採用？

That's a fair question. I think it's clearly in the nature of their offerings, where you have a lot more innovation hanging, sort of taking place. And so I think that whether it is -- it's funny because if you really think about it, we're really seeing the macro in very specific in few and specific places.

這是一個公平的問題。我認為這顯然是他們產品的本質，在那裡你有更多的創新懸而未決，正在發生。所以我認為它是否——這很有趣，因為如果你真的想一想，我們真的會在少數和特定的地方看到非常具體的宏。

So we've seen it impact tech. And then clearly, these are agencies that are probably -- have greater exposure to that sector than other parts of the portfolio. But I think what you've got there is you've got 2 entities with premium positioning. The field has become somewhat more crowded.

所以我們已經看到它對技術的影響。然後很明顯，這些機構可能 - 比投資組合的其他部分對該行業的敞口更大。但我認為你所擁有的是你擁有 2 個具有優質定位的實體。該領域變得更加擁擠。

And then the timing in terms of when they were hitting a cycle at which there needed to be a reinvention, happens to be as we're going through this period where there is some uncertainty. So the thinking is to get them more focused. As I mentioned, you did see news of a leadership change at R/GA.

然後，就他們何時進入需要重新發明的周期而言，恰好是我們正在經歷這個存在一些不確定性的時期。所以我們的想法是讓他們更加專注。正如我提到的，您確實看到了 R/GA 領導層變動的消息。

Huge is further along in terms of what the next value proposition is going to be for them. And essentially, it's going to market with more of a consultative model, where it's less people and hours and more of a product and solutions approach. So that's in market now.

就他們的下一個價值主張而言，巨大正在進一步發展。從本質上講，它將以更多的諮詢模式推向市場，減少人員和時間，更多的是產品和解決方案方法。所以現在在市場上。

And then, I don't think that it's an issue that's sort of intrinsic to this space. So we do expect them to get back to being growth drivers for us. I think, to be a growth leader, you increasingly -- no matter where you sit in the portfolio, you have to be linked into the data stack into what we're doing around precision and accountability.

然後，我認為這不是這個領域固有的問題。因此，我們確實希望他們重新成為我們的增長動力。我認為，要成為增長領導者，你越來越多——無論你在投資組合中處於什麼位置，你都必須與數據堆棧相關聯，以了解我們圍繞精度和問責制所做的工作。

But both of them, I think, have that predisposition, given the nature of what they do. As we've been clear as well, I think that some of those losses, again, where we saw that impact us or begin to impact us, we see that falling off as we start the second half of the year.

但我認為，考慮到他們所做工作的性質，他們都有這種傾向。正如我們也很清楚的那樣，我認為其中一些損失，再次，我們看到影響我們或開始影響我們的地方，我們看到我們在今年下半年開始時下降。

Okay. And then for Ellen, you had a decent-sized reduction in net interest expense for the quarter. I just wanted to see if there's any guidance you can give on how that might progress for the year?

好的。然後對於 Ellen，您本季度的淨利息支出大幅減少。我只是想看看您是否可以就今年的進展情況提供任何指導？

Sure. Interest income was higher, but that's really due to the rising interest environments that we're in and the amount of return we're able to earn on our cash balances, which we actively manage. So really, it's a factor of where interest rates go, but there is nothing that I would highlight other than that.

當然。利息收入更高，但這實際上是由於我們所處的利率環境不斷上升，以及我們能夠從我們積極管理的現金餘額中獲得的回報金額。所以真的，這是利率走向的一個因素，但除此之外我沒有什麼要強調的。

The next question is from Tim Nollen with Macquarie.

下一個問題來自麥格理的蒂姆諾倫。

Can you hear me okay?

你能聽到我說話嗎？

Yes.

是的。

Philippe, I hope you don't mind if I push one more time on the tech and the Huge, R/GA question. I just want to see how much the two are related.

Philippe，我希望你不介意我再多討論一次技術和 R/GA 的巨大問題。我只是想看看這兩者有多少關係。

I went back to my notes from last quarter, and I think you said that those 2 agencies, Huge and R/GA, were 1.6% drag on Q4 organic growth. And I think I heard you say just now that the tech and telco sectors were a 2% drag worldwide in Q1. I just want to make sure I understand how much is tech and telco and Huge, R/GA related. Or are they...

我回到上一季度的筆記，我想你說過這兩家機構，Huge 和 R/GA，對第四季度的有機增長造成了 1.6% 的拖累。我想我剛才聽到你說科技和電信行業在第一季度在全球範圍內受到 2% 的拖累。我只是想確保我了解科技、電信和 Huge、R/GA 有多少相關。或者他們是...

When we say tech and telco, we're talking about the client sector. So that 2% does impact other parts of the portfolio. And that is the organic -- the drag to organic growth is that client sector. If we were to quantify the digital specialists and their impact on Q1 to us, I think either in the U.S. or globally, that was very marginally north of 1%. And there's some overlap there. So both of those combined probably cost us a hair under 3% of organic revenue. Hopefully, that helps.

當我們說科技和電信時，我們指的是客戶領域。所以這 2% 確實會影響投資組合的其他部分。這就是有機——有機增長的拖累是客戶部門。如果我們要量化數字專家及其對第一季度對我們的影響，我認為無論是在美國還是在全球範圍內，這都略高於 1%。那裡有一些重疊。因此，這兩者加起來可能使我們損失了不到 3% 的有機收入。希望這會有所幫助。

That's great. I wasn't even hoping -- I wasn't even thinking to get that kind of a number from you, so that's great to hear. So separate, but related issues.

那太棒了。我什至不希望——我什至沒想過要從你那裡得到那種數字，所以很高興聽到你的消息。如此獨立但相關的問題。

Could I ask another question on margins? You beat our estimate on operating margin, I think, probably ahead of what you were kind of pointing people towards. Was that some real estate savings from the Q4 events that are already working through? And I think you also mentioned on the last call, you still expect to be net hiring in 2023. I wonder if that is still the case? So how do we think about that?

我可以再問一個關於邊距的問題嗎？我認為，您超過了我們對營業利潤率的估計，可能比您向人們指出的要早。 Q4 活動中的一些房地產節省已經開始了嗎？我想你在上次電話會議上也提到，你仍然希望在 2023 年實現淨招聘。我想知道情況是否仍然如此？那麼我們如何考慮呢？

I'll start, and then I'll pass it over to Ellen. I think what you do see is you see where we've been taking a very large business over time. We've been evolving it. We do have disparate results across the portfolio. And so yes, we're definitely hiring because within the number, you've got the business [as will] segment.

我會開始，然後我會把它交給艾倫。我認為你所看到的是你看到我們隨著時間的推移一直在開展一項非常大的業務。我們一直在改進它。我們在整個投資組合中確實有不同的結果。所以是的，我們肯定在招聘，因為在這個數字中，你有業務 [as will] 部分。

We talked about the growth we're seeing, strong growth with Media brands, with media and data-informed solutions at healthcare, so you're seeing that. And then obviously, you're seeing the places in the business that we've called out for you, where we've got some challenges and some, which are probably anywhere in between those.

我們談到了我們看到的增長，媒體品牌的強勁增長，以及醫療保健領域的媒體和數據信息解決方案，所以你看到了。然後很明顯，你看到了我們為你呼籲的業務領域，我們遇到了一些挑戰和一些挑戰，這些挑戰可能介於兩者之間。

And in terms of margins, I'll just start by talking about the fact that we've been clear with you all about the degree to which the model does flex. And the fact that we're very focused on and very disciplined about all of the levers and all the component parts, that help us ensure that we're on top of that.

就利潤率而言，我首先要談論的事實是，我們已經與大家清楚地了解模型的靈活性程度。事實上，我們非常專注於所有槓桿和所有組成部分，並且非常自律，這有助於我們確保我們處於領先地位。

And I think I'll ask Ellen to then just fill in the specific pieces underneath that.

我想我會請 Ellen 填寫下面的具體內容。

Sure. I would just point out that we have extended our margin 260 basis points over the last several years. So we really have a good sense on how to do this. You did see that severance was elevated in the quarter.

當然。我只想指出，在過去幾年中，我們將利潤率擴大了 260 個基點。所以我們真的很清楚如何做到這一點。您確實看到該季度的遣散費有所提高。

And as Philippe pointed out, we are hiring where we have growth, but we're also adjusting the business in places that we do both for either rightsizing or upscaling talent. We expect that will continue in Q2, but we'll see the savings from that as we move forward through the year.

正如 Philippe 指出的那樣，我們在有增長的地方招聘，但我們也在調整我們為精簡或升級人才所做的地方的業務。我們預計這將在第二季度繼續，但隨著我們在今年向前邁進，我們將看到從中節省的費用。

As you mentioned, we are seeing the savings from the real estate actions as well, as well as using temp help as we should as a lever. So I think all of those things together keep us -- make us feel good about our margin targets for the year and our ability to expand them, going forward.

正如您所提到的，我們也看到了房地產行動帶來的節省，以及我們應該使用臨時幫助作為槓桿。所以我認為所有這些事情讓我們在一起 - 讓我們對今年的利潤率目標以及我們擴大這些目標的能力感到滿意，繼續前進。

Our next question is from Michael Nathanson with MoffettNathanson.

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

I have a two-parter. First, Ellen. What is in your billable expenses? And why was it such a variability between net and gross revenues? And can you remind me if you take a principal position in media buying? (inaudible) on answer, I have one for Philippe.

我有一個二人組。首先，艾倫。您的可計費費用是多少？為什麼淨收入和總收入之間存在如此大的差異？如果您在媒體購買中擔任主要職位，您能提醒我一下嗎？ （聽不清）回答時，我有一個給 Philippe。

So our -- is truly pass-through expense. And the reason we do net accounting is because there is not a margin in those billable expenses. So it just varies, based upon how our clients are spending, and that's the variability.

所以我們的 - 是真正的轉嫁費用。我們進行淨會計的原因是因為這些可計費費用沒有保證金。所以它只是根據我們客戶的消費方式而變化，這就是可變性。

Okay. So there's not a media buying position in there. And Philippe, I think, in the past, you guys have not been pretty clear, right? So given that others are now doing it, it looks like with some success, why maintain that posture when it seems like it's now more standard?

好的。所以那裡沒有媒體購買位置。還有菲利普，我想，過去你們不是很清楚，對吧？因此，鑑於其他人現在正在這樣做，看起來已經取得了一些成功，為什麼在現在看起來更標準的情況下保持這種姿態呢？

It's interesting because in my comments, I talked about the degree to which we might be at a moment in time when efficiency is perhaps trumping effectiveness and there had really been a focus and it has clearly worked in our favor for a number of years now to solutions, where that data layer and the ability to be really, really precise and be smarter in terms of how you put that investment to work.

這很有趣，因為在我的評論中，我談到了我們在效率可能勝過效率的時刻可能達到的程度，並且確實有一個重點，而且多年來它顯然對我們有利解決方案，其中數據層和能力非常非常精確，並且在您如何將投資投入工作方面更加智能。

It's clearly a fair question, and it's something that we will look at because we want to be able to operate in as many modes as possible in order, to your point, to take advantage of whatever at a secular level the marketplace tells us is working, right? So our model has worked well for us, to your point. Something seems to be out there that indicates that you want to be looking at different modalities, and that's something that we're leaning into.

這顯然是一個公平的問題，這是我們將要研究的問題，因為我們希望能夠以盡可能多的模式運作，以便在您看來，利用市場告訴我們的任何長期水平正在發揮作用的東西， 正確的？因此，就您的觀點而言，我們的模型對我們來說效果很好。似乎有什麼東西表明你想研究不同的模式，而這正是我們正在研究的東西。

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。

Ellen, Philippe. I hope you are well. I have three questions on my side. The first one is, can you give us an update on the momentum for Acxiom? The second one is around your investments in headcount for this quarter? And how do you think about staff cost for the rest of the year, notably in the bonus pool front? And lastly, and marginally, how would you qualify your clients' marketing EBITA at the moment? Are there some delays, phasing, calculation, cushion or optimism? But any color would be appreciated.

艾倫，菲利普。我希望你一切都好。我有三個問題。第一個是，你能給我們介紹一下 Acxiom 的最新勢頭嗎？第二個是關於本季度您對員工人數的投資？您如何看待今年剩餘時間的員工成本，尤其是在獎金池方面？最後一點，您目前如何確定客戶的營銷 EBITA？是否有一些延遲、分階段、計算、緩衝或樂觀？但任何顏色都會受到讚賞。

Sure. I'm not sure in what order. So perhaps I'll start with the first and the last and then pass the question in the middle to Ellen.

當然。我不確定按什麼順序。所以也許我將從第一個和最後一個開始，然後將中間的問題傳遞給 Ellen。

Acxiom is growing. Acxiom is, I think, different than the data asset that exists within one of our competitors because at least my understanding is that there's a media component to that. Whereas for us, Acxiom is a first-party data management business and -- where we plug it into -- and it works closely with others of our agency businesses. We then see more attractive growth within those businesses.

安客誠正在成長。我認為，Acxiom 不同於我們的一個競爭對手中存在的數據資產，因為至少我的理解是其中有一個媒體組件。而對我們來說，Acxiom 是第一方數據管理業務——我們將其插入其中——並且它與我們的其他代理業務密切合作。然後，我們會在這些業務中看到更具吸引力的增長。

So to the extent that Media is our strongest performer, and one can assume that it's growing well ahead of the overall number for us. We're seeing Acxiom fuel strong results. It's core business, where it sells these very large software engagements to handle first-party data for clients, those are multiyear contracts, those take a while to sell in.

因此，就媒體是我們表現最強勁的而言，可以假設它的增長遠遠超過我們的整體數字。我們看到 Acxiom 推動了強勁的業績。這是核心業務，它銷售這些非常大的軟件業務來為客戶處理第一方數據，這些都是多年期合同，需要一段時間才能出售。

And that is, to our mind, always going to be a business that has probably mid to slightly below mid-single-digit growth. That's really not the purpose of it. It is the engine on which we drive a lot of the others.

也就是說，在我們看來，這始終是一家可能保持中等或略低於中等個位數增長的企業。這真的不是它的目的。它是我們驅動許多其他發動機的發動機。

And then in terms of your question about clients, I think it's quite consistent with what we shared with you the last time we spoke. So I think that at the time, we did say that there was a sense at that point, a palpable sense that there had been more of a caution or that clients were looking for a level of flexibility and contingency planning. But I don't think that there's really been a change since that time as we go into this point in the year.

然後就你關於客戶的問題而言，我認為這與我們上次談話時與你分享的內容非常一致。所以我認為當時，我們確實說過當時有一種感覺，一種明顯的感覺，即人們更加謹慎，或者客戶正在尋求一定程度的靈活性和應急計劃。但我認為自那時以來我們進入這一年的這一點後並沒有真正發生變化。

And I think the thing that I would also sort of point out, if you try to dimensionalize the macro, is we take you through the client sectors. You can assume that those are probably in the order of the growth at which they're coming in, and we said 6 of the 8 sectors were growing.

而且我想我還要指出的一點是，如果你試圖將宏觀維度化，我們會帶你了解客戶領域。你可以假設這些可能是按照它們進入的增長順序排列的，我們說 8 個行業中有 6 個在增長。

And I guess if you wanted sort of further quantification, you've got 3 of them at the top end that are growing north of 5% and 3 that are growing 3% to 5%. And so the tech and telco is clearly the drain on us, but I don't think we're seeing a macro that is dramatically different than what we shared with you when we last spoke.

我想如果你想要進一步量化，你會發現其中 3 個處於頂端，增長超過 5%，還有 3 個增長 3% 到 5%。因此，技術和電信顯然是我們的負擔，但我不認為我們看到的宏與我們上次談話時與您分享的宏大不同。

And going to staff cost ratios, we're starting the year in our seasonally smallest quarter. So staff cost ratios in this quarter are typically high. It is something we have a track record of managing very effectively. We never get ahead of revenue growth in our hiring. And as you've seen, we use temporary labor as a good lever in that as well.

至於員工成本比率，我們將在季節性最小的季度開始新的一年。因此，本季度的員工成本比率通常很高。這是我們有非常有效管理的記錄。我們在招聘方面永遠不會領先於收入增長。正如您所見，我們也使用臨時工作為一個很好的槓桿。

And then I've also pointed out that severance is high and will be in this first half of the year, and we do expect to see savings from that in the back half of the year as well.

然後我還指出，遣散費很高，而且會在今年上半年出現，我們確實希望在今年下半年也能從中節省開支。

Our next question is from Julien Roch with Barclays.

我們的下一個問題來自巴克萊銀行的 Julien Roch。

Philippe, Ellen, two questions. The first one is Q1 was light, but you said it's absolutely fine. It's all in line with our phasing because, one, we're going to cycle out Huge and R/GA. And you were kind enough to tell you that the drug was 1% in Q1. And two, you said that you won quite a few things that will contribute more and more throughout the year. So is it possible to have a number, like for Huge in R/GA, on the new business contribution for the full year, so we can work out the phasing? That's my first question.

菲利普，艾倫，兩個問題。第一個是 Q1 很輕，但你說它絕對沒問題。這一切都符合我們的分階段，因為，第一，我們將淘汰 Huge 和 R/GA。你好心地告訴你，該藥物在第一季度為 1%。第二，你說你贏得了很多東西，這些東西會在這一年裡做出越來越多的貢獻。那麼是否有可能像 R/GA 中的 Huge 那樣，有一個關於全年新業務貢獻的數字，這樣我們就可以計算出階段性？這是我的第一個問題。

And then the second one, lots and lots of comments on AI in many industries, generative AI that is. If you had to kind of say, what would be the potential biggest positive for Interpublic coming from generative AI? And also, what could be the biggest potential negative?

然後是第二個，很多行業對人工智能的評論很多，就是生成式人工智能。如果您不得不說，生成式人工智能對 Interpublic 的潛在最大積極影響是什麼？而且，最大的潛在負面影響是什麼？

I don't think we're unique on the latter question. So obviously, when you think about a lot of the modeling work and the analytics work that is taking place in our Data business, in our Media business, as we mentioned on the prepared remarks, increasingly, where our Health business is also incorporating that, we've been using machine learning for some time there. And so I think there continue to be opportunities there.

我不認為我們在後一個問題上是獨一無二的。很明顯，當你想到我們的數據業務、媒體業務中正在進行的大量建模工作和分析工作時，正如我們在準備好的評論中提到的那樣，我們的健康業務也越來越多地將其納入其中，我們在那裡使用機器學習已有一段時間了。所以我認為那裡仍然有機會。

I think that the commerce space for us is still opportunity. There's a great deal that we can do there. And you saw us, towards the end of the year last year, make an acquisition in that space. You saw us add a leader for that space at the holding company level. So I think that in a number of areas, it's going to enhance the nature of the services that we provide to clients.

我認為我們的商業空間仍然是機會。我們可以在那裡做很多事情。你看到我們，去年年底，在那個領域進行了收購。您看到我們在控股公司層面為該領域添加了一位領導者。因此，我認為在許多領域，這將增強我們為客戶提供的服務的性質。

And then that I think the question or the challenge is how do you incorporate it into your processes and then how do you enhance what you're doing on the creative side of things by perhaps reinvesting some of the dollars it frees up because it will, doubtless, make it possible to do some of the things that we're doing inside of the creative agencies differently, faster, perhaps more efficiently.

然後我認為問題或挑戰是你如何將它納入你的流程，然後你如何通過重新投資它釋放的一些美元來增強你在創造性方面所做的事情，因為它會，毫無疑問，可以讓我們以不同的方式、更快、也許更有效地做一些我們在創意機構內部做的事情。

And then on the new business question, that would be a tough one because as I said, the real opportunities in the places where we're seeing new business come up is either in media, in large integrated opportunities, where data and media are important components of our offering.

然後是關於新業務的問題，這將是一個棘手的問題，因為正如我所說，我們看到新業務出現的地方的真正機會要么在媒體中，要么在大型綜合機會中，數據和媒體很重要我們產品的組成部分。

But I don't think that we are going to start breaking down the new business at the agency level because I'd rather people spend time actually with clients and focused on growth than sort of that level of performance kind of granularity, back to you guys.

但我不認為我們會開始在代理級別分解新業務，因為我寧願人們花時間與客戶實際相處並專注於增長，而不是那種級別的績效粒度，回到你身邊伙計們。

But it's not -- the falloff there, the fact that it ends up and we begin to cycle off of that in the third quarter, what is cycling on, we've had wins in integrated consumer advertising, work in financial services, in auto and then we've had wins in media, also in financial services and in pharma. But what's coming in and what's going out isn't necessarily the same.

但這不是 - 那裡的衰退，它結束的事實，我們在第三季度開始循環，正在循環的是，我們在綜合消費者廣告、金融服務、汽車領域取得了勝利然後我們在媒體、金融服務和製藥領域也取得了勝利。但是進來的和出去的不一定相同。

Sorry, maybe I wasn't clear. I was asking for an indication at the overall company level, maybe I wasn't clear.

抱歉，可能我沒說清楚。我問的是整個公司層面的指示，也許我不清楚。

I mean as I said, we went into the year net new business with a headwind. And at this point, we have managed to retire that. And all -- and the wins will start coming on stream shortly but definitively and stronger in the back half.

我的意思是，正如我所說，我們在逆風中進入了今年的淨新業務。在這一點上，我們已經設法取消了它。而且所有 - 勝利將很快開始出現，但在後半段肯定會更強大。

And our last question comes from Ben Swinburne with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Ben Swinburne。

This is Cameron McVeigh on for Ben. A couple. Just on your recent appointment of your Chief Commerce Strategy Officer, I was wondering if you could talk a bit about the retail media opportunity and how your clients are approaching that?

這是本的卡梅隆麥克維。一對夫婦。就您最近任命的首席商務戰略官而言，我想知道您是否可以談談零售媒體機會以及您的客戶如何接近這個機會？

And then secondly, on the M&A environment, curious if your appetite has changed for M&A at all, if there's any specific type of strategic acquisitions you guys are focused on in the near term?

其次，關於併購環境，想知道你們對併購的興趣是否發生了變化，你們近期是否關注任何特定類型的戰略收購？

Sure. Retail Media, definitely a high-growth medium. I think it has any number of benefits, whether it's that it's closer to where purchases are being made or that it gives our clients a different tool so that they're not as reliant on either the advertising technology ecosystem or so that they're getting a different first-party data set with which to enhance their own first-party data.

當然。零售媒體，絕對是一種高增長媒體。我認為它有很多好處，無論是它更接近購買地點，還是它為我們的客戶提供了一種不同的工具，這樣他們就不會那麼依賴廣告技術生態系統，或者他們正在獲得一個不同的第一方數據集，用於增強他們自己的第一方數據。

So we continue to see that as an area that has a lot of growth to it. And as I mentioned, we've got a retail media marketplace business inside of Mediabrands at Reprise, but we are also doing quite a bit of the work that surrounds retail media at a number of our agencies like at MRM, obviously, RafterOne, which was the acquisition.

因此，我們繼續將其視為一個有很大增長的領域。正如我提到的，我們在 Reprise 的 Mediabrands 內部擁有零售媒體市場業務，但我們也在我們的許多機構（例如 MRM，顯然是 RafterOne）中圍繞零售媒體開展了大量工作，是收購。

And I think it is a place where we continue to look. So whether it's performance media, whether it's commerce, retail media, those are clearly places where we will continue to look at and for M&A.

我認為這是我們繼續尋找的地方。因此，無論是表演媒體，還是商業、零售媒體，這些顯然都是我們將繼續關注和併購的地方。

And then the individual we brought across from Accenture has been spending a lot of time on the ground with operators and thinking about how to align or connect the various component parts we've got across the holding company.

然後我們從埃森哲帶來的個人一直在現場與操作員一起花費大量時間，並思考如何調整或連接我們在控股公司中擁有的各種組件。

We've got shopper marketing businesses. Shoppable commerce happens in the PR space. Clearly, media is a part of it. So that's definitely a place where we believe there's a lot of opportunity.

我們有購物者營銷業務。可購物商務發生在公關領域。顯然，媒體是其中的一部分。所以這絕對是一個我們相信有很多機會的地方。

Thank you. And that was our last question. I'll now turn it back to Philippe for any final thoughts.

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

Well, again, thank you. We appreciate the time. I think I'd say that while results in Q1 are consistent with, as we said to you, our internal forecast and we believe ourselves to be on track, I'll just repeat something I said a bit earlier, they're not consistent with our long-term track record of growth or what we're expecting ourselves. So that's clearly the focus here. Thank you.

嗯，再次謝謝你。我們感謝時間。我想我要說的是，雖然第一季度的結果與我們的內部預測一致，正如我們對你所說的那樣，我們相信自己正在走上正軌，但我只是重複我之前說過的話，它們並不一致憑藉我們的長期增長記錄或我們對自己的期望。所以這顯然是這裡的重點。謝謝。

Thank you. And 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。