Interpublic Group of Companies Inc (IPG) 2023 Q3 法說會逐字稿

Good morning, and welcome to The Interpublic Group Third Quarter 2023 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.

早安，歡迎參加艾培智集團 2023 年第三季電話會議。 （操作員指示）本次會議正在錄製中。如果您有任何異議，您可以此時斷開連接。現在我想介紹一下投資者關係資深副總裁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 with prepared remarks to be followed by Q&A. We plan to conclude before market open at 9:30 Eastern Time.

早安.感謝您加入我們。今天早上，我們的執行長 Philippe Krakowsky 也加入了我們的行列。以及我們的財務長艾倫·約翰遜 (Ellen Johnson)。我們已在我們的網站 interpublic.com 上發布了收益報告和幻燈片演示。我們將從準備好的評論開始，然後進行問答。我們計劃在東部時間 9:30 開市前結束。

During this call, we will refer to forward-looking statements about our company. These are subject to the uncertainties and the cautionary statement that are included in our earnings release and the slide presentation. These are further detailed in our 10-Q and other filings with the SEC.

在本次電話會議中，我們將參考有關本公司的前瞻性陳述。這些受到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的影響。這些內容在我們向 SEC 提交的 10-Q 和其他文件中進行了進一步詳細說明。

We will also refer to certain non-GAAP measures. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance.

我們也將參考某些非公認會計原則措施。我們認為，這些措施提供了有用的補充數據，雖然不能取代公認會計原則措施，但可以提高我們財務和營運績效審查的透明度。

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

此時此刻，我很高興將事情交給菲利普‧克拉科夫斯基 (Philippe Krakowsky)。

Thank you, Jerry. As usual, this morning, I'll begin with a high-level view of the quarter, after which Ellen will provide additional details. I'll conclude with updates on our agencies to be followed by Q&A.

謝謝你，傑瑞。像往常一樣，今天早上，我將首先對本季度進行概要介紹，然後艾倫將提供更多詳細資訊。最後我將介紹我們機構的最新情況，然後再進行問答。

Before getting to the business of the call, however, it seems not only appropriate but necessary to speak to our collective shock and grief in response to the terrorist attacks perpetrated in Israel and their aftermath. Thankfully, our colleagues in Israel are safely accounted for, but many are being called into service. We're also clearly in the midst of humanitarian crisis in the region. So our thoughts go out to all innocent lives that have been impacted by violence and those who remain in harm's way. Given the scale of our operations in Israel, we'll also spend a bit more time later in the call discussing the implications on IPG's business.

然而，在開始通話之前，我們似乎有必要談談我們對以色列發生的恐怖攻擊及其後果所感到的集體震驚和悲痛。值得慶幸的是，我們在以色列的同事已經安全，但許多人正在被召回服役。我們顯然也正處於該地區的人道危機之中。因此，我們關心所有受到暴力影響的無辜生命以及那些仍處於危險之中的人。考慮到我們在以色列的業務規模，我們稍後還將在電話會議中花更多時間討論這對 IPG 業務的影響。

Turning to 3Q performance, starting at the top with revenue. Results did not measure up to expectations. The organic change of our revenue before billable expenses was a decrease of 40 basis points. For the first 9 months of the year, our organic decrease is, therefore, 80 basis points from a year ago, inconsistent with a trailing 3-year growth of 15.7%.

轉向第三季的業績，從收入開始。結果沒有達到預期。我們扣除可計費費用之前的收入的有機變化是減少了 40 個基點。因此，今年前 9 個月，我們的有機下降比去年同期下降了 80 個基點，與過去 3 年 15.7% 的成長率不一致。

The same factors we've discussed as having impact in the first half of the year continued to weigh on the third quarter. These are, in order of magnitude, the decrease in client activity in the tech and telecom client sector, which has been evident across our industry this year; and the underperformance of our digital specialist agencies. Decreases in both of these areas were at about the same scale as we identified in the second quarter. And together, they weighed on our third quarter growth by approximately 3.2%.

我們討論過的對上半年產生影響的因素繼續對第三季產生影響。這些是按數量級排列的科技和電信客戶領域客戶活動的減少，這在今年整個行業中都很明顯；以及我們的數位專業機構表現不佳。這兩個領域的下降幅度與我們在第二季度確定的大致相同。它們合計對我們第三季的成長造成約 3.2% 的影響。

As we've spoken to in recent quarters, major marketers in the technology sector are consumers of our core services. And as a sector, their budgets this year have seen significant cost cutting, in line with the broader austerity efforts at those companies. While it's challenging to call the timing of the upturn in their marketing spend, we do believe that the current pressure on this sector will abate since these market leaders will need to return to growth mode.

正如我們最近幾季所說，科技領域的主要行銷人員是我們核心服務的消費者。作為一個行業，他們今年的預算大幅削減了成本，這與這些公司更廣泛的緊縮政策是一致的。雖然很難確定其行銷支出上升的時間，但我們確實相信該行業當前的壓力將會減輕，因為這些市場領導者將需要恢復成長模式。

Another key factor negatively impacting our results is the broad concern about marketers related to macroeconomic conditions, which we've identified in our previous calls this year. Economic concerns have translated into what is now an unmistakably more cautious tone in the business. We saw those headwinds take several forms, including pauses in certain planned activities, fewer and generally smaller project opportunities and a slower-than-anticipated pace in conversion and onboarding of new business.

對我們的業績產生負面影響的另一個關鍵因素是行銷人員對宏觀經濟狀況的廣泛擔憂，我們在今年之前的電話會議中已經指出了這一點。對經濟的擔憂已經轉化為現在業界明顯更加謹慎的基調。我們看到這些不利因素有多種形式，包括某些計劃活動的暫停、專案機會減少且普遍較小，以及新業務的轉換和啟動速度低於預期。

Notwithstanding these challenges, it's worth noting that we did see progressively better performance from month to month during the third quarter, with growth in September. We also saw aggregate growth among our top 20 clients in the quarter. We continue to anticipate that the new business that we've won across the first part of this year will be more visible in our results going forward. And as was announced yesterday, we were pleased to see General Mills tap UM as their global media agency of record. UM will handle all strategy, planning, buying, analytics, performance and commerce efforts across 36 markets for this important client.

儘管面臨這些挑戰，但值得注意的是，我們確實看到第三季的業績逐月逐步好轉，其中 9 月有所成長。我們也看到本季前 20 位客戶的整體成長。我們繼續預計，今年上半年我們贏得的新業務將在我們未來的業績中更加明顯。正如昨天宣布的那樣，我們很高興看到通用磨坊選擇 UM 作為其全球記錄媒體代理商。 UM 將為這個重要客戶處理 36 個市場的所有策略、規劃、購買、分析、績效和商務工作。

It's also worth highlighting that in the quarter, we continue to see growth in areas of the business that have been key drivers of success for us over a number of years, namely our media offerings, which performed very strongly; and the health care sector. In addition, we had solid growth in sports and entertainment marketing, public relations and our experiential offerings. 6 of our 8 client sectors grew during the quarter as has been the case in the 9 months year-to-date. We were led in the quarter by the strong growth of auto and transportation followed by our other sector of diversified industrials and public sector clients, the financial services and health care sectors.

另外值得強調的是，在本季度，我們繼續看到多年來一直是我們成功的關鍵驅動力的業務領域的成長，即表現非常強勁的媒體產品；和醫療保健部門。此外，我們在體育和娛樂行銷、公共關係和體驗產品方面也取得了穩健成長。我們的 8 個客戶領域中有 6 個在本季度實現了成長，與今年迄今 9 個月的情況一樣。本季度，汽車和運輸業的強勁成長引領了我們，其次是多元化工業和公共部門客戶的其他部門、金融服務和醫療保健部門。

Health care grew in the quarter, though not at the more robust levels we had expected. Food and beverage and consumer goods sectors also increased in Q3. We had a slight decrease in the retail sector. The tech and telecom sector decreased in the high teens on a percentage basis. And this is not only due to the larger trend in the sector, but also the significant client loss at McCann.

本季度醫療保健有所增長，但沒有達到我們預期的強勁水平。食品飲料和消費品產業第三季也有所成長。零售業略有下降。科技和電信業的百分比下降了十多歲。這不僅是由於該行業的較大趨勢，也是由於麥肯的大量客戶流失。

Regionally, we saw organic growth in the quarter across the U.K., Europe, Latin America and our other markets group. The U.S. and Asia Pacific region decreased. Lower revenue in the U.S. was predominantly due to the sector- and agency-specific challenges we've called out.

從地區來看，我們在英國、歐洲、拉丁美洲和其他市場組中看到了本季的有機成長。美國和亞太地區下降。美國收入下降主要是由於我們指出的行業和機構特定的挑戰。

As we look to the balance of the year, the geopolitical situation in the Middle East does add a degree of uncertainty to our business. Our operations in Israel include the full range of creative, marketing services and media offerings. And they represent approximately 1% of total IPG global revenue. As you'd expect, economic activity in the country is at a standstill, which has already begun to have an impact during what is seasonally the business' largest quarter. The developing geopolitical crisis is, of course, foremost a human concern. And our top priority is to do what we can to support our colleagues in the region. But in the context of this call, we did feel it was necessary to point out it will also have some business implications.

展望今年剩餘時間，中東地緣政治局勢確實為我們的業務增加了一定程度的不確定性。我們在以色列的業務包括全方位的創意、行銷服務和媒體服務。它們約佔 IPG 全球總收入的 1%。正如您所預料的那樣，該國的經濟活動處於停滯狀態，這已經開始在該行業季節性最大的季度產生影響。當然，不斷發展的地緣政治危機首先是人類關注的問題。我們的首要任務是盡我們所能支持該地區的同事。但在這次電話會議的背景下，我們確實認為有必要指出它也會產生一些商業影響。

Turning to segment performance. Media, Data & Engagement Solutions grew organically by 50 basis points in the quarter. We continue to see very strong growth in our media offerings, but that was again largely offset by challenged results at our digital specialty agencies.

轉向細分市場表現。本季媒體、數據和互動解決方案有機成長了 50 個基點。我們的媒體產品持續保持強勁成長，但這又在很大程度上被我們的數位專業機構面臨的挑戰結果所抵消。

Our segment of Integrated Advertising & Creativity Led Solutions decreased 4.1% organically as the tech and telecom client sector and a more cautious spending climate weighed on our more traditional consumer advertising agencies. FCB's strong performance in the quarter was a notable exception, powered by its strategy of incorporating data-informed, audience-led thinking into its core creative offering.

由於科技和電信客戶領域以及更謹慎的支出環境給我們更傳統的消費者廣告公司帶來了壓力，我們的綜合廣告和創意主導解決方案部門自然下降了 4.1%。 FCB 在本季的強勁表現是一個值得注意的例外，這得益於其將數據知情、受眾主導的思維納入其核心創意產品的策略。

Our segment of Specialized Communications & Experiential Solutions grew by 6.5% organically. The quarter was highlighted by increases in sports and entertainment, experiential and public relations.

我們的專業通訊和體驗解決方案部門有機成長了 6.5%。本季的亮點是體育和娛樂、體驗和公共關係的成長。

Turning to an overview of expenses and margin. Operating discipline continued to be a strength and was fully in evidence during the quarter. Third quarter adjusted EBITA margin was 17.2%, up from 15.5% a year ago. Across the group, we're effectively managing our flexible operating model, which you can see in our expenses for temporary labor, performance-based incentive compensation and SG&A. Total headcount decreased by 1.5% from a year ago. Occupancy expense decreased as well as we continue to benefit from actions taken on our real estate portfolio, and other variable expenses such as travel were a source of operating leverage.

轉向費用和利潤的概述。營運紀律仍然是一項優勢，並在本季度得到充分體現。第三季調整後 EBITA 利潤率為 17.2%，高於去年同期的 15.5%。在整個集團內，我們正在有效地管理我們靈活的營運模式，您可以從我們的臨時工費用、基於績效的激勵薪酬和銷售管理費用中看到這一點。總人數較上年同期減少 1.5%。入住費用下降，我們繼續受益於我們的房地產投資組合採取的行動，而旅行等其他可變費用是營運槓桿的來源。

Our diluted earnings per share in the quarter was $0.63 as reported and was $0.70 as adjusted for intangibles, amortization and other items. During the quarter, we repurchased 2.6 million shares, returning $91 million to shareholders. That brings our share repurchases for the 9 months to 6.1 million shares using $219 million.

據報告，本季稀釋後每股收益為 0.63 美元，經無形資產、攤銷和其他項目調整後為 0.70 美元。本季度，我們回購了 260 萬股股票，向股東返還 9,100 萬美元。這使得我們在 9 個月內使用 2.19 億美元回購了 610 萬股股票。

The strength and strategic relevance of our offerings is evident in our new business wins year-to-date and our long-term record of organic growth. That said, we had anticipated that the puts and takes in Q3 would have netted to better revenue performance than reflected in our results today. And I'll do more to unpack that for you in my closing remarks.

我們產品的實力和策略相關性在我們今年迄今為止的新業務勝利和我們的長期有機成長記錄中顯而易見。也就是說，我們預計第三季的看跌期權和買入選擇權將帶來比我們今天的業績所反映的更好的收入表現。我將在結束語中為您做更多的解釋。

Turning to our outlook for the remainder of this year. Given the trends we've called out for you since the beginning of the year, the fact that macro conditions have become more challenging as well as the incremental impact of geopolitical uncertainty, we believe organic revenue performance for the fourth quarter will come in at approximately 1% growth. Nonetheless, we remain committed to our margin goal for the year of 16.7%.

轉向我們對今年剩餘時間的展望。考慮到我們自今年年初以來為您指出的趨勢、宏觀環境變得更具挑戰性以及地緣政治不確定性的增量影響這一事實，我們認為第四季度的有機收入表現將約為1%的增長。儘管如此，我們仍然致力於實現 16.7% 的年度利潤率目標。

Our current level of performance is not up to the standards we set over many years. We'll, therefore, be looking to close this year as strongly as possible and specific to identified areas of underperformance, also assess structural internal solutions to improve our growth profile.

我們目前的績效水準沒有達到我們多年來設定的標準。因此，我們將尋求盡可能有力地結束今年，並針對已確定的表現不佳領域，同時評估結構性內部解決方案，以改善我們的成長狀況。

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

此時，我將電話轉交給艾倫，以便對我們的結果進行更詳細的審查。

Thank you, Philippe. As a reminder, my remarks will track to the presentation slides that accompany our webcast. Beginning with the highlights on Slide 2 of the presentation, our third quarter revenue before billable expenses or net revenue increased 60 basis points from a year ago with an organic decrease of 40 basis points. Our organic decrease was 1.2% in the U.S., while we grew 1.1% organically in our international markets. Over the first 9 months of the year, our organic revenue decrease was 80 basis points.

謝謝你，菲利普。提醒一下，我的評論將追蹤我們網路廣播附帶的簡報幻燈片。從簡報投影片 2 上的重點開始，我們第三季未計可計費費用或淨收入的收入比去年同期成長了 60 個基點，有機下降了 40 個基點。我們在美國的有機下降為 1.2%，而我們在國際市場的有機成長為 1.1%。今年前 9 個月，我們的有機收入下降了 80 個基點。

Third quarter adjusted EBITA was $397.2 million, an increase of 11.5% from a year ago, and margin was 17.2%. Our diluted earnings per share in the quarter was $0.63 as reported and $0.70 as adjusted. The adjustments exclude the after-tax impacts of the amortization of acquired intangibles and on the operating losses on the sales of certain small nonstrategic businesses. We repurchased 2.6 million shares during the quarter and 6.1 million shares in the year's first 9 months.

第三季調整後 EBITA 為 3.972 億美元，年增 11.5%，利潤率為 17.2%。我們本季的攤薄每股收益為 0.63 美元，調整後為 0.70 美元。這些調整不包括所收購無形資產攤銷以及某些小型非策略性業務銷售經營虧損的稅後影響。我們在本季回購了 260 萬股股票，在今年前 9 個月回購了 610 萬股股票。

Turning to Slide 3, where you'll see our P&L for the quarter. I'll cover revenue and operating expenses in detail in the slides that follow.

轉到投影片 3，您將在其中看到我們本季的損益表。我將在接下來的幻燈片中詳細介紹收入和營運費用。

Turning to the third quarter revenue in more detail on Slide 4. Our net revenue in the quarter was $2.31 billion. Compared to Q3 '22, the impact of the change in exchange rates was positive 70 basis points with the U.S. dollar weaker against the euro, pound and several LatAm currencies compared to last year but stronger against most currencies in Asia Pac and the Canadian dollar. Our net acquisitions added 30 basis points. Our organic decrease of revenue before billable expenses was 40 basis points. For the 9 months, our organic decrease was 80 basis points.

請參閱投影片 4 更詳細討論第三季營收。本季我們的淨收入為 23.1 億美元。與 22 年第三季相比，匯率變動的影響為正 70 個基點，美元兌歐元、英鎊和幾種拉丁美洲貨幣較去年走弱，但兌大多數亞太地區貨幣和加幣走強。我們的淨收購增加了 30 個基點。我們在計費費用之前的收入有機減少了 40 個基點。過去 9 個月，我們的有機下降為 80 個基點。

The performance of our segments is at the bottom of the slide. Our Media, Data & Engagement Solutions segment grew organically by 50 basis points. We had very strong global growth at our media businesses, though that was largely offset by the continued underperformance by our digital specialist agencies.

我們各細分市場的表現位於幻燈片的底部。我們的媒體、數據和參與解決方案部門有機成長了 50 個基點。我們的媒體業務在全球範圍內實現了非常強勁的成長，儘管這在很大程度上被我們的數位專業機構的持續表現不佳所抵消。

Our Integrated Advertising & Creativity Led Solutions segment decreased organically by 4.1%. Lower revenue from clients in the tech and telecom sector and a more challenging macro environment was felt broadly across our more traditional consumer-facing agencies.

我們的綜合廣告和創意主導解決方案部門有機下降了 4.1%。我們較傳統的面向消費者的機構普遍感受到科技和電信業客戶收入的下降以及更具挑戰性的宏觀環境。

At our Specialized Communications & Experiential Solutions segment, organic growth was 6.5% with growth across our sports and entertainment, public relations and experiential disciplines.

在我們的專業通訊和體驗解決方案部門，隨著體育和娛樂、公共關係和體驗學科的成長，有機成長為 6.5%。

Moving on to Slide 5 and organic net revenue growth by region. In the U.S., which was 65% of our revenue before billable expenses in the quarter, our organic decrease was 1.2% against 4.4% growth in last year's third quarter. Decreases among tech and telecom sector clients and a more cautious macroeconomic environment continued to weigh on our performance, notably at our digital specialists and at most of our creatively led agencies. We had strong growth at our media offerings followed by increases at our sports and entertainment, experiential and public relations disciplines.

轉到投影片 5 和按地區劃分的有機淨收入成長。在美國，本季扣除費用前的收入占我們營收的 65%，我們的有機下降為 1.2%，而去年第三季的成長為 4.4%。科技和電信行業客戶的減少以及更謹慎的宏觀經濟環境持續影響我們的業績，尤其是我們的數位專家和大多數創意領導機構。我們的媒體產品實現了強勁成長，隨後體育和娛樂、體驗和公共關係領域也有所成長。

International markets, which was 35% of our net revenue, grew organically 1.1% in the quarter on top of 7.8% a year ago. U.K., which was 8% of net revenue in the quarter, grew 2.2% organically on top of 4.9% a year ago. Growth was led by IPG Mediabrands, McCann and FCB.

國際市場占我們淨收入的 35%，本季有機成長 1.1%，去年同期為 7.8%。英國佔本季淨收入的 8%，較去年同期的 4.9% 有機成長 2.2%。成長由 IPG Mediabrands、McCann 和 FCB 引領。

Continental Europe, which was 8% of net revenue, grew 3.9% organically in the quarter, compounding last year's 4.7% growth. We were led by growth in Spain and Germany as well as slight increases in smaller national markets.

歐洲大陸佔淨收入的 8%，本季有機成長 3.9%，與去年 4.7% 的成長相比。西班牙和德國的成長以及較小國家市場的小幅成長帶動了我們的成長。

Asia Pac was also 8% of net revenue in the quarter. Our organic decrease was 5% compared to 5.6% growth a year ago due to decreases in Japan and China.

亞太地區也佔本季淨收入的 8%。由於日本和中國的下降，我們的有機下降為 5%，而去年同期的成長為 5.6%。

In LatAm, which was 5% of net revenue, our organic growth was 5.7% on top of 19.8% a year ago with increases across all national markets led by Colombia and Argentina. In our other markets group, which is Canada, the Middle East and Africa, we grew 1.2% on top of 10.6% a year ago.

在佔淨收入 5% 的拉丁美洲，我們的有機成長在一年前的 19.8% 基礎上成長了 5.7%，其中以哥倫比亞和阿根廷為首的所有國家市場都有成長。在我們的其他市場組，即加拿大、中東和非洲，我們的成長率比一年前的 10.6% 成長了 1.2%。

Moving on to Slide 6 and operating expenses in the quarter. Our net operating expenses, which excludes billable expenses, the amortization of acquired intangibles and restructuring adjustments, decreased 1.5% from a year ago compared with the growth in reported net revenue of 60 basis points. The result was an adjusted EBITA margin of 17.2%, an increase of 170 basis points from a year ago.

接下來看投影片 6 和本季的營運費用。我們的淨營運費用（不包括計費費用、收購無形資產攤銷和重組調整）較上年同期下降 1.5%，而報告淨收入增長 60 個基點。調整後的 EBITA 利潤率為 17.2%，較上年同期成長 170 個基點。

As you can see on this slide, our ratio of total salaries and related expense as a percentage of net revenue decreased by 110 basis points to 66.3% from 67.4% in last year's third quarter. Compared to last year, we delevered on our expense for base payroll, benefits and tax while our expense for temporary labor, employee incentive compensation and severance decreased as a percent of net revenue. Each of these ratios is shown in the appendix on Slide 31.

正如您在這張投影片中所看到的，我們的薪資總額和相關費用佔淨收入的比例從去年第三季的 67.4% 下降了 110 個基點至 66.3%。與去年相比，我們減少了基本工資、福利和稅收費用，而臨時工、員工激勵薪資和遣散費佔淨收入的百分比有所下降。每個比率都顯示在投影片 31 的附錄中。

Headcount at quarter end was 57,700, a decrease of 1.5% from a year ago. Also on the slide, our office and other direct expense was 13.8% of net revenue compared with 14.3% in Q3 '22. Underneath that improvement, we continue to leverage our expense for occupancy and all other office and other expense. Our SG&A expense was 70 basis points of net revenue, an improvement of 10 basis points.

季末員工人數為 57,700 人，較去年同期減少 1.5%。同樣在投影片上，我們的辦公室和其他直接費用佔淨收入的 13.8%，而 22 年第三季為 14.3%。在這種改善的基礎上，我們繼續利用我們的佔用費用以及所有其他辦公室和其他費用。我們的 SG&A 支出佔淨收入的 70 個基點，提高了 10 個基點。

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

在投影片 7 中，我們詳細介紹了對報告的第三季業績進行的調整，以提供更好的透明度和可比業績的情況。從左側開始顯示報告結果，然後從左到右逐步顯示調整後的 EBITA 和調整後的稀釋後每股盈餘。

Our expense for the amortization of acquired intangibles in the second column, was $21 million. The adjustments to previous restructuring actions was a credit of $600,000. Below operating expenses and shown in column 4, we had a loss of $12.1 million in other expenses that was due to disposition of a few small nonstrategic businesses. At the foot of the slide, you can see the after-tax impact per diluted share of each adjustment, which bridges our diluted EPS as reported at $0.63 to adjusted earnings of $0.70 per diluted share.

第二欄我們用於收購無形資產的攤銷費用為 2,100 萬美元。先前重組行動的調整是 60 萬美元的信貸。在營運費用下方（如第 4 欄所示），我們因處置一些小型非策略業務而損失了 1,210 萬美元的其他費用。在幻燈片底部，您可以看到每次調整對每股攤薄後每股收益的稅後影響，這將我們報告的稀釋後每股收益0.63 美元與調整後每股攤薄後每股收益0.70 美元聯繫起來。

Slide 8 depicts similar adjustments for the 9 months. Our diluted earnings per share was $1.64 as reported and $1.81 as adjusted. As a reminder, reported and adjusted EPS for the year-to-date period includes the benefit of $0.17 per share recorded to our tax provision in this year's second quarter.

投影片 8 描述了 9 個月的類似調整。我們報告的攤薄後每股收益為 1.64 美元，調整後每股收益為 1.81 美元。提醒一下，今年迄今報告和調整後的每股盈餘包括計入今年第二季稅收撥備的每股 0.17 美元的收益。

On Slide 9, we turn to cash flow in the quarter. Cash from operations was $242.7 million, and operating cash flow before working capital was $365.4 million. As a reminder, our operating cash flow is highly seasonal and can be volatile by quarter due to changes in the working capital component. In our investing activities, we used $48.6 million, essentially all of which was towards CapEx in the quarter. Our financing activities used $225.5 million, mainly reflecting capital return to shareholders. Our net decrease in cash for the quarter was $52.7 million.

在投影片 9 上，我們討論本季的現金流。營運現金為 2.427 億美元，不計營運資本的營運現金流為 3.654 億美元。需要提醒的是，我們的經營現金流具有很強的季節性，並且由於營運資本部分的變化，可能會按季度波動。在我們的投資活動中，我們使用了 4,860 萬美元，基本上全部用於本季的資本支出。我們的融資活動使用了2.255億美元，主要反映了對股東的資本回報。本季我們的現金淨減少為 5,270 萬美元。

Slide 10 is the current portion of our balance sheet. We ended the quarter with $1.57 billion of cash and equivalents and $102 million in short-term marketable securities to be held to maturity, which is before year-end.

投影片 10 是我們資產負債表的當前部分。截至本季末，我們持有 15.7 億美元的現金和等價物，以及 1.02 億美元的短期有價證券將在年底前到期。

Slide 11 depicts the maturities of our outstanding debt. As you can see on this schedule, total debt at quarter end was $3.2 billion. That includes our $300 million 10-year note, which we issued in June to prefund our $250 million maturity in April of next year. Thereafter, our next maturity is not until 2028.

投影片 11 描述了我們未償債務的到期。正如您在此表中看到的，季度末的總債務為 32 億美元。其中包括我們於 6 月發行的 3 億美元 10 年期票據，為明年 4 月到期的 2.5 億美元預先融資。此後，我們的下一個成熟期要到 2028 年。

In summary, on Slide 12, our strong financial discipline continues. And the strength of our balance sheet and liquidity mean that we remain well positioned, both financially as well as commercially.

總之，在投影片 12 上，我們繼續保持嚴格的財務紀律。我們強大的資產負債表和流動性意味著我們在財務和商業上都保持著良好的地位。

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

說到這裡，我會把它轉回給菲利普。

Thanks, Ellen. Without question, organic revenue performance to date this year is not consistent with our expectations or our long-term track record. We continue to be in market with relevant and compelling offerings that are helping marketers accelerate growth and deliver business outcomes. And that has translated to new business success year-to-date.

謝謝，艾倫。毫無疑問，今年迄今的有機收入表現與我們的預期或我們的長期業績記錄不一致。我們繼續在市場上提供相關且引人注目的產品，幫助行銷人員加速成長並交付業務成果。今年迄今為止，這已轉化為新業務的成功。

Now for many of you who've been with us over a period of years, you know that we were among the first to embed digital capabilities across media, health care and many of our marketing services as well as to recognize the importance of the integrated services and increasingly complex consumer ecosystem.

現在，對於與我們合作多年的許多人來說，您知道我們是最早在媒體、醫療保健和許多行銷服務中嵌入數位功能的公司之一，並且認識到整合的重要性。服務和日益複雜的消費者生態系。

Similarly, we were early to understand the growing importance of data resources and first-party data capabilities at scale as key tools to power the success of our clients. Given the very rapid rate of change we're all experiencing, we continue to further evolve our offerings, investing in ways that help brands compete in a dynamic world of new technology platforms and empowered consumers. This work has meant that increasingly large portions of our portfolio are better-oriented secular areas of growth.

同樣，我們很早就認識到大規模資料資源和第一方資料能力作為推動客戶成功的關鍵工具越來越重要。鑑於我們正在經歷的快速變化，我們將繼續進一步發展我們的產品，投資於幫助品牌在充滿活力的新技術平台世界中競爭並賦予消費者權力的方式。這項工作意味著我們的投資組合中越來越多的部分是面向更好的長期成長領域。

Consistent with that objective, during the quarter, we launched our Unified Retail Media Solution, which is a dedicated business unit within Mediabrands. It helps clients manage their investments across all retail media networks, one of the fastest-growing advertising channels. That solution is already helping brands maximize their media investments across all of the retail channels in real time in order to drive next best business outcomes.

為了實現這一目標，我們在本季度推出了統一零售媒體解決方案，這是 Mediabrands 內的一個專門業務部門。它幫助客戶管理所有零售媒體網路的投資，這是成長最快的廣告管道之一。該解決方案已經幫助品牌即時最大化其在所有零售管道的媒體投資，以推動下一個最佳業務成果。

Earlier this week, we also launched Real ID in the cloud, the tool powered by Acxiom and piloted at FCB. It modernizes identity resolution and addresses an industry need for identity tools in a post-cookie world. Built on ethically sourced data that prioritizes consumer privacy, Real ID creates the opportunity for us to do the kind of intelligent data-driven work that we've been doing in media for some time across all marketing channels and disciplines.

本週早些時候，我們還在雲端推出了 Real ID，該工具由 Acxiom 提供支援並在 FCB 進行了試點。它實現了身分解析的現代化，並滿足了 cookie 世界後對身分工具的產業需求。 Real ID 建立在優先考慮消費者隱私的道德來源資料的基礎上，為我們創造了機會進行智慧資料驅動的工作，就像我們在媒體中跨所有行銷管道和學科所做的那樣。

Our AI Steering Committee includes leaders from across our network. And it continues its work overseeing strategic partnerships and sharing use cases across the group. As you know, we've been using machine learning and other AI tools in our data and media business for a number of years. With hundreds of new AI pilots underway across the company, we're tracking a subset of promising programs with a particular focus on 3 new areas: first, using AI to generate content, including text, images, audio and video in our ideation and creative processes; second, AI as a tool to uncover kind of strategy and insights as well as business trends that can help our clients and their brands; and finally, piloting the use of intelligent chat bots to automate tasks like program recommendations and other key steps on consumers' e-commerce journeys.

我們的人工智慧指導委員會包括來自整個網路的領導者。它還繼續監督戰略合作夥伴關係並在整個集團內共享用例。如您所知，多年來我們一直在數據和媒體業務中使用機器學習和其他人工智慧工具。隨著整個公司數百個新的人工智慧試點計畫的開展，我們正在追蹤一部分有前途的計劃，特別關注3 個新領域：首先，在我們的構思和創意中使用人工智慧生成內容，包括文字、影像、音訊和視訊流程；其次，人工智慧作為一種工具來發現可以幫助我們的客戶及其品牌的策略和見解以及業務趨勢；最後，試行使用智慧聊天機器人來自動執行節目推薦等任務以及消費者電子商務旅程中的其他關鍵步驟。

Given the impact AI will continue to have on all businesses, including ours, we're fully engaged with leading AI innovators, which is Adobe, Amazon, Google, Microsoft, NVIDIA and Salesforce. For example, during the quarter, NVIDIA worked with us, specifically within our PR agencies, to incorporate AI-enabled processes into earned media and corporate communications workflows.

鑑於人工智慧將繼續對包括我們在內的所有企業產生影響，我們與領先的人工智慧創新者充分合作，其中包括 Adob​​e、亞馬遜、Google、微軟、NVIDIA 和 Salesforce。例如，在本季度，NVIDIA 與我們合作，特別是在我們的公關公司內，將支援 AI 的流程納入免費媒體和企業傳播工作流程中。

And just to step back and talk a bit again about our reporting segments in some detail. As discussed earlier, within the MD&E segment, we had very strong growth at our media offerings, but that continued to be largely offset by challenges within the digital specialty agencies. I think notably, during the quarter, we brought 3 distinct media brand companies, Kinesso, Matterkind and Reprise under the Kinesso banner and brand to create a unified tech-driven performance unit that enhances the effectiveness, efficiency and simplicity of media activation that is end-to-end across that value chain.

退後一步，再次詳細討論我們的報告部分。如前所述，在 MD&E 領域，我們的媒體產品實現了非常強勁的成長，但這在很大程度上繼續被數位專業機構內部的挑戰所抵消。我認為值得注意的是，在本季度，我們將3 個不同的媒體品牌公司（Kinesso、Matterkind 和Reprise）納入了Kineso 的旗幟和品牌下，以創建一個統一的技術驅動的績效部門，以提高最終媒體活化的有效性、效率和簡單性。- 貫穿整個價值鏈。

And as mentioned earlier, General Mills is another great piece of news in Mediabrands. During the quarter, Acxiom announced that its info-based consumer insights and audiences are now available in cloud data exchanges and received a Salesforce Partner Innovation Award for work it's doing with its Heathrow client. The company also recently launched Acxiom Health, which is its latest vertical offering and provides advertisers with quality audiences that span both consumers and health care providers with more effective reach and precision.

如同前面提到的，通用磨坊 (General Mills) 是盟博 (Mediabrands) 的另一個好消息。在本季度，Acxiom 宣布其基於資訊的消費者洞察和受眾現在可在雲端資料交換中獲得，並因其與希思羅客戶所做的工作而獲得 Salesforce 合作夥伴創新獎。該公司最近還推出了 Acxiom Health，這是其最新的垂直產品，為廣告商提供優質受眾，涵蓋消費者和醫療保健提供商，並具有更有效的覆蓋範圍和精準度。

At Huge, the agency had a number of wins with their new suite of consultative products that are tailored to specific client business problems, which allows them -- deliver strategy through execution very rapidly and effectively. The agency expanded its relationship with Darling Ingredients, which was -- begun earlier this year with a significant design and build project. And on the product development side, Huge launched what it called the AI opportunity mapper, which help clients anticipate big shifts that gen AI will have in their specific industry and identify opportunities for growth across near-, mid- and long-term horizons.

在 Huge，該機構憑藉針對特定客戶業務問題量身定制的新諮詢產品套件取得了許多勝利，這使得他們能夠非常快速有效地透過執行來交付策略。該機構擴大了與 Darling Ingredients 的關係，該關係於今年早些時候開始，並進行了一項重要的設計和建造項目。在產品開發方面，Huge 推出了所謂的人工智慧機會映射器，幫助客戶預測人工智慧時代將在其特定行業中發生的重大轉變，並確定近期、中期和長期的成長機會。

Looking at R/GA. The agency announced new business wins in the U.S. for Bloomberg and the BBC and in LatAm for Banco Safra, which is Brazil's premier financial institution. R/GA also launched The Associates program, a unique approach to fractional hiring that offers flexibility and emphasizes adaptability and creativity. And the agency's work for clients like Procter & Gamble and the Ad Council was recently recognized as a finalist for Fast Company's Innovation by Design Awards.

看看 R/GA。該機構宣布彭博社和 BBC 在美國贏得了新業務，而巴西最大的金融機構薩夫拉銀行在拉丁美洲贏得了新業務。 R/GA 還推出了 The Associates 計劃，這是一種獨特的分段招募方法，提供靈活性並強調適應性和創造力。該機構為寶潔公司和廣告委員會等客戶所做的工作最近入圍了 Fast Company 設計創新獎的決賽。

Within the IAC segment, as we mentioned, tech and telco weigh on our more traditional consumer advertising agencies, but FCB was a notable exception to that. The network is playing a key role in our integrated Pfizer team and also expanded relationships with existing clients, which is -- sorry about that with new clients such as Diageo, Danone and Upfield in global markets.

正如我們所提到的，在 IAC 細分市場中，科技和電信公司給我們更傳統的消費者廣告公司帶來了壓力，但 FCB 是一個明顯的例外。該網絡在我們的輝瑞綜合團隊中發揮關鍵作用，並擴大了與現有客戶的關係，對此我們與全球市場上的帝亞吉歐(Diageo)、達能(Danone) 和Upfield 等新客戶的關係感到遺憾。

IPG's health -- IPG Health's focus on creativity, technology and data continue to be key to their clients. And during the quarter, the network launched the industry's first clinical trial diversity offering designed to help pharma and health care companies ensure more inclusive treatment innovations.

IPG 的健康狀況—IPG Health 對創造力、技術和數據的關注仍然是其客戶的關鍵。在本季度，該網路推出了業界首個臨床試驗多元化產品，旨在幫助製藥和醫療保健公司確保更具包容性的治療創新。

Last month, following a competitive pitch process, IKEA chose McCann as its first global brand marketing partner. Domestically, T.J. Maxx hired McCann as its creative AOR, and Reckitt's Durex brand named MRM and McCann as brand leads in Europe and the U.S. In addition, the network launched McCann Content Studios, its new global hub for social and creator services.

上個月，經過競爭性的推廣過程，IKEA選擇麥肯作為其首個全球品牌行銷合作夥伴。在國內，T.J. Maxx 聘請麥肯作為其創意AOR，利潔時的杜蕾斯品牌指定MRM 和麥肯作為歐洲和美國的品牌領導者。此外，該網絡還推出了麥肯內容工作室，這是其新的社交和創作者服務全球中心。

MullenLowe retained the DHRA account, which is the arm of the U.S. Department of Defense, it's focused on military recruitment across all service branches. This renewal is for 5 years with an expanded remit that includes advertising, CRM, database management, integrated media, social, digital and PR.

MullenLowe 保留了 DHRA 帳戶，該帳戶是美國國防部的下屬部門，專注於所有軍種的軍事招募。此次更新期限為 5 年，業務範圍擴大到包括廣告、CRM、資料庫管理、綜合媒體、社交、數位和公關。

Our SC&E Solutions segment, as we mentioned, saw growth across all disciplines. Following a strong new business track record year-to-date in Q3, Golin won new business including Eve Air Mobility, Tapestry, the luxury brand holding company that owns Coach and Kate Spade as well as Neutrogena, the (inaudible) skincare brand.

正如我們所提到的，我們的 SC&E 解決方案部門在所有學科上都取得了成長。繼今年第三季迄今強勁的新業務業績記錄之後，Golin 贏得了新業務，包括 Eve Air Mobility、擁有 Coach 和 Kate Spade 的奢侈品牌控股公司 Tapestry 以及（聽不清）護膚品牌露得清 (Neutrogena)。

Momentum grew strongly with core clients, including Verizon and Nike and brought on a number of new clients, notably John Deere. Most recently, the company secured 3 AI patents for the machine learning of experiences, which makes them the first agency to do so in their area of expertise.

威瑞森和耐吉等核心客戶的勢頭強勁增長，並帶來了許多新客戶，尤其是約翰迪爾。最近，該公司獲得了 3 項機器學習體驗人工智慧專利，這使他們成為第一個在其專業領域中這樣做的機構。

Octagon signed the ACC as a new client at their industry-leading media rights division. And the agency won new client brands, including Hilton Hotels and [Powerade] as well as working with current clients, Budweiser, Mastercard and Unilever, to manage activations at major global sporting events. Jack Morton, Vivi, the agency's diversity driven inclusive marketing practice, posted wins and new work with the NBA and TIAA. There are also additional new client adds with Paramount Plus and Comcast and a large-scale reinvigoration of ESPN's SportsCenter.

Octagon 與 ACC 簽約成為其領先業界的媒體版權部門的新客戶。該機構贏得了新的客戶品牌，包括希爾頓酒店和 [Powerade]，並與現有客戶百威、萬事達卡和聯合利華合作，管理全球重大體育賽事的活動。 Jack Morton、Vivi 是該機構多元化驅動的包容性行銷實踐，發布了與 NBA 和 TIAA 的合作成果和新作品。此外還有 Paramount Plus 和 Comcast 等新客戶的加入，以及 ESPN 體育中心的大規模復興。

Weber Shandwick saw growth in the health sector and in its government and public policy work. On the new business front, notable wins included Dollar Shave Club and a significant new assignment with the CDC. The network also expanded its predictive analytics and intelligence capability with the rollout of a new proprietary solution that measures the impact of earned media.

萬博宣偉看到了衛生部門及其政府和公共政策工作的成長。在新業務方面，顯著的勝利包括 Dollar Shave Club 和 CDC 的一項重要新任務。該網路還推出了衡量免費媒體影響力的新專有解決方案，擴展了其預測分析和情報能力。

Despite these highlights from across the portfolio, as you can see from our results, the third quarter didn't unfold along the lines we'd envisioned when we spoke with you in July. At that time, we shared our view of the second half inflection point for stronger growth driven by several factors.

儘管整個投資組合都有這些亮點，但正如您從我們的業績中看到的那樣，第三季的發展並沒有按照我們在 7 月與您交談時所設想的那樣。當時，我們分享了對下半年拐點的看法，即在多種因素的推動下實現更強勁的成長。

One was accelerating growth of our media business, which did materialize with notably stronger performance in the third quarter than we've seen earlier in the year. We also look forward to a similar trajectory in our health care vertical. And while health care did grow in the quarter across the category, it was not at the level we had anticipated. However, with new business coming online stronger in Q4, we do see health returning to its more typical rate of revenue growth.

其中之一是我們媒體業務的加速成長，這一成長確實實現了，第三季的業績明顯強於今年稍早的表現。我們也期待我們的醫療保健垂直領域也能出現類似的軌跡。儘管醫療保健行業在本季度確實有所增長，但並未達到我們預期的水平。然而，隨著第四季度新業務的上線更加強勁，我們確實看到健康狀況恢復到更典型的收入成長率。

And as I mentioned earlier, during Q3, while we saw the impact of new business coming on stream, it was slower to convert than the rate which we had foreseen. Therefore, when we look to the fourth quarter, as mentioned earlier, and this is historically our largest due to seasonal factors as you all know, we believe organic revenue performance will come in at approximately 1% growth.

正如我之前提到的，在第三季度，雖然我們看到了新業務的影響，但轉換速度比我們預期的要慢。因此，當我們展望第四季度時，正如前面提到的，由於眾所周知的季節性因素，這是我們歷史上最大的季度，我們相信有機收入業績將實現約 1% 的成長。

And also, to reiterate, we remain committed to our margin target for the year of 16.7%, 10 basis points ahead of last year. We're going to stay focused on closing the year as strongly as possible. But as I mentioned earlier, we're also, specific to areas of underperformance, assessing structural solutions to improve our growth profile.

此外，重申一下，我們仍然致力於實現 16.7% 的年度利潤率目標，比去年提前 10 個基點。我們將繼續專注於盡可能有力地結束這一年。但正如我之前提到的，我們也針對表現不佳的領域，評估結構性解決方案以改善我們的成長狀況。

And an important additional area for value creation is our long-standing and continued commitment to capital returns, which has been underscored by the execution of our share repurchase plan and consistent dividend growth over time. These remain important priorities for us going forward.

價值創造的另一個重要領域是我們對資本回報的長期持續承諾，我們的股票回購計畫的執行和隨著時間的推移持續的股息成長強調了這一點。這些仍然是我們前進的重要優先事項。

As always, we thank you for your time and attention. And with that, let's open the floor to your questions.

一如既往，我們感謝您的時間和關注。接下來，讓我們開始回答你們的問題。

(Operator Instructions) Our first question is from Adrien de Saint Hilaire with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Adrien de Saint Hilaire。

Yes. A couple of questions, please. So first of all, can you help us quantify the impact of the tailwinds that you alluded to from new account wins from perhaps recovery in tech into 2024?

是的。請教幾個問題。首先，您能否幫助我們量化您所提到的順風的影響，即您提到的新客戶可能因技術復甦到 2024 年而帶來的影響？

And then maybe a second question for Ellen. So clearly, an amazing job this year in terms of protecting the margin. Is there a risk that as growth resumes next year and as you onboard new clients, we see cost growth effectively exceed revenue growth in 2024?

然後也許是艾倫的第二個問題。很明顯，今年在保護利潤方面做得非常出色。隨著明年恢復成長以及吸引新客戶，我們是否會看到 2024 年成本成長實際上超過收入成長？

Sure. I will take the one you gave me and then a little bit of the one that you sent to Ellen, if I may. I don't know that we can quantify the tailwinds for '24 because we're not through to the end of the year. So we're clearly from a net new business perspective as we sit here this year, positive. And there are still a few fairly sizable opportunities out there for us to go get. But we do think that we'll be heading into '24 with the benefits of the wins from this year. And then unfortunately, some of the benefits of the fact that there's been a little bit of a slowdown in terms of onboarding them, and I don't think we can give you a quantified number for that quite yet.

當然。如果可以的話，我會拿走你給我的那一份，然後再拿一點你寄給艾倫的那份。我不知道我們能否量化 24 年的順風車，因為我們還沒到年底。因此，當我們今年坐在這裡時，從淨新業務的角度來看，我們顯然是積極的。我們仍然有一些相當大的機會可以去爭取。但我們確實認為我們將帶著今年勝利的好處進入 24 年。不幸的是，事實上的一些好處是，他們的入職速度有點放緩，我認為我們還不能給你一個量化的數字。

And then I think that as I mentioned in passing, when you think about third quarter, there was an expectation on our part that on just the kind of work that you pick up course of business, not the sizable opportunities out there, that isn't converting at the rate at which we're used to seeing. So that's something we're just going to have to monitor through the end of the year so that we can then give you line of sight into how we are going into '24.

然後我認為，正如我順便提到的，當你想到第三季度時，我們的預期是，你所從事的工作類型，而不是那裡的大量機會，那就是不會以我們習慣看到的速度進行轉換。因此，這是我們必須在今年年底進行監控的事情，以便我們可以讓您了解我們將如何進入「24」。

And then I'll hand over to Ellen, but I'll obviously point out that when there's growth, we do grow margins. So as we return to growth, I'm not sure that, that the cost question should be a concern.

然後我將把時間交給艾倫，但我顯然會指出，當出現成長時，我們的利潤率確實會提高。因此，當我們恢復成長時，我不確定成本問題是否應該成為一個問題。

Now, just to add to Philippe's comments, I mean, we've been very disciplined about not hiring ahead of revenue as well as being able to really, as you've seen this year included, really manage a flexible cost structure. So we do see the ability to continue to increase our margins.

現在，補充一下菲利普的評論，我的意思是，我們一直非常自律，不會在收入之前進行招聘，並且能夠真正管理靈活的成本結構，正如您今年所看到的那樣。因此，我們確實看到了繼續提高利潤率的能力。

The next question is from David Karnovsky with JPMorgan.

下一個問題來自摩根大通的大衛卡諾夫斯基。

Philippe, you noted that IPG would assess internal structural solutions to improve growth. I wanted to see if you could expand on what that means exactly. And then just regarding the commentary you gave on health care before and that not performing as expected in Q3, was that largely related to new business? Or were there other factors? And just like new account wins aside, how do you kind of assess the health of that vertical?

Philippe，您提到 IPG 將評估內部結構解決方案以促進成長。我想看看你是否可以詳細說明這到底意味著什麼。然後就您先前對醫療保健的評論以及第三季表現未達到預期而言，這很大程度上與新業務有關嗎？還是還有其他因素？就像新客戶獲勝一樣，您如何評估該垂直領域的健康狀況？

I'll take them in reverse order, if I may. So health, as you know, a very, very strong performer for us over a long period of time. So I think it was a period, in which it was probably 14% or 15% of our overall revenue, and it's now likely twice that. And long term, we see it as a sector that still sets up well for growth. So that's a strength in terms of our asset and business mix.

如果可以的話，我會以相反的順序來處理它們。所以，正如你所知，健康在很長一段時間內對我們來說是一個非常非常強大的表現者。所以我認為在那個時期，它可能占我們總收入的 14% 或 15%，現在可能是這個數字的兩倍。從長遠來看，我們認為它是一個仍有望實現良好成長的行業。因此，就我們的資產和業務組合而言，這是我們的優勢。

What it didn't do this quarter is what I was actually just referring to in Adrien's question, which is some of the [TBG] conversion in the non-high profile opportunities was not at the rate at which we expect from them. And yet as we look at fourth quarter and what has been brought in, we think it will get back to the levels that we see from a strong performer in the group.

本季它沒有做到的正是我在 Adrien 的問題中實際上提到的，即非引人注目的機會中的一些 [TBG] 轉換率並未達到我們預期的速度。然而，當我們審視第四季度和所帶來的收入時，我們認為它將回到我們從該集團中表現強勁的公司看到的水平。

And in terms of health care, anything else -- I guess there were 1 or 2, but it's course of business where you have a drug that has a lot of expectancy attached to it, where there is going to be a meaningful budget, where it fails late in an approval process. But that's something we do factor in. We did happen to see 1 or 2 of those in the quarter.

在醫療保健方面，還有其他任何事情——我想有一兩個，但這是正常的，你有一種藥物，它有很大的期望，會有一個有意義的預算，在那裡它在批准過程中失敗了。但這是我們確實考慮在內的。本季我們確實看到了其中的一兩個。

Now relative to your first question, I do think it bears going into a bit more detail. So how I would frame it up for you is this. The comment is specific to parts of the portfolio that have been underperforming and have been taxing overall performance this year. And if you think about the long-term history of those digital specialty assets, it's one where they've successfully gone through cycles of transformation every 4 or 5 years. So as we head into the year, to us that meant there was a reason to be supportive as they look to make the necessary adaptation.

現在相對於你的第一個問題，我確實認為有必要更詳細地討論一下。那麼我會如何為你建造它是這樣的。該評論針對的是投資組合中表現不佳且對今年整體業績造成影響的部分。如果您考慮這些數位專業資產的長期歷史，您會發現它們每 4 到 5 年就會成功經歷一次轉型週期。因此，當我們進入新的一年時，對我們來說，這意味著我們有理由支持他們，因為他們希望做出必要的適應。

But sitting where we are now, if you look at the weighting to technology clients that they have and then the speed of change in the operating environment, this has made it an especially difficult time, both for what they do and for them to essentially reboot or reinvest. And then when it comes to tech specifically, I don't know that any of us have seen it retrench to the degree we've experienced or for this long -- this prolonged, a period of time. So we clearly have to ramp up the urgency on this front and be open to a broader range of solutions. And of course, those are conversations that involve the leaders of those operations, as you'd expect, and that are ongoing.

但坐在我們現在的位置上，如果你看看他們所擁有的技術客戶的權重，然後看看操作環境的變化速度，你會發現，這對於他們所做的事情以及他們本質上重新啟動來說都是一個特別困難的時期或再投資。然後，具體到科技方面，我不知道我們中是否有人看到它收縮到我們所經歷過的程度或持續這麼長時間——這麼長的一段時間。因此，我們顯然必須加強這方面的迫切性，並對更廣泛的解決方案持開放態度。當然，正如您所期望的那樣，這些對話涉及這些行動的領導者，並且正在進行中。

It's not something that we're in a position where I can say to you right now, here's what we're going to do or not. But if you wanted sort of a broad guideline, if you look at our strongest performers across the portfolio, so the framework for what success should look like, and I think that could be helpful, whether it's health care or Mediabrands, you have a coordinated approach to how you go to market. You benefit from scale. You're looking for ways to share complementary skill sets and identify very clearly where the centers of excellence sit across multiple units.

這不是我現在可以告訴你的事情，這就是我們要做或不做的事情。但如果你想要一個廣泛的指導方針，如果你看看我們整個投資組合中表現最好的公司，那麼成功應該是什麼樣子的框架，我認為這可能會有所幫助，無論是醫療保健還是Mediabrands ，你都有一個協調的如何進入市場的方法。您將從規模中受益。您正在尋找共享互補技能集並非常清楚地確定多個部門的卓越中心所在位置的方法。

And I think it's all in the service of making it simpler for clients to engage with us. So I think those are the guidelines for us. I think we're going to look to define a way forward in terms of putting something into effect with a number of those assets as we head into '24. So I hope that frames it up for you, David, but I mean, I can't give you a definitive answer.

我認為這一切都是為了讓客戶更輕鬆地與我們互動。所以我認為這些是我們的指導方針。我認為，當我們進入 24 世紀時，我們將尋求確定一條前進的道路，將其中的一些資產付諸實施。所以我希望這能為你解決這個問題，大衛，但我的意思是，我無法給你一個明確的答案。

The next question is from Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

Thanks for all the color earlier on the different segments, headwinds and tailwinds. I was wondering if you could just spend a minute, every agency, holding company kind of reports differently, as you know. So it's hard to compare, but we try anyway.

感謝您之前對不同細分市場、逆風和順風的所有顏色。我想知道您是否可以花一點時間，每個機構、控股公司的報告都不同，如您所知。所以很難比較，但我們還是試試看。

Your IAC segment, which does not include R/GA and Huge, it's down 4.5% year-to-date. You talked about the health care business, that's still growing. You mentioned an account loss in McCann in your prepared remarks. But do you think -- is there a sort of underlying share erosion happening here? Or is this just kind of creative is just a tougher business? I mean, we know it's a tough business, tougher than it used to be. But just any more sort of high-level comments on how you're feeling about the assets within that group because that's obviously not including the digital specialty agencies.

IAC 細分市場（不包括 R/GA 和 Huge）今年迄今下降了 4.5%。您談到了仍在成長的醫療保健業務。您在準備好的發言中提到了麥肯的帳戶損失。但你是否認為──這裡是否存在某種潛在的份額侵蝕？或者這只是一種創意，只是更艱難的事業？我的意思是，我們知道這是一項艱難的事業，比以前更艱難。但只是關於您對該組內資產的感受的任何更多類型的高層評論，因為這顯然不包括數位專業機構。

And then I guess, just a question around kind of AI, which was maybe everyone's question back in January and February. How much of an investment priority is that for you guys internally? Because protecting margins and margin expansion is something people obviously want and expect from IPG. But I'm sure you're also keeping your eye on the long game here and not wanting to miss anything as it relates to investing in tech and talent on the -- particularly on the AI front.

然後我想，這只是一個關於人工智慧的問題，這可能是一月和二月每個人的問題。對你們內部來說，投資優先順序有多少？因為保護利潤和擴大利潤顯然是人們對 IPG 的希望和期望。但我相信您也會密切關注這裡的長期遊戲，不想錯過任何與技術和人才投資相關的事情，特別是在人工智慧領域。

Okay. On your first question, I think that across the industry over the last year or more, in fact, you've seen folks call out that the more "the traditional consumer advertising" portion of all of our businesses is under some stress as you put it.

好的。關於你的第一個問題，我認為在過去一年或更長時間裡，事實上，你已經看到人們呼籲我們所有業務中「傳統消費者廣告」部分承受著一些壓力，正如你所說它。

So within IAC, you've got our health care business, which we spoke about. You've got FCB, which again, I think we did speak to how they've leaned into incorporating data and precision thinking sort of an audience-led approach and married it up to a very, very creative offering.

因此，在 IAC 內部，我們擁有我們談到的醫療保健業務。 FCB，我想我們再次談到了他們如何傾向於將數據和精確思維結合起來，以觀眾為主導的方法，並將其與非常非常有創意的產品結合起來。

And so for us, the rest of what is in that grouping is McCann, which is on that same path. And then a group of kind of a portfolio of U.S. independent agencies where we do, again, I think, need to look a bit as sort of part of the answer that I shared with David around what does scale look like? How are we clear about centers of excellence? How do we get complementary skill sets working together? And what's a simpler way for clients to engage there and for us just to be kind of have a flying formation for that grouping?

因此，對我們來說，該組中的其餘成員是麥肯，它也走著同樣的道路。然後，我認為，我們需要將美國獨立機構的組合視為我與大衛分享的關於規模是什麼樣子的答案的一部分。我們如何了解卓越中心？我們如何獲得互補的技能組合？對於客戶來說，有什麼更簡單的方式參與其中，而我們只是為該團體建立一個飛行編隊？

So I think IAC definitely needs -- not unique to us, right? As you called it out, that's a part of the business where I think everybody is thinking about what the right way to integrate that. When you take creativity and is part of an integrated offering, it's definitely much more powerful.

所以我認為 IAC 絕對需要——這不是我們獨有的，對嗎？正如您所說，這是業務的一部分，我認為每個人都在考慮整合它的正確方法。當您發揮創造力並成為整合產品的一部分時，它的力量肯定會更加強大。

And then on the AI question, it is an investment priority. It has been for some time, as I said to you, because whether it's inside of Mediabrands or at Acxiom, there's quite a bit we've been doing there, and ways in which AI is going to make it possible for us to get more done for clients or work smarter and take a lot of processes we have. So from an efficiency point of view, it's clearly going to be a boon. But we also think it's going to open up opportunities to -- there's so much demand for content at this point, given how many channels there are and how complex the consumer journey is across this incredibly fragmented tech ecosystem that we still see opportunities to also have it be a revenue generator.

然後在人工智慧問題上，這是一個投資重點。正如我對你說的，這已經有一段時間了，因為無論是在 Mediabrands 內部還是在 Acxiom，我們都在這方面做了很多工作，人工智慧將使我們能夠獲得更多為客戶完成或更聰明地工作，並採用我們擁有的許多流程。因此，從效率的角度來看，這顯然是一個福音。但我們也認為這將帶來機會——考慮到這個極其分散的技術生態系統中有多少管道以及消費者旅程的複雜性，目前對內容的需求如此之大，我們仍然看到機會它是一個收入來源。

So as I said, we've got an AI task force that has a handful of the top leaders from across the group. And that's probably going to then become something that gets leadership at the center here, and we prioritize investment that way.

正如我所說，我們有一個人工智慧特別工作小組，其中有來自整個團隊的少數高層領導。這可能會成為以領導力為中心的事情，我們會以這種方式優先考慮投資。

And the next question is from Michael Nathanson with MoffettNathanson.

下一個問題是 Michael Nathanson 和 MoffettNathanson 提出的。

Okay. So this is a long-running Q&A we've been having. I guess when you get...

好的。這是我們一直在進行的長期問答。我想當你得到...

(inaudible) know what the question is.

（聽不清楚）知道問題是什麼。

Okay. Exactly. When you look at Media, Data & Engagement and backing away R/GA and Huge, just taking it out, we're used to you guys growing top of the leaderboard. And this year is going to struggle, we know that.

好的。確切地。當您查看媒體、數據和參與度並放棄 R/GA 和 Huge 並將其刪除時，我們已經習慣了您在排行榜上名列前茅。我們知道，今年將會很艱難。

But I wonder, when you look at some of your competitors, those who have bought data assets and those that have not, look at what's happening under your hood, what do you think about the strategic pivot that you made? What is slowing down maybe the growth ex those digital specialist assets? And is this something that you think strategically is on the wrong foot or is just execution? Because we see other companies just growing faster. And I know your comps are hard, but I wonder like what do you think about the decisions you made to get here or just basically a tough year that bounces back next year.

但我想知道，當你看看你的一些競爭對手，那些購買了數據資產的人和那些沒有購買數據資產的人，看看你的幕後發生的事情時，你對你所做的戰略支點有什麼看法？除了這些數位專業資產之外，是什麼在減緩成長？您認為這在戰略上是錯誤的還是只是執行？因為我們看到其他公司成長得更快。我知道你的比賽很艱難，但我想知道你對你為到達這裡所做的決定有何看法，或者基本上是明年反彈的艱難一年。

Look, I mean, we've got a terrific media offering to your point, and I think that's been clear, both in what we keep saying about the performance there and in the new business performance year-to-date if you sort of consider major pitches from GEICO at the early part of the year all the way through General Mills, which was yesterday.

聽著，我的意思是，我們已經為您的觀點提供了出色的媒體報道，而且我認為這一點很明確，無論是我們一直在談論的業績，還是年初至今的新業務業績（如果您考慮一下的話）今年年初，GEICO 一直到通用磨坊 (General Mills) 進行了重大推介，那是在昨天。

That said, I will -- I think you're clear, you have a point of view, and it could very well be that we are missing out an additional source of growth there, right? So I think the question's come up before. It's a very valid question. And we clearly have to be open to exploring every avenue for delivering value to our clients. And that includes our trading model, by which I mean how we buy media on their behalf, right? So clients value product and results. We're very strong in that regard. They also value efficiency, and we have to deliver on both sides of that equation on both fronts.

也就是說，我認為你很清楚，你有自己的觀點，而且很可能我們錯過了一個額外的成長來源，對吧？所以我認為這個問題之前就已經提出過。這是一個非常有效的問題。我們顯然必須持開放態度，探索為客戶提供價值的每一種途徑。這包括我們的交易模式，我的意思是我們如何代表他們購買媒體，對吧？因此，客戶重視產品和結果。我們在這方面非常強大。他們也重視效率，我們必須在兩個方面都做到這一點。

So I think that like you said, it's been a conversation we've had on a call like this one and then just when we've met independent of this. And we're looking very hard at our model within the media component of this for that reason because you're right. I mean, there's no upside in leaving growth on the table.

所以我認為就像你說的，這是我們在這樣的電話會議上進行的對話，然後我們見面時就與此無關。出於這個原因，我們正在非常認真地研究我們的媒體組件中的模型，因為你是對的。我的意思是，將成長留在桌面上並沒有什麼好處。

Got it. And then can I ask one to Ellen? Billable expenses. I know there's no media there, given what we know. The growth was pretty strong this quarter. Can you tell us what was that tied to?

知道了。然後我可以問艾倫一個嗎？可計費費用。據我們所知，我知道那裡沒有媒體。本季的成長相當強勁。你能告訴我們這與什麼有關嗎？

Sure. I think it's consistent with the growth you saw in our SC&E segment.

當然。我認為這與您在 SC&E 領域看到的成長是一致的。

Okay. So netted out, some don't, clearly.

好的。所以很明顯，有些人沒有。

Those billable expenses are predominantly associated with that segment, and that segment grew nicely. So...

這些可計費費用主要與該細分市場相關，且該細分市場成長良好。所以...

The next question is from Steven Cahall with Wells Fargo.

下一個問題來自富國銀行的史蒂文·卡霍爾。

So Philippe, you talked about the 3.2 percentage points growth drag from tech and telco in digital. And I don't think that was too new from Q2 to Q3 because we've talked about that a lot this year. And same with the macro concerns, I just know we've been talking about those this year.

Philippe，您談到了數位科技和電信公司對成長造成 3.2 個百分點的拖累。我認為從第二季到第三季這並不是什麼新鮮事，因為我們今年已經討論了很多。與宏觀擔憂一樣，我只知道我們今年一直在討論這些問題。

So I guess my question is what has changed most from your perspective over the last 3 months? It seems like the business did deteriorate in some ways versus your prior expectations. I think we're trying to understand what of that is idiosyncratic related to a lot of the agencies you've talked about? And then what might be just more broad-based that can really flow and extend into a great deal of next year? So just love to have some incremental color on what's changed the most more recently.

所以我想我的問題是，從你的角度來看，過去三個月變化最大的是什麼？與您之前的預期相比，業務似乎確實在某些方面惡化了。我認為我們正在嘗試了解與您談到的許多機構相關的特殊之處是什麼？那麼，什麼可能是基礎更廣泛、能夠真正流動並延伸到明年的大部分內容呢？所以只是喜歡對最近發生的變化有一些增量的顏色。

And then, Ellen, you said you're not hiring ahead of revenue. A lot of the labor market stats indicate things are pretty tight, but I've seen a lot of industry trade reports that there's also a lot of headcount reduction. So when you look at the labor market today, do you think it's a buyer's market for the skills you need? Or is it a seller's market?

然後，艾倫，你說過你不會在收入之前進行招募。許多勞動力市場統計數據顯示情況相當緊張，但我看到許多行業貿易報告顯示員工數量也大幅減少。那麼，當您審視當今的勞動市場時，您認為這是您所需技能的買方市場嗎？還是賣方市場？

All right. Let me unpack that because I think most of the pieces are out there to your point. So the tech, telco and the specific entities within our world that, as I said, are taxing our performance is not new news. Over the normal course of business, there's always revenue to be generated.

好的。讓我來解開這個問題，因為我認為大部分都符合您的觀點。因此，正如我所說，科技、電信公司和我們世界中的特定實體正在對我們的績效徵稅，這並不是什麼新鮮事。在正常的業務過程中，總是會產生收入。

And I think your budget, your existing book and then that [TBG] and the operators are accountable for both creating those opportunities and converting those opportunities with existing clients as well as winning ones with new clients. And I think that the incremental drag in Q3 was really there and to a much lesser extent, that some of the larger new business did not ramp at the pace that we anticipated.

我認為你的預算、你現有的書籍以及 [TBG] 和運營商都有責任創造這些機會並轉化這些機會與現有客戶以及贏得新客戶。我認為第三季的增量拖累確實存在，但程度要小得多，一些較大的新業務並沒有以我們預期的速度成長。

I'd sort of say that we don't like to see the delta because we've obviously been on the other side of that for some time. But I don't see that the delta to our key competitors has changed over the course of this year. And so there is some of what's been on this call, which is things we talked about, what I just mentioned to you, and then potentially the question Michael asked around media, a client mix question or perhaps to some degree, asset mix positive to us over time. Now clearly, there's one competitor who, credit to them, is benefiting from asset mix. But I don't know that there's anything seen outside of those that gets me to a dramatically different perspective.

我想說的是，我們不喜歡看到三角洲，因為我們顯然已經在三角洲的另一邊有一段時間了。但我認為今年以來我們與主要競爭對手的差距沒有改變。所以這次電話會議上有一些內容，這些是我們談論的事情，我剛剛向你們提到的，然後可能是邁克爾圍繞媒體提出的問題，客戶組合問題，或者也許在某種程度上，資產組合對隨著時間的推移我們。現在顯然，有一個競爭對手正在從資產組合中受益，這一點值得讚揚。但我不知道除了這些還有什麼能讓我獲得截然不同的視角。

And then looking at our workforce, if you're looking for broad-based trends based upon your question, if I go back post the pandemic, labor was tight, attrition was high. Those trends have attenuated. But we're not one business, as you know. We are many businesses, and we recruit many different types of talent.

然後看看我們的勞動力，如果你根據你的問題尋找廣泛的趨勢，如果我回到大流行後，勞動力緊張，人員流失率很高。這些趨勢已經減弱。但如您所知，我們不是一家企業。我們有很多企業，我們招募許多不同類型的人才。

So where the skill sets more scarce, there is that supply and demand mix. But we have a truly great labor force and our talent. And so we are very competitive in that regard. But the broad-based trends that were called out post the pandemic, those have attenuated a bit.

因此，當技能更加稀缺時，就會出現供需混合的情況。但我們擁有真正強大的勞動力和人才。所以我們在這方面非常有競爭力。但大流行後出現的廣泛趨勢已經減弱。

And 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。

Just I wonder if you could give a little bit more explanation around the new business trends. You've said it 2 or 3 times on this call that you've seen some, I guess, delays in the conversion and onboarding of some of the wins that you've been talking about for a little while is supposed to come through in the second half. I mean, maybe this happens sometimes. I just don't really recall that occurrence before. I just wonder if you can explain, is it part of these new clients seeing the slowdowns and worrying about spending in the fourth quarter and just sort of deciding to go slower? Or is it a change in the scope of work that's coming on and just haven't really heard that commentary before.

只是我想知道您是否可以對新的業務趨勢進行更多解釋。你在這次電話會議上說過兩三次，我想你已經看到了一些你已經談論了一段時間的勝利的轉換和啟動方面的延遲，這些延遲應該會在下半場。我的意思是，也許這種情況有時會發生。我只是不太記得以前發生過那件事。我只是想知道你是否可以解釋一下，這些新客戶是否看到了第四季度的支出放緩並擔心支出，因此決定放慢腳步？或者是工作範圍即將發生變化，只是之前沒有真正聽過這樣的評論。

And relatedly, the General Mills win sounds pretty big. I didn't check the numbers. I wonder if you could just help us maybe scope out kind of, of the long list of wins that you've had in the last several months, like which are the biggest ones?

與此相關的是，通用磨坊的勝利聽起來相當大。我沒有檢查數字。我想知道您是否可以幫助我們了解您在過去幾個月中獲得的一長串勝利，例如哪些是最大的勝利？

I think on the large headline wins, that's the onboarding of those at a modestly lower -- a slower pace is not the key driver. It's what Steven was just asking about around, I think that it's the [TBG] conversion that I would really point to in Q3.

我認為，在重大新聞勝利中，那些人的入職率略低——較慢的速度並不是關鍵驅動因素。這就是史蒂文剛剛詢問的問題，我認為這是我在第三季真正指出的[TBG]轉換。

And then in terms of scale, I think we've got quite a few. I mean, so from GEICO at the -- I think General Mills is at the scale of a GEICO, Bristol-Myers Squibb is maybe modestly smaller than that, Constellation Brands is sizable. They do cluster into the media sector. And then Pfizer is very large and is probably different in that clearly, it was integrated across creative, the health and medical communications and expertise in public relations.

然後就規模而言，我認為我們已經有很多了。我的意思是，從GEICO 的角度來看，我認為通用磨坊(General Mills) 的規模與GEICO 相當，百時美施貴寶(Bristol-Myers Squibb) 的規模可能略小一些，星座品牌(Constellation Brands) 的規模相當大。他們確實聚集到了媒體領域。輝瑞公司規模非常大，而且可能與眾不同，它顯然整合了創意、健康和醫療傳播以及公共關係的專業知識。

And some are global one like that or General Mills, whereas a GEICO or a -- I mean, a Constellation Brands are domestic. But I do think that, as I said, it's not the scale. We have one of the larger wins that is onboarding a bit more slowly than anticipated. But broadly speaking, it's TBG conversion.

有些是像通用磨坊這樣的全球品牌，而 GEICO 或——我的意思是星座品牌是國內品牌。但我確實認為，正如我所說，這不是規模。我們取得了更大的勝利之一，但入職速度比預期慢一些。但從廣義上講，這是 TBG 轉換。

I mean, Ellen can -- at some point, we can break down for you kind of given as she said, it's a lot of businesses inside a business, and a lot of them are project businesses. So where we drive new business is still significantly in the day-to-day converting of work at a much more local level.

我的意思是，艾倫可以——在某些時候，我們可以為你分解一下，正如她所說，這是一個企業內部的許多業務，其中很多都是專案業務。因此，我們推動新業務的重點仍然是在更本地化的層面上進行日常工作轉換。

The next question is from Jason Bazinet with Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

Just had a quick question on the tech, telco weakness that you called out. When do we begin to lap that? Would you say that's a second quarter event? I think that's a first quarter number. Or is it more Q1 of next year?

剛才有一個關於您指出的技術和電信弱點的簡短問題。我們什麼時候開始圈那？您認為這是第二季的活動嗎？我認為這是第一季的數字。還是明年第一季？

Well, I mean, I think tech specifically, we would have been largely through it. But as I did call out, we had a significant loss at McCann in the telco space, which is then going to extend that into next year.

嗯，我的意思是，我認為特別是科技方面，我們基本上已經度過了難關。但正如我所指出的，麥肯在電信領域遭受了重大損失，這種損失將延續到明年。

And then I don't think health falls into the same category. I think health is really just -- we expected more from that sector this quarter than we've seen, but that's not a long-term hedge-into-next-year drag.

然後我不認為健康屬於同一類。我認為健康狀況確實是——我們對本季該行業的預期比我們所看到的要高，但這並不是對明年的長期對沖拖累。

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。

Two, if I may. I was hoping you could give us the number of employees at Huge and R/GA today. And the second question is margin versus growth next year. So previously, it's doing 5% top line growth and Omnicom 4% for the full year if they make that number in Q4 on flat margin, i.e., their cost including employees are up 4% to 5%, while you're flat. So as talent and this investment intake is key to growth in agency land, could that be an issue for next year?

如果可以的話，兩個。我希望您今天能為我們提供 Huge 和 R/GA 的員工人數。第二個問題是明年的利潤率與成長。因此，此前，如果第四季利潤率持平，那麼他們的全年營收成長為5%，宏盟則為4%，也就是說，他們的成本（包括員工）上漲4% 至5%，而你則持平。因此，由於人才和投資吸收是代理土地成長的關鍵，這會成為明年的問題嗎？

I don't know that we would break out the by unit employee numbers. I think the second question is a good question. And to Ellen's point earlier, I mean, we are running a portfolio of businesses. And as you could see, a number of them, quite a few of them, whether it's media, health, a lot of the experiential PR businesses are performing well for us. And others are going through some challenges.

我不知道我們是否會以單位劃分員工人數。我認為第二個問題是一個好問題。對於艾倫早些時候的觀點，我的意思是，我們正在經營一系列業務。正如你所看到的，其中很多，很多，無論是媒體、健康，還是許多體驗式公關業務都為我們表現良好。其他人正在經歷一些挑戰。

So I don't know that you approach the comp component of it similarly across the board, and we have it for quite a few years. So we've been finding talent in the growth businesses, which means that we're able to compensate them appropriately.

所以我不知道你是否會以同樣的方式全面處理它的補償部分，而且我們已經擁有它很多年了。因此，我們一直在成長型企業中尋找人才，這意味著我們能夠為他們提供適當的補償。

And when you look at the model as it is now, you see a number for us which is an all-in number, and it averages out. But what you're seeing in there are a range of outcomes or a range of realities and making sure that we are rewarding and investing the folks who are driving the performance and who are the strong performers shouldn't be an issue.

當您查看現在的模型時，您會看到一個數字，它是一個總數字，並且是平均值。但你看到的是一系列的結果或一系列的現實，確保我們對那些推動績效和表現出色的人進行獎勵和投資應該不成問題。

And there's very -- there's clarity across our group and all of our operators in terms of how their incentives are very, very directly aligned to our results and what we're accountable to you all for. People understand where and how they're earning the compensation. So I don't see that as a meaningful concern.

我們的團隊和所有營運商都非常清楚，他們的激勵措施如何與我們的結果非常非常直接地保持一致，以及我們對你們所有人負責的事情。人們了解他們在哪裡以及如何獲得補償。所以我不認為這是一個有意義的擔憂。

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

這是我們的最後一個問題。現在我將把它轉回菲利普以徵求最後的想法。

Thank you, Sue. Again, thank you all for the time. And we look forward to sharing better news with you in February.

謝謝你，蘇。再次感謝大家抽出時間。我們期待在二月與您分享更好的消息。

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

謝謝。今天的會議到此結束。此時您可以斷開連線。