Interpublic Group of Companies Inc (IPG) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Interpublic Group third-quarter 2024 conference call. (Operator Instructions) This conference is being recorded. If you have any objections, you may disconnect at this time.

早安，歡迎參加埃培智集團 2024 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。

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

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。我們將從準備好的發言開始，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 cautionary statement that are included in our earnings release and 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告性聲明的影響。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)。

Thanks, Jerry. As usual, I'll start the call with a high-level view of our results and the business overall. Ellen will then provide additional detail on the quarter, and I'll conclude with highlights at our agencies and some strategic comments, to be followed by your Q&A.

謝謝，傑瑞。像往常一樣，我將以對我們的業績和整體業務的高層看法來開始電話會議。然後，艾倫將提供有關本季度的更多詳細信息，最後我將介紹我們機構的亮點和一些戰略評論，然後是您的問答。

To begin, our revenue before billable expenses was unchanged organically from the same period a year ago. In terms of client sectors, the quarter was highlighted by very strong growth in consumer-facing industries like food and beverage and consumer goods as well as our other category of diversified and public sector clients. From the standpoint of disciplines, we saw solid growth at IPG Mediabrands, Octagon, Acxiom, Deutsch, and our public relations offerings. However, our growth did flow from this year's first half due mainly to the timing of an account loss that we've discussed previously, which weighed on growth in Q3.

首先，我們的扣除可計費費用之前的收入與去年同期相比沒有變化。就客戶領域而言，本季的亮點是食品、飲料和消費品等面向消費者的行業以及我們其他類別的多元化和公共部門客戶的強勁增長。從學科的角度來看，我們看到 IPG Mediabrands、Octagon、Acxiom、Deutsch 以及我們的公共關係產品的穩健成長。然而，我們的成長確實從今年上半年開始，主要是由於我們之前討論過的帳戶損失的時間，這拖累了第三季的成長。

During the quarter, we also saw meaningful progress in the strategic actions that we had talked about in July to address underperformance at our digital specialist agencies. Reflecting where we are in that process, those assets became classified as held for sale. To note, third-quarter performance brings our organic growth over the first nine months to 1%.

在本季度，我們也看到我們在 7 月份討論的解決數位專業機構績效不佳問題的策略行動取得了有意義的進展。這些資產被歸類為持有待售資產，反映了我們在過程中所處的位置。值得注意的是，第三季的業績使我們前 9 個月的有機成長達到 1%。

Regionally, in the quarter, the US was flat organically. In our international operations, we were paced by continued strong growth in Latin America, along with modest growth in our Other Markets group in Continental Europe. Asia Pac and the UK decreased from a year ago.

從地區來看，本季美國整體持平。在我們的國際業務中，拉丁美洲的持續強勁成長以及歐洲大陸其他市場集團的適度成長推動了我們的步伐。亞太地區和英國較去年同期下降。

Looking at our operating segments. IPG Mediabrands and Acxiom drove growth at our media, data and engagement solutions segment, but that was tempered by results at MRM. We saw an organic decrease in our integrated advertising and creativity segment, with mixed performance by agency. And in our segment of specialized communications and experiential solutions, growth in the quarter was driven by Octagon, Weber Shandwick, and Golin.

看看我們的營運部門。IPG Mediabrands 和 Acxiom 推動了我們媒體、數據和參與解決方案領域的成長，但受到 MRM 業績的影響。我們看到綜合廣告和創意部門的有機下降，各代理商的表現參差不齊。在我們的專業通訊和體驗式解決方案領域，本季的成長是由 Octagon、萬博宣偉和 Golin 推動的。

From the standpoint of client sector performance, as mentioned, in addition to very significant increases in the food and beverage and consumer goods sector, we had solid growth in our other category and saw more modest increases in the healthcare, retail, and financial services sectors. Decreases in the auto and transportation and tech and telecom sectors were due to account losses in late 2023.

從客戶行業表現的角度來看，如上所述，除了食品飲料和消費品行業的顯著增長外，我們的其他類別也實現了穩健增長，並且醫療保健、零售和金融服務行業的增長更為溫和。汽車和運輸以及科技和電信業的下跌是由於 2023 年底出現帳戶損失。

Turning to expenses and margin, I should first note that our third quarter included noncash goodwill impairment expense of $232 million related to our digital specialist agencies and our progress in the sale process of R/GA and Huge. The adjusted operating metrics we'll cover with you today exclude that noncash item.

談到費用和利潤，我首先應該指出的是，我們第三季包括2.32 億美元的非現金商譽減損費用，這些費用與我們的數位專業機構以及R/GA 和Huge 的銷售流程的進展有關。我們今天將向您介紹的調整後的營運指標不包括該非現金項目。

As you can see, our teams continue to effectively balance cost discipline with ongoing investment in the evolution of our business. Third-quarter adjusted EBITA margin was 17.2%, which matches our strong performance a year ago, and adjusted EBITA was $385.8 million. Compared to the same period last year, we had leverage on base payroll, temporary labor and incentives.

正如您所看到的，我們的團隊繼續有效地平衡成本紀律與對業務發展的持續投資。第三季調整後 EBITA 利潤率為 17.2%，與一年前的強勁表現相符，調整後 EBITA 為 3.858 億美元。與去年同期相比，我們在基本工資、臨時工和激勵方面具有槓桿作用。

We also continue to invest at higher levels in technology, business transformation, and senior talent, particularly for centralized platform resources, which, in turn, resulted in increased office and other as well as SG&A expense. Diluted earnings per share in the quarter was $0.05 as reported and $0.70 as adjusted for the write-down of goodwill, acquired intangibles amortization, and the impact of net business dispositions and held for sale. During the quarter, we repurchased 3.2 million shares, returning $100 million to shareholders.

我們也繼續在技術、業務轉型和高級人才方面進行更高水準的投資，特別是集中平台資源，這反過來又導致辦公室和其他以及銷售、一般管理費用的增加。報告顯示，本季稀釋後每股收益為 0.05 美元，根據商譽減記、收購無形資產攤銷以及淨業務處置和持有待售的影響進行調整後，每股收益為 0.70 美元。本季度，我們回購了 320 萬股股票，向股東返還 1 億美元。

Turning to our outlook for the remainder of the year. There are several factors in play: economic and political uncertainty in the US and in many of the largest international markets, remains a significant consideration. This is especially relevant given the relatively high levels of discretionary project spend that characterize Q4 in the holiday season. That said, our recent operating reviews have shown a strong pipeline for project work in 2024 -- excuse me, project work in Q4 as well as larger AOR assignments that would take effect in the new year.

轉向我們對今年剩餘時間的展望。有幾個因素在起作用：美國和許多最大的國際市場的經濟和政治不確定性仍然是一個重要的考慮因素。考慮到假日季節第四季的可自由支配項目支出水準相對較高，這一點尤其重要。也就是說，我們最近的營運審查顯示了 2024 年專案工作的強大管道——對不起，第四季度的專案工作以及將在新的一年生效的更大的 AOR 任務。

We're focused on capitalizing on those opportunities since we will be facing topline headwinds as we head into 2025 due to the news flow we've seen in some recent large account reviews. All in, for the balance of this year, we continue to believe we will deliver organic revenue growth of approximately 1%. And at that level of growth, we remain committed to our margin goal for the year of 16.6%.

我們專注於利用這些機會，因為由於我們在最近的一些大型帳戶審查中看到的消息流，我們將在進入 2025 年時面臨頂流阻力。總而言之，在今年剩餘的時間裡，我們仍然相信我們將實現約 1% 的有機收入成長。在這樣的成長水準上，我們仍然致力於實現 16.6% 的年度利潤率目標。

As I just mentioned, we're looking to close the year as strongly as possible. Equally important, we have a clear line of sight to the structural and market-facing changes that we need to make to improve our growth profile. Many of you have heard me speak before to the need to change our asset mix, which currently leans more heavily to capabilities and have more limited growth rates in the asset mix that one might find at some of our competitors.

正如我剛才提到的，我們希望盡可能有力地結束這一年。同樣重要的是，我們對改善成長狀況所需的結構性和麵向市場的變化有清晰的認識。你們中的許多人以前聽過我談到需要改變我們的資產組合，目前我們的資產組合更加依賴於能力，並且資產組合的增長率比我們的一些競爭對手可能更有限。

Also, in media, an area we have always excelled, the recent shift in trading terms that has seen many clients accept and even embraced principal buying has clearly impacted our business. Those are all areas on which we are focused on making progress in transforming the business. Our very strong underlying financial position and our track record of operational delivery give us a solid foundation from which to drive the necessary changes in the composition and capabilities within the portfolio. I'll have more to add on that score a bit later.

此外，在我們一直擅長的媒體領域，最近交易條款的轉變已讓許多客戶接受甚至接受了本金購買，這顯然對我們的業務產生了影響。這些都是我們在業務轉型方面重點關注並取得進展的領域。我們非常強大的基礎財務狀況和我們的營運交付記錄為我們推動投資組合內的組成和能力進行必要的改變奠定了堅實的基礎。稍後我會在這個分數上添加更多內容。

But for now, I'll turn things over to Ellen for a more detailed view of the quarter.

但現在，我將把事情交給艾倫，以獲取有關本季度的更詳細資訊。

Thank you, Philippe. As a reminder, my remarks will track to the presentation slides that accompany our webcast.

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。

Beginning with the highlights on slide 2 of the presentation, our third-quarter revenue before billable expenses or net revenue decreased 2.9%, with organic performance that was flat with a year ago. Our organic net revenue was unchanged in both the US and our international markets. Over the first nine months of the year, our consolidated organic revenue increase was 1%. Third-quarter adjusted EBITA was $385.8 million, and our adjusted margin was 17.2%.

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下降了 2.9%，有機業績與一年前持平。我們的有機淨收入在美國和國際市場均保持不變。今年前 9 個月，我們的綜合有機收入成長了 1%。第三季調整後 EBITA 為 3.858 億美元，調整後利潤率為 17.2%。

In the quarter, we recognized a noncash charge in operations of $232.1 million related to both the write-down of goodwill to fair value at the digital specialist agencies and the planned sale of R/GA and Huge.

本季度，我們確認了 2.321 億美元的非現金營運費用，這些費用與數位專業機構的商譽減記至公允價值以及計劃出售 R/GA 和 Huge 相關。

Our diluted earnings per share was $0.05 as reported and $0.70 as adjusted. The adjustments exclude the after-tax impacts of the noncash goodwill impairment charge, the amortization of acquired intangibles, and the nonoperating impact of sales of certain nonstrategic businesses and operations held for sale. We repurchased 3.2 million shares during the quarter, returning $100 million to our shareholders and 7.3 million shares in the first nine months, for a total of $230 million year to date.

我們報告的攤薄後每股收益為 0.05 美元，調整後每股收益為 0.70 美元。這些調整不包括非現金商譽減損費用、收購的無形資產攤銷以及出售某些非策略業務和待售業務的非經營影響。我們在本季回購了 320 萬股股票，向股東返還了 1 億美元，並在前 9 個月回購了 730 萬股股票，今年迄今總共回購了 2.3 億美元。

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.

翻到投影片 3，您將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 third-quarter revenue in more detail on slide 4. Our net revenue in the quarter was $2.24 billion. Compared to Q3 '23, the change -- the impact of the change in exchange rates on revenue was negative 50 basis points. The impact of our net acquisitions and divestitures was negative 2.4%, which includes the held-for-sale classification of R/GA and Huge during the quarter. Our organic revenue was unchanged. For the nine months, our organic revenue increase was 1%.

第 4 張投影片更詳細地介紹了第三季的收入。我們本季的淨收入為 22.4 億美元。與 23 年第三季相比，匯率變動對營收的影響為負 50 個基點。我們的淨收購和資產剝離的影響為負 2.4%，其中包括本季 R/GA 和 Huge 的持有待售分類。我們的有機收入沒有改變。過去 9 個月，我們的有機收入成長了 1%。

In terms of client sectors in the third quarter, performance was mixed with six of our eight client sectors showing grown. Our growth was led by very strong performance in food and beverage, where we had a notable tailwind from account wins and in consumer goods as well as in our other sector of diversified and public sector clients. The healthcare, retail, and financial service sectors also grew in the quarter. Going the other way, we saw decreases in auto and transport and tech and telecom due to account losses in 2023. The bottom of this slide is a look at our segments.

就第三季的客戶領域而言，業績好壞參半，我們的八個客戶領域中有六個呈現成長。我們的成長是由食品和飲料領域非常強勁的業績帶動的，我們在消費品和多元化和公共部門客戶的其他領域獲得了客戶贏得的顯著推動力。醫療保健、零售和金融服務業本季也出現成長。另一方面，我們看到 2023 年由於帳戶損失，汽車和運輸以及科技和電信行業出現了下降。這張幻燈片的底部是我們的細分市場的概覽。

Our media data and engagement solutions segment increased 1.2% organically. We again saw solid growth at our media businesses in Acxiom, though that performance was partly offset by decreases at MRM. Our integrated advertising and creativity-led solutions segment decreased organically by 1.9%. We have very strong growth at Deutsch, but that was more than offset by decreases at IPG Health, McCann Worldgroup and McCann Worldgroup mainly due to revenue headwinds from trailing account losses.

我們的媒體數據和參與解決方案部門有機成長了 1.2%。我們再次看到 Acxiom 媒體業務的穩健成長，儘管這一業績被 MRM 的下降部分抵消。我們的綜合廣告和創意主導解決方案部門有機下降了 1.9%。Deutsch 的成長非常強勁，但這被 IPG Health、麥肯世界集團和麥肯世界集團的下降所抵消，這主要是由於追蹤帳戶虧損造成的收入逆風。

At our specialized communications and experiential solutions segment, organic growth was 1.2%, led by very strong growth at Octagon and our Experential Group and continued growth in public relations at Weber and Golin. Jack Morton and Momentum decreased in the quarter.

在我們的專業通訊和體驗式解決方案領域，有機成長為 1.2%，這主要得益於 Octagon 和體驗集團的強勁成長以及 Weber 和 Golin 公共關係的持續成長。Jack Morton 和 Momentum 在本季有所下降。

Moving on to slide 5, which is a regional view of our organic net revenue performance. The US was 65% of net revenue in the quarter and was flat organically. We were led by very strong domestic growth at IPG Mediabrands, Octagon, Weber Shandwick, Deutsch, and solid growth at Acxiom. That was offset by decreases also in the portfolio, notably at IPG Health, MRM, and McCann.

轉到投影片 5，這是我們有機淨收入表現的區域視圖。美國市場佔本季淨收入的 65%，有機成長持平。IPG Mediabrands、Octagon、Weber Shandwick、Deutsch 的強勁國內成長以及 Acxiom 的穩健成長引領了我們。這被投資組合的減少所抵消，尤其是 IPG Health、MRM 和 McCann。

International markets were 35% of net revenue in the quarter and were also flat organically across a range of performance by region. The UK was 9% of net revenue in the quarter and decreased 70 basis points organically. Strong growth by Mediabrands was offset by soft performance also in the portfolio. Continental Europe, which represented 8% of net revenue, increased organically by 60 basis points in the quarter.

國際市場佔本季淨收入的 35%，並且按地區劃分的一系列業績表現也基本持平。英國佔本季淨收入的 9%，有機下降 70 個基點。Mediabrands 的強勁成長被產品組合的疲軟表現所抵消。歐洲大陸佔淨收入的 8%，本季有機成長了 60 個基點。

Among our largest national markets on the continent, we saw advances in Spain and France, while Italy and Germany decreased. Asia Pac was 7% of net revenue in the quarter and decreased 7.4% organically. The quarter was marked by decreases across our major markets in the region.

在我們非洲大陸最大的國家市場中，西班牙和法國有所成長，而義大利和德國則有所下降。亞太地區佔本季淨收入的 7%，有機下降 7.4%。本季我們在該地區的主要市場均出現下滑。

LatAm was 5% of net revenue in the quarter, and organic growth was 9.8%. We were led by IPG Mediabrands and McCann, with increases across all major national markets. In our other markets group, which is comprised of Canada, the Middle East and Africa and with 6% of our net revenue in the quarter, we grew 1.5% organically, led by growth in Canada, while the Middle East was flat.

拉丁美洲佔本季淨收入的 5%，有機成長率為 9.8%。我們在 IPG Mediabrands 和 McCann 的帶領下，在所有主要國家市場都有所成長。我們的其他市場組由加拿大、中東和非洲組成，佔本季淨收入的 6%，在加拿大成長的帶動下，我們的有機成長了 1.5%，而中東則持平。

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 the noncash goodwill impairment, decreased 2.9% from a year ago, which was in line with our reported net revenue decrease. The result was our adjusted EBITA margin was unchanged at 17.2%, which historically is at the top end of the range for the third quarter in our seasonal business.

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非現金商譽減損）比去年同期下降 2.9%，這與我們報告的淨收入下降一致。結果是我們調整後的 EBITA 利潤率保持在 17.2% 不變，歷史上處於我們季節性業務第三季的最高水平。

As you can see on this slide, our total salaries and related expenses as a percentage of net revenue was decreased by 100 basis points to 65.3% compared with 66.3% a year ago. Underneath that result, we had lower expenses as a percent of net revenue for base payroll, benefits and tax as well as for temporary labor and incentives. Our severance expense in the quarter ticked up 10 basis points to 1.1% of net revenue. Our headcount decreased 3% on an organic basis from a year ago and 4.4% in total. Each of these ratios is presented in the appendix on slide 31.

正如您在這張投影片中所看到的，我們的總薪資和相關費用佔淨收入的百分比下降了 100 個基點，降至 65.3%，而一年前為 66.3%。在此結果之下，我們的基本工資、福利和稅收以及臨時勞動力和激勵措施的費用佔淨收入的百分比較低。本季我們的遣散費上升了 10 個基點，佔淨收入的 1.1%。我們的員工人數比一年前有機減少了 3%，總數減少了 4.4%。這些比率中的每一個都在幻燈片 31 的附錄中列出。

Also on the slide, our office and other direct expense was 14.6% of net revenue compared with 13.8% a year ago. Underneath that comparison is planned investment in technology and business transformation as we have highlighted previously. Our SG&A expense was 90 basis points to net revenue compared with 70 basis points a year ago. The increase reflects higher levels of strategic investment in senior enterprise leadership and platform development.

同樣在幻燈片上，我們的辦公室和其他直接費用佔淨收入的 14.6%，而一年前為 13.8%。正如我們之前所強調的，在這種比較之下是對技術和業務轉型的計畫投資。我們的 SG&A 費用佔淨收入的比例為 90 個基點，而一年前為 70 個基點。這一成長反映出對高階企業領導力和平台開發的策略性投資水準提高。

On slide 7, we present the detail on adjustments to our reported third-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 from left to right, steps through to adjusted EBITA and our adjusted diluted EPS.

在投影片 7 中，我們詳細介紹了對所報告的第三季業績進行調整的細節，以提供更好的透明度和可比業績的情況。從左側開始是我們報告的結果，從左到右依序是調整後的 EBITA 和調整後的稀釋後每股收益。

Our expense for the amortization of acquired intangibles was $20.3 million. The noncash impairment of goodwill was $232.1 million. Below operating income, net losses on businesses sold and held for sale was $1.7 million. It's worth noting as well that this slide bridges our effective tax rate in the quarter as reported to the adjusted rate of 26.2%. At the foot of the slide is the bridge of our diluted EPS as reported at $0.05 to adjusted earnings of $0.70.

我們收購的無形資產的攤銷費用為 2,030 萬美元。商譽的非現金減損為 2.321 億美元。出售和持有待售企業的淨虧損為 170 萬美元，低於營業收入。還值得注意的是，該投影片將我們本季的有效稅率與報告的調整後稅率 26.2% 連結起來。下滑的底部是我們報告的稀釋後每股收益 0.05 美元與調整後收益 0.70 美元的橋樑。

Slide 8 tracks the similar adjustments for the nine-month period. Adjusted diluted earnings per share was $1.66 for the period.

幻燈片 8 追蹤了九個月期間的類似調整。該期間調整後稀釋每股收益為 1.66 美元。

On slide 9, we turn to cash flow in the quarter. Cash from operations was $223.8 million compared with $242.7 million in the third quarter of last year. Operating cash flow before working capital was $374.2 million compared with $365.4 million a year ago. In our investing activities, we used the net $41.4 million, primarily for CapEx. Our financing activities is $219.3 million, primarily for our regular quarterly dividend and share repurchases in the quarter. Our net decrease in cash for the quarter was $15.3 million.

在投影片 9 上，我們討論本季的現金流。營運現金為 2.238 億美元，而去年第三季為 2.427 億美元。不計營運資本的營運現金流為 3.742 億美元，而去年同期為 3.654 億美元。在我們的投資活動中，我們將淨額 4,140 萬美元用於資本支出。我們的融資活動為 2.193 億美元，主要用於本季的定期季度股利和股票回購。本季我們的現金淨減少為 1530 萬美元。

Slide 10 is the current portion of our balance sheet. We ended the quarter with $1.53 billion of cash and equivalents. Slide 11 depicts the maturities of our outstanding debt. As you can see on the schedule, total debt at quarter end was $2.9 billion, and our next maturity is not until 2028.

投影片 10 是我們資產負債表的當前部分。本季結束時，我們擁有 15.3 億美元的現金及等價物。投影片 11 描述了我們未償債務的到期。正如您在時間表上看到的，季度末的總債務為 29 億美元，我們的下一個到期日要到 2028 年。

In summary, on slide 12. Our strong financial discipline continues, and the strength of our balance sheet and liquidity means that we remain well positioned, both financially as well as commercially. I would like to express my gratitude for the efforts of our people.

總之，在投影片 12 上。我們繼續保持嚴格的財務紀律，強大的資產負債表和流動性意味著我們在財務和商業方面都保持著良好的地位。我謹對我們人民的努力表示感謝。

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

說到這裡，我會把它轉回給菲利普。

Thank you, Ellen. As I mentioned on the call with you last quarter, our organizational structure continues to evolve, and we're investing in the stronger growth areas of our business and at the same time moving rapidly to address underperforming areas of the portfolio.

謝謝你，艾倫。正如我在上個季度與您的電話會議中提到的，我們的組織結構不斷發展，我們正在投資業務中更強勁的成長領域，同時迅速採取行動解決投資組合中表現不佳的領域。

One step forward on this front that was announced just last week was the launch of the next evolution of our marketing intelligence engine, which we're calling Interact. Interact is an end-to-end framework that integrates data flow across the campaign life cycle from brand research as well as audience insights and audience creation, all the way through to creative ideation, production, commerce, and personalized CRM programs. It also powers media activation and optimization, including earned and owned channels.

上週剛宣布的在這方面向前邁出的一步是推出了我們的行銷智慧引擎的下一代進化，我們稱之為 Interact。Interact 是一個端到端框架，整合了整個活動生命週期的資料流，從品牌研究、受眾洞察和受眾創建，一直到創意構思、生產、商業和個人化 CRM 計劃。它還支援媒體啟動和優化，包括免費頻道和自有頻道。

Fueled by Acxiom's privacy compliant and globally-scaled data about actual people and our real ID identity resolution capabilities, Interact delivers connectivity across our agencies and global reach. It serves as Interpublic's core technology infrastructure, incorporating capabilities and tech from our partnerships with leading players in the AI space, and it connects the entire portfolio so that our agencies can drive better marketing results across media channels and touch points for our clients all in real time.

在 Acxiom 符合隱私要求的全球範圍內的真實人員資料以及我們的真實 ID 身份解析功能的推動下，Interact 在我們的機構和全球範圍內提供連接。它作為Interpublic 的核心技術基礎設施，融合了我們與人工智慧領域領先企業合作的能力和技術，並將整個產品組合連接起來，以便我們的機構能夠跨媒體管道和接觸點為我們的客戶真正帶來更好的營銷結果時間。

This includes our unified retail media network solution, which is particularly relevant as marketers increasingly look to make informed investment decisions in this very dynamic space. Among the enhancements that we announced last week is a significant increase in speed to market, which will lead to improvements in business performance for our clients, especially in key sales channels.

這包括我們統一的零售媒體網路解決方案，隨著行銷人員越來越希望在這個充滿活力的領域做出明智的投資決策，這個解決方案尤其重要。我們上週宣布的增強功能包括顯著提高上市速度，這將改善我們客戶的業務績效，特別是在關鍵銷售管道。

As we've discussed, we'll continue to move to a more holistic solutions driven from the corporate center and to making greater personalization and performance as part of all of our service offerings. Interact is key to that vision, and it ensures that the entire portfolio is connected to the horizontal platform capabilities we've been talking about, that is data production, commerce and media activation.

正如我們所討論的，我們將繼續轉向由企業中心驅動的更全面的解決方案，並在我們所有服務產品中提供更高的個人化和性能。Interact 是實現這一願景的關鍵，它確保整個產品組合與我們一直在談論的橫向平台功能相連接，即數據生產、商務和媒體激活。

Now our data expertise and technology tools have been core to our media offerings for some time into the very strong performance of our Mediabrands unit. That said, as of a bit over a year ago, we are clearly operating in a competitive environment where macro uncertainty and other economic factors put a much greater premium on cost and efficiency. Given that marketplace evolution, we continue to scale our practice in Principal Media Mining. This represents an incremental option for value creation for prospective clients, which has been a decisive factor in some large pitches. It's also an area of opportunity for growth with our existing client base.

現在，一段時間以來，我們的數據專業知識和技術工具一直是我們媒體產品的核心，使我們的 Mediabrands 部門表現非常強勁。也就是說，截至一年多前，我們顯然是在競爭環境中運營，宏觀不確定性和其他經濟因素使成本和效率更加重要。鑑於市場的發展，我們繼續擴大我們在主要媒體挖掘方面的實踐。這代表了為潛在客戶創造價值的增量選擇，這在一些大型推介中是決定性因素。這也是我們現有客戶群發展的一個機會領域。

Worth noting that when we all talk about quote-unquote principal media, there's actually a broad range of activity, whether that's deal types, types of products that are available under this umbrella in order to generate volume-based value for marketers. Our principal buying solution is purpose-built for the current media ecosystem, meaning that it's an offering that includes the full range of inventory options. That includes Connected TV, social search ads, retail, media and other digital media formats. We put in place the necessary guardrails to exclude low-quality inventory.

值得注意的是，當我們都在談論引用-非引用主要媒體時，實際上存在廣泛的活動，無論是交易類型，還是在這一保護傘下可用的產品類型，以便為營銷人員產生基於數量的價值。我們的主要購買解決方案是專門為當前的媒體生態系統而構建的，這意味著它是一個包含全方位庫存選項的產品。其中包括連網電視、社群搜尋廣告、零售、媒體和其他數位媒體格式。我們採取必要的防護措施來排除低品質庫存。

And it's a bit like the skinny bundle approach taken by certain media owners to get consumers all of the content they need with advantageous pricing. This strategic approach gives us the ability to drive value for clients, while also ensuring we can meet the needs of marketers who operate in highly regulated industries and those that place a higher value on brand safety.

這有點像某些媒體所有者採取的瘦身捆綁方法，以優惠的價格為消費者提供他們需要的所有內容。這種策略方法使我們能夠為客戶創造價值，同時確保我們能夠滿足在高度監管的行業以及高度重視品牌安全的行銷人員的需求。

Since launching this incremental dimension or practice area within the media offering, there has been strong interests from existing and prospective clients. We've seen some early wins in new business, and many of our clients have already opted in -- fully opted in to this new trading model going forward as of the new year. As we build scale, we'll also be well positioned to incorporate data and tech components into the value proposition that we placed before marketers.

自從在媒體產品中推出這個增量維度或實踐領域以來，現有和潛在客戶都表現出了濃厚的興趣。我們已經在新業務中看到了一些早期的勝利，我們的許多客戶已經選擇了——從新年開始完全選擇了這種新的交易模式。隨著我們擴大規模，我們也將處於有利地位，將數據和技術組件納入我們擺在行銷人員面前的價值主張中。

Now we've already discussed the performance of some of our store assets, Media brands and Acxiom, but moving now to operating highlights from the quarter. Acxiom was recognized at the annual MarTech Breakthrough Awards for having the industry's best customer intelligence platform. The award noted our leadership and innovation when it comes to people-based marketing and cited Acxiom's capabilities in integrating high-performance audiences, the most comprehensive data sets and advanced identity resolution to deliver actionable impactful insights for omnichannel experiences.

現在我們已經討論了一些商店資產、媒體品牌和 Acxiom 的業績，但現在討論本季的營運亮點。安客誠因擁有業界最佳的客戶智慧平台而榮獲年度 MarTech 突破獎。該獎項表彰了我們在以人為本的營銷方面的領導力和創新能力，並表彰了安客誠在整合高績效受眾、最全面的數據集和先​​進的身份解析方面的能力，為全渠道體驗提供可操作的、有影響力的見解。

In media brands, this quarter saw the conclusion of the Unilever Global Media review, in which we retained existing assignments in global markets and won several additional new remit, including Canada and North Africa from competitors. New client at Top Media Hub as its AOR, and Mediabrands also expanded its leadership position in healthcare marketing by launching Mediabrands Health to the new offering that allows healthcare marketers to tap the full power of our media network as well as capabilities within IPG Health's solved offering and Acxiom Health, Interpublic's category-specific customer intelligence data spine.

在媒體品牌方面，本季聯合利華全球媒體審查結束，我們保留了全球市場的現有任務，並從競爭對手那裡贏得了一些額外的新任務，包括加拿大和北非。Top Media Hub 的新客戶作為其AOR，而Mediabrands 也透過將Mediabrands Health 推出新產品，擴大了其在醫療保健行銷領域的領導地位，使醫療保健行銷人員能夠充分利用我們媒體網絡的全部力量以及IPG Health解決方案中的功能以及 Acxiom Health，Interpublic 的特定類別客戶智慧資料主幹。

At IPG Health, we continue to lead this sector when it comes to recognition of the quality of our work for clients. Two weeks ago, we led all holding companies in trophies at the healthcare marketing industries premier awards competition, winning 27 medical marketing and media awards across a range of clients, including Teva, Boehringer Ingelheim, Pfizer, and Jazz Pharmaceuticals as well as categories such as health tech innovation, best purpose-driven campaign and use of influencer marketing. The last of those was fueled by IPG Health recently created influencer ID unit, which provides tailored solutions for healthcare marketers as they seek to harness the power of influencers in the patient, caregiver, and digital opinion leader communities.

在 IPG Health，我們在為客戶提供的工作品質得到認可方面繼續引領該領域。兩週前，我們在醫療保健行銷產業頂級獎項競賽中帶領所有控股公司榮獲獎杯，贏得了梯瓦製藥(Teva)、勃林格殷格翰(Boehringer Ingelheim)、輝瑞(Pfizer) 和Jazz Pharmaceuticals 等眾多客戶的27 項醫療行銷和媒體獎項，以及以下類別的獎項：健康科技創新、最佳目的驅動的活動以及影響者行銷的使用。最後一項是由IPG Health 最近創建的影響者ID 部門推動的，該部門為醫療保健行銷人員提供量身定制的解決方案，幫助他們尋求利用患者、護理人員和數位意見領袖社群中影響者的力量。

Among our creative agencies, as mentioned earlier, Deutsch has been a standout this year. Based in Los Angeles, the agency recently completed a rebrand to Deutsch as a follow-on to our disposition of Deutsch New York and Hill Holiday earlier this year. The agency during the quarter also won Behr Paint and launched breakthrough work for long-term clients, Dr. Pepper and Taco Bell.

如同前面所提到的，在我們的創意機構中，Deutsch 今年表現出色。該機構總部位於洛杉磯，最近完成了對 Deutsch 的品牌重塑，作為我們今年稍早處置 Deutsch New York 和 Hill Holiday 的後續行動。該機構在本季度還贏得了 Behr Paint，並為長期客戶 Dr. Pepper 和 Taco Bell 推出了突破性的作品。

At McCann, the quarter included agency of record wins for Peroni globally, and significant regional assignments on key Ferrero brands, Kinder and Tic Tac. We also learned that the agency's documentary to honor the creator of the Because you're worth it campaign, produced in partnership with L'Oreal, will be eligible for an Oscar nomination.

在麥肯，該季度包括 Peroni 在全球範圍內取得創紀錄的勝利，以及費列羅主要品牌 Kinder 和 Tic Tac 的重大區域任務。我們還了解到，該機構與歐萊雅合作製作的向「因為你值得」活動的創作者致敬的紀錄片將有資格獲得奧斯卡提名。

Still within the IAC segment, we continue to see industry validation of the strength of our creative offerings. The recently released world creative rankings saw FCB New York take the top spot industry-wide, with four other IPG agencies in the top 20. And during the quarter, we were also honored as the 2024 Holding Company of the Year at the New York Festival Awards, where McCann was named Network of the Year.

仍然在 IAC 領域，我們繼續看到業界對我們創意產品實力的驗證。在最近發布的世界創意排名中，FCB New York 在全行業中位居榜首，另外四家 IPG 機構也躋身前 20 名。在本季度，我們也在紐約節日獎上榮獲 2024 年度控股公司獎，其中麥肯被評為年度網路獎。

Turning to our SC&E segment. Our sports and entertainment division, Octagon, posted very strong growth. The agency secured landmark player contract extensions for two clients, making them the highest paid players -- individual players in the NBA and NHL. Octagon also assisted GEICO in securing a new MLB partnership, supported more than 50 talent clients participating at the Olympic Games as well as a number of brand clients in activating their IOC sponsorships, including AB InBev, Cisco, Delta Airlines, and Toyota.

轉向我們的 SC&E 部分。我們的體育和娛樂部門 Octagon 實現了非常強勁的成長。該機構為兩名客戶實現了具有里程碑意義的球員續約，使他們成為薪水最高的球員——NBA 和 NHL 的個人球員。Octagon也協助GEICO獲得了新的MLB合作夥伴關係，支持超過50家參加奧運的人才客戶以及眾多品牌客戶啟動其對國際奧委會的贊助，包括百威英博、思科、達美航空和豐田。

In the earned media space, Weber Shandwick announced new client partnerships with Primark, the Aspen Group, and a leading clinical stage biopharmaceutical company, Bicycle Therapeutics. Golin saw good growth in the quarter across a number of practice groups, including influencer marketing, content creation, and social.

在贏得媒體領域，萬博宣偉宣布與 Primark、Aspen Group 以及領先的臨床階段生物製藥公司 Bicycle Therapeutics 建立新的客戶合作夥伴關係。Golin 在本季的多個業務組中都取得了良好的成長，包括影響力行銷、內容創建和社交。

Agency continues to invest in talent, bringing on board a new executive to lead global AI learning who will drive the design, development and delivery of multimodal AI training programs for Golin's employees worldwide, as we've mentioned before, an area in which Weber does a lot of training with our client base.

該機構繼續投資於人才，聘請了一位新高管來領導全球人工智慧學習，他將推動為全球各地的Golin 員工設計、開發和交付多模式人工智慧培訓項目，正如我們之前提到的，Weber 正在從事的領域與我們的客戶群進行大量培訓。

Other developments of note in the quarter at IPG level included our announcement of the arrival of a Chief Strategy Officer for Interpublic, exceptional practitioner who understands the current consumer landscape, and the needs of modern marketers and who will help accelerate the rate at which all of our disciplines lean into data, audience-led thinking, and our other central platform resources. We also look forward to welcoming an industry leader shortly, who will helm content production strategy in a public level.

本季 IPG 層面的其他值得注意的發展包括我們宣布任命 Interpublic 首席策略官，這位傑出的從業者了解當前的消費者格局和現代行銷人員的需求，並將幫助加快所有行銷的速度。著重於數據、以受眾為主導的思維以及我們的其他中心平台資源。我們也期待很快迎來一位產業領導者，他將在公共層面上掌管內容製作策略。

As mentioned last quarter, our production teams across the group have the full breadth and range to deliver integrated and efficient solutions for our clients globally. We've unified all aspects of the content supply chain as a function of our agreement with Adobe, announced earlier this year, to use their generative AI technology as the common platform across Interpublic, and that is connected to the Interact marketing engine for data insights and activation.

如同上季所提到的，我們整個集團的生產團隊擁有全方位的能力，可以為全球客戶提供整合、高效的解決方案。根據今年稍早與 Adob​​e 達成的協議，我們統一了內容供應鏈的各個方面，使用 Adob​​e 的生成式 AI 技術作為 Interpublic 的通用平台，並連接到 Interact 行銷引擎以獲取數據洞察和激活。

Together, this allows us to enhance the work we're doing with clients on mass personalization and bring the same level of precision and accountability to the creative side of the business that we've been delivering in media and CRM for some time. And by designating an owner and internal champion for production, which is another important platform layer of the business, we ensure that we're driving the best outcomes for our clients, but also maximizing our enterprise investments and partnerships in technology and AI. So along with our Chief Client and Business Officer and now IPG level disciplined leaders in creativity, commerce and solutions architecture, these two appointments round out a strong senior corporate team that can move us forward as an increasingly integrated hole.

總而言之，這使我們能夠加強我們與客戶在大規模個人化方面所做的工作，並為業務的創意方面帶來與我們一段時間以來在媒體和 CRM 領域所提供的相同水平的精確度和責任感。透過指定生產負責人和內部支持者（這是業務的另一個重要平台層），我們確保為客戶帶來最佳成果，同時最大限度地提高我們在技術和人工智慧方面的企業投資和合作夥伴關係。因此，與我們的首席客戶和業務長以及現在在創意、商務和解決方案架構方面紀律嚴明的IPG 級領導者一起，這兩項任命完善了一支強大的高級企業團隊，可以推動我們作為一個日益一體化的團隊向前發展。

As discussed previously, we remain focused on finishing out the year strongly, have a strong pipeline of both Q4 activity and longer-term AOR opportunities and remain focused on achieving our organic growth of approximately 1% and, at that level, continue to target adjusted EBITA margin of 16.6%.

正如前面所討論的，我們仍然專注於強勁地結束今年，擁有強大的第四季度活動和長期 AOR 機會管道，並繼續專注於實現約 1% 的有機增長，並在此水平上繼續調整目標EBITA 利潤率為16.6%。

Now thinking beyond this year to some of the topics mentioned in my earlier remarks, we've begun the process of streamlining the portfolio in 2024 with divestitures from among our independent agencies and the process that -- we brought you up to speed on with two of our specialized digital agencies, which is moving along. We're also closely looking at strategic options to drive incremental growth through internal combinations that help us to achieve scale or to connect complementary services. And we're looking at actions that would further rebalance the asset mix through potential dispositions.

現在，考慮今年之後的一些主題，我之前的演講中提到，我們已經開始在 2024 年通過從我們的獨立機構中剝離資產來簡化投資組合，並且我們通過兩個方面向您介紹了這一過程我們的專業數位機構正在不斷發展。我們也密切關注策略選擇，透過內部組合推動增量成長，幫助我們實現規模化或連接互補服務。我們正在考慮透過潛在的處置進一步重新平衡資產組合的行動。

We believe there's more to be done when it comes to our operational structure and profitability. That will mean better leveraging our platform services and growing investments at the enterprise level, further refining ways of working and making even more effective use of near and offshoring. We're also assessing structural actions, such as moving to unified back-office and leadership teams in many international markets as well as our use of real estate to both improve collaboration and eliminate unnecessary costs.

我們相信，在我們的營運結構和盈利能力方面還有更多工作要做。這將意味著更好地利用我們的平台服務並增加企業層面的投資，進一步完善工作方式並更有效地利用近岸和離岸外包。我們也正在評估結構性行動，例如在許多國際市場轉向統一的後台和領導團隊，以及我們利用房地產來改善協作並消除不必要的成本。

In terms of additional growth drivers going forward, we've gone into some detail this morning on the status of Principal Media. That's the lever that not only impacts performance and competitive reviews, but will also allow us to offer existing clients a range of new products, and therefore, represents a meaningful opportunity for organic growth within our current roster, with benefits in '25 and beyond as we scale its development.

就未來的其他成長動力而言，我們今天早上詳細介紹了主要媒體的狀況。這不僅影響績效和競爭性評論，而且還使我們能夠為現有客戶提供一系列新產品，因此，代表了我們當前名冊中有機增長的有意義的機會，在 25 年及以後的效益如下：我們擴大其發展規模。

We achieved consistent strong organic growth for many years through investment in talent and with limited tactical M&A, with the one exception being Acxiom, of course. M&A is an area in which we'll lean in and consider a range of actions that can help us scale capabilities that are key to [indiscernible] also those which can help us accelerate the change in our asset mix and growth profile.

多年來，我們透過人才投資和有限的戰術併購實現了持續強勁的有機成長，當然，Acxiom 是一個例外。併購是我們將重點關注並考慮一系列行動的領域，這些行動可以幫助我們擴展對[音頻不清晰]至關重要的能力，也可以幫助我們加速資產結構和增長狀況的變化。

Specifically, we see strategic opportunity in specialized data assets in commerce and retail media. Also, companies with retail media technology platforms and reach given that's a sector that's growing quickly and should continue to thrive. Technical options to enhance the scale of our media offerings, especially in certain international markets are also ones that we're going to take under consideration.

具體來說，我們看到了商業和零售媒體專業數據資產的策略機會。此外，擁有零售媒體技術平台和影響力的公司，因為這是一個快速成長的行業，應該會繼續蓬勃發展。我們也將考慮提高媒體產品規模的技術選項，特別是在某些國際市場上。

Important to note, we've always been disciplined buyers and integrators of businesses, and we believe the type of M&A activity I'm alluding to here is achievable, consistent with our long-standing commitment to strong capital return. Our balance sheet and liquidity provide a strong foundation from which to move forward with this set of transformational actions, which represents significant drivers of value.

值得注意的是，我們一直是遵守紀律的企業買家和整合者，我們相信我在這裡提到的併購活動類型是可以實現的，這符合我們對強勁資本回報的長期承諾。我們的資產負債表和流動性為推動這一系列轉型行動奠定了堅實的基礎，這代表了重要的價值驅動因素。

Thanks for your time today. As always, thanks also need to go to our client partners and our people. And at this point, let's open the floor to your questions.

感謝您今天抽出時間。一如既往，我們也要感謝我們的客戶合作夥伴和我們的員工。現在，讓我們開始回答你們的問題。

(Operator Instructions)

（操作員說明）

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

I've got a couple of questions, please. So your guidance for '24 seems to imply that Q4 will improve a little bit from Q3, notwithstanding the uncertainty that you talked about in the US. So just curious if you could double-click a bit on what's driving that exactly? What's the recent tone of conversation with your clients?

我有幾個問題，請問。因此，您對 24 年的指導似乎意味著第四季度將比第三季度略有改善，儘管您在美國談到了不確定性。所以只是好奇你是否可以雙擊一下到底是什麼驅動了它？最近與客戶談話的語氣是什麼？

And then secondly, from what we know today, and I appreciate that we don't always know everything, but how big of a headwind do you think net new business is going to be for 2025 on your organic sales growth?

其次，根據我們今天所了解的情況，我很高興我們並不總是了解一切，但您認為 2025 年淨新業務對您的有機銷售成長會有多大的阻力？

Sure. I think tone of business has been a bit of a journey this year. As you know, we came into the year called out that sort of geopolitical and social uncertainty at the global level. And then I think domestic fiscal policy in the US being pretty much stuck was creating a -- an impact on the operating environment, such that in the prior quarters, we were saying to you things don't feel as if they're heading, not dramatically, but not in the right direction. But at this point, we are definitely like the sense that things are improving.

當然。我認為今年的業務基調有些變化。如您所知，今年我們呼籲全球範圍內出現這種地緣政治和社會不確定性。然後我認為美國國內財政政策幾乎陷入困境，這對營運環境產生了影響，因此在前幾個季度，我們對你們說，事情似乎並沒有進展，不是很顯著，但方向不對。但在這一點上，我們確實感覺到事情正在改善。

And I think clients seem to be looking past all of the -- I think it's becoming -- the global situation is becoming a given. And then fiscal policy, at least in the US is moving, broadly speaking, positive direction. And I think people are assuming that regardless of what does happen, everybody will get through to the other side of the uncertainty caused by the political side of things. And so as we said, activity has been picking up. And we're definitely seeing a lot of opportunities show up both in the project side of things as we look to Q4, but we're seeing a very active pipeline I spoke to and really can't speak.

我認為客戶似乎忽略了所有的——我認為這正在成為——全球局勢正在成為既定事實。然後，總體而言，至少在美國，財政政策正在朝著正面的方向發展。我認為人們假設，無論發生什麼，每個人都會克服政治方面造成的不確定性的另一面。正如我們所說，活動一直在增加。當我們展望第四季時，我們肯定會看到專案方面出現了很多機會，但我們看到了一個非常活躍的管道，我與之交談過，但真的無法說話。

So we've got a number of steps forward now that principal is beginning to be kind of core to or at least integrated into our media offering. So we've got a couple of confirmed wins on the media side that are not yet announced for the client, and therefore, it's not something we can speak to.

因此，現在我們已經向前邁出了許多步驟，委託人開始成為我們媒體產品的核心或至少整合到我們的媒體產品中。因此，我們在媒體方面已經確認了一些尚未向客戶宣布的勝利，因此，這不是我們可以談論的事情。

And then on your broader question, it's hard to forecast the year ahead when you're still in October, and that's on any given year. And this is a year where we've been clear that we've definitely had a couple of headline reversals, whether it was early in the year with a pharma client on the creative side, obviously, an Amazon decision that did not go as we would have liked to see it go.

然後就你更廣泛的問題而言，當你還在十月時，很難預測未來的一年，而且這是在任何給定的一年。今年我們已經明確表示，我們肯定經歷了幾次頭條新聞的逆轉，無論是今年年初與一家製藥客戶在創意方面的合作，顯然，亞馬遜的決定並沒有像我們那樣進行。

So last quarter, we said we're neutral for new business at that point in time. At this point through the year, we're still neutral, and yet we know that we have these things that will be headwinds. But I don't really think that we can give you kind of a line of sight to what that number is quite yet. I mean, obviously, when we head into 2025, we'll, as always, be very transparent about the ins and outs of what's going on in the business. But clearly, likely we're looking at headwinds going into next year on the top line.

因此，上個季度，我們表示我們對當時的新業務持中立態度。今年的這個時候，我們仍然保持中立，但我們知道我們面臨這些不利因素。但我真的認為我們還不能讓您了解這個數字到底是多少。我的意思是，顯然，當我們進入 2025 年時，我們將一如既往地對業務中正在發生的事情的來龍去脈保持非常透明。但顯然，我們可能會在明年的營收方面看到不利因素。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Philippe, you've highlighted economic uncertainty as a consideration in the year-end. At the same time, you're giving good visibility in the year-end project work. Just wanted to see if you could square the two. Our marketers just simply moving ahead, regardless of whatever macro concerns are out there.

菲利普，您強調經濟不確定性是年底的一個考慮因素。同時，您在年終專案工作中提供了良好的可見性。只是想看看是否可以將兩者平方。我們的行銷人員只是繼續前進，不管存在什麼宏觀問題。

And then on Principal Media Buying, can you just clarify -- you noted a couple of times this would be a benefit, not just in review, but accretive with existing clients. Can you expand a bit on why that is? Why is additive to growth instead of clients just shifting and how they spend with you?

然後，關於主要媒體購買，您能否澄清一下——您多次指出這將是一個好處，不僅在審查上，而且還能增加現有客戶的收益。您能詳細解釋一下這是為什麼嗎？為什麼成長是附加的，而不是客戶只是改變以及他們如何與您一起消費？

Sure. On the first question, I would say, Adrien's question, the tone of the business is improving. And so although the macro uncertainty was maybe an incremental negative to date this year. I think it's just been sort of baked in and people are just getting on with it. And so it does feel as if, notwithstanding that noise, there's more conviction, and we saw an improvement in the tone.

當然。關於第一個問題，我想說的是，阿德里安的問題，業務基調正在改善。因此，儘管今年迄今宏觀不確定性可能會帶來增量負面影響。我認為它已經被人們接受了，人們也正在接受它。因此，儘管有噪音，但確實感覺好像有更多的信念，而且我們看到語氣有所改善。

And then on principal, if I'm going to walk you through a series of sort of steps in the thought process, it's definitely driving more of the decision-making or it's a criteria criterium that has moved meaningfully upstream. It used to be you don't do this. Now it's part of the decision matrix for many clients.

原則上，如果我要引導您完成思考過程中的一系列步驟，它肯定會推動更多的決策，或者它是一個已經有意義地向上游移動的標準。以前你不這樣做。現在它已成為許多客戶決策矩陣的一部分。

But what you have to understand is that it's a bundled solution, which is sort of at the intersection of inventory and data and technology, right? So what you're able to do to a client is not to say where does spend go, but how will we take the budget into the marketplace to drive the greatest value for the client, and that can then mean that, as I said, there are sort of product offerings that have not been part of what we've gone to market with, which we can now bundle and take to them. So that's why we see it as a driver of incremental sort of organic, not new business, but true organic opportunity with our existing clients.

但您必須了解的是，它是一個捆綁解決方案，有點處於庫存、數據和技術的交叉點，對吧？因此，你能夠對客戶做的不是說支出花在哪裡，而是我們如何將預算帶入市場，為客戶帶來最大的價值，這可能意味著，正如我所說，有些產品尚未成為我們推向市場的產品的一部分，但我們現在可以將其捆綁並銷售。因此，這就是為什麼我們將其視為增量有機（不是新業務）的驅動力，而是與我們現有客戶的真正有機機會的驅動力。

I think the other thing -- the other implications that it has are you have to be very choiceful and thoughtful in terms of how you go to market and who you go to market with. So I think you pick fewer, bigger, more strategic partnerships on the media owner side. And that creates value that then benefits to your clients, but that we obviously share in as well.

我認為另一件事——它所帶來的其他影響是，你必須在如何進入市場以及與誰一起進入市場方面非常有選擇和深思熟慮。所以我認為你會在媒體所有者方面選擇更少、更大、更具策略性的合作夥伴關係。這會創造價值，讓您的客戶受益，但我們顯然也能分享這些價值。

And then I think the last observation I would make is that if you sort of going to look at the two sides of the coin, there's been a, called it, sort of an underlying shift in the trading terms on the media side. Our model is very much one predicated on a consultative front end and total agnosticism on media. So in this last 12-ish, call it, 18-month period, as that shift has happen, others have been better positioned.

然後我認為我要做出的最後一個觀察是，如果你要看看硬幣的兩面，你會發現媒體方面的交易條款發生了某種潛在的轉變。我們的模型在很大程度上是一種基於諮詢前端和對媒體完全不可知論的模型。因此，在過去 12 個月左右（即 18 個月）期間，隨著這種轉變的發生，其他人已經處於更好的位置。

But the other side of that coin is that as a fast follower, I think we've got a lot of upside ahead. One of our senior media folks sort of said we've got significant unencumbered billings that we haven't committed into the market with this model, whereas perhaps others who are further along in applying this model have essentially already leaned into it. So there's more greenfield, we think, in terms of kind of what we can do that is good for clients, but also that will benefit us.

但硬幣的另一面是，作為快速追隨者，我認為我們還有很大的上升空間。我們的一位資深媒體人員表示，我們已經獲得了大量未受阻礙的賬單，但我們尚未通過這種模式投入市場，而也許其他在應用這種模式方面取得進展的人基本上已經傾向於這種模式。因此，我們認為，就我們可以做的事情而言，有更多的未開發領域，這對客戶有利，但也將使我們受益。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

So I wanted to follow up on your question -- or your comments about some of the, I guess, internal moves. It seems like there's been quite a bit going on already. I wonder if you could give us a bit more in terms of organically, what's the scope of reorganizations and things that you're going to be working through?

所以我想跟進你的問題——或者你對一些我猜的內部舉措的評論。似乎已經發生了很多事情。我想知道您是否可以在有機方面向我們提供更多信息，重組的範圍是什麼以及您將要解決的問題？

And then externally, we know that R/GA and Huge are on the block. Are you looking at other potential divestitures? Could you give us an update on R/GA and Huge? And what's your kind of appetite for M&A? So kind of all together internal and external reorganizations.

從外部來看，我們知道 R/GA 和 Huge 正在開發中。您是否正在考慮其他潛在的資產剝離？您能為我們介紹一下 R/GA 和 Huge 的最新情況嗎？您對併購有何興趣？內部和外部重組都是如此。

Well, I think we've got a group of assets that have worked very well. You are -- it's a service business, and it's got a lot of scale and complexity to it. So as you're going to make changes, you want to be thoughtful and deliberate about it.

嗯，我認為我們擁有一組運作良好的資產。這是一個服務業，規模很大，而且很複雜。因此，當您要做出改變時，您需要深思熟慮並深思熟慮。

I think we've been very direct and upfront with all of you about how we've moved through the thought process and what it has led us to, I think, on Huge and R/GA. We're obviously far enough along there that the noise that you see on the goodwill side, you have a triggering event that says, okay, where and how are we sitting vis-a-vis that goodwill. But I think that we clearly feel that there is line of sight to a conclusion to that process. So it's a good ways down the track.

我認為我們一直非常直接和坦率地向大家介紹了我們如何完成思考過程以及它給我們帶來了什麼，我認為，在 Huge 和 R/GA 上。顯然，我們已經走得足夠遠了，以至於你在善意方面看到的噪音，你有一個觸發事件，好的，我們在哪裡以及如何面對善意。但我認為我們清楚地感覺到該過程有望得出結論。所以這是一個很好的方法。

And I'll talk sort of knock wood or try not to look at anybody in the room who might be staring daggers at me because you don't want to obviously -- we're all superstitious, but we feel like a lot of work has gone into that, a lot of conversations. We're well down the tracks on that.

我會說一些敲木頭的話，或者盡量不看房間裡任何可能用匕首盯著我的人，因為你顯然不想這樣做——我們都很迷信，但我們覺得工作量很大已經進行了很多對話。我們在這方面已經很順利了。

I think your question on -- we've talked about the fact that we see benefit when we create scale or combined centers of excellence. So I don't think we're going to try to recreate miniature versions of the holding company by putting things that are not alike together but there is still a way to go in terms of sorting through whether or not like any company in our space, we're all carrying legacy and being incumbent upon us to sort of push on whether some of these assets would perform better if they were centralized leadership,

我認為你的問題是——我們已經討論過這樣一個事實，即當我們創建規模或聯合卓越中心時，我們會看到好處。因此，我不認為我們會嘗試通過將不相似的東西放在一起來重新創建控股公司的微型版本，但在分類是否像我們領域中的任何公司方面仍有一段路要走，我們都繼承著遺產，並有責任推動其中一些資產在集中領導下是否會表現得更好，

Dispositions, I think openness to and we'll look at what makes sense, and there is a bit of addition by subtraction when you've got things that are holding you back, I talked about our growth profile as a function of our asset mix. So I think that's definitely going to be a filter we apply to a lot of the decision-making around here going forward.

處置，我認為持開放態度，我們會看看什麼是有意義的，當你遇到阻礙你的事情時，會有一些加減法，我談到了我們的增長狀況作為我們資產組合的函數。所以我認為這肯定會成為我們未來許多決策中應用的過濾器。

And then on M&A, I think you've seen some of the benefits that competitors have accrued. We've always been a build it from the talent. It's worked out very, very well for us. But you look at something, whether it's rate of change post-pandemic, whether it's clearly the scale and the opportunity at retail media and commerce activity that is connected to retail media.

然後在併購方面，我認為您已經看到了競爭對手所獲得的一些好處。我們一直是靠人才打造的。這對我們來說非常非常好。但你會看到一些東西，無論是疫情後的變化率，還是零售媒體和與零售媒體相關的商業活動的規模和機會。

And now with our platform and with Gen AI, you can really combine -- you can push -- you can sort of just connect it all. You've got a through line across the group. So I think, as I said, that's another piece of the four or five key priorities that will push harder on in '25 still.

現在，透過我們的平台和 Gen AI，您可以真正結合——您可以推動——您可以將這一切連接起來。你已經在整個團隊中建立了一條直通線。所以我認為，正如我所說，這是 25 年仍將更加努力推進的四到五個關鍵優先事項中的另一部分。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Maybe first, just a follow-up on those last statements, Philippe. So you mentioned strong balance sheet and some of the things you're doing to look to improve the portfolio. I think I take that to mean organic -- sorry, inorganic investments. So I just wanted to see if you confirm that you are considering some potential inorganic growth, whether that's to drive principal media buying or retail capability or others.

也許首先，只是對最後聲明的後續行動，菲利普。因此，您提到了強勁的資產負債表以及您正在採取的一些措施來改善投資組合。我想我認為這意味著有機投資——抱歉，是無機投資。所以我只是想看看您是否確認正在考慮一些潛在的無機成長，無論是為了推動主要媒體購買或零售能力還是其他。

So is that correct? And if so, could you help us frame that maybe within the scope of what your appetite could be -- could something be as big as Acxiom once was or a bit more modest. And then, Ellen, just on the guide as we think about the 1% for the year.

那麼這是正確的嗎？如果是這樣，您能否幫助我們在您的胃口範圍內進行設計——是否可以像 Acxiom 曾經那樣大，或者更溫和一些。然後，艾倫，當我們考慮今年的 1% 時，就在指南上。

How do we think about what R/GA and Huge do within that? I think that you removed them from the quarterly organic growth. So I'm guessing they're out for the back half of the year. So is that correct? And was there any real change to the underlying guide based on what happened with R/GA and Huge that we can interpret into the rest of the business?

我們如何看待 R/GA 和 Huge 在其中所做的事情？我認為你將它們從季度有機增長中刪除了。所以我猜他們會在今年下半年出局。那麼這是正確的嗎？基於 R/GA 和 Huge 發生的情況，基礎指南是否有任何真正的變化，我們可以將其解釋到其他業務中？

I'll let Ellen go first on your question, and I'll sort of pile on my answer to the prior one.

我會讓艾倫先回答你的問題，然後我會補充我對前一個問題的回答。

Sure. Our 1% does for the rest of the year exclude R/GA and Huge. I don't think anything has fundamentally changed to the underlying business that we've guided to you in July. We just became far enough along in the sales process that asset held-for-sale accounting applies. And we've been very consistent with our practice in convention with organic removing it from the beginning of the quarter.

當然。我們今年剩餘時間的 1% 不包括 R/GA 和 Huge。我認為我們在 7 月向您介紹的基礎業務沒有任何根本性變化。我們在銷售流程中已經走得足夠遠，可以應用持有待售資產會計。我們一直與我們的慣例非常一致，從本季度初就將其有機去除。

It's something we've done throughout. It just so happens that the dispositions go. These are probably larger than what you would have seen us doing in the past because before prior, it was mostly de minimis cleanup of small international operations. And on your prior question, I think inorganic definitely has a role to play. And I think the places where we are most focused are retail media tech platform assets.

這是我們自始至終都在做的事情。碰巧，性格就這樣過去了。這些規模可能比您過去看到的我們所做的還要大，因為在此之前，這主要是對小型國際業務的最低限度的清理。關於你之前的問題，我認為無機物絕對可以發揮作用。我認為我們最關注的地方是零售媒體技術平台資產。

Obviously, you look around some of the deals that have been done in the space of late in and around that space, and the multiples are pretty rich. But they're clearly valuable assets. As I said, there's tech that comes with. We're interested in. I also pointed out potentially incremental specialized data assets in and around that space. So I think those rise to kind of meaningful prioritization.

顯然，你看看最近在該領域及其周邊領域完成的一些交易，你會發現倍數相當豐厚。但它們顯然是寶貴的資產。正如我所說，技術是隨之而來的。我們感興趣的是。我還指出了該領域及其周圍潛在的增量專業數據資產。所以我認為這些會產生某種有意義的優先順序。

Principal, we're in a position to kind of put into effect. We have built it. It is now part of the offering. We'll be, as I said, sort of developing it and enhancing it by adding that data and technology layer to it by rolling it out in more markets. There's a very clear plan to roll it out into six to eight international markets next year.

校長，我們已經可以實施了。我們已經建造了它。它現在是產品的一部分。正如我所說，我們將透過在更多市場推出它來添加數據和技術層來開發和增強它。有一個非常明確的計劃，明年將其推廣到六到八個國際市場。

So I don't think inorganic is particularly required there. If something opportunistic comes along that makes sense, as I said, we'll look at it.

所以我不認為那裡特別需要無機。正如我所說，如果出現一些有意義的機會主義的事情，我們就會考慮它。

Michael Nathanson, MoffettNathanson.

麥可‧內森森，莫菲特‧內森森。

Question for you Ellen. On the idea of being a fast follower in Principal Media and then the point you made about having an open, unencumbered billings slate ahead of you. Can you talk a bit about what you're finding when you took to protect our clients about your approach versus what competitors have done? And anything you could kind of help us with potentially the pipeline ahead as you go through those discussions? That's one.

艾倫，問你一個問題。關於成為主要媒體的快速追隨者的想法，以及你提出的關於在你面前擁有一個開放的、不受阻礙的帳單清單的觀點。您能談談當您採取措施保護我們的客戶時，您的方法與競爭對手的做法相比有何發現嗎？在您進行這些討論時，您有什麼可以幫助我們解決未來的潛在問題的嗎？這是一個。

Sure. I mean I've tried to really unpack all the component parts for you in the prepared remarks. But I would say to you that sort of adoption as it were. So we had a sense of the overall US Mediabrands client base, where would we be at that point in terms of opt-ins.

當然。我的意思是，我已經嘗試在準備好的評論中真正為您解開所有組成部分。但我想對你們說的是那種收養。因此，我們了解了美國盟博的整體客戶群，以及我們在選擇加入方面處於什麼位置。

And you're talking conversations in the 30, 40, 50 conversations that need to take place because, clearly, people need to understand it. And there's a lot of rigor around. As we said, the guardrails, all of everybody clarity as to what everybody is choosing to engage and opting into. So we found that those conversations have -- are tracking ahead of where we thought they would be at this point.

你正在談論需要進行的 30、40、50 次對話，因為很明顯，人們需要理解它。而且周圍有很多嚴格的規定。正如我們所說，護欄，每個人都清楚每個人選擇參與和選擇的內容。所以我們發現這些對話已經超出了我們目前的預期。

As I said to you, we've got kind of line of sight to the six or eight markets ex US, where obviously, they're the largest media markets in the world, and so it happens that a number of them are ones where we have a very significant standing and scale, whether that's a couple of the big ones in Latin America, whether that's Australia or others.

正如我對你說的，我們對美國以外的六到八個市場有一定的了解，顯然，它們是世界上最大的媒體市場，因此碰巧其中有一些市場是我們擁有非常重要的地位和規模，無論是拉丁美洲的幾家大公司，無論是澳洲或其他國家。

So in that sense, we feel like we clearly can move quickly. And then understand kind of where media owners heads are at, how deals are currently structured and where walking into the conversations at this point, we can think about them in ways that are kind of additive or whatever the current standard is. We also bring a very sizable data assets to the table and that I think also changes the nature of what you can do in the math a bit.

所以從這個意義上來說，我們覺得我們顯然可以快速行動。然後了解媒體所有者的想法、交易目前的結構以及此時進入對話的位置，我們可以以某種附加的方式或無論當前的標準是什麼來思考它們。我們也帶來了非常大量的數據資產，我認為這也稍微改變了你在數學中可以做的事情的本質。

But I mean, I can't really go into it much more than that because it's kind of proprietary enough that this is an awkward setting in which to give you much more than that. But we definitely see that, like I said, there are two sides to the coin. And it's not been our friend to date. But at this point, we do see how there's opportunity to -- there's kind of more upside that you might find if this was already a very mature capability.

但我的意思是，我不能真正深入地討論它，因為它是一種足夠專有的東西，這是一個尷尬的環境，在這個環境中，給你的東西遠不止於此。但我們確實看到，正如我所說，硬幣有兩面。到目前為止，它還不是我們的朋友。但在這一點上，我們確實看到瞭如何有機會——如果這已經是一項非常成熟的功能，你可能會發現更多的好處。

And then -- remind us of the other question. Well, the other question I had for Ellen is going to be. No, that was it for me to buy.

然後——提醒我們另一個問題。好吧，我向艾倫提出的另一個問題是。不，那是我買的。

I feel better.

我感覺好多了。

Okay. Exactly. I said two and then for Ellen I believe I was going to ask her if you had to reclassify Huge and R/GA for the year, what would your organic growth be, right? So if you give us kind of apples-to-apples back (inaudible) for the year, how much better would your organic growth be?

好的。確切地。我說了兩個，然後對於 Ellen，我想我會問她，如果今年你必須重新分類 Huge 和 R/GA，你的有機增長會是多少，對嗎？因此，如果您給我們今年的同類回報（聽不清楚），您的有機成長會好多少？

We'd have to go back and do that calculation. We've been very transparent up to this point of what the drag has been on R/GA and Huge. When we gave our guidance, as I mentioned in July, we thought it was probable that it would get classified as asset held for sale, but you have to wait for the triggering event. We've given you a lot of color on what we think about the tone for the rest of the year. So I think I'll leave it at that for now.

我們必須回去進行計算。到目前為止，我們對於 R/GA 和 Huge 受到的阻礙一直非常透明。當我們給出指導時，正如我在 7 月提到的，我們認為它很可能會被歸類為持有待售資產，但你必須等待觸發事件。我們已經向您提供了很多關於我們對今年剩餘時間基調的看法。所以我想我暫時就這樣吧。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Just two questions. First, I know you touched on this before, but if the 2024 ended today, what would be the headwind of the net losses for the year going into 2025? I mean surely, you have to have a number in your head. I'm wondering if you'd be willing to share -- I mean like headwind if the year ended today, so no one knows that you know what the year ended right now, the headwind for organic growth next year is roughly 63 percentage points. That's my first question, please.

只有兩個問題。首先，我知道您之前談過這一點，但如果 2024 年今天結束，那麼進入 2025 年的淨虧損會面臨什麼阻力？我的意思是，你腦子裡必須有一個數字。我想知道你是否願意分享——我的意思是，如果今年結束了，那麼就像逆風一樣，所以沒有人知道你知道今年結束了什麼，明年有機增長的逆風大約是 63 個百分點。這是我的第一個問題，謝謝。

I just want to get a sense what you're thinking for 2025.

我只是想了解一下您對 2025 年的想法。

That's not how it works. So it's not a question we can answer, right, in the sense that we build a plan that kind of goes from -- as we close the year, all the ins and outs. And so it's not math that we've done, and it's an awkward question because to answer it becomes like, well, what are you -- what's in and what's not.

事情不是這樣的。所以這不是一個我們可以回答的問題，對吧，從某種意義上說，我們制定了一個計劃，在我們結束這一年的時候，所有的細節都開始了。所以我們所做的不是數學，這是一個尷尬的問題，因為回答它就像，嗯，你是什麼——什麼在裡面，什麼不在裡面。

And gee, what do you have baked in for organic growth opportunities now that you can take more diversified product offering to clients on the media side? And then to answer it, when you put a number out there and say, gee, might be less than that number, might be that number. It's a simply slope of -- I can't answer the question because it's not how we run the business, and it's not actually -- I would assume, how you would expect us -- so as I said, I don't think that we can forecast a year ahead in October, whether it's this year or any year that I can ever remember and been a while that a number of us have been around this joint. So I understand the question.

天啊，現在您可以為媒體方面的客戶提供更多樣化的產品，您為有機成長機會做了哪些準備？然後回答這個問題，當你把一個數字放在那裡並說，天啊，可能小於那個數字，可能就是那個數字。這只是一個簡單的斜率——我無法回答這個問題，因為這不是我們經營業務的方式，而且實際上也不是——我會假設，你對我們的期望——所以正如我所說，我不認為我們可以在十月預測未來一年，無論是今年還是我記憶中的任何一年，我們中的一些人已經在這個聯合體周圍了一段時間了。所以我理解這個問題。

And it's -- and I guess that you're trying to get on that but what's going on on the data side, where there's meaningfully more opportunity with these ways of working the platform on production creates opportunities to -- so I think there'll be more of the true organic self-help push a unified solution that has a tech component to it, but that's a very different answer than you're just sort of going purely on these three losses, which all ring fences X, Y and Z, what does that do? And that's not math that super constructive in trying to figure out how we get IPG to a better place. So I don't think we have an answer to that.

我想你正在努力做到這一點，但是數據方面正在發生什麼，透過這些在生產上工作平台的方式，有更多有意義的機會創造了機會，所以我認為更像是真正的有機自助，推動一個包含技術成分的統一解決方案，但這是一個非常不同的答案，而不是純粹依靠這三個損失，這三個損失都圍住了X、Y 和 Z ，那有什麼作用？對於我們試圖弄清楚如何讓 IPG 走向更好的地方來說，這並不是一個超級有建設性的數學。所以我認為我們對此沒有答案。

Okay. And my second question, if I could. Can you just help us understand how your health care area did organically year-over-year and also technology putting aside the Huge and R/GA issues? Just what those two sectors did for you guys year-over-year, please?

好的。我的第二個問題，如果可以的話。您能否幫助我們了解您的醫療保健領域每年的有機表現以及技術如何拋開巨大的 R/GA 問題？這兩個部門逐年為你們做了什麼？

Tech had an Huge and R/GA issue, as we always said, very significant weighting of their client roster. And then we'd also talk about the fact that we had a handful of five of the largest tech companies in the world had kind of hit the brakes pretty hard on their activity.

正如我們常說的，Tech 存在巨大的 R/GA 問題，這對他們的客戶名冊的權重非常重要。然後我們也會談論這樣一個事實，即世界上最大的五家科技公司中的少數幾家對他們的活動採取了相當嚴厲的煞車。

So I think if you take out the losses, there's a midsized sort of a modest loss on the media side going back that I think is in that category. But mostly it was the telco that we called out for you. If you take that all out, that sector clearly has found a floor and is looking as if there will be, as we said, a bit more conviction. We're definitely seeing more conviction at a macro across a whole client base. But I think that sector has gotten to where it's healthier.

因此，我認為，如果扣除損失，媒體方面會出現中等規模的適度損失，我認為屬於這一類別。但主要是我們為您打電話的電信公司。如果你把所有這些都考慮在內，那麼該行業顯然已經找到了底部，正如我們所說，看起來似乎會有更多的信念。我們肯定會看到整個客戶群對宏觀的信心更加堅定。但我認為該行業已經變得更加健康。

It's not thriving, growing kind of all caps, but that's in a better place.

它並不是欣欣向榮、不斷增長的大寫字母，但那是在一個更好的地方。

And then health care is weighted by the one big client that then became a client reconsidering a portion of that. So there was a large client in the health care space, which we, I think, unpacked for you. It was -- it had an impact in first quarter, and it led us to consider our view to the year on the top line. But our health care asset has been a consistent strong performer. And so that's clearly the -- we're going to be sort of cycling out of that in the next couple of quarters.

然後，醫療保健由一個大客戶來衡量，然後成為重新考慮其中一部分的客戶。因此，醫療保健領域有一個大客戶，我想我們已經為您打開了包裝。它對第一季產生了影響，它促使我們考慮對今年營收的看法。但我們的醫療保健資產一直表現強勁。因此，很明顯，我們將在接下來的幾個季度內擺脫這種局面。

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. I think the questions kind of get to the core of where our thinking and our focus is, which is essentially realigning the portfolio to where we see opportunities and where we see growth, kind of continued go-forward opportunity on structural actions that mean that from a longer-term probability point of view we're feeling like there's still runway and then positioning to more effectively leverage the differentiated resources again because that's clearly been something that we've been successful at. But and the last, as I said, 12 to 18 months have been more challenging. So stay tuned, and we look forward to talking in February.

謝謝你，蘇。我認為這些問題觸及了我們的思維和關注點的核心，這本質上是重新調整投資組合，以適應我們看到機會和增長的地方，結構性行動的持續前進機會，這意味著從長期概率的角度來看，我們感覺仍然有跑道，然後定位以再次更有效地利用差異化資源，因為這顯然是我們已經成功的事情。但正如我所說，最後 12 到 18 個月更具挑戰性。所以請繼續關注，我們期待在二月進行討論。

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。