Interpublic Group of Companies Inc (IPG) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Interpublic Group first-quarter 2025 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 Interpublic Group 2025 年第一季電話會議。（操作員指示）本次會議正在錄製。如果您有任何異議，您可以立即斷開連接。

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

現在我想介紹投資者關係資深副總裁傑瑞‧萊什內先生。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。今天上午，我們的執行長 Philippe Krakowsky 加入我們；以及我們的財務長 Ellen Johnson。我們已在我們的網站 interpublic.com 上發布了我們的收益報告和幻燈片演示。我們將首先發表準備好的發言，然後進行問答。我們計劃在美國東部時間 9:30 開市前結束交易。

During this call, we will refer to forward-looking statements about our company. These are subject to the uncertainties in the cautionary statement that are included in our earnings release and the slide presentation. 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。這些都受到我們的收益報告和幻燈片演示中包含的警告聲明中的不確定性的影響。這些內容在我們向美國證券交易委員會提交的 10-Q 和其他文件中有進一步詳細說明。

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準則指標。我們相信，這些指標提供了有用的補充數據，雖然不能取代 GAAP 指標，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.

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

Thanks, Jerry, and thank you all for joining us. This morning, I'll begin with a high level view of the quarter and progress on our transformation program, after which Ellen will add detail on our performance. I'll then conclude with an update on the tone of the business as well as on the status of our acquisition by Omnicom.

謝謝，傑瑞，也謝謝大家加入我們。今天上午，我將首先概述本季的情況以及我們的轉型計劃的進展情況，之後艾倫將詳細介紹我們的表現。最後，我將介紹一下業務基調以及我們被 Omnicom 收購的現狀。

Turning to Q1 results and starting with revenue. Our organic revenue decrease was 3.6%, which is consistent with the outlook and phasing we shared with you earlier this year. Our revenue change was largely due to the impact of certain account activity over the previous 12 month period which we've discussed with you on prior calls.

轉向第一季業績並從收入開始。我們的有機收入下降了 3.6%，這與我們今年早些時候與您分享的前景和分階段一致。我們的收入變化主要是由於過去 12 個月期間某些帳戶活動的影響，我們在先前的電話會議中已經與您討論過這一點。

As expected, those headwinds intensified sequentially from last year's fourth quarter due to the timing of trailing wins and losses. Our three largest losses weighed on growth by 4.5% to 5%, impacting results across a number of geographic regions and disciplines, notably the US, Europe and Asia Pac and our IAC and MD&A segments.

正如預期的那樣，由於盈利和虧損的時間差異，這些不利因素從去年第四季開始連續加劇。我們的三大損失對成長造成了 4.5% 至 5% 的影響，影響了多個地理區域和學科的業績，特別是美國、歐洲和亞太地區以及我們的 IAC 和 MD&A 部門。

Trailing account losses were partially offset by sound underlying performance with notably strong growth once again by IPG Mediabrands, Deutsche and Golin and regionally by growth in LatAm and our Other Markets group. By client sector, we had very strong growth with our tech and telecom clients, as well as solid increases in food and beverage and financial services.

過去帳戶的損失被良好的基礎業績部分抵消，其中 IPG Mediabrands、Deutsche 和 Golin 再次實現了強勁增長，而拉美和其他市場集團的區域增長也起到了一定作用。從客戶領域來看，我們的科技和電信客戶實現了強勁成長，食品飲料和金融服務客戶也實現了穩定成長。

Turning to expenses and profitability in the quarter. Our adjusted EBITA was $186.5 million with margin of 9.3%. That result reflects continued operating discipline by our teams and a strong start to the strategic restructuring program that we described in our February call.

談談本季的支出和獲利能力。我們的調整後 EBITA 為 1.865 億美元，利潤率為 9.3%。這一結果反映了我們團隊持續的營運紀律以及我們在二月份電話會議上描述的策略重組計劃的良好開端。

Adjusted EBITA excludes charges for restructuring in the quarter, which as you've seen were $203 million, of which slightly more than half is non-cash. We also adjust for deal expenses related to the combination with Omnicom, which were $4.8 million in the first quarter, and which appear in our SG&A expense.

調整後的 EBITA 不包括本季的重組費用，如您所見，該費用為 2.03 億美元，其中略多於一半是非現金。我們還調整了與 Omnicom 合併相關的交易費用，該費用在第一季為 480 萬美元，並出現在我們的銷售、一般和行政費用中。

The quarter marked meaningful progress towards the objectives of the transformational restructuring of our business by both enhancing our offerings and driving significant structural expense savings. Operating expenses in the quarter compared to a year ago, clearly tracked to the strategic evolution of our model with operating leverage in some areas alongside continued investments in technology to enable key platform services and solutions.

本季度，我們透過增強產品供應並大幅節省結構性費用，在業務轉型重組目標方面取得了重大進展。與去年同期相比，本季的營運費用明顯追蹤了我們模式的策略演變，在某些領域利用了營運槓桿，同時繼續對技術進行投資以支援關鍵平台服務和解決方案。

As we outlined earlier this year, we're moving at pace to greater functional centralization, increasing offshoring and nearshoring of centers of excellence and an enterprise-wide focus on tech-driven platform benefits and keep client-facing areas such as production and analytics as well as corporate functions, including finance and HR management.

正如我們今年稍早所概述的，我們正在大力推進職能集中化，增加卓越中心的離岸外包和近岸外包，並在整個企業範圍內關注技術驅動的平台優勢，並保持面向客戶的領域（如生產和分析）以及包括財務和人力資源管理在內的企業職能。

With the implementation of these changes well underway, we've identified further opportunities for transformation and structural redesign. With that increased scope, we currently expect the charges for restructuring this calendar year will be in the range of $300 million to $350 million, a significant portion of which will remain non-cash.

隨著這些變革的順利實施，我們發現了進一步轉型和結構重新設計的機會。隨著範圍的擴大，我們目前預計今年的重組費用將在 3 億至 3.5 億美元之間，其中很大一部分仍為非現金費用。

That will, in turn, yield run rate annualized expense savings of a similar magnitude as the eventual charge. Very important to note that we continue to see almost no overlap between these actions as standalone IPG and the $750 million of identified cost synergies that will result from the merger of our company into Omnicom.

這反過來又會產生與最終費用類似幅度的運行年化費用節省。值得注意的是，我們仍然認為這些作為獨立 IPG 的行動與我們公司與 Omnicom 合併後產生的 7.5 億美元已確定的成本協同效應之間幾乎沒有重疊。

So the benefit of these increased structural cost savings should accrue to the newly merged entity in 2026 and beyond. Our diluted EPS in the quarter was a loss of $0.23 as reported due to the restructuring investment, while our adjusted diluted EPS was $0.33.

因此，這些增加的結構性成本節約的好處應該會在 2026 年及以後惠及新合併的實體。由於重組投資，本季我們的稀釋每股收益虧損 0.23 美元，而調整後的稀釋每股收益為 0.33 美元。

Another important development during the quarter was that we were able to reinitiate share repurchases following the pause that had been required in connection with the early stages of the acquisition. Subsequent to our special meeting of shareholders on March 18, at which we received support for the transaction from over 99% of shares voted. We were able to reenter the market for 3.4 million shares over the balance of the quarter, returning $90 million to shareholders.

本季的另一個重要進展是，在收購初期所需的暫停之後，我們能夠重新啟動股票回購。在我們 3 月 18 日舉行的特別股東大會之後，我們獲得了超過 99% 的投票支持該交易。我們在本季剩餘時間內重新進入市場 340 萬股，為股東返還 9,000 萬美元。

Turning to our outlook. We know that macro developments and their potential ramifications have moved front and center for all of us. The impact of this uncertainty is not yet clear, and the implications vary widely for our clients across industries and geographies.

轉向我們的展望。我們知道，宏觀發展及其潛在影響已成為我們所有人關注的焦點。這種不確定性的影響尚不明確，其對我們不同行業和地區的客戶的影響差異很大。

Our posture as always has been to stay close to our clients, especially in periods of heightened uncertainty. As of now, marketers appear to be in a phase of scenario planning, assessing the implications of possible changes to the flows of global commerce and as they sort these developments, we know that we're all addressing these things and these changes that are taking place at speed.

我們一如既往地堅持與客戶保持密切聯繫，尤其是在充滿不確定性的時期。截至目前，行銷人員似乎正處於情境規劃階段，評估全球商業流動可能發生變化的影響，當他們對這些發展進行分類時，我們知道我們都在解決這些事情以及正在快速發生的變化。

As we engage with clients and considering the decisions they may need to make when it comes to channel choices, investment levels and the best mix of marketing disciplines required to deliver business outcomes, we will begin to get greater clarity on the impact of the macro on our sector, and we will of course update you on that evolving landscape.

當我們與客戶接觸並考慮他們在通路選擇、投資水平和實現業務成果所需的最佳營銷學科組合方面可能需要做出的決策時，我們將開始更加清楚地了解宏觀對我們行業的影響，當然，我們也會向您通報不斷變化的情況。

Today, we can report that performance in Q1 has been fully consistent with what we expected, that we've not seen a marked change in client activity and that we therefore remain on track with the full year performance targets for revenue and margin that we shared with you a few months ago, an organic decrease of 1% to 2% in net revenue due to trailing account headwinds and adjusted [EBITA] margin of 16.6%.

今天，我們可以報告，第一季的業績與我們的預期完全一致，我們沒有看到客戶活動發生明顯變化，因此我們仍然保持著幾個月前與您分享的全年收入和利潤業績目標，由於追蹤帳戶逆風，淨收入有機下降 1% 至 2%，調整後的 [EBITA] 利潤率為 16.6%。

Should there be a slowdown, we've shown that we're capable of navigating challenging circumstances. We continue to provide services that marketers require in order to deliver sales and business outcomes, regardless of where we are in the economic cycle.

如果出現經濟放緩，我們已經證明我們有能力應對挑戰性的情況。無論我們處於經濟週期的哪個階段，我們都會繼續提供行銷人員所需的服務，以實現銷售和業務成果。

We also know that if the macro ultimately weighs on broader consumer sentiment and economic activity with the resulting impact to our revenue, we've consistently proven the benefits of our flexible cost model. We've also demonstrated our resilience in that we rebounded strongly as we emerge from such cycles.

我們也知道，如果宏觀經濟最終影響到更廣泛的消費者情緒和經濟活動，並由此對我們的收入產生影響，那麼我們已經證明了靈活成本模式的好處。我們也展現了我們的韌性，在走出這樣的循環時，我們強勁反彈。

We're entering this dynamic period with our program of strategic transformation and cost reduction well underway with strong underlying financial resources, and both should further solidify our position at a time of growing uncertainty. I'll come back with an update on the status of the acquisition by Omnicom, the compelling growth benefits of the new company and the resulting value creation we see in the combination.

我們正進入這個充滿活力的時期，我們的策略轉型和成本削減計劃進展順利，擁有強大的財務資源，在日益不確定的時期，這兩項計劃都將進一步鞏固我們的地位。我將回來通報宏盟收購的最新情況、新公司引人注目的成長優勢以及我們在合併中看到的由此產生的價值創造。

But at this point, I'll turn things over to Ellen for a more in-depth review of our results.

但現在，我將把事情交給艾倫，以便對我們的結果進行更深入的審查。

Thank you. I hope that everyone is well. As a reminder, my remarks will track to the presentation slides that accompany our webcast. Beginning on slide 2 of the presentation, our organic decrease of net revenue in the quarter was 3.6%, which was in line with our expected performance for the quarter.

謝謝。我希望大家一切安好。提醒一下，我的發言將圍繞我們網路廣播的簡報幻燈片進行。從簡報的第 2 張投影片開始，我們本季淨收入的自然下降率為 3.6%，這與我們對本季的預期業績一致。

Adjusted EBITA in the quarter was $186.5 million, and margin on net revenue was 9.3%. It's worth noting that Q1 is our smallest seasonal quarter for revenue, while our operating expenses are recognized more ratably across the year. Adjustments exclude our charges for restructuring of $203.3 million amortization of acquired intangibles of $20.4 million and $4.8 million of deal expenses in SG&A related to our acquisition by Omnicom. .

本季調整後的 EBITA 為 1.865 億美元，淨收入利潤率為 9.3%。值得注意的是，第一季是我們收入最小的季度，而我們的營運費用在全年的確認更為均衡。調整不包括我們因重組而產生的 2.033 億美元費用、2040 萬美元的收購無形資產攤銷以及與我們被 Omnicom 收購相關的 480 萬美元的銷售、一般及行政費用 (SG&A)。。

Our reported loss per diluted share in the quarter was $0.23, while earnings were $0.33 per diluted share as adjusted. Below the line, we have adjusted for non-operating losses from the disposition of non-strategic businesses.

我們報告的本季每股攤薄虧損為 0.23 美元，而調整後的每股攤薄收益為 0.33 美元。在線上下，我們已經調整了非策略性業務處置造成的非營業損失。

We repurchased 3.4 million shares, returning $90 million. We concluded the quarter in a strong financial position with $1.9 billion of cash on the balance sheet and with only 1.84 times gross financial debt-to-EBITDA as defined in our credit facility.

我們回購了 340 萬股，返還了 9,000 萬美元。本季結束時，我們的財務狀況良好，資產負債表上有 19 億美元現金，而我們的信貸安排中定義的總財務債務與 EBITDA 比率僅為 1.84 倍。

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. Turning to first quarter revenue on slide 4. Our net revenue in the quarter was $2 billion, a decrease of 8.5% from a year ago. Compared to Q1 '24, the impact of the change in exchange rates was negative 1.2%.

翻到幻燈片 3。您將看到我們本季的損益表。我將在後面的幻燈片中詳細介紹收入和營運費用。轉到幻燈片 4 上的第一季收入。本季我們的淨收入為 20 億美元，比去年同期下降 8.5%。與24年第一季相比，匯率變動的影響為負1.2%。

The impact of our net divestitures, mainly R/GA and Huge was negative 3.7%. Our organic net revenue decrease was 3.6%. Further down the slide, we break out segment net revenue performance in the quarter. Our Media, Data & Engagement Solutions segment grew 2.2% organically. Strong growth at IPG Media brands and growth at Acxiom was offset by continued decreases in MRM.

我們的淨資產剝離（主要是 R/GA 和 Huge）的影響為負 3.7%。我們的有機淨收入下降了3.6%。繼續往下看，我們列出了本季各部門淨收入的表現。我們的媒體、數據和參與解決方案部門有機成長了 2.2%。IPG Media 品牌和 Acxiom 的強勁成長被 MRM 的持續下降所抵消。

The organic decrease at our integrated advertising and creativity-led solutions segment was 10.3%, that performance largely reflects the decision of a single client in the healthcare sector and to a lesser degree, generally soft performance across our creativity-led agencies.

我們的綜合廣告和創意主導的解決方案部門的自然下降率為 10.3%，這一表現很大程度上反映了醫療保健領域單一客戶的決定，在較小程度上也反映了我們創意主導的機構的整體表現疲軟。

We continue to have strong growth at Deutsche. At our specialized communications and experiential solutions segment, our organic decrease was 2.4%. Modest growth in public relations led by Golin's performance was offset by decreases at our experiential's offerings.

德意志銀行持續保持強勁成長。在我們的專業通訊和體驗解決方案部門，我們的有機下降了 2.4%。由 Golin 的業績帶動的公共關係業務的適度增長被我們體驗式服務的減少所抵消。

Moving on to slide 5. Our net revenue change by region in the quarter. The US which was 68% of our first quarter net revenue decreased organically by 4%, reflecting the impact of certain accounts lost in late 2020 and during 2024, that weighed on growth broadly across our domestic operations.

移至投影片 5。本季我們的淨收入按地區變化。美國占我們第一季淨收入的 68%，有機下降了 4%，反映了 2020 年末和 2024 年期間失去某些帳戶的影響，這對我們國內業務的成長產生了廣泛影響。

IPG Mediabrands continue to post strong growth in the quarter. International markets were 32% of our net revenue in the quarter and decreased 2.6% organically. In the UK, which represented 8% of our net revenue in the quarter, the organic decrease was 6.1%, chiefly due to soft results across some of our advertising and experiential offerings.

IPG Mediabrands 本季持續保持強勁成長。國際市場佔本季淨收入的 32%，有機下降 2.6%。英國占我們本季淨收入的 8%，有機下降了 6.1%，主要是由於我們的部分廣告和體驗產品效果不佳。

Continental Europe was 8% of our net revenue in the quarter and decreased 40 basis points organically, which was against 8.9% growth a year ago. Trailing net losses weighed on performance in the quarter across several national markets. In Asia Pac, which was 6% of net revenue in the quarter, our organic decrease was 9%. The loss of certain global accounts led our results across the region.

歐洲大陸佔本季淨收入的 8%，有機下降 40 個基點，而去年同期的成長率為 8.9%。過去淨虧損對本季多個國家市場的業績造成影響。亞太地區佔本季淨收入的 6%，有機下降了 9%。某些全球帳戶的遺失影響了我們整個地區的業績。

In LatAm, which was 4% of net revenue in the quarter, we grew 3.1% organically. By market, our growth was led by Colombia, Chile and Argentina, while Brazil decreased in the quarter. Our International Markets Group, which consists of Canada, the Middle East and Africa was 6% of net revenue in Q1 and grew 2.9% organically. Performance was due to strong growth in Canada.

拉丁美洲佔本季淨收入的 4%，有機成長率為 3.1%。從市場來看，哥倫比亞、智利和阿根廷引領了我們的成長，而巴西市場在本季則是下滑。我們的國際市場集團由加拿大、中東和非洲組成，佔第一季淨收入的 6%，有機成長率為 2.9%。業績表現得益於加拿大的強勁成長。

Moving on to slide 6 and operating expenses in the quarter. Our fully adjusted EBITA margin in the quarter was 9.3%. That's a decrease of only 10 basis points from a year ago, notwithstanding lower revenue. Our adjusted EBITA margin is before expenses for our strategic restructuring and Omnicom deal costs and SG&A. Our charge for restructuring was approximately $203 million of which $109 million is non-cash.

轉到幻燈片 6 和本季的營運費用。本季我們全面調整後的 EBITA 利潤率為 9.3%。儘管收入有所下降，但與去年同期相比僅下降了 10 個基點。我們的調整後 EBITA 利潤率是在扣除策略重組費用、宏盟交易成本以及銷售、一般和行政費用之前得出的。我們的重組費用約為 2.03 億美元，其中 1.09 億美元為非現金費用。

In general, expenses in the quarter reflect the continuation of our recent trend with operating leverage on salaries and related expenses alongside increased investment in technology. Our ratio of total salaries and related expenses improved 120 basis points to 70.9% of net revenue.

總體而言，本季的支出反映了我們近期趨勢的延續，即薪資和相關支出的營運槓桿以及技術投資的增加。我們的總薪資及相關費用比率提高了 120 個基點，達到淨收入的 70.9%。

It's worth noting that all the expense ratios are against our smaller first quarter revenue base. Compared to a year ago, we have leveraged on base payroll, severance expense given the broader reset of our expense base and temporary labor, which was partially offset by higher expense for our performance-based incentive compensation programs.

值得注意的是，所有費用率均與我們較小的第一季收入基礎相比較。與一年前相比，由於我們的費用基礎和臨時勞動力進行了更廣泛的重新調整，我們利用了基本工資、遣散費，但這被我們基於績效的激勵薪酬計劃的更高費用部分抵消。

We ended the quarter with headcount of approximately 51,550 and organic decrease of 6.5%. Our office and other direct expense increased as a percent of net revenue by 120 basis points to 16%. Occupancy expense decreased by 10 basis points as a percent of net revenue by all other office and other direct expense increased by 130 basis points mainly due to higher levels of investment in technologies driving the enhancement of our services and the transformation of our company. Our SG&A expense was 2% of net revenue compared with 1.7% a year ago, with Omnicom deal costs contributing to the increase in the quarter.

本季結束時，我們的員工總數約為 51,550 人，有機減少 6.5%。我們的辦公室和其他直接支出佔淨收入的百分比增加了 120 個基點，達到 16%。佔用費用下降了 10 個基點，所有其他辦公室和其他直接費用佔淨收入的百分比增加了 130 個基點，這主要是由於對技術的投資水平提高推動了我們服務的提升和公司的轉型。我們的銷售、一般及行政費用佔淨收入的 2%，而去年同期為 1.7%，其中宏盟集團的交易成本是本季費用增加的原因之一。

Turning to slide 7. We present detail on adjustments to our reported first quarter results in order to give you better transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EBITA and our adjusted diluted EPS.

翻到幻燈片 7。我們詳細介紹了第一季度報告業績的調整，以便為您提供更好的透明度和可比業績的圖景。從左側開始，我們報告結果並逐步顯示調整後的 EBITA 和調整後的稀釋每股收益。

Our expense for the amortization of acquired intangibles in the second column was $20.4 million. Charges for restructuring were $203.3 million. Deal costs pertaining to the planned acquisition by Omnicom were $4.8 million.

第二欄我們用於攤銷所購無形資產的費用為 2,040 萬美元。重組費用為 2.033 億美元。宏盟集團計劃收購的交易成本為 480 萬美元。

Below operating expenses, our net loss due to the sales of non-strategic businesses was $36.4 million. At the foot of this slide, you can see the after-tax impact per diluted share of each of these adjustments, which bridges the first quarter diluted loss per share as reported of $0.23 to adjusted earnings of $0.33 per diluted share.

除營業費用外，我們因出售非策略性業務而造成的淨虧損為 3,640 萬美元。在這張投影片的底部，您可以看到每項調整對每股稀釋收益的稅後影響，這些調整將第一季報告的每股稀釋虧損 0.23 美元與調整後的每股攤薄收益 0.33 美元聯繫起來。

On slide 8, we turn to our cash flow for the first quarter. Cash used in operations was $37 million, compared with $157.4 million a year ago. As a reminder, our operating cash flow is highly seasonal. We typically generate significant cash from working capital in the fourth quarter and use cash in the first quarter.

在第 8 張投影片上，我們討論第一季的現金流。營運現金流為 3,700 萬美元，而去年同期為 1.574 億美元。提醒一下，我們的經營現金流量具有很強的季節性。我們通常在第四季度從營運資金中產生大量現金，並在第一季使用現金。

During this year's first quarter, our working capital use was historically low at $86.1 million. It's worth noting that cash from operations before working capital changes was $49.1 million in the quarter. In our investing activities, we used $58.2 million in the quarter for acquisitions and CapEx. Our financing activities in the quarter used $248 million, primarily for our common stock dividend and share repurchases. Our net decrease in cash for the quarter was $319.8 million.

今年第一季度，我們的營運資金使用量處於歷史最低水平，為 8,610 萬美元。值得注意的是，本季營運資本變動前的營運現金流為 4,910 萬美元。在我們的投資活動中，我們在本季使用了 5,820 萬美元用於收購和資本支出。我們本季的融資活動使用了 2.48 億美元，主要用於普通股股息和股票回購。本季我們的現金淨減少額為 3.198 億美元。

On Slide 9 is the current portion of our balance sheet. We ended the quarter with $1.9 billion of cash and equivalents. Slide 10 depicts the maturities of our outstanding debt and our diversified maturity schedule. Total debt at quarter end was $3 billion, and our next scheduled maturity is not until 2028.

投影片 9 是我們的資產負債表的當前部分。本季末，我們的現金及等價物為 19 億美元。投影片 10 描述了我們未償債務的到期日和多樣化的到期計劃。本季末的總債務為 30 億美元，我們的下一個預定到期日是 2028 年。

In summary, our strong financial discipline continues, and the strength of our balance sheet liquidity means that we remain well positioned both financially and commercially.

總而言之，我們繼續保持強大的財務紀律，而我們資產負債表流動性的強勁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.

說完這些，我就把話題轉回給菲利普。

As we've mentioned, the results we're reporting today are consistent with our forecast coming into the year. Against the net account headwinds driven in large part by three significant losses in 2024, the underlying business is sound with growth of between 1% and 1.5% on a net basis.

正如我們所提到的，我們今天報告的結果與我們今年的預測一致。儘管 2024 年的三次重大虧損在很大程度上帶來了淨帳戶逆風，但基礎業務依然穩健，淨成長率在 1% 至 1.5% 之間。

Notable strength was evident in our media offering, where we've been building proprietary trading capabilities. Other areas of growth included Deutsche, Golin, our IPG level production unit and Acxiom.

我們的媒體服務實力顯著增強，我們一直在建立自營交易能力。其他成長領域包括德意志銀行、Golin、我們的 IPG 級生產部門和 Acxiom。

The impact of our large reversal with a healthcare client in the consumer advertising space in 2024 weighed on FCB and IPG Health, which otherwise showed solid top line performance. In terms of profitability, we continue to demonstrate discipline as you can see in our margin delivery, adjusted for the cost of the transformation program that we're undertaking.

2024 年，我們與消費者廣告領域的醫療保健客戶發生重大逆轉，這對 FCB 和 IPG Health 產生了影響，否則這兩家公司的營收表現將會很穩健。在獲利能力方面，我們繼續表現出紀律性，正如您在我們的利潤交付中所看到的，並根據我們正在進行的轉型計劃的成本進行了調整。

And specific to that program, we made a strong start to the restructuring efforts in both corporate functional areas as well as centers of excellence focused on delivery of services to clients. The benefits of that program look as if they will exceed our initial forecast, with the upside accruing to the newly merged company once our transaction with Omnicom is complete.

具體到該計劃，我們在企業職能領域以及專注於為客戶提供服務的卓越中心的重組工作方面取得了良好的開端。該計劃的收益似乎將超出我們最初的預測，一旦我們與 Omnicom 的交易完成，新合併的公司將獲得收益。

Since as we said earlier, there's almost no overlap between our efforts and the cost synergies that have been outlined as part of the integration of the two companies. Turning now to specific highlights from the quarter.

正如我們之前所說，我們的努力與兩家公司整合過程中所概述的成本協同效應幾乎沒有重疊。現在來談談本季的具體亮點。

Operationally, we've entered the year with a consistently strong levels of industry recognition that we're known for and which validate the competitive strength of our offerings. On fast company's list of most innovative companies which was announced during the first quarter, IPG was better represented than any other holding company group with five of our agencies at the top of this ranking, including FCB, Golin, Martin Agency, McCann and Weber.

從營運角度來看，我們進入新的一年，並始終保持著較高的行業認可度，這也證明了我們產品的競爭實力。在《快公司》第一季公佈的最具創新力公司榜單中，IPG 的代表性比任何其他控股公司集團都要強，旗下有五家代理公司位居榜首，包括 FCB、Golin、Martin Agency、McCann 和 Weber。

Just last week, we announced the appointment of a Global Head of AI Commerce to advance our delivery of Agentic commerce solution, a new offering that enables clients to grow profitable share across omnichannel media.

就在上週，我們宣布任命一位全球人工智慧商務主管，以推進我們 Agentic 商務解決方案的交付，這是一項新產品，使客戶能夠在全通路媒體上增加獲利份額。

The remit for this role includes integrating market-wide data signals provided by intelligence node. The acquisition we announced late last year into these platforms and deepening our strategic partnerships with key players in the commerce ecosystem to create a more robust and cohesive suite of commerce solutions for our clients.

該角色的職責包括整合情報節點提供的市場範圍的資料訊號。我們在去年年底宣布對這些平台進行收購，並深化與商業生態系統中關鍵參與者的策略合作夥伴關係，為我們的客戶創建更強大、更有凝聚力的商業解決方案套件。

This strategic move underscores our commitment to leveraging AI to enhance commerce and deliver superior results for our clients. The combination with Omnicom and their complementary capabilities like their Flywheel platform will further position us as a leader in innovation that can drive sales and business results for marketers in the commerce space.

這項策略性舉措凸顯了我們致力於利用人工智慧來促進商業發展並為客戶提供卓越成果的承諾。與 Omnicom 的結合以及其 Flywheel 平台等互補功能將進一步使我們成為創新領域的領導者，從而推動商業領域行銷人員的銷售和業務成果。

During the quarter, we also launched AI console, a personal AI agent available to all of our employees. AI console is part of our interact marketing platform that enhances productivity by enabling users to create custom AI agents for the full range of capabilities we provide for our clients that just summarizing media plans, drafting press releases and generating image markets to name just a few examples.

本季度，我們還推出了 AI 控制台，這是所有員工都可以使用的個人 AI 代理。AI 控制台是我們互動行銷平台的一部分，它允許用戶創建自訂 AI 代理，從而提高生產力，為客戶提供全方位的功能，這些功能包括總結媒體計劃、起草新聞稿和生成圖像市場等等。

Beyond the foundational use cases that media brands and Acxiom have pioneered for us in AI through our Interact software platform, there are now thousands of Interpublic practitioners using Interact and soon AI console to leverage AI to improve efficiency and creativity across all areas of our business.

除了媒體品牌和 Acxiom 透過我們的 Interact 軟體平台在人工智慧領域為我們開創的基礎用例之外，現在有數千名 Interpublic 從業者使用 Interact 和即將推出的人工智慧控制台來利用人工智慧來提高我們業務各個領域的效率和創造力。

Within our MD&E solutions, I mentioned Acxiom, which saw renewals in the quarter and new business wins with clients in the telco, TPG, financial services, insurance and health care sector. Nielsen and Acxiom also announced a new collaboration whereby Nielsen will sink Acxiom real ID into their system for cross-platform and data-driven linear media.

在我們的 MD&E 解決方案中，我提到了 Acxiom，該公司在本季度實現了續約，並在電信、TPG、金融服務、保險和醫療保健領域的客戶中贏得了新業務。尼爾森和 Acxiom 也宣布了一項新的合作，尼爾森將把 Acxiom 真實身分納入其跨平台和數據驅動的線性媒體系統。

Acxiom and Snowflake signed an expanded multiyear partnership agreement to power cloud modernization and data collaboration as well as AI for leading brands. This allows clients to maximize the power of their first-party data in marketing while safeguarding privacy and security.

Acxiom 和 Snowflake 簽署了一份擴大的多年合作協議，旨在為領先品牌提供雲端現代化和數據協作以及人工智慧支援。這使得客戶能夠在保護隱私和安全的同時最大限度地發揮其第一方資料在行銷中的作用。

Mediabrands as you've heard posted strong growth in the quarter due to good regional new business across global markets and in all three of our media agency brands. Media post also named IPG Mediabrands as its Media Agency of the Year, and Mediabrands and UM are finalists for Campaigns Global Agency of the Year awards.

正如您所聽到的，由於全球市場和我們所有三個媒體代理品牌的良好區域新業務，Mediabrands 本季度實現了強勁增長。Media post 也將 IPG Mediabrands 評為年度最佳媒體代理商，而 Mediabrands 和 UM 則入圍了 Campaigns 年度全球最佳代理商獎的決賽。

In the (inaudible) segment, we shared previously that as part of its global consolidation review earlier this year, Kimberly-Clark expanded its partnership within Republic with an integrated holding company solution led by FCB. FCB retained its top position in the one club for creativity's global creative rankings.

在（聽不清楚）部分中，我們之前分享過，作為今年早些時候全球整合審查的一部分，金佰利克拉克透過由 FCB 領導的綜合控股公司解決方案擴大了與 Republic 的合作夥伴關係。博達大球場在「one club for creative」全球創意排名中繼續保持領先地位。

This was announced earlier in the quarter when FCB finished 2024 as Agency Network of the Year and FCB New York was again named Global Agency of the Year.

這是在本季早些時候宣布的，當時 FCB 以 2024 年度代理商網絡的稱號結束，而 FCB 紐約再次被評為年度全球代理商。

In our healthcare space, IPG Health was named Network of the Year by advertising health and a number of its agencies led across a range of award categories and in the Agency of the Year distinctions. Forrester released its 2025 evaluation of marketing, creative and content services, and McCann was recognized in that ranking as a strong performer setting the standard for creative vision with its mission to build enduring platforms through its truth well tolled methodology.

在我們的醫療保健領域，IPG Health 被《廣告健康》評為“年度最佳網絡”，其旗下多家代理機構在一系列獎項類別和“年度最佳代理機構”榮譽中名列前茅。Forrester 發布了對 2025 年行銷、創意和內容服務的評估，麥肯在該排名中被認可為表現強勁的公司，其使命是透過其事實充分披露的方法建立持久的平台，為創意願景樹立了標準。

Among our US based creative agencies, The Martin Agency saw wins in Q1 with Hershey's and Ulta Beauty, and Deutsche earned a spot on Ad Age's prestigious 2025 A list. Within our SC&E segment, Weber Shandwick recently launched the Weber Advisory, which is an integrated data and technology-enabled corporate advisory powered by our AI and tech platforms.

在我們位於美國的創意機構中，馬丁公司 (Martin Agency) 在第一季度憑藉好時 (Hershey’s) 和 Ulta Beauty 獲得了勝利，而德意志銀行 (Deutsche) 則在《廣告時代》(Ad Age) 享有盛譽的 2025 年 A 級榜單上佔有一席之地。在我們的 SC&E 部門內，萬博宣偉最近推出了萬博諮詢服務，這是一個由我們的人工智慧和技術平台提供支援的整合數據和技術支援的企業諮詢服務。

This integrates Acxiom's data spine to transform how organizations use data, technology and AI in their earned, owned and social media campaigns. IPG, Acxiom and a number of leading social networks are also collaborating to develop capabilities designed to help marketers identify relevant and engaging creators and influencers and match them with their specific target audiences.

這整合了 Acxiom 的數據主幹，以改變組織在其贏得的、自有的和社交媒體活動中使用數據、技術和人工智慧的方式。IPG、Acxiom 和一些領先的社交網路也在合作開發旨在幫助行銷人員識別相關且有吸引力的創作者和影響者，並將他們與特定的目標受眾進行匹配的功能。

This solution leverages Acxiom's real identity to address the challenges of effective creator identification. By focusing on audience engagement, we're able to improve business outcomes in this high-growth area. At the PR Week Awards, Weber was named Agency of the Year and Golin won a range of awards, including Best Promotional event for GrubHub best in arts, entertainment, sports and media for Verizon, best in employee engagement for McDonald's and Best Global campaign again for McDonald's.

該解決方案利用 Acxiom 的真實身份來解決有效創作者識別的挑戰。透過專注於受眾參與度，我們能夠改善這一高成長領域的業務成果。在 PR Week Awards 頒獎典禮上，Weber 被評為年度最佳代理商，Golin 則贏得了一系列獎項，包括 GrubHub 的最佳促銷活動獎、Verizon 的最佳藝術、娛樂、體育和媒體獎、麥當勞的最佳員工敬業度獎以及麥當勞的最佳全球活動獎。

In the experiential marketing space, campaign named Momentum is experiential Agency of the Year for the second year running. The agency created a heralded ultimate fan experience in the Final 4 with Coca-Cola, Powerade and GEICO.

在體驗式行銷領域，名為「Momentum」的活動連續第二年被評為年度體驗式代理商。該機構與可口可樂、Powerade 和 GEICO 合作，在四強賽中創造了極致的球迷體驗。

Oktagon continues to excel in sports and entertainment, which is an area that is highly differentiated, Brainerd Public and part of a sector within marketing that continues to grow in importance. The agency recently secured landmark partnerships for Bank of America and the Home Depot with US Soccer following their inaugural partnerships with FIFA for the 2026 World Cup. These multiyear agreements represent two of the largest long-term investments in the US Soccer history.

Oktagon 在運動和娛樂領域繼續表現出色，這是一個高度差異化的領域，也是布雷納德公共和行銷領域中重要性不斷增長的一部分。繼 2026 年世界盃首次與國際足總合作之後，該機構最近又為美國銀行和家得寶與美國足球協會建立了具有里程碑意義的合作夥伴關係。這兩項多年協議是美國足球史上最大的兩項長期投資。

Pivoting now, and looking forward, we did not see anything in the first quarter or in April that would cause us to reconsider our expectations for the year, but we remain focused on delivering against the revenue and margin targets shared with you on our call in February.

現在回顧並展望未來，我們在第一季或四月沒有看到任何會讓我們重新考慮今年預期的情況，但我們仍然專注於實現我們在二月份電話會議上與您分享的收入和利潤率目標。

Strong Q1 growth at a number of our agencies mitigated the impact of the three large 2024 losses that as we've indicated will mute organic revenue performance this year. And in terms of profitability and cost management, we have begun to right-size over the course of 2024 and with associated elevated expense and have now made strong progress in the transformation program we announced at the beginning of the year, which speeds our progress on strategic centralization and platforming.

我們多家代理商第一季的強勁成長減輕了 2024 年三大虧損的影響，正如我們所指出的，這些虧損將抑制今年的有機收入表現。在獲利能力和成本管理方面，我們已經開始在 2024 年期間進行適當規模調整，並相應增加了費用，目前我們在年初宣布的轉型計劃中取得了重大進展，這加快了我們在戰略集中化和平台化方面的進展。

The macro is increasingly volatile, however, but we are staying very close to our clients as they plan for contingencies in light of the rapid pace of change and resulting uncertainty that we are all seeing. As we've seen in past periods when confronted with challenging economic cross currents, the impact on our clients can vary widely (inaudible) industry sectors benefit from greater flexibility in their own operating models or greater access to localized or alternative sourcing, or geographic exposure that can be beneficial in relative terms.

然而，宏觀經濟波動性越來越大，但我們與客戶保持密切聯繫，因為他們正在根據我們所看到的快速變化和由此產生的不確定性制定應急計劃。正如我們在過去面臨嚴峻的經濟狀況時所看到的那樣，我們的客戶所受到的影響可能存在很大差異（聽不清楚），各個行業受益於自身營運模式的更大靈活性，或更多的本地化或替代採購管道，或相對有利的地理覆蓋範圍。

The consumer sentiment has been resilient to date. Confidence is not at the levels we were seeing at the end as we entered the year. For many marketers, that may require a shift in products and services and the potential for the greater emphasis on value.

迄今為止，消費者情緒一直保持堅挺。當我們進入今年年底時，信心還沒有達到我們所看到的水平。對於許多行銷人員來說，這可能需要轉變產品和服務，並更加重視價值。

With our great resources in terms of talent, technology and data, we are well positioned to help our clients should they need to activate a shift in focus, channels and marketing activity. And as clients look to invest in marketing that directly impact sales, Acxiom is a key factor in how we can help businesses win.

憑藉我們在人才、技術和數據方面的豐富資源，我們能夠幫助客戶在重點、通路和行銷活動方面實現轉型。當客戶希望投資於直接影響銷售的行銷時，Acxiom 是我們幫助企業取勝的關鍵因素。

With this data foundation, our agencies and clients are operating on Infobase, the world's largest, most secure and most trusted core identity resource outside the world gardens. Companies can get a single view of the consumer, which in turn leads to increased precision and personalization in all marketing disciplines, leading to conversion with customers.

有了這個資料基礎，我們的機構和客戶就可以在 Infobase 上開展業務，它是世界花園之外全球最大、最安全、最值得信賴的核心身分資源。公司可以獲得消費者的單一視圖，從而提高所有行銷學科的精確度和個人化，從而實現與客戶的轉換。

Some of our competitors are prone to sound by commentary when it comes to the benefits of their approaches or assets in the data space.

當談到數據領域的方法或資產的優勢時，我們的一些競爭對手傾向於透過評論來表達。

Yet despite what they claim, there is no better data asset than Acxiom when it comes to delivering precision, transparency and trust. Acxiom maintains direct integrations with a full range of media publishers, DSPs, SSPs and marketing technology platforms, giving an end-to-end connectivity across the entire media and tech ecosystem.

然而，儘管他們如此聲稱，但在提供精確度、透明度和信任度方面，沒有比 Acxiom 更好的數據資產。Acxiom 與各種媒體出版商、DSP、SSP 和行銷技術平台保持直接整合，為整個媒體和技術生態系統提供端到端連接。

We aligned the cadence of data refresh to the source systems of data that are relevant to a specific client and marketing situation, which means we refresh data anywhere from real time to weekly depending on the data type and use case. And through our proprietary Acxiom assets and our connected tech platform ecosystem, we reach virtually every addressable person and audience globally.

我們將資料刷新的節奏與與特定客戶和行銷情況相關的資料來源系統保持一致，這意味著我們根據資料類型和用例以即時到每週的任何時間刷新資料。透過我們專有的 Acxiom 資產和互聯技術平台生態系統，我們幾乎可以接觸到全球每個可尋址的個人和受眾。

The noise about reach as a percentage of global population is just that. What's key to sophisticated marketers is calibrating the right message to the right audience in the most effective omnichannel environments, whether that's paid media, the earned world of influencers, retail media networks or client-owned properties and channels.

關於覆蓋率佔全球人口百分比的爭論僅此而已。對於成熟的行銷人員來說，關鍵在於在最有效的全通路環境中向正確的受眾傳遞正確的訊息，無論是付費媒體、有影響力的贏利世界、零售媒體網路還是客戶擁有的財產和管道。

In partnership with leading social media networks, we help clients identify the brand-safe creators and influencers with the highest relevance and business impact for their growth audiences. So Acxiom's data and tools, our real ID identity resolution capabilities, combined with Interpublic agency expertise are what help us deliver measurable ROI, and that's vital in the current environment, which is why Interpublic continues to be a trusted partner at the heart of the growth agenda for many of the world's most ambitious businesses.

透過與領先的社群媒體網路合作，我們幫助客戶識別與其成長受眾最相關且業務影響最大的品牌安全創作者和影響者。因此，Acxiom 的數據和工具、我們的真實身分識別能力，加上 Interpublic 代理商的專業知識，幫助我們實現了可衡量的投資回報率，這在當前環境下至關重要，這也是為什麼 Interpublic 繼續成為世界上許多最雄心勃勃的企業成長議程核心的可信賴合作夥伴。

In terms of the acquisition by Omnicom, both companies garnered very strong support in our shareholder votes, and you know that we've cleared the regulatory bar in five jurisdictions. Across the board, clients continue to share that they're looking forward to the benefits we will be able to deliver to them once our resources, geographic strengths and company cultures come together to create an unmatched portfolio of talent, services and products.

就宏盟集團的收購而言，兩家公司都在我們的股東投票中獲得了非常強有力的支持，而且您知道我們已經通過了五個司法管轄區的監管限制。總體而言，客戶不斷表示，他們期待一旦我們的資源、地理優勢和公司文化結合在一起，創造出無與倫比的人才、服務和產品組合，我們將能夠為他們帶來利益。

Our complementary capabilities will be underpinned by the most advanced sales and marketing platform in the industry, supercharging our creativity and delivering superior data-driven outcomes for the brands we work with. We remain confident regarding the completion of the deal in the second half of 2025 as well as in the value that the new entity can create for all our stakeholders.

我們的互補能力將以業界最先進的銷售和行銷平台為基礎，增強我們的創造力，並為我們合作的品牌提供卓越的數據驅動成果。我們對於 2025 年下半年完成交易以及新實體能夠為我們所有利害關係人創造的價值充滿信心。

With that, I'd like to thank our partners and our people for their continued support and those of you on this call for your time. Let's now open the floor to questions.

最後，我要感謝我們的合作夥伴和員工一直以來的支持，也感謝參加這次電話會議的各位的時間。現在讓我們開始提問。

(Operator Instructions) David Karnovsky, JPMorgan.

（操作員指示）摩根大通的 David Karnovsky。

Hi. Thank you. I believe it'd be great if you could dig in a bit more on the types of conversations you're having with clients right now recognizing that's going to differ a lot based on the vertical and geography.

你好。謝謝。我認為，如果您能更深入地了解您現在與客戶進行的對話類型，並認識到這些對話會根據垂直和地理位置的不同而有很大差異，那就太好了。

And curious how marketers are thinking about deploying media spend. I know you mentioned no mark change in activity, but assuming that's a comment on overall levels, are you seeing any shifts within total outlays? So for instance, are clients pulling dollars from brand channels and into performance or maybe putting greater reliance on principal media buying given the uncertainty. Thanks.

並且很好奇行銷人員如何考慮部署媒體支出。我知道您提到活動沒有顯著變化，但假設這是對總體水平的評論，您是否看到總支出有任何變化？舉例來說，考慮到不確定性，客戶是否會將資金從品牌管道轉移到業績上，或者是否可能更加依賴主要媒體購買。謝謝。

Sure. No. I mean we haven't seen that change. So I think if you were to strip it back as you asked the question, the media market has been steady thus far into April. So we're basically not seeing the shift you're talking about. And so, existing trends unchanged across all of the channels, whether that's linear, digital, streaming or otherwise.

當然。不。我的意思是我們還沒有看到這種變化。因此，我認為，如果您在提問時將其剝離出來，那麼到四月為止，媒體市場一直保持穩定。所以我們基本上沒有看到你所說的轉變。因此，所有管道的現有趨勢都沒有改變，無論是線性、數位、串流媒體或其他管道。

I think that the conversations with clients go to -- some of what I tried to outline in the prepared remarks, which is that everybody is polling monitoring for sentiment. I think the consumer has been resilient thus far. Obviously, the rate at which the policy uncertainty clearly is something that everybody filters through whatever they're thinking about, right?

我認為與客戶的對話涉及我在準備好的演講中試圖概述的一些內容，即每個人都在進行民意調查以監測情緒。我認為到目前為止消費者還是具有韌性的。顯然，政策不確定性的速度顯然是每個人都會考慮的事情，對嗎？

So if you think about groups with international sourcing client organizations, they're thinking about -- we've had something happened a few years ago, where everybody thought about their supply chain. And as you remember from that, the supply chains were resilient for quite some time.

因此，如果你考慮擁有國際採購客戶組織的團體，他們正在考慮——幾年前發生了一些事情，每個人都考慮他們的供應鏈。正如您所記得的那樣，供應鏈在相當長的一段時間內都保持著彈性。

Then you think about specific industry sectors that might also be impacted. But at this point, it's what we said, which is that you've got clients thinking about contingencies. We're going to look bottoms up. I mean when you think about prior cycles, if the economy slows from a disciplined standpoint, where would we see it? We would see it in projects because they are somewhat more discretionary to your point.

然後，您會考慮可能受到影響的特定行業部門。但就目前而言，正如我們所說的，您已經讓客戶考慮應急措施。我們要徹底檢查一下。我的意思是，當你思考之前的周期時，如果經濟從有紀律的角度放緩，我們會在哪裡看到它？我們會在專案中看到它，因為就你的觀點而言，它們在某種程度上更具自由裁量權。

We might see it at digital spend that you can action more quickly. But at this point, everybody is very focused and everybody is trying to understand when there will be some measure of clarity and the changes are fairly significant, and they happen on a weekly if not quicker than that basis.

我們可能會看到，在數位支出方面，您可以更快採取行動。但此時此刻，每個人都非常專注，每個人都試圖了解何時會出現某種程度的清晰度，並且變化相當顯著，而且這些變化每週都會發生，甚至比每週更快。

So I can't really give you more than either how we're thinking on the media side, what are we seeing and the consumer see are we seeing it, specific to clients and their industry, their sector, their business model, and everybody is clearly focused on it and there are a lot of discussions about what it is that is available to us. Are we seeing significant moves to your point to different channels or different tactics, disciplines, not at this point.

因此，我無法向您提供更多信息，只能告訴您我們在媒體方面的想法，我們看到了什麼以及消費者看到了什麼，具體到客戶及其行業、部門和商業模式，每個人都明確地關注它，並且有很多關於我們可以獲得什麼的討論。我們是否看到了您所說的不同管道、不同策略、不同學科的重大轉變？目前還沒有。

Thanks for that. And then, just can you expand a bit on the SC&E segment in the quarter? I think Ellen noted experiential off? I know events can be choppy but it's also, we would think one of the more discretionary offerings you have. So just wanted to understand a bit better the trend in that segment relative to the prior several quarters.

謝謝。那麼，您能否稍微詳細談談本季的 SC&E 部分？我認為艾倫注意到了經驗之談？我知道事情可能會很不穩定，但我們認為這也是你們提供的更自由的選擇之一。因此，只是想更好地了解該部分相對於前幾季的趨勢。

Look, I mean I think choppy is a good word for it. I mean, everything is clearly choppier. It is the segment in which you would see more project spend. Those are -- I think we called out for you that PR grew. Golin was the key driver of that. And what you then have are three businesses that don't have such scale that you don't have specific client-specific events that would drive that contraction. I don't know what Ellen has any --

瞧，我的意思是，我認為「波濤洶湧」這個詞很貼切。我的意思是，一切顯然都變得更加混亂了。這是您會看到更多項目支出的部分。這些都是——我想我們已經向你們呼籲 PR 正在成長。戈林是這個過程的關鍵推動者。而你所擁有的三家企業都沒有那麼大的規模，因此沒有特定的客戶特定事件來推動這種萎縮。我不知道艾倫有什麼--

The only thing I would add to that is their performance was as we had expected entering the year, consistent. So there was nothing that changed due to the macro that we're talking about.

我唯一想補充的是，他們的表現正如我們預期的那樣，與今年一致。因此，我們所討論的宏不會帶來任何改變。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

I just had a quick question on working capital. You called out that low capital use in the first quarter. But I was just going back to my model. I haven't seen a number that low in over 20 years. So can you just unpack that a bit? Has anything changed in the way you're running the business? Or is it account loss related or what drove such a small number?

我只是想問一個關於營運資金的簡單問題。您指出第一季的資本使用率較低。但我只是回到我的模型。二十多年來我從未見過如此低的數字。那你能稍微解釋一下嗎？您的經營方式有什麼改變嗎？或者是否與帳戶損失有關，或者是什麼導致瞭如此少的數字？

First of all, thank you for the question, and thank you for noting the historical low. However, as we say every quarter, working capital is volatile, and we're very disciplined on how we manage it. That doesn't change from quarter-to-quarter from when we onboard a client to the management of payables extreme discipline and really consistent processes.

首先感謝您的提問，也感謝您注意到這段歷史低點。然而，正如我們每個季度所說的那樣，營運資金是不穩定的，我們對如何管理它非常嚴格。從我們接納客戶到管理應付款項的嚴格紀律和真正一致的流程，這一點每季都不會改變。

It's just volatile and whether you get paid on the 30th or the 31st or the first or the second makes a big difference. This quarter, there was a slight influence from the restructuring that benefited a little bit, but it still was a low. But I don't think anything structurally changed. I think you will see the volatility continue.

它只是不穩定，而您是在 30 號還是 31 號、1 號還是 2 號獲得報酬會產生很大的不同。本季度，重組的影響略有改善，但仍處於低點。但我認為結構上沒有任何改變。我認為你會看到波動持續下去。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Hi. Thanks. Just had a couple. I was curious how you would characterize the pricing environment and how you're thinking about how pricing power is trending in the industry in IPG specifically? And then secondly, just the way on any potential client conflicts you may have seen with the transaction with Omnicom and whether that has impacted the guide or expectations at all? Thanks

你好。謝謝。剛剛吃了幾個。我很好奇您如何描述定價環境，以及您如何看待 IPG 產業定價權的趨勢？其次，在與 Omnicom 的交易中，您可能遇到哪些潛在客戶衝突，這些衝突是否對指南或預期產生了影響？謝謝

On the latter, I mean, we are now five months in, right? And I think that we've been clear throughout that the industry has come a long ways relative the conflict issue, the nature of what we do, the services we bring, we're core to how companies do more than advertising, but ultimately really how to go to market across a ranger marketing and sales channels.

對於後者，我的意思是，我們現在已經五個月了，對吧？我認為，我們始終都很清楚，相對於衝突問題、我們所做工作的性質、我們提供的服務，我們對於公司如何做廣告以及最終如何通過廣泛的營銷和銷售渠道進入市場至關重要，而這個行業已經取得了長足的進步。

So at this point, we've not seen anything in that regard. It's hard not to then be superstitious and say, a lot a minute, why did you ask me that question. But clients, as we've said throughout, are very supportive, right? They see that there are going to be meaningful benefits, whether it's in terms of the range and sophistication of offerings inclusive of media, which maybe goes to the question you asked, the first part of your question, the geographic complementarity.

因此目前為止，我們還沒有看到這方面的任何進展。那麼很難不迷信，而且常常問自己，為什麼問我這個問題。但正如我們一直在說的，客戶非常支持，對嗎？他們看到了將會帶來的有意義的好處，無論是在包括媒體在內的產品的範圍和複雜程度方面，這也許可以回答你提出的問題，即問題的第一部分，即地理互補性。

Just a lot of the things that we've called out about the benefits of bringing a range of capabilities that is both very, very broad and very, very forward-looking and then being able to continue to invest behind those. So as we said, we stay close to clients independent of the macro. But so far, all the signals there are positive.

我們已經提到了很多關於帶來一系列非常廣泛、非常前瞻性的能力的好處，並且能夠繼續對其進行投資。正如我們所說，無論宏觀因素如何，我​​們都會密切關注客戶。但到目前為止，所有的訊號都是正面的。

And then on your pricing question, I think we've been answering versions of that question for some time as an industry where there was the hay to what extent is procurement part of the conversations to what extent do you have to demonstrate to clients that they're getting better, but they're also getting better with the benefits of efficiencies.

然後關於您的定價問題，我想我們作為一個行業，已經回答過這個問題的不同版本一段時間了，在這個行業中，採購在多大程度上是談話的一部分，您必須在多大程度上向客戶證明他們正在變得更好，但他們也在通過效率的提高而變得更好。

So I don't know that we're seeing anything, and I'll happily ask Ellen to jump in on this. But I don't think we've seen anything that is out of line with a fairly long-standing trend line for the industry.

所以我不知道我們看到了什麼，我很樂意請艾倫參與此事。但我認為，我們並沒有看到任何與該行業長期趨勢不符的事情。

No. I completely agree. It's been competitive and it remains competitive, but that's just part of the business.

不。我完全同意。競爭一直很激烈，而且仍然保持競爭力，但這只是業務的一部分。

Michael Nathanson, MoffettNathanson.

邁克爾·納桑森（Michael Nathanson），MoffettNathanson。

Good morning. Philippe, I have a question for you. I asked John question as well. Given the opportunity to create a bigger and better company, I wonder what's new business activity look like in terms of pitches. I would think as clients await this combination. I would hold off looking for new partners.

早安.菲利普，我有一個問題想問你。我也問了約翰這個問題。如果有機會創造一家更大更好的公司，我想知道新的商業活動在宣傳方面是什麼樣的。我認為客戶正在等待這種組合。我會暫時停止尋找新的合作夥伴。

So can you talk a bit about parent you're seeing in new business activity for you all? And then Ellen on the headcount changes, is there any way just to mention how much of that is organic versus tied to dispositions on those assets? Thanks.

那麼，您能否和我們談談您在新的商業活動中看到的家長的情況？然後艾倫談到員工人數的變化，有沒有辦法說明其中有多少是有機的，有多少是與這些資產的處置相關的？謝謝。

I'll let Ellen take that one, and then I'll jump back in.

我會讓艾倫拿那個，然後我會跳回去。

Sure. We've said that the organic change was 6.5%. So that was part of the prepared remarks. And we are very focused as part of our transformation efforts on many things and many ways of becoming more efficient. Part of that is a focus on greater centralization. We began that process well over a year ago by implementing common systems and technology.

當然。我們說過有機變化率為 6.5%。這就是準備好的發言稿的一部分。作為轉型努力的一部分，我們非常注重提高效率的許多面向和方法。其中一部分是注重更大程度的集中化。我們在一年多前就開始了這個過程，實施了通用系統和技術。

And now we're moving from a much more of a federated approach to a much more centralized operating model for many of our support functions, including finance, HR and IT. We're also really looking at standardizing processes and creating centers of excellence which will continue to yield greater efficiencies and give us more of an opportunity to focus on right shoring.

現在，我們正在從更聯合的方式轉向更集中的營運模式，以支援我們的許多支援職能，包括財務、人力資源和 IT。我們也在認真考慮標準化流程和創建卓越中心，這將繼續提高效率，並為我們提供更多機會專注於正確的支援。

In addition, on the agency side, we're really focused on driving platform benefits in key client-facing areas such as production and analytics. And we're streamlining and simplifying certain of our organizational structures, really optimizing spans and layers of management. So that's really where you're seeing the organic change coming from.

此外，在代理商方面，我們真正專注於在生產和分析等面向客戶的關鍵領域推動平台優勢。我們正在精簡和簡化某些組織結構，真正優化管理跨度和層級。這就是您真正看到的有機變化的來源。

On your question around new business, I think what's interesting is new business is definitely the environment is, I'd say, moving along. It's happening at a level that's a mid-range level. I think the macro might play a role as well.

關於您關於新業務的問題，我認為有趣的是，新業務肯定是環境不斷發展的。它發生在中等水平。我認為宏也可能發揮一定作用。

And then if you think about when we've gone through more challenging economic cycles and given that there's a lot of uncertainty out there right now, it does beg the question about whether or not a marketer wants the incremental challenge of changing partners or assessing partners.

然後，如果你想想我們經歷過更具挑戰性的經濟週期，並且考慮到現在有很多不確定性，這確實引出了一個問題：行銷人員是否願意接受更換合作夥伴或評估合作夥伴的漸進式挑戰。

And then as I think you've probably heard or read, John and I have spent some time with the intermediaries who clearly run a lot of those processes so that there can be clarity on their part in terms of how we see the world and ultimately the ways in which the combined company will stand out.

然後，我想你可能已經聽說過或讀到過，約翰和我花了一些時間與中間商交流，他們顯然負責很多流程，以便他們能夠清楚地了解我們如何看待世界，以及最終合併後的公司將如何脫穎而出。

And as we've said, we believe we'll bring an unmatched set of capabilities and skills, but we've also reiterated that in the interim and until such time as we get all the way through regulatory. It's business as usual. And so, if you are going to be in market you clearly should consider both companies. Interestingly, I guess, I misspoke because as we were here, we just cleared (inaudible) so Singapore just gave us the green light.

正如我們所說，我們相信我們將帶來無與倫比的能力和技能，但我們也重申，在此期間以及在我們完全通過監管之前。一切如常。因此，如果您要進入市場，您顯然應該考慮這兩家公司。有趣的是，我想我說錯了，因為當我們在這裡時，我們只是清理（聽不清楚），所以新加坡就給我們開了綠燈。

So I would say that new business activity industry-wide is solid. TBD, whether or not the macro will impact it. And then clients are pretty thoughtful. They're very sophisticated and they understand what the benefits will be, could be when our companies come together.

所以我想說整個產業的新業務活動是穩健的。待定，巨集是否會影響它。然後客戶就會變得非常體貼。他們非常精明，他們知道當我們的公司合併時可能會帶來什麼好處。

And if that informs their decision about how and when to think about who their partners should be that's clearly a decision that they will make. But we're not seeing dramatic change based on that.

如果這能幫助他們決定如何以及何時考慮誰是他們的伴侶，那麼這顯然是他們會做出的決定。但我們並沒有看到由此產生的顯著變化。

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

Thank you. A Question on margin. How should we think about the margin impact of the restructuring actions you've taken to date, and we'll see over the remainder of the year? And how much of the run rate savings will you capture in this fiscal year? And then as a follow-up, what areas drove the upside to the restructuring savings target.

謝謝。關於保證金的問題。我們該如何看待您迄今為止採取的重組行動對利潤率的影響？我們將在今年剩餘時間內看到這一點嗎？您在本財政年度將實現多少運行率節省？接下來的問題是，哪些領域推動了重組儲蓄目標的實現。

I'll let Ellen start.

我讓艾倫開始。

Sure. So when we announced the transformational efforts or the restructuring in February, we said the in-year savings would be $250 million. We've now increased the amount of the expected charge to $300 million to $350 million. And on a run rate annualized basis, we're also increasing the benefits we're seeing to at least $300 million to $350 million, which we say will accrue to the newly larger organization.

當然。因此，當我們在二月宣布轉型舉措或重組計劃時，我們表示，今年的節省將達到 2.5 億美元。現在，我們已將預期收費金額提高至 3 億美元至 3.5 億美元。並且，以年化運行率計算，我們也將看到的收益增加到至少 3 億至 3.5 億美元，我們認為這些收益將歸於新擴大的組織。

And there's very little duplication of ad with the $750 million that is related to the Omnicom acquisition. We are just -- in all the areas that I outlined, we're just seeing more opportunities, and we're moving at speed to achieve them.

與 Omnicom 收購案相關的 7.5 億美元廣告幾乎沒有重複。在我概述的所有領域中，我們都看到了更多的機會，我們正在快速行動以實現這些機會。

So whether that's the centralization, whether that optimizing spans and layers of management, whether that's streamlining more opportunities to reduce our real estate footprint as well as rationalizing underutilized assets. So the more we're getting into the transformation efforts, the more opportunity we're finding and we're moving at speed to capitalize on them.

因此，無論是集中化，還是優化管理跨度和層次，還是簡化更多機會以減少我們的房地產足跡以及合理化未充分利用的資產。因此，我們越深入地進行轉型，就越能發現機會，而我們正在快速採取行動來利用這些機會。

There's nothing net new in terms of an area of focus for us in terms of where we're centralizing, how we're standardizing, where we're thinking about offshoring or what you could refer to as platforming. It's just that as the work has begun we've just seen more opportunity to rethink whether it's structures or really whether it's ways of working.

就我們關注的重點領域而言，沒有什麼是全新的，例如我們如何集中化、如何標準化、我們在考慮哪裡進行離岸外包或你所說的平台化。只是，隨著工作的開始，我們看到了更多的機會來重新思考它是否是結構，或者是否真的是工作方式。

Julien Roch, Barclays.

巴克萊銀行的朱利安·羅奇（Julien Roch）。

Yes. Good morning, Philippe, Ellen, Jerry. Thanks for taking my questions. No strategy, only numbers. So can we have an idea of how much of the $300 million to $350 million restructuring is cash versus non-cash? Looks like it was around [150] in Q1, but for full year and for next year? First question.

是的。早安，菲利普、艾倫、傑瑞。感謝您回答我的問題。沒有策略，只有數字。那麼，我們能否知道這 3 億至 3.5 億美元的重組中有多少是現金，有多少是非現金？看起來第一季的數字大約是 [150]，但全年和明年的數字是怎麼樣的呢？第一個問題。

Then when will this cash restructuring take place, all in '25 or some in '26? Can we have an idea of the phasing? And then an idea of the timing of the benefits between '25, '26 and '27. And then on FX, if the rate or the exchange rate don't change at all for the rest of the year, can we have an idea of the impact Q2, Q3, Q4? Thank you.

那麼，現金重組何時進行，全部在 2025 年還是部分在 2026 年？我們能了解一下分階段的情況嗎？然後討論一下 25、26 和 27 年之間福利發放的時間。然後就外匯而言，如果利率或匯率在今年剩餘時間內完全沒有變化，我們能否了解其對第二季、第三季、第四季的影響？謝謝。

Good morning. I'll start with the FX, which is the rates continue, we're projecting about negative 60 basis points for the full year. As far as the timing of the savings in cash and non-cash. I'll start with cash and noncash flow. I would expect the ratio that you saw in Q1 to continue through the full program.

早安.我先從外匯開始，如果利率繼續保持，我們預計全年利率將下降約 60 個基點。至於現金和非現金儲蓄的時機。我將從現金和非現金流開始。我預計您在第一季看到的比例將在整個計劃中持續下去。

We're expecting to complete our program by the end of the year with the majority of the expense takeout or the charges to be realized in the first half. The savings for the in-year are, we believe, as we originally, but with larger savings on a run rate basis in '26 and beyond. They are structural savings so they should be enduring.

我們預計將在今年年底前完成我們的計劃，大部分費用支出或收費將在上半年實現。我們相信，今年的節省金額與最初的節省金額相同，但 26 年及以後的節省金額將更大。它們是結構性儲蓄，因此應該能夠持久。

Yes. They're structural.

是的。它們是結構性的。

Okay. We're not going to get the whole [$300 million, $350 million] in '26, right? I mean if you had to venture how much of that we'll get in '26 versus later.

好的。我們不會在 26 年就獲得全部 [3 億美元、3.5 億美元]，對吧？我的意思是，如果你必須冒險的話，我們會在 26 年或以後獲得多少。

So the approximate $250 million is what we're saying for '25 and the $300 million to $350 million should be in '26.

因此，我們所說的 25 年約為 2.5 億美元，而 26 年則應為 3 億至 3.5 億美元。

And recurring beyond.

並且不斷重複。

Okay. So we get the whole benefit from '26 and then obviously, same number going forward.

好的。因此，我們從 26 年開始就獲得了全部利益，而且顯然，未來的利益數字是相同的。

Exactly.

確切地。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Good morning. Thank you. Can you know we only have a few minutes here. Can you just update us on your AI efforts? How are you feeling about that in terms of services enhancements, product enhancements versus cost savings? Are you seeing any of those AI cost savings in the quarter we just finished? Thank you.

早安.謝謝。你知道我們在這裡只有幾分鐘的時間嗎？您能否向我們介紹一下您在人工智慧方面的工作？就服務增強、產品增強和成本節約而言，您有何感受？在我們剛結束的這個季度中，您是否看到了人工智慧成本的節省？謝謝。

I think Ellen can speak to if you're asking on the efficiency side, and then obviously, I'm happy to talk about how it's integrated or add to what was in the prepared remarks about how it's being integrated on the capabilities and client facing side.

如果您詢問的是效率方面的問題，我想艾倫可以談談，然後顯然，我很樂意談論它是如何集成的，或者補充準備好的評論中關於如何在功能和麵向客戶方面進行集成的內容。

Yeah. I mean as we're moving to more common systems, I mean, AI is a component of that. I think you will still see -- I think it's still early stages, right? We are baking it into as many places as we can. We've had training across a lot of the corporate groups to really stimulate intellectual curiosity on all the different use cases.

是的。我的意思是，隨著我們轉向更常見的系統，人工智慧是其中的一個組成部分。我想你仍然會看到——我認為它仍處於早期階段，對嗎？我們正在將它烘焙到盡可能多的地方。我們已經對許多企業集團進行了培訓，以真正激發人們對所有不同用例的好奇心。

We're using it in our shared services centers to automate more processes. But as we continue to standardize and move into right shoring, there will be more and more AI capabilities baked in. So I'd say we're seeing some but it's still in early innings, and there's a lot more to come.

我們在共享服務中心使用它來實現更多流程的自動化。但隨著我們不斷標準化並進入正確的支援階段，將會有越來越多的人工智慧功能融入其中。所以我想說我們已經看到了一些，但這仍處於初期階段，而且還會有更多。

And then on the client service capability product side, we've talked about this in the past, and I know you've paid close attention to in the Acxiom business and across Mediabrands, it's the technology, whether it was machine learning or otherwise, it's something that's really been core to what we've been doing for a number of years.

在客戶服務能力產品方面，我們過去曾討論過這個問題，我知道您密切關注 Acxiom 業務和整個 Mediabrands，無論是機器學習還是其他技術，這都是我們多年來一直在做的事情的核心。

The impact of Gen AI, the rate of adoption across the group has been, I think, increasing quite dramatically in the last 6 to 12 months. I called out something that, I actually just spent some time with some clients on the owned social side and how it's really become core to how we're going to market in that whole part of the sector of the business, I think across the consumer ad agencies, whether at an FCB at a Deutsche, McCann, you're definitely seeing it being incorporated into a broad range of everything from the way in which we do strategy work and define audience opportunities so that it's really a business conversation with a client all the way through to the smart production and delivery of content.

我認為，Gen AI 的影響以及整個群體的採用率在過去 6 到 12 個月內一直在急劇上升。我提出了一些想法，實際上我剛剛與自有社交方面的一些客戶花了一些時間，以及它如何真正成為我們在整個業務領域進行營銷的核心，我認為在消費者廣告代理機構中，無論是在德意志銀行的 FCB 還是麥肯，你肯定會看到它被納入到廣泛的領域，從我們制定戰略工作和定義受眾機會的方式，以便它真正成為與客戶的業務

And then the ability to then track that content and understand how consumers are interacting with that content, which I think is interesting because it will increasingly open the opportunity for more accountability and more signal back and therefore on the creative sides of the business, I think, a revenue model that's more performance based.

然後，您可以追蹤這些內容並了解消費者如何與這些內容互動，我認為這很有趣，因為它將為更多的責任和更多的訊號回饋提供更多機會，因此在業務的創意方面，我認為，這是一種更基於績效的收入模式。

So I think we're pleased at the degree to which AI is being incorporated to Ellen's point on the processes, how we run the business, but also the delivery of service and product to clients.

因此，我認為我們對人工智慧在流程、業務運營以及向客戶提供服務和產品方面融入艾倫的觀點的程度感到滿意。

Great. Thank you, both.

偉大的。謝謝你們兩位。

I think I understood that to be the last question. So as I said, we appreciate the attention. We look forward to updating you again in a couple of months' time, and a lot can happen in those few months. So everybody here will be very focused on what we laid out, which is just our clients and delivering for them. Thank you.

我想我明白這是最後一個問題。正如我所說，我們感謝您的關注。我們期待在幾個月後再次向您更新訊息，在這幾個月可能會發生很多事情。因此，在座的每個人都會非常專注於我們所設定的目標，即我們的客戶以及為他們提供服務。謝謝。

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

謝謝。今天的會議到此結束。您現在可以斷開連線。