Interpublic Group of Companies Inc (IPG) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Interpublic Group second-quarter 2025 conference call. (Operator Instructions) This conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations.

早安，歡迎參加 Interpublic Group 2025 年第二季電話會議。（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。現在我想介紹投資者關係資深副總裁傑瑞‧萊什內先生。

Sir, you may begin.

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.

早安.感謝您加入我們。今天上午，我們的執行長 Philippe Krakowsky 和財務長 Ellen Johnson 也來到了我們這裡。我們已在我們的網站 interpublic.com 上發布了盈利報告和幻燈片演示。我們將以準備好的發言開始，然後進行問答環節。

We plan to conclude before market open at 9:30 Eastern Time. During this call, we will refer to forward-looking statements about our company. These are subject to the uncertainties and the cautionary statement that are included in our earnings release and the slide presentation. These are further detailed in our 10-Q and other filings with the SEC.

我們計劃在美國東部時間 9:30 開市前結束交易。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不確定性和警告聲明的影響。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 financial and operational performance.

我們也將參考某些非公認會計準則指標。我們認為，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. Thank you all for joining us. This morning, I'll begin with a high-level view of the quarter and the strong progress we're making on our program of strategic transformation. Ellen will then add details on our performance, and I'll conclude with an update on the tone of the business and where our clients are focused as well as on the status of our acquisition by Omnicom and the significant value the combination will drive for all of our stakeholders.

謝謝，傑瑞。感謝大家的參與。今天上午，我將首先從高層角度回顧本季的情況以及我們在策略轉型計劃上取得的重大進展。然後，艾倫將詳細介紹我們的業績，最後我將介紹業務基調和客戶關注點，以及我們被宏盟集團收購的現狀，以及此次合併將為我們所有利益相關者帶來的巨大價值。

Starting with revenue in the quarter. Our organic decrease was 3.5%, fully consistent with the revenue outlook and phasing we shared with you earlier this year. As we've discussed on previous calls, organic growth this year is being pressured by the impact of account activity that concluded in 2024. As expected, those headwinds intensified sequentially from our first quarter.

從本季的收入開始。我們的自然降幅為 3.5%，與我們今年稍早與您分享的收入前景和分階段完全一致。正如我們在之前的電話會議上討論過的，今年的有機成長正受到 2024 年結束的帳戶活動的影響。正如預期的那樣，這些不利因素從第一季開始逐漸加劇。

Our three largest losses in 2024 weighed on growth by approximately 5.5% in Q2, which is reflected in our results across a number of geographic regions and disciplines, with the greatest impact on media and health care. That said, our growth underlying those headwinds showed sequential improvement, precisely in those historically strong areas of media and health care.

2024 年我們的三大損失對第二季的成長造成了約 5.5% 的影響，這反映在我們多個地理區域和學科的業績中，其中對媒體和醫療保健的影響最大。儘管如此，我們在這些不利因素之下的成長仍呈現連續改善，尤其是在媒體和醫療保健等歷史上表現強勁的領域。

New business performance in 2025 is showing marked improvement as well. And further, we believe that the significant changes we've already made in the business, combined with a very strong strategic fit with the capabilities and geographies at Omnicom. means that our resulting offerings will be significantly strengthened on the other side of the acquisition.

2025年新業務表現也呈現明顯提升。此外，我們相信，我們已經在業務上做出的重大改變，加上與宏盟集團的能力和地理的強大策略契合，意味著我們在收購後所提供的服務將會顯著加強。

In the quarter, client sector growth was led by strong increases in the food and beverage, financial services, and tech and telecom sectors. Headwinds due to prior period losses weighed on the retail, health care and consumer goods client sectors.

本季度，客戶部門的成長主要由食品飲料、金融服務以及科技和電信業的強勁成長所帶動。前期虧損帶來的不利因素對零售、醫療保健和消費品客戶產業造成了壓力。

Turning to expenses and profitability in the quarter. Adjusted EBITDA was $393.7 million with a margin of 18.1%. That's a very strong result that reflects significant structural cost reduction due to our program of strategic transformation as well as the strong underlying performance in media and healthcare.

談談本季的支出和獲利能力。調整後的 EBITDA 為 3.937 億美元，利潤率為 18.1%。這是一個非常強勁的業績，反映了我們策略轉型計畫帶來的結構性成本大幅降低，以及媒體和醫療保健領域的強勁表現。

During the quarter, we continued to demonstrate significant progress in greater functional centralization. Leveraging our enterprise level focus on tech-driven platform benefits in key areas, including client-facing capabilities such as production and analytics as well as corporate functions, which is IT, finance and HR management. As is clear in our report today, these initiatives have traction across the organization and we expect to exceed our initial objectives for enterprise redesign, client service delivery enhancements and ongoing operating efficiencies.

本季度，我們在職能集中化方面持續取得重大進展。利用我們企業層面對關鍵領域技術驅動平台優勢的關注，包括面向客戶的能力（如生產和分析）以及企業職能（即 IT、財務和人力資源管理）。正如我們今天的報告所明確指出的那樣，這些舉措在整個組織中都產生了影響，我們預計將超越企業重新設計、客戶服務交付增強和持續營運效率的初始目標。

Charges for restructuring in the quarter were $118 million. Our adjusted EBITDA excludes those charges as well as $11 million of deal expenses related to the combination of Omnicom, which appear in our SG&A expense. Our diluted EPS in the quarter was $0.44 as reported, which includes the restructuring investment while our adjusted diluted EPS was $0.75. During the quarter, we returned $98 million to shareholders under our share repurchase program, bringing total year-to-date share repurchase to $188 million. We currently expect to repurchase shares consistent with recent levels and the $325 million annual cap in our merger agreement.

本季重組費用為 1.18 億美元。我們的調整後 EBITDA 不包括這些費用以及與 Omnicom 合併相關的 1,100 萬美元交易費用，這些費用出現在我們的銷售、一般和行政費用中。本季度，我們的稀釋每股收益為0.44美元（含重組投資），調整後稀釋每股收益為0.75美元。本季度，我們透過股票回購計畫向股東返還了9,800萬美元，使年初至今的股票回購總額達到1.88億美元。我們目前預計將回購與近期水準和合併協議中 3.25 億美元年度上限一致的股票。

Turning to some observations on our outlook for the full year. The macro environment has been more volatile than anticipated as we entered the year, and we are, of course, staying close to clients. This, in turn, allows us to report that marketers as a whole are not reacting reflexively to the changing business and geopolitical landscape.

談談我們對全年前景的一些觀察。進入新的一年，宏觀環境比預期的更加動盪，當然，我們仍然與客戶保持密切聯繫。這反過來又讓我們可以報告，行銷人員作為一個整體並沒有對不斷變化的商業和地緣政治格局做出反射性反應。

In fact, clients are assessing developments very methodically and continue to engage with us constructively in order to evaluate their alternatives, whether that means assessing investment levels or messaging, channel mix, or the mix of marketing disciplines required to deliver against their desired business outcomes.

事實上，客戶正在非常有條理地評估發展情況，並繼續與我們進行建設性接觸，以評估他們的替代方案，無論這意味著評估投資水平或資訊傳遞、管道組合，還是實現其期望的業務成果所需的營銷學科組合。

It is specific to each of their business situations whether due to the industry, geography or competitive dynamic of the sector in which each of them operates. And that means that while there can be puts and takes by individual client, our overall experience in Q2 and the first half has netted out at levels that are consistent with what we expected, and we have not seen a marked change in net client activity. We, therefore, remain on track with a full-year target for organic net revenue that we shared earlier this year, which is an organic decrease of 1% to 2%.

無論是由於行業、地理位置或其所在領域的競爭動態，這都是針對每個企業的經營狀況而定的。這意味著，儘管個別客戶可能會有賣出和賣出，但我們在第二季和上半年的整體經驗與我們的預期一致，我們並未看到淨客戶活動發生明顯變化。因此，我們仍將按照今年稍早公佈的全年有機淨收入目標進行，即有機淨收入下降 1% 至 2%。

On a full-year 2025 adjusted EBITA margin, our transformation work and evolving business mix have put us ahead of plan. And our expected level of revenue, we're confident that our actions to date along with ongoing expense discipline can drive adjusted EBITA margin for the full year that is well ahead of the 16.6% we had shared with you previously.

就 2025 年全年調整後的 EBITA 利潤率而言，我們的轉型工作和不斷發展的業務組合使我們領先於計劃。就我們預期的收入水平而言，我們相信，我們迄今為止採取的行動以及持續的費用控制可以推動全年調整後的 EBITA 利潤率遠高於我們之前與您分享的 16.6%。

I'll come back with an update on the status of our acquisition by Omnicom, the compelling growth benefits of the new company for clients and the resulting value creation that we see in the combination. I'll also share some observations and examples to illustrate the growing pace at which AI is becoming core to our offerings and the opportunities that represents.

我將向我們介紹宏盟集團收購我們的進展、新公司將為客戶帶來的顯著成長效益以及我們在合併中看到的最終價值創造。我還將分享一些觀察和範例，以說明人工智慧正在以越來越快的速度成為我們產品的核心以及所代表的機會。

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

但現在，我將把事情交給艾倫，以便更深入地了解我們本季的業績。

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 in net revenue for the quarter was 3.5%, in line with our expected performance.

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。本季我們的淨收入有機下降了 3.5%，符合我們的預期。

Adjusted EBITA in the quarter was $393.7 million and margin on net revenue was 18.1%, which is a historic high for a second quarter. Adjustments exclude our charges for restructuring and deal expenses and SG&A related to our acquisition by Omnicom. Earnings per diluted share in the quarter was $0.44 as reported, while earnings were $0.75 per diluted share as adjusted. We repurchased 4 million shares, returning $98 million.

本季調整後的 EBITA 為 3.937 億美元，淨收入利潤率為 18.1%，創下第二季歷史新高。調整不包括我們因被 Omnicom 收購而產生的重組和交易費用以及銷售、一般和行政費用 (SG&A)。本季報告的每股攤薄收益為 0.44 美元，調整後的每股攤薄收益為 0.75 美元。我們回購了 400 萬股，並返還了 9,800 萬美元。

We concluded in the quarter in a strong financial position with $1.6 billion of cash on the balance sheet and with only 1.9 times gross financial debt to EBITDA and as defined in our credit facility. 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 second-quarter revenue on slide 4. Our net revenue in the quarter was $2.2 billion, a decrease of 6.6% from a year ago.

本季度，我們的財務狀況良好，資產負債表上有 16 億美元現金，且總財務債務與 EBITDA 比率僅為 1.9 倍（如我們的信貸安排中所定義）。翻到投影片 3，您將看到本季的損益表。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 上的第二季收入。本季我們的淨收入為 22 億美元，比去年同期下降 6.6%。

Compared to Q2 '24, the impact of the change in exchange rates was positive 30 basis points. The impact of our net divestitures mainly R/GA and Huge was negative 3.4%. Organic net revenue decrease was 3.5% in the quarter, which brings us to a decrease of 3.6% in the year's first half.

與24年第二季相比，匯率變動的影響為正30個基點。我們的淨資產剝離（主要是 R/GA 和 Huge）的影響為負 3.4%。本季有機淨收入下降 3.5%，導致今年上半年有機淨收入下降 3.6%。

Further down the slide, we break out segment net revenue performance in the quarter. Our Media Data & Engagement Solutions segment decreased 3.1% organically. Client activity in 2024, which we've identified previously, weighed on our ability to grow segment revenue in the quarter. MRM's decrease was dilutive to the overall performance of the segment. The organic decrease in our Integrated Advertising and Creativity-Led Solutions segment was 6.3%. That performance largely reflects the decision of a single client in the health care sector.

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下降了 3.1%。我們先前已確定的 2024 年客戶活動對我們在本季增加分部收入的能力構成了壓力。MRM 的下滑削弱了該部門的整體業績。我們的綜合廣告和創意主導解決方案部門的自然下降率為 6.3%。這一表現很大程度上反映了醫療保健產業單一客戶的決定。

Apart from that loss, our health care specialty operations had solid growth in the quarter. However, aside from health care, we had generally soft performance across our more traditional consumer-facing agencies. At our Specialized Communications & Experiential Solutions segment, our organic growth was 2.3%, which is led by Opticom and Momentum in our Experential Group and Golin in Public Relations.

除此損失外，我們的醫療專業業務在本季度實現了穩健成長。然而，除了醫療保健之外，我們面向消費者的傳統機構的表現普遍不佳。在我們的專業通訊和體驗解決方案部門，我們的有機成長率為 2.3%，其中主要得益於體驗集團的 Opticom 和 Momentum 以及公共關係部門的 Golin。

Moving on to slide 5, our revenue change by region in the quarter. Most regions reflect the impact of prior account activity. The US which was 66% of net revenue in the second quarter decreased 2.6% organically. IPG Mediabrands was able to close growth domestically despite the significant trailing client headwinds. Our Experiential Group and Golin grew as well. International markets accounted for 34% of our net revenue in the quarter and decreased 5.4% organically. Our three largest account losses from last year weighed on performance in each of our regional markets.

轉到投影片 5，我們本季按地區劃分的收入變化。大多數地區都反映了先前帳戶活動的影響。美國市場佔第二季淨收入的 66%，有機下降了 2.6%。儘管面臨巨大的客戶阻力，IPG Mediabrands 仍能夠在國內實現成長。我們的體驗小組和 Golin 也成長起來了。國際市場佔本季淨收入的 34%，有機下降 5.4%。去年我們最大的三個帳戶損失對我們各個區域市場的表現造成了影響。

Moving on to slide 6 and operating expenses in the quarter. Our fully adjusted EBITDA margin in the quarter was 18.1%, which is an increase of 350 basis points from a year ago. That strong result is ahead of plan and is consistent with our conviction that there's continued opportunity for margin and cash flow growth in our business. I want to acknowledge and thank our teams around the world for their focus, professionalism and high level of execution on our strategic transformation program, which continues.

轉到幻燈片 6 和本季的營運費用。本季我們全面調整後的 EBITDA 利潤率為 18.1%，比去年同期增加了 350 個基點。這一強勁業績超出了計劃，並且與我們的信念一致，即我們的業務利潤率和現金流仍有成長的機會。我要感謝我們遍布全球的團隊對我們戰略轉型計劃的專注、專業精神和高水準執行，該計劃仍在繼續。

Our adjusted EBITDA margin is before restructuring expenses and Omnicom deal costs and SG&A. The charge for restructuring was $118 million, of which $37 million is noncash while [deal] costs in the quarter were $11 million. We drove operating leverage from a year ago on every major expense line. Our ratio of total salaries and related expenses improved 350 basis points to 63.4% of net revenue. Compared to a year ago, we have leveraged on base payroll, benefits and taxes, incentives and severance expense.

我們的調整後 EBITDA 利潤率不包括重組費用、宏盟交易成本以及銷售、一般和行政費用。重組費用為 1.18 億美元，其中 3,700 萬美元為非現金，而本季的[交易]成本為 1,100 萬美元。從一年前開始，我們就在每項主要支出項目上提高了營運槓桿。我們的總薪資及相關費用比率提高了 350 個基點，達到淨收入的 63.4%。與一年前相比，我們在基本工資、福利和稅收、獎勵和遣散費方面都有所提高。

We ended the quarter with head count of approximately 51,300, an organic decrease of 6% from a year ago. Our office and other direct expenses decreased as a percent of net revenue by 40 basis points to 15%. Occupancy expense decreased by 30 basis points as a percent of net revenue, while all other office and other direct expenses decreased 10 basis points. Our SG&A expense was 2.1% of net revenue compared with 1.2% a year ago. That comparison reflects continuing investments in centralized systems, technology and software and also includes Omnicom deal costs that added 50 basis points to this increase.

本季結束時，我們的員工總數約為 51,300 人，與去年同期相比有機減少了 6%。我們的辦公室和其他直接費用佔淨收入的百分比下降了 40 個基點，至 15%。入住費用佔淨收入的百分比下降了 30 個基點，而所有其他辦公室和其他直接費用下降了 10 個基點。我們的銷售、一般及行政費用佔淨收入的 2.1%，而去年同期為 1.2%。這項比較反映了對集中式系統、技術和軟體的持續投資，也包括了宏盟集團的交易成本，這為這一成長增加了 50 個基點。

Turning to slide 7, we present detail on adjustments to our reported second-quarter results in order to give you transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EBITDA and our adjusted diluted EPS. Our expense for the amortization of acquired intangibles in the second column was $21.1 million. Charges for restructuring were $118 million. Deal costs pertaining to the planned acquisition by Omnicom were $10.9 million.

前往投影片 7，我們詳細介紹了對報告的第二季業績的調整，以便為您提供透明度和可比較業績的情況。從左側開始，我們報告結果並逐步顯示調整後的 EBITDA 和調整後的稀釋每股盈餘。第二欄我們用於攤銷所購買無形資產的費用為 2,110 萬美元。重組費用為1.18億美元。宏盟集團計劃收購的交易成本為 1,090 萬美元。

Below operating expenses are net gain due to sales of nonstrategic businesses were $1.9 million. At the foot of the slide, you can see the after-tax impact per diluted share of each of these adjustments, which bridges the second-quarter diluted earnings per share as reported of $0.44 to adjusted earnings of $0.75 per diluted share. On slide 8, we turn to cash flow for the quarter. Cash used in operations was $96 million and cash generated was $206.3 million before working capital changes. As a reminder, our operating cash flow is highly seasonal and can be volatile by quarter due to changes in the working capital component.

營業費用以下是非策略性業務銷售帶來的淨收益，為 190 萬美元。在投影片的底部，您可以看到每項調整對每股稀釋收益的稅後影響，這些調整將第二季報告的每股稀釋收益 0.44 美元與調整後的每股攤薄收益 0.75 美元聯繫起來。在第 8 張投影片上，我們討論本季的現金流。營運資本變動前，經營活動所用現金為 9,600 萬美元，產生的現金為 2.063 億美元。提醒一下，我們的經營現金流具有強烈的季節性，由於營運資本部分的變化，每季可能會出現波動。

In our investing activities, we used a net $21.3 million, primarily for our capital expenditures. Our financing activities used $223.2 million mainly for our regular quarterly dividend and share repurchases in the quarter. Our net decrease in cash for the quarter was $300.5 million. Slide 9 is the current portion of our balance sheet. We ended the quarter with $1.6 billion of cash and equivalents.

在我們的投資活動中，我們淨使用了 2,130 萬美元，主要用於資本支出。我們的融資活動使用了 2.232 億美元，主要用於本季的常規季度股息和股票回購。本季我們的現金淨減少額為 3.005 億美元。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 16 億美元。

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. In summary, 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 operationally.

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。總而言之，我們繼續保持強大的財務紀律，強勁的資產負債表和流動性意味著我們在財務和營運方面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。

Thank you, Ellen. As mentioned earlier, our organizational structure continues to evolve as we enhance the parts of the business that are growing, address areas of the portfolio where we see opportunity to embed precision and performance more fully into those service offerings, and continue to focus on transforming our ways of working to benefit from centralization, platforming and new technologies. Since its launch, IPG's Interact platform has been a key driver of our success. Interact delivers significant value by democratizing data and making AI accessible and scalable across our agencies, operation teams, brands and partners.

謝謝你，艾倫。如前所述，隨著我們增強正在成長的業務部分，解決我們認為有機會將精確度和性能更充分地嵌入到這些服務產品中的產品組合領域，並繼續專注於轉變我們的工作方式以從集中化、平台化和新技術中受益，我們的組織結構也在不斷發展。自推出以來，IPG 的 Interact 平台一直是我們成功的關鍵驅動力。Interact 透過將數據民主化並使 AI 在我們的機構、營運團隊、品牌和合作夥伴之間可存取和可擴展，實現了巨大的價值。

The platform is automating complex marketing workflows. And that empowers our agencies to deliver even greater impact for client brands to drive business results. Our teams are leveraging Interact for consumer insights and market analysis, creative ideation, content creation and message testing via synthetic audiences. All of this is in support of areas of the business that we're not as far along on their data and AI journeys 12 months ago as early adopters, such as our media business.

該平台正在實現複雜的行銷工作流程的自動化。這使我們的代理商能夠為客戶品牌帶來更大的影響，從而推動業務成果。我們的團隊正在利用 Interact 進行消費者洞察和市場分析、創意構思、內容創作以及透過合成受眾進行資訊測試。所有這些都是為了支持我們在 12 個月前作為早期採用者在數據和人工智慧之旅上進展不大的業務領域，例如我們的媒體業務。

As we continue to upscale our employees in using AI as a core component of their jobs, Interact is equipping them with a tool to enhance efficiencies, but also to deepen insights and unlock new ways to deliver more innovative and effective solutions for our clients. Every component of Interact is informed and connected by a foundational layer built on our best-in-class global Acxiom data set and our Real ID product, which is the industry's most comprehensive customer identity solution.

隨著我們不斷提升員工使用人工智慧作為其工作核心組成部分的能力，Interact 為他們提供了一種工具來提高效率，同時也加深了洞察力並開闢了新的方式，為我們的客戶提供更具創新性和更有效的解決方案。Interact 的每個組件都由基於我們一流的全球 Acxiom 資料集和我們的 Real ID 產品構建的基礎層來通知和連接，這是業界最全面的客戶身份解決方案。

Lately, there's been a lot of focus on the industry's pivot to an AI-informed future. So I thought I'd spend a few minutes this morning on how the integration of AI into the creative side of our business enhances value for clients, as well as creating opportunity on the revenue and profitability side for us.

最近，人們非常關注該行業向人工智慧未來轉型。因此，我想今天早上花幾分鐘時間討論如何將人工智慧融入我們業務的創意方面，為客戶提升價值，並為我們的收入和盈利方面創造機會。

One is to enable direct client transparency and custom level control. Interact is SaaS-enabled, which allows clients to access the platform as part of their engagement with our teams or to perform work directly on their own. With clients who opt into this second aspect of Interact, we now have an avenue to generate technology and software fees, not only remuneration for labor time.

一是實現直接客戶端透明度和自訂等級控制。Interact 支援 SaaS，讓客戶在與我們團隊合作的過程中存取平台，或直接自行執行工作。有了選擇 Interact 第二個面向的客戶，我們現在就有了一條途徑來產生技術和軟體費用，而不僅僅是勞動時間的報酬。

The second way that AI has facilitated the integration and automation of creative has to do with optimizing workflows, eliminating gaps and speeding value to our clients. We're able to bring all creative assets into the system for version at scale and connect the outputs to custom audience segments that we might find otherwise in media or a contact plan on a consumer journey.

人工智慧促進創意整合和自動化的第二種方式與優化工作流程、消除差距和加速為客戶創造價值有關。我們能夠將所有創意資產納入系統以進行大規模版本開發，並將輸出連接到我們可能在媒體或消費者旅程的聯繫計劃中找到的自訂受眾群體。

As with media, where technology allowed us to automate activation and execution, we're now able to target and to iterate creative executions based on the data that we're getting and that we then feed back into the system. And increasingly, we can also create and deploy teams of AI agents that learn from the functional experts across our company. Those agents work together to solve for client opportunity at scale, speed and complexity that was not previously possible.

與媒體一樣，技術使我們能夠自動啟動和執行，我們現在能夠根據所獲得的數據來定位和迭代創意執行，然後將其反饋到系統中。而且，我們還可以越來越多地創建和部署人工智慧代理團隊，向公司各職能專家學習。這些代理商共同努力，以以前不可能的規模、速度和複雜性來解決客戶機會。

Again, that greatly shortens time to value, raises effectiveness and lowers the cost to serve our clients. This is all relevant as it relates to the questions that are being asked about the potential impact of AI on our industry. But perhaps being missed in much of those conversations is the unlock of new opportunities for us. Those include performance-based compensation models as well as tech-enabled SaaS-like components to our compensation.

再一次，這大大縮短了價值實現時間，提高了效率並降低了為客戶提供服務的成本。這一切都與人工智慧對我們產業的潛在影響有關。但也許在許多對話中被忽略的正是為我們開啟的新機會。這些包括基於績效的薪酬模式以及技術支援的類似 SaaS 的薪酬組件。

And I'd remind you that the parts of the business into which we have embedded greater technological know-how, which is machine learning and data decisioning tools, are precisely those that have performed best for us for some time, allowing us to become higher value partners to clients by solving business and not just marketing challenges as well as evolving our commercial models to incorporate asset and outcome-based compensation models.

我想提醒大家的是，我們在業務中融入了更多技術訣竅的部分，即機器學習和數據決策工具，正是一段時間以來表現最好的部分，這使我們能夠通過解決業務而不僅僅是營銷挑戰，成為客戶更高價值的合作夥伴，並發展我們的商業模式以納入資產和基於結果的薪酬模式。

The adoption levels we're currently seeing for Interact across Interpublic are very encouraging. We now have more than half of our employee population using the platform and 40% of our colleagues doing so daily. So far this year, we've processed well over 1 million prompts resulting in the creation of 10,000 purpose-built agents and hundreds of thousands of images, consumer journeys, media plans and other tools that make our people's work faster, better and more effective to the benefit of our clients.

我們目前看到的 Interact 在 Interpublic 的採用水準非常令人鼓舞。目前，我們有超過一半的員工使用該平台，其中 40% 的同事每天都使用該平台。今年到目前為止，我們已經處理了超過 100 萬個提示，從而創建了 10,000 個專用代理和數十萬幅圖像、消費者旅程、媒體計劃和其他工具，使我們的員工能夠更快、更好、更有效地工作，從而為我們的客戶帶來利益。

Later today, we'll be announcing the launch of ASC which stands for Agentic Systems for Commerce. This is a net new offering that helps CPG brands manage the vast and complex commerce ecosystem in ways that are not possible without automation and artificial intelligence.

今天晚些時候，我們將宣布推出 ASC（即 Agentic Systems for Commerce）。這是一項全新的服務，可以幫助 CPG 品牌以自動化和人工智慧無法實現的方式管理龐大而複雜的商業生態系統。

ASC does this by using our proprietary agentic system and the powerful data from Intelligence Node, the company we acquired earlier this year. The ASC platform captures data signals for every product and its competitors down to the SKU store level, ingests insights into consumer searches, digital shelf position, product page content, pricing, inventory levels and more, all in the service of optimizing sales and margin performance across the digital commerce ecosystem on behalf of a brand. That problem presents two big set of variables and communications outputs to be solved without an AI tool kit. And ASC is already being piloted by almost two dozen of our global clients, with results to date that have shown double-digit improvements in impressions and sales.

ASC 透過使用我們專有的代理系統和我們今年稍早收購的公司 Intelligence Node 的強大數據來實現這一目標。ASC 平台捕捉每個產品及其競爭對手直到 SKU 商店層級的數據訊號，深入了解消費者搜尋、數位貨架位置、產品頁面內容、定價、庫存水準等，所有這些都是為了代表品牌優化整個數位商務生態系統的銷售和利潤表現。該問題提出了兩大組變數和通訊輸出，需要在沒有人工智慧工具包的情況下解決。目前，我們全球近二十多家客戶已開始試用 ASC，迄今為止的結果表明，印象和銷售額均實現了兩位數的成長。

We believe products like ASC can become a new revenue stream for us. And it's another way in which we can use AI to scale our expertise and expand our business beyond our core capability set of marketing communications and media into solutions [that sets] that deliver quantifiable results.

我們相信像 ASC 這樣的產品可以成為我們的新收入來源。這是我們利用人工智慧來擴展我們的專業知識並將我們的業務從我們的核心能力集（行銷傳播和媒體）擴展到能夠提供可量化結果的解決方案的另一種方式。

On his call last week, John mentioned that our integration planning process with Omnicom has been progressing. As we expected, we're finding that our respective capabilities in areas such as platforms, data, commerce and AI development are highly complementary. And this gives us a high degree of confidence that the combined assets will be extremely powerful and differentiated in the marketplace.

在上週的電話會議上，約翰提到我們與 Omnicom 的整合規劃進程正在取得進展。正如我們所料，我們發現我們在平台、數據、商業和人工智慧開發等領域的能力具有高度互補性。這讓我們高度相信，合併後的資產將在市場上極為強大且差異化。

As John and I have also noted previously, the capacity that the new Omnicom will have to continue to invest and build out on its leadership position in the tech and AI space will be considerable and will further differentiate these offerings over time. As we talk about our platform capabilities, it's also essential to note that we continue to put ideas and craft at the heart of how we build brands and businesses on behalf of clients. When they're integral parts of audience-led and accountable marketing solutions and sales programs, world-class creativity has a multiplier effect in driving business outcomes.

正如約翰和我之前所指出的，新的宏盟集團必須繼續投資並鞏固其在科技和人工智慧領域的領導地位，其能力將是巨大的，隨著時間的推移，這些產品將進一步差異化。當我們談論我們的平台能力時，還必須注意的是，我們繼續將創意和工藝置於我們代表客戶建立品牌和業務的核心。當它們成為受眾主導和負責任的行銷解決方案和銷售計劃的組成部分時，世界一流的創造力在推動業務成果方面具有乘數效應。

Last month, we saw the creative firepower of Interpublic recognized at the Cannes Film Festival of Creativity, where we won 107 lions, including one titanium and five Grand Prix. Among the celebrated work was Caption with Intention by FCB Chicago for the Academy of Motion Picture Arts and Sciences, which leverages AI to reimagine closed captions through color, motion and dynamic typography.

上個月，我們看到 Interpublic 的創意實力在坎城創意電影節上得到認可，我們贏得了 107 項大獎，其中包括一項鈦金獎和五項全場大獎。其中最受讚譽的作品是FCB Chicago為美國電影藝術與科學學院創作的《意向字幕》，該作品利用人工智慧透過色彩、動作和動態字體重新構想了隱藏式字幕。

Other Grand Prix winners include a campaign by FCB India for the Indian railway system, which transforms train tickets into daily lottery entries to combat fare evasion. That earned multiple gold lions as well as the Grand Prix [PR] as well as McCann Paris' documentary, which honored the copywriter behind L'Oreal's iconic because I'm worth it positioning and tagline. And that won the film Grand Prix and the gold lion in entertainment.

其他大獎獲獎者包括 FCB 印度為印度鐵路系統開展的一項活動，該活動將火車票轉變為每日彩票，以打擊逃票行為。該片不僅獲得了多個金獅獎和 [PR] 大獎，還獲得了麥肯巴黎的紀錄片獎，該紀錄片旨在表彰歐萊雅標誌性的“因為我值得”定位和標語背後的文案撰寫者。該片榮獲電影大獎和娛樂類金獅獎。

Additionally, IPG Health was named Healthcare Network of the Year and AREA 23 earned Healthcare Agency of the Year, both for the fifth consecutive year. FCB was also recognized as the Cannes Lions Regional Network of the Year for North America for the seventh consecutive year, and these accomplishments underscore the sustained excellence of these two organizations.

此外，IPG Health 被評為年度醫療保健網絡，AREA 23 獲得年度醫療保健機構獎，這兩項獎項均連續第五年獲得。FCB 也連續第七年被評為坎城​​國際創意節北美年度區域網絡，這些成就凸顯了這兩個組織的持續卓越表現。

Outside of Cannes, Interpublic was named the most effective holding company at the US Effie Awards, and we were honored for the second consecutive year as the Creative Holding Company of the Year at The One Show.

在坎城之外，Interpublic 在美國艾菲獎上被評為最具影響力的控股公司，並且連續第二年榮獲 The One Show 年度創意控股公司稱號。

Turning now to highlights in the quarter. IPG Mediabrands continue to demonstrate significant industry leadership, earning recognition as a global network of the year by Campaign and being ranked by RECMA as the number one media network in Latin America and Canada.

現在來談談本季的亮點。IPG Mediabrands 繼續展現出顯著的行業領導地位，被 Campaign 評為年度全球網絡，並被 RECMA 評為拉丁美洲和加拿大第一大媒體網絡。

The network deepened its retail media capabilities through a new partnership with T-Mobile Advertising Solutions, which provides enhanced access to first-party data for our clients. And IPG Mediabrands also won significant new accounts during the quarter, [being named] media AOR for the US by Paramount, CBS; AI leader Anthropic, and 7-Eleven.

該網路透過與 T-Mobile 廣告解決方案建立新的合作夥伴關係，深化了其零售媒體能力，為我們的客戶提供了增強的第一方資料存取權。IPG Mediabrands 在本季度還贏得了重要的新客戶，並被派拉蒙 (Paramount)、CBS、AI 領導者 Anthropic 和 7-Eleven 評為美國媒體 AOR。

The network also secured an important three-year renewal with its client, Merck & Company Inc. Acxiom saw significant partner activity, including launching a new sales force practice with RafterOne to provide a connected sales force ecosystem for data-driven AI insights. And at Cannes, we announced the collaboration with Snowflake that brings Acxiom's comprehensive suite of data and identity solutions as well as on our Interact platform directly into any company's Snowflake environment.

該網路還與其客戶默克公司 (Merck & Company Inc.) 達成了重要的三年續約協議。 Acxiom 看到了合作夥伴的重要活動，包括與 RafterOne 合作推出新的銷售團隊實踐，為數據驅動的 AI 洞察提供互聯的銷售隊伍生態系統。在坎城，我們宣布與 Snowflake 合作，將 Acxiom 的全套資料和身分解決方案以及我們的 Interact 平台直接引入任何公司的 Snowflake 環境。

As I mentioned, IPG Health continue to lead the industry, and it also added client relationships such as [Acadia, D1, and Ionis] during the quarter as well as expanding its relationship with Novartis.

正如我所提到的，IPG Health 繼續引領業界，並在本季度增加了 [Acadia、D1 和 Ionis] 等客戶關係，並擴大了與諾華的關係。

During the quarter, the network introduced an industry-first AI-focused group called Living Mirror, a full-service MedCom agency called Vio, and it also further strengthened sector-leading influencer ID offering, and that leverages genuine voices in social media and among health (technical difficulty) relevance and impact.

在本季度，該網絡推出了業界首個專注於人工智慧的集團 Living Mirror、一家提供全方位服務的 MedCom 機構 Vio，同時也進一步加強了業界領先的影響者 ID 產品，並利用社交媒體和健康（技術難度）相關性和影響力中的真實聲音。

Among our creative agencies, FCB not only win the Cannes recognition that I mentioned, but was also named Network of the Year at the prestigious One Show, the Art Directors Club, and the [DNAB Awards], which is a very rare sweep in our industry.

在我們的創意機構中，FCB不僅贏得了我提到的坎城的認可，而且還在著名的One Show、藝術指導俱樂部和[DNAB獎]中被評為年度最佳網絡，這在我們行業中是非常罕見的。

Golin, Ellen talked about their performance. Golin was named PRWeek 2025 Global Agency of the Year. During the quarter, PepsiCo chose the agency as its global data and analytics partner for communications and the agency also introduced a new offering called [First Answer], which leverages the critical role of earned media in AI search results.

Golin、Ellen談論了他們的表演。Golin 被 PRWeek 2025 年度全球最佳代理商評選為。本季度，百事公司選擇該機構作為其全球數據和分析合作夥伴，該機構還推出了一項名為 [First Answer] 的新產品，利用贏得媒體在人工智慧搜尋結果中的關鍵作用。

During the quarter, Weber Shandwick 1, the biggest industry pitch of the year in the social and influencer space when it was named Global earned media agency of record for Mars, the major driver of that result was Weber's proprietary data-driven approach to winning in culture called Cultural Choreography, which leverages Acxiom data and Interact for this earned-first solution. The company also launched an AI workspace called hello and its purpose built to help communicators jumpstart learning, strengthen and accelerate the work, which upskills all of Weber's employees globally.

在本季度，萬博宣偉 1 成為社交和影響力領域年度最大的行業宣傳，並被瑪氏評為全球最佳贏得媒體代理商，這一結果的主要驅動力是萬博宣偉專有的以數據為導向的文化製勝方法，稱為“文化編排”，該方法利用 Acxiom 數據和 Interact 來實現這一贏得優先的解決方案。該公司還推出了一個名為「hello」的人工智慧工作區，旨在幫助溝通者快速啟動學習、加強和加速工作，從而提升韋伯全球所有員工的技能。

Now as we look at the remainder of the year among our more advanced offerings, we continue to see a solid pipeline, new business opportunities and are finalist in several large ongoing reviews. These opportunities, along with organic growth from our existing client base and accelerating the development of new capabilities in areas such as proprietary media trading, agentic commerce and data-led influencer work, will continue to have our full focus as we look to deliver the best top-line outcome for the year.

現在，當我們回顧今年剩餘時間我們提供的更先進的產品時，我們繼續看到了堅實的管道、新的商業機會，並在幾項正在進行的大型評審中入圍決賽。這些機會，加上我們現有客戶群的有機成長，以及加速自營媒體交易、代理商務和數據驅動的影響者工作等領域的新功能的開發，將繼續成為我們關注的重點，我們期待在今年實現最佳的營收業績。

Based on our track record to date, we would also expect to enter 2026 with tailwinds, thanks to our new business performance. As mentioned earlier, we continue to be on track to deliver the target for organic net revenue that we had shared with you previously, which is an organic decrease of 1% to 2% in net revenue. And at this level, we expect to drive significantly enhanced adjusted EBITDA margin well ahead of the 16.6% we had previously shared.

根據我們迄今為止的業績記錄，由於新的業務表現，我們預計 2026 年將順風順水。如前所述，我們繼續有望實現先前與您分享的有機淨收入目標，即淨收入有機下降 1% 至 2%。在此水準上，我們預計調整後的 EBITDA 利潤率將大幅提高，遠高於我們先前分享的 16.6%。

This increase reflects the significant progress to date on our strategic transformation efforts as well as improving underlying performance of some of our stronger offerings. The charge associated with our transformation program, which we previously estimated at $350 million, will likely increase to $375 million to $400 million, which, as you know, has a substantial noncash portion. It's encouraging to see this work trending so positively. And over the long term, the additional benefits will accrue to the new Omnicom.

這一成長反映了我們迄今為止在策略轉型努力上取得的重大進展，以及我們一些更強大產品的潛在表現的提高。我們先前估計與轉型計畫相關的費用為 3.5 億美元，可能會增至 3.75 億至 4 億美元，如您所知，這其中有相當一部分是非現金。看到這項工作呈現如此積極的趨勢令人鼓舞。從長遠來看，這些額外的利益將歸於新的宏盟集團。

In moving through this transformation process, it was always our ambition to make Interpublic the strongest possible company as it came into the merged organization, and we're clearly making good on that goal.

在推動這項轉型過程中，我們始終致力於讓 Interpublic 在合併後成為一家實力最強的公司，而我們顯然正在實現這一目標。

Finally, I'd like to close with a few words about our proposed acquisition by Omnicom. We've now secured antitrust clearance in all but four of the jurisdictions required, having been cleared in Australia last week. Importantly, this includes FTC clearance in the US, which took place in late June.

最後，我想就宏盟集團提出的收購方案談幾句。目前，我們已在除四個所需司法管轄區外的所有司法管轄區獲得了反壟斷批准，上週我們在澳洲已獲得批准。重要的是，這包括 6 月底在美國進行的 FTC 批准。

We, therefore, remain solidly on track to see the transaction completed in the second half of the year. Notwithstanding noise from certain competitors about distractions or inward focus, since the acquisition was announced, we've never lost sight of the needs of our clients and the teams that deliver value to marketers around the world.

因此，我們堅信該交易將在今年下半年完成。儘管某些競爭對手對幹擾或內部關注發出噪音，但自宣布收購以來，我們從未忽視客戶和為全球行銷人員提供價值的團隊的需求。

The level of interest and support from clients continues to be extremely strong, and there's eagerness on the part of practitioners across both organizations to unlock the value that the combination will create. By bringing together our deep pools of talent and our complementary capabilities, geographic strength and platform assets, what we know will result is an organization with unmatched ability to deliver business outcomes for marketers in every industry sector around the world.

客戶的興趣和支持程度持續非常強烈，兩個組織的從業人員都渴望釋放合併將創造的價值。透過整合我們豐富的人才資源和互補的能力、地理優勢和平台資產，我們知道，這將創造一個擁有無與倫比能力的組織，為全球各行業的行銷人員帶來業務成果。

Together, we'll be creating a company that can drive growth for clients with the most comprehensive and powerful range of marketing and sales solutions that incorporate creativity, data and technology. An exciting vision, and, as you heard from John, one that will become a reality in the near future. As always, we thank our people and our partners as well as those of you on this call for your support.

我們將共同創建一家能夠透過融合創造力、數據和技術的最全面、最強大的行銷和銷售解決方案來推動客戶成長的公司。這是一個令人興奮的願景，正如約翰所說，它將在不久的將來成為現實。像往常一樣，我們感謝我們的員工、合作夥伴以及參加此次電話會議的各位的支持。

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

現在，讓我們開始回答大家的提問。

(Operator Instructions) David Karnovsky, JPMorgan.

（操作員指示）摩根大通的 David Karnovsky。

For Philippe or Ellen. Just last quarter, you had identified, I think, annualized savings, over $300 million, but you chose to maintain the margin outlook. Can you speak to what allowed you to realize maybe some of those benefits faster? Is there any overlap with the Omnicom deal synergies? And then I know you spoke to the full-year margin now significantly ahead of that 16.6%, but I wanted to see if you could put any guardrails around that because if we look to your kind of typical seasonality for margin, it would imply a fairly large lift for all of '25. Thanks.

對於菲利普或艾倫來說。就在上個季度，我認為您已經確定了年度節省超過 3 億美元，但您選擇維持利潤率前景。您能否談談是什麼讓您能夠更快地實現其中的一些好處？與宏盟集團的交易綜效是否有重疊？然後我知道您談到了全年利潤率現在明顯高於 16.6% 的水平，但我想看看您是否可以對此設置任何限制，因為如果我們看一下利潤率的典型季節性，這將意味著 25 年全年的利潤率將有相當大的提升。謝謝。

That's a lot at one go. So I guess, maybe in reverse order, realize you're building a model. So I'd say north of 100 basis points on your last question. And then on your two prior questions, look, we said when we started this process that it was going to be a strategic process and a comprehensive process. So what we're looking for is not a restructuring that focused on costs without an understanding of where we're trying to take the business and how we're trying to make the business stronger.

一次就這麼多。所以我想，也許按照相反的順序，你就會意識到你正在建立一個模型。因此，對於您最後一個問題，我想說的是，這一數字將超過 100 個基點。然後關於您之前的兩個問題，你看，我們在開始這個過程時就說過，這將是一個戰略過程和一個全面的過程。因此，我們所尋求的重組並不是只專注於成本，而不了解我們要將業務帶到何處以及如何使業務更加強大。

And as I said, obviously, make it as strong as possible from a capabilities set as we come into this new organization. So the restructuring has been focused on kind of improving service delivery as well as delivering structural efficiencies. And I think transformation is organizational change, which is hard for people. There's probably three things that have helped us move it along at the rate that we have. I mean, we obviously prepared for it.

正如我所說的，當我們加入這個新組織時，顯然要從能力上讓它盡可能強大。因此，重組的重點是改善服務交付以及提高結構效率。我認為轉型是組織變革，這對人們來說很難。可能有三件事幫助我們以目前的速度前進。我的意思是，我們顯然已經準備好了。

We sort of let you know that we were doing this and that we've been looking at it towards the back half -- or more or less the back half of last year. But I think that industry pace has changed. So there's clearly a lean in and an understanding on the part of folks across our organization for the need to do this.

我們讓你知道我們正在做這件事，我們已經在關注下半年——或者或多或少是去年下半年的事情了。但我認為產業步伐已經改變。因此，我們組織內的人們顯然都傾向於並理解這樣做的必要性。

And obviously, there are some IPG-specific issues, given the top-line challenge, and we've adjusted to that on a sort of capabilities and offerings point of view, but I think that driving to a moment in time, knowing that the acquisition is there has also helped us move at the rate that we've done. And so I think it's a streamlining and modernizing of the business model.

顯然，考慮到營收挑戰，存在一些 IPG 特有的問題，我們已經從能力和產品的角度對此進行了調整，但我認為，及時推動收購，知道收購已經發生，也有助於我們以目前的速度前進。所以我認為這是商業模式的精簡和現代化。

And it's trending very positively. And so kind of the read across would be that a thing that we've talked about for a long time, which is that we think that there's earnings power in our model. And then I think there's clearly going to be more. If you think about the longer-term, the business model can continue to progress both top and bottom line.

而且它的趨勢非常正面。因此，我們長期討論的一點是，我們認為我們的模型具有獲利能力。然後我認為顯然還會有更多。如果從長遠角度考慮，該商業模式可以繼續實現營收和利潤的雙重成長。

And then just one more, if I can, Philippe. Your guide from here does imply an inflection in organic. I just don't know if you can segment that out between kind of lapping that or at least lapping part of that account loss headwind versus underlying improvement?

如果可以的話，我再問一個問題，菲利普。您從這裡得到的指導確實暗示了有機的變化。我只是不知道您是否可以將其劃分為重疊部分或至少重疊部分帳戶損失逆風與潛在改善？

Look, I mean, we don't excuse ourselves for the losses, right? But I mean, I think that -- we said impact Q1 was 4.5%, impact in Q2 was 5.5%. That's kind of consistent with what we've seen and what we've modeled. I think we're pleased to see that underneath that, you're seeing that there's real growth and that there are parts of the business that are performing well.

聽著，我的意思是，我們不會為自己的損失找藉口，對吧？但我的意思是，我認為——我們說第一季的影響是 4.5%，第二季的影響是 5.5%。這與我們所看到的和所建模的是一致的。我認為我們很高興地看到，在這背後，我們確實看到了成長，而且部分業務表現良好。

If you basically take away those three sizable, two in media, one in pharma, you then have to largest and historically strongest performing units, both showing up in a way that you think about kind of broader industry context is pretty solid. So we knew that that would be how the year phased out.

如果你基本上去掉那三個規模可觀的部門，兩個在媒體部門，一個在製藥部門，那麼你就必須擁有規模最大、歷史上表現最強的部門，這兩個部門都以一種你認為更廣泛的行業背景相當穩固的方式出現。所以我們知道那將是一年結束的方式。

And then you saw a sequential improvement in the US quarter to quarter, which is obviously important given the scale that has in our business and the fact that it is a leading indicator for sort of broader macroeconomics.

然後你會看到美國季度環比增長，考慮到我們業務的規模以及它是更廣泛的宏觀經濟的領先指標這一事實，這顯然很重要。

And then we're liking what we're able to show up with the integration through Interact, obviously. Having moved fast to build a very modern kind of approach to buying is resonating in market. And all of that probably really has a modest impact in the back half for us.

顯然，我們喜歡透過 Interact 整合所呈現的效果。迅速建立一種非常現代化的購買方式正在引起市場的共鳴。所有這些可能確實會對我們的後半部產生一定的影響。

But hopefully, that helps also give you some context on that, David.

但希望這也能幫助你了解一些背景信息，大衛。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So Philippe, I think Omnicom said that their creative was slightly down through the first half of the year. And I know your Integrated Advertising & Creativity faced some idiosyncratic losses that you've just been cycling through.

所以菲利普，我認為宏盟集團說他們的創意在今年上半年略有下降。我知道你們的綜合廣告和創意部門剛剛經歷了一些特殊的損失。

But I was wondering if you could just give us an update on the context of how creative is performing overall, maybe excluding some of that account churn that you're seeing. It just seems like we've had a long-term industry tailwind from media, probably due to consumer fragmentation. And I don't know if that has an equally negative impact on creative, as attention spans on things like TikTok and YouTube maybe devalue creative a little bit. So I'd love to just get your check in on creative.

但我想知道您是否可以向我們介紹創意整體表現的最新情況，也許可以排除您看到的一些帳戶流失情況。看起來，我們似乎長期受到來自媒體的行業推動，這可能是由於消費者的分散性。我不知道這是否會對創意產生相同的負面影響，因為對 TikTok 和 YouTube 等產品的關注可能會稍微降低創意的價值。因此，我很想聽聽您對創意的看法。

And then on the outcome-based work that you're doing, I think you said that that's a growing trend. Could you help us maybe think about what percentage of the business is outcome-based today? And where you think that can go over time? And is that a better financial business to be outcome based versus sort of time billings based than I think the preponderance is today? Thanks.

關於您正在做的基於結果的工作，我想您說過這是一個日益增長的趨勢。您能否幫助我們思考一下，目前有多少比例的業務是基於結果的？您認為隨著時間的推移，這一趨勢將如何發展？我認為，與目前主流的基於時間計費的金融業務相比，基於結果的金融業務是否更好？謝謝。

All right. That's a lot in one go. So I guess I'd point out to you that IAC for us is, as you put it, idiosyncratic because it has our, quote, traditional creative assets in it, and it also has our health care specialty business in there. And I think one of the very sizable losses from last year impacted them. So there's probably the largest single impact on a year-to-year basis from the three losses is in IAC, and it's probably not where you would expect it to be, because it's not in, quote, traditional advertising parts of the business.

好的。一次就這麼多。所以我想我要向你指出，對我們來說，IAC 是特殊的，正如你所說，因為它包含我們的傳統創意資產，也包含我們的醫療保健專業業務。我認為去年的一次巨額損失對他們造成了影響。因此，從同比來看，這三項虧損對 IAC 的影響可能最大，而且可能不像你預期的那麼大，因為它不屬於傳統廣告業務。

As we called out, respectively, Alan and I in our script, the health care specialty business is performing well. And so if you essentially just strip out or at least look through that onetime event.

正如艾倫和我分別在劇本中提到的那樣，醫療保健專業業務表現良好。因此，如果你基本上只是剝離或至少瀏覽一下那次一次性事件。

I think that the challenge on traditional creative, which is industry-wide, broadly speaking, is something that we will kind of address through, and maybe it's the sort of segue into your second question, it's something that we'll address because, as I said, and I think you've all heard me say this before, if you take the value and the impact, I mean, we were just in a pitch not long ago, we were talking to the client about all of the uplifts that we can deliver, we were essentially doing a lot of kind of metric modeling for them and showing them where and how we can help them achieve a growth target for their business overall. And pieces of it had to do with what we can drive through data and pieces of it had to do with how we can optimize on the media and the precision side of the business.

我認為，從廣義上講，傳統創意麵臨的挑戰是整個行業面臨的挑戰，我們將通過某種方式加以解決，也許這是引出您第二個問題的方式，我們將解決這個問題，因為正如我所說，我想你們以前都聽過我這麼說，如果考慮到價值和影響，我的意思是，不久前我們剛剛進行了一次推介，我們與客戶討論了我們可以提供的所有提升，我們基本上為他們做了很多指標建模，並向他們展示了我們可以在哪里以及如何幫助他們實現整體業務的增長目標。其中一部分與我們可以透過數據驅動什麼有關，一部分與我們如何在媒體和業務的精準方面進行優化有關。

But a piece of it also does have to do with the fact that the creative work, when it's connected to all of this, so it's informed by those audience insights, it's tailored and targeted to those growth audiences, and then you connect it back through your production spine to the taxonomies and the KPIs and so on and so forth, you begin to be able to do something that we've done in those precision and the media businesses, which is that we're much, much more kind of focused on and connected to outcomes.

但其中一部分也與這樣一個事實有關：當創意工作與所有這些聯繫在一起時，它會根據受眾的洞察力進行調整，並針對增長中的受眾進行定制，然後通過製作主線將其與分類法和關鍵績效指標 (KPI) 等聯繫起來，你就可以開始做一些我們在精準媒體業務中所做的事情，也就是說，我們更加關注結果並與結果聯繫起來。

And so the answer to the last part of your question, outcomes-based components on the media side are baked into more than 50% of the contract. And so I think it's a journey and I think that that part of the business across the industry is still in the early innings, but you can clearly do asset-based work because now you're doing much, much more work that still comes out of that content engine. And then you're able to understand the impact it's having in market.

因此，對於你問題的最後一部分，答案是，媒體方面基於結果的組成部分佔合約的 50% 以上。所以我認為這是一個旅程，我認為整個行業的這部分業務仍處於早期階段，但你顯然可以做基於資產的工作，因為現在你做的很多工作仍然來自內容引擎。然後你就能了解它對市場的影響。

And then you can tie that in the way that you've heard us say for a long time that media for us is consistently margin accretive and growth accretive. So our traditional consumer ad agencies inside of IAC definitely dragged, and I think it's about this broader sort of industry issue, but we're leaning into how we connect them through into the data stack.

然後，您可以將其與您長期以來聽到的我們所說的內容聯繫起來，即媒體對我們來說始終是利潤增長和增長的推動力。因此，IAC 內部的傳統消費者廣告代理商肯定受到了拖累，我認為這與更廣泛的行業問題有關，但我們正傾向於如何將它們連接到資料堆疊中。

And as I said, the usage on Interact with the advertising talked a bit about, obviously, kind of what we're doing in some of the PR agencies to create models that allow us to connect that craft to the stack, all the way from data for understanding the business opportunity, data for understanding the audiences, and then moving it all the way through. So work in progress.

正如我所說的，Interact 與廣告的使用顯然談到了我們在一些公關機構中所做的工作，以創建模型，使我們能夠將工藝與堆疊連接起來，從用於了解商業機會的數據，到用於了解受眾的數據，然後將其一路移動。工作正在進行中。

Adam Berlin, UBS.

瑞銀集團的亞當柏林。

Three quick questions, if I can. Following up on the earlier question. So it looks like H2 is going to be broadly flat. Can you give us just to get to the guide (inaudible) end of the guidance range. Can you give us some indications of how that's different between Q3 and Q4? I'm assuming that you get a sequential improvement, but is that right? Or is there anything -- are they going to be kind of similar Q3 and Q4 in terms of organic net sales growth?

如果可以的話，我問三個簡單的問題。繼續回答先前的問題。因此看起來 H2 將會大致持平。您能否告訴我們如何到達引導範圍的引導（聽不清楚）末端。您能否向我們說明第三季和第四季有何不同？我假設你會獲得連續的改進，但這是真的嗎？或者有什麼——就有機淨銷售成長而言，第三季和第四季是否會類似？

Second question is can you just clarify where we are today in terms of run rate cost savings versus the original $250 million target, and where you think you'll be at the end of the year? And then thirdly, Philippe, you made a comment that you expect 2026 to have some tailwinds from the net wins you've had this year. Can you give us any sense of the size of that?

第二個問題是，您能否澄清一下，就運行成本節省而言，我們目前的狀況與最初的 2.5 億美元目標相比如何，以及您認為今年年底的狀況如何？第三，菲利普，您曾說過，您預計 2026 年會因今年的淨勝球而出現一些順風。您能告訴我們它的規模嗎？

On the third one, it's too early in the year. I mean, I think we obviously have six months to go, give or take, and that requires that we'd be super focused on clients. And as I pointed out, we've got some of our competitors happily talking about how we're distracted, which apparently we're not. And so there's too much that needs to happen, whether it's continued focus on clients. And they're still a solid amount of new business activity going on out there.

第三個問題是，今年還太早。我的意思是，我認為我們顯然還有六個月的時間，這要求我們必須高度關注客戶。正如我指出的那樣，我們的一些競爭對手正在高興地談論我們如何分心，但顯然我們並沒有。因此，需要做的事情太多了，無論是否繼續專注於客戶。而且仍有大量新的商業活動正在進行中。

I mean I think that the pipeline is middle of the road, but it's inconsistent. Media is very active, health care, despite maybe some specific policy challenges in certain parts of the world is also active. And then integrated pitches that call upon the holding company and ask us to bring all of these things together and tie them together with the tech and the data are definitely taking place. But in other areas, activities may be trending a bit light.

我的意思是，我認為管道處於中間位置，但它不一致。媒體非常活躍，醫療保健，儘管世界某些地區可能存在一些特定的政策挑戰，也很活躍。然後，綜合宣傳會呼籲控股公司，並要求我們將所有這些東西整合在一起，並將它們與技術和數據結合起來，這肯定會發生。但在其他地區，活動可能趨於平淡。

So I think there's just too many variables for us to give you specificity. It was just a broader point as we think about. There's a lot of uncertainty in the world and we obviously have some competitors reading the macro and the client situation differently than we are. So we want to put that in there. And then in terms of the other two points, I think Ellen will correct me.

所以我認為變數太多了，我們無法給出具體資訊。正如我們所想，這只是一個更廣泛的觀點。世界上存在著許多不確定性，顯然我們的一些競爭對手對宏觀和客戶狀況的解讀與我們不同。所以我們想把它放在那裡。至於另外兩點，我想艾倫會糾正我。

But I think [in-year] savings, about $300 million and run rate north of $300 million from the restructuring activity. And then on Q3, Q4 revenue, I think it's actually kind of fairly -- I mean, I think it's definitely a stronger back half. But I think Q3 and Q4 are kind of more or less at the same level. And you had [us at] flat, I think that's about right.

但我認為，重組活動可以帶來（年度內）約 3 億美元的節省和 3 億美元以上的運行率。然後就第三季、第四季的收入而言，我認為實際上相當不錯——我的意思是，我認為後半年的收入肯定會更加強勁。但我認為 Q3 和 Q4 大致處於同一水平。而且你讓我們住在一起，我想這差不多是對的。

I'm sorry, just one more, Philippe, which was the run rate of savings at the end of Q2.

抱歉，菲利普，我再問一個問題，就是第二季末的儲蓄運作率。

I mean, like I said, we think about it. It's a long-term thing. So it will be $300 million in year this year and more than $300 million as the ongoing structural savings beyond that point. Thank you.

我的意思是，就像我說的，我們會考慮的。這是一件長期的事。因此，今年將達到 3 億美元，此後持續的結構性儲蓄也將超過 3 億美元。謝謝。

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

So a couple of questions, please, on the margin points. As the business returns back to growth, hopefully next year, do you think you will need to staff up again? Or do you think you can basically hold the business where it is today, 51,000 people? And maybe related to that, I mean, did I hear you correctly, Philippe, that you think your model can basically deliver better operational leverage than it historically has?

請問一下關於邊注的幾個問題。隨著業務恢復成長，希望明年，您認為您需要再次增加員工嗎？或者您認為您基本上可以將業務維持在目前的水平，即 51,000 名員工？也許與此相關，我的意思是，菲利普，我是否理解正確，您認為您的模型基本上可以提供比歷史上更好的營運槓桿？

And if I can squeeze in one last question. You touched on that on health care. So lots of talks on policy reforms, as you said, in some parts of the world. Just wondering how that's impacting, like, marketing spending for those clients. And if you think that there's going to be a pullback in health care marketing spending as a result of those policy reforms.

我可以再問最後一個問題嗎？您剛才談到了醫療保健問題。正如您所說，世界某些地區有很多關於政策改革的討論。只是想知道這會對這些客戶的行銷支出產生什麼影響。如果您認為這些政策改革將會導致醫療保健行銷支出的減少。

All right. Apparently, every question this morning gets answered kind of backwards. So on the health care side of things, I'd say that there's a lot of volatility and lack of clarity. And I think that some of those policy challenges have really hit in very specific ways. So we've got some -- in some of our marketing services businesses, we've got parts of a federal or national government that are charged with communicating about broader public health, for example, and that's clearly got a big question mark around it. Or if you kind of compare and contrast where things would have been a few years ago, say, around vaccines.

好的。顯然，今天早上的每個問題的答案都是倒著的。因此，就醫療保健方面而言，我認為存在很大的波動性和缺乏清晰度。我認為其中一些政策挑戰確實以非常具體的方式造成了影響。因此，在我們的一些行銷服務業務中，我們有一些聯邦或國家政府的部門負責溝通更廣泛的公共衛生問題，但這顯然是一個大問號。或者如果你比較一下幾年前的情況，例如疫苗方面的狀況。

So I think right now, we're seeing it, but it's showing up in pockets, but there's the bigger kind of question about is there going to be some meaningful policy change. And when we think about that, it's harder to mitigate for what might be happening to a specific client at a moment in time. We feel much more comfortable with a bigger question because our position in the market is very significant. The expertise that sits inside of that organization is very powerful. And the need for those clients to reach consumers at a time when they're clearly empowered.

所以我認為現在我們看到了它，但它只出現在個別地方，但更大的問題是是否會出現一些有意義的政策變化。當我們考慮到這一點時，就很難減輕特定客戶在某個時刻可能發生的事情的影響。由於我們在市場上的地位非常重要，因此我們對更大的問題感到更加放心。該組織內部的專業知識非常強大。這些客戶需要在消費者明顯擁有權力的時候接觸他們。

And when there's a great deal of fragmentation, if you think about what's gone on over time, we've been able to flex and evolve and advise clients on how to make that happen. So if there are ultimately changes in terms of how you reach all of the stakeholders in the health care ecosystem, we feel like we'll be able to navigate that and help our clients navigate that successfully. The one-offs around something that maybe really kind of turned on or off due to some of these more policy or political things, that's a little bit beyond our control.

當出現大量碎片化現象時，如果你想想隨著時間的推移發生了什麼，我們就能夠靈活地發展並為客戶提供如何實現這一目標的建議。因此，如果最終在您與醫療保健生態系統中的所有利益相關者的聯繫方式上發生變化，我們覺得我們將能夠應對這一變化並幫助我們的客戶成功應對這一變化。由於一些政策或政治因素，某些一次性事件可能真的會開啟或關閉，這有點超出我們的控制範圍。

And then your other questions were around -- I mean, long term, I think we have always, as in [Republic] shared with you, that we saw the opportunity to continue to improve margins. And so against a bigger platform, the joint company, not for me to speak on behalf of what's going to be possible there.

然後你的其他問題是——我的意思是，從長遠來看，我認為我們一直都像[Republic]與你分享的那樣，看到了繼續提高利潤率的機會。因此，面對更大的平台、合資公司，我無法代表他們談論那裡將會發生什麼。

But as I said, I think if you see the fact that we've done well with our program, my read across would be that there's a lot of earnings power in this larger entity. And obviously, that's sort of TBD and will be fleshed out for you all in due course.

但正如我所說的，我認為，如果你看到我們的計劃做得很好，我的理解就是這個更大的實體擁有很大的盈利能力。顯然，這還有待確定，我們會在適當的時候向大家詳細說明。

And then the last question, I guess, I'll let Ellen sort of speak to your kind of head count question. I mean, I think the industry overall has clearly seen some contraction. And you've seen that we are definitely adopting technology in ways that is definitely making us more efficient. A lot of what we're doing is around centralization and platforming.

然後最後一個問題，我想，我會讓艾倫來回答你關於人數的問題。我的意思是，我認為整個行業明顯出現了一些萎縮。你已經看到，我們正在採用各種技術，這無疑會提高我們的效率。我們所做的許多工作都圍繞著集中化和平台化。

Sure. I mean, what we've done is very structural. As Philippe said, implementing [common] systems, reengineering processes, automation, right-shoring. So those things are structural and should be enduring. At some point, with growth, you will need to have heads, but different heads. And we think that we're really seeing the benefits from the extensive transformation efforts [that will] be done faster.

當然。我的意思是，我們所做的工作非常結構化。正如菲利普所說，實施[通用]系統、重新設計流程、自動化、正確外包。所以這些東西是結構性的，應該是持久的。在某個時候，隨著成長，你需要有頭腦，但需要有不同的頭腦。我們認為，我們確實看到了加速推進的廣泛轉型工作所帶來的好處。

The other thing which we've seen and experienced is because of the reengineering of our processes, we've been able to close previously budgeted open positions, and we haven't needed to fill backfill attrition. So again, we think all of those things are structural and permanent and will accrue to the benefit of margin going forward.

我們看到和經歷的另一件事是，由於我們流程的重新設計，我們已經能夠關閉先前預算的空缺職位，我們不需要填補流失的人員。因此，我們再次認為，所有這些都是結構性的、永久性的，並將為未來的利潤帶來好處。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

I just had a quick question on the pro forma entity. Can you just spend a second and talk about maybe the two or three areas you're most excited about as a pro forma organization vis-a-vis the capabilities that stand-alone IPG has today. And then are there any gaps that you see? Or even if you put these two companies together, you still feel like some of your rivals might have a better solution in the marketplace? Thanks.

我只是想問一下有關形式實體的一個簡單的問題。您能否花一點時間談談，作為一個準備組織，您對獨立 IPG 目前所擁有的能力最感興趣的兩三個領域。那麼，您發現其中有什麼差距嗎？或者即使將這兩家公司合併在一起，您仍然覺得某些競爭對手可能在市場上有更好的解決方案？謝謝。

I mean, look, I think it's something that you will have heard, I think, John and I talk about together. I mean, strategically, we really believe and we see immense power here. And so I would say to you, the -- I was talking a bit about it. So the data assets that we bring, combined with the commerce capability that resides inside of Omnicom at this point, I think that if you listen to one of our competitors who's English is French inflected, he talks a lot about the scale that he has on the media side.

我的意思是，你看，我認為這是你會聽到的事情，我想，約翰和我一起談論過。我的意思是，從戰略上講，我們確實相信並且看到了這裡巨大的力量。所以我想對你們說，我剛才已經談論過這一點了。因此，我們帶來的數據資產，加上宏盟集團目前內部的商業能力，我想，如果你聽聽我們的一位競爭對手（他的英語帶有法語調），他會大談他在媒體方面的規模。

And so obviously, those things combined in our case will be, we think, really, really powerful, and will do a lot to help our clients win in the marketplace. I think there's a lot geographically where, when you deal with clients on a very regular basis and you think about kind of where you wish that you had more resource or deeper resource, there's a really, really strong fit in that regard. I think I talked a bit about the fact that this industry is moving really fast. So the capacity to invest on the side of the platforms and in AI will be meaningful and really powerful.

因此，顯然，我們認為，這些因素結合起來將非常非常強大，並將極大地幫助我們的客戶在市場上獲勝。我認為，從地理位置上來說，當你定期與客戶打交道時，你會考慮希望在哪些方面擁有更多的資源或更深層的資源，在這方面，這真的非常非常契合。我想我已經談到了這個行業發展非常快的事實。因此，在平台和人工智慧方面進行投資的能力將是有意義且非常強大的。

So to my mind, it's not that -- I mean, sitting here in this moment, the portfolio is very complete. And as I think I said in my remarks, I don't think anybody will have anything that compares to it in terms of the kinds of problems we can solve and the talent that we can bring to bear and the tools and the data in the tech.

所以在我看來，情況並非如此——我的意思是，此刻坐在這裡，投資組合已經非常完整了。正如我在發言中所說的那樣，我認為就我們能夠解決的問題種類、我們能夠運用的人才以及技術中的工具和數據而言，沒有人能夠與之相比。

And then it does move fast. But I think it will be -- the new entity as it were, will be very, very well positioned to ensure that it can continue to invest both organically. And then if and as required in things that fill in any opportunities, and I think there will be opportunities and [what be] gaps per se. There will be areas where you see something and you want to move to kind of build that into your stock.

然後它確實移動得很快。但我認為，新實體將會處於非常有利的位置，以確保能夠繼續進行有機投資。然後，如果需要填補任何機會，我認為就有機會，也會有差距。在某些領域，你會看到一些東西，然後你想將其融入你的庫存中。

So hopefully, that helps, Jason. As I mentioned, we appreciate the support and the interest, and we look forward to keeping you up to date. So hopefully that helps.

希望這對你有幫助，傑森。正如我所提到的，我們感謝您的支持和關注，並期待向您通報最新情況。希望這能有所幫助。

This concludes today's conference. You may disconnect at this time. Thank you, and have a good day.

今天的會議到此結束。您現在可以斷開連線。謝謝，祝您有美好的一天。