宏盟集團 (OMC) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the Omnicom First Quarter 2024 Earnings Release Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. At this time, I'd like to introduce your host for today's conference, Senior Vice President of Investor Relations, Gregory Lundberg. Please go ahead.

下午好，歡迎參加 Omnicom 2024 年第一季財報發布電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。現在，我想介紹一下今天會議的主持人，投資者關係高級副總裁格雷戈里·倫德伯格（Gregory Lundberg）。請繼續。

Thank you for joining our first quarter 2024 earnings call. With me today are John Wren, Chairman and Chief Executive Officer; and Phil Angelastro, Executive Vice President and Chief Financial Officer. On our website, omnicomgroup.com, you'll find a press release and a presentation covering the information we'll review today. An archived webcast will be available when today's call concludes.

感謝您參加我們的 2024 年第一季財報電話會議。今天與我在一起的有董事長兼執行長約翰‧雷恩 (John Wren)；以及執行副總裁兼財務長 Phil Angelastro。在我們的網站omnicomgroup.com 上，您可以找到涵蓋我們今天將回顧的資訊的新聞稿和簡報。當今天的電話會議結束時，將提供存檔的網路廣播。

Before we start, I'd like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we have included at the end of our investor presentation. Certain of the statements made today may constitute forward-looking statements, and these statements are our present expectations. Relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our SEC filings, including our 2023 Form 10-K. During the course of today's call, we will also discuss certain non-GAAP measures. You can find the reconciliation of these to the nearest comparable GAAP measures in the presentation materials.

在開始之前，我想提醒大家閱讀我們在投資者簡報末尾包含的前瞻性聲明以及非公認會計準則財務和其他資訊。今天發表的某些聲明可能構成前瞻性聲明，這些聲明是我們目前的預期。我們的收益資料和 SEC 文件（包括 2023 年 10-K 表格）中列出了可能導致實際結果出現重大差異的相關因素。在今天的電話會議中，我們還將討論某些非公認會計準則措施。您可以在簡報資料中找到這些資料與最接近的可比較 GAAP 衡量標準的對帳。

We will begin the call with an overview of our business from John. Then Phil will review our financial results for the quarter. And after our prepared remarks, we will open up the line for your questions. And I'll now hand the call over to John.

我們將首先由約翰概述我們的業務。然後菲爾將審查我們本季的財務業績。在我們準備好的發言之後，我們將開通您的提問專線。我現在將把電話轉給約翰。

Thank you, Greg. Good afternoon, and thank you for joining us today on our first quarter 2024 results. I'm pleased to report that we're off to a solid start to the year. Organic growth in the first quarter was 4% with strong growth in our advertising and media and precision marketing disciplines. EBITA margin, which excludes amortization of acquired and strategic platform intangibles, was 13.8% for the quarter, and operating margin was 13.2%. Non-GAAP adjusted earnings per share, which excludes after-tax amortization of acquired and strategic platform intangibles, was $1.67, up 3.7% versus the comparable number in Q1 2023.

謝謝你，格雷格。下午好，感謝您今天加入我們，了解我們的 2024 年第一季業績。我很高興地向大家報告，今年我們有了一個好的開始。第一季的有機成長為 4%，我們的廣告、媒體和精準行銷業務強勁成長。本季 EBITA 利潤率（不包括收購和策略平台無形資產攤銷）為 13.8%，營業利益率為 13.2%。非 GAAP 調整後每股盈餘（不包括收購和策略平台無形資產的稅後攤銷）為 1.67 美元，比 2023 年第一季的可比數字增加 3.7%。

As a result of our strong performance in the first quarter, we are increasing our full year organic growth range to between 4% and 5%. As discussed during the quarter, we raised EUR 600 million through a senior note offering to partially finance the acquisition of Flywheel. Our cash flow and balance sheet remain very strong and support our primary uses of cash flow, dividends, acquisitions and share repurchases.

由於我們第一季的強勁表現，我們將全年有機成長範圍提高到 4% 至 5% 之間。正如本季所討論的，我們透過發行優先票據籌集了 6 億歐元，為收購 Flywheel 提供部分資金。我們的現金流和資產負債表仍然非常強勁，支持我們對現金流、股利、收購和股票回購的主要用途。

The Flywheel acquisition is off to a great start. Flywheel's Commerce Cloud is fully integrated into Omni. Omni audience and behavioral data, combined with Flywheel's digital marketplace point of purchase transaction data provide us with the most comprehensive data set in the industry.

對 Flywheel 的收購是一個很好的開始。 Flywheel 的商務雲端已完全整合到 Omni 中。 Omni 受眾和行為數據與 Flywheel 的數位市場購買點交易數據相結合，為我們提供了業內最全面的數據集。

Across several significant Omnicom clients, Flywheel teams are now fully engaged to deliver the enhanced value of our combined capabilities and insights to them, including new ways to plan and build audiences using omni audience data and Flywheel's performance benchmarks, full funnel investment management built on Omni and enhanced with Flywheel's data specific to performance across commerce platforms, using omni influencer capabilities and connecting them to commerce and retail outcomes from Flywheel and holistic video measurement and optimization based upon integrating Omni's video viewership data with Flywheel's commerce outcomes. These products and services are helping our clients sell more goods more efficiently across hundreds of digital marketplaces and optimizing their investment across media platforms.

在Omnicom 的幾個重要客戶中，Flywheel 團隊現在全力投入，為他們提供我們綜合能力和見解的增強價值，包括使用全方位受眾數據和Flywheel 績效基準來規劃和建立受眾的新方法、基於Omni 的全漏斗投資管理並利用Flywheel 特定於跨商務平台性能的數據進行增強，使用全方位影響者功能並將其連接到Flywheel 的商務和零售成果，以及基於將Omni 視頻收視率數據與Flywheel 商務成果集成的整體視訊測量和優化。這些產品和服務正在幫助我們的客戶在數百個數位市場上更有效地銷售更多商品，並優化他們在媒體平台上的投資。

In addition to integrating Flywheel Commerce Cloud, we made important updates to Omni's generative AI functionality during the quarter. This includes completing a first mover partnership with Shutterstock that allows us to integrate its text to image model into Omni. As part of our first mover partnership established with Google and their Vertex AI platform last year, we became the first holding company to receive access to the Gemini 1.5 next-generation model. We remain committed to Omni's open architecture and flexibility, leveraging these valuable partnerships.

除了整合 Flywheel Commerce Cloud 之外，我們在本季還對 Omni 的生成式 AI 功能進行了重要更新。這包括完成與 Shutterstock 的先行者合作夥伴關係，使我們能夠將其文字到圖像模型整合到 Omni 中。作為我們去年與 Google 及其 Vertex AI 平台建立的先驅合作夥伴關係的一部分，我們成為第一家獲得 Gemini 1.5 下一代模型存取權的控股公司。我們仍然致力於 Omni 的開放式架構和靈活性，並利用這些寶貴的合作夥伴關係。

We've seen notable traction with Omni Assist, the generative AI tool we launched in 2023. Employees from more than 40 markets globally have access to Omni Assist and using it to produce audience intelligence, summarize cultural trends, recommend influences and much more. Some of our agency teams are also creating client-specific Omni Assist agency. For example, a client dedicated marketing consultant, media consultant and briefing agent to streamline global, multi-brand client agency planning.

我們在2023 年推出的生成式AI 工具Omni Assist 獲得了顯著的吸引力。 。我們的一些代理商團隊也正在創建特定於客戶的 Omni Assist 代理商。例如，客戶專門的行銷顧問、媒體顧問和簡報代理商可以簡化全球、多品牌客戶代理規劃。

As we work alongside our clients to explore how these new technologies can transform their businesses, 2 areas are critical to how we can drive transformation and growth: our digital transformation consulting business and our content production capabilities. This past month, our highly successful consulting firm, Credera, announced the simplification of its organization to offer clients a more streamlined experience. Its services will now be delivered under a single global brand through 2 primary business units: digital with capabilities in MarTech, e-commerce and digital platforms and consulting with capabilities in management and technology consulting, data, AI and business transformation.

當我們與客戶一起探索這些新技術如何改變他們的業務時，有兩個領域對於我們如何推動轉型和成長至關重要：我們的數位轉型諮詢業務和我們的內容製作能力。上個月，我們非常成功的顧問公司 Credera 宣布簡化其組織，以便為客戶提供更精簡的體驗。其服務現在將透過兩個主要業務部門以單一全球品牌提供：數位業務部門具有行銷技術、電子商務和數位平台的能力，諮詢業務部門具有管理和技術諮詢、數據、人工智慧和業務轉型的能力。

Since joining Omnicom in 2018, Credera has grown from 300 employees in 3 U.S. offices to over 4,000 people across 17 locations worldwide. This growth is a testament to our track record and success in acquiring and integrating businesses in new high-growth market segments.

自 2018 年加入 Omnicom 以來，Credera 已從 3 個美國辦事處的 300 名員工發展到遍布全球 17 個地點的 4,000 多名員工。這一成長證明了我們在收購和整合新的高成長細分市場業務方面的業績記錄和成功。

Today, our clients demand more high-quality, personalized creative content delivered across more media channels and at faster speeds. We have developed standardized platforms and processes to automate the development of content and deliver it at the right time and place to consumers by combining Credera's expertise in designing and implementing intelligent content platforms leveraging our Adobe partnership, (inaudible), our content orchestration engine and Omni's audience and data insights.

如今，我們的客戶需要透過更多媒體管道以更快的速度提供更高品質、個人化的創意內容。我們開發了標準化平台和流程，以自動化內容開發，並透過結合Credera 在設計和實施智慧內容平台方面的專業知識，利用我們的AdAdobe 合作夥伴關係（聽不清楚）、我們的內容編排引擎和Omni 的內容編排引擎，在正確的時間和地點將內容交付給消費者。

Our solution provides unmatched outcomes through an open operating system fueled by customer centricity to some of our most important brands such as AT&T and Nike. I'm pleased that our strategy resulted in industry recognition in the first quarter, including Omnicom being named WARC's #1 holding company for effectiveness, PHD being recognized as Adweek's Global Media Agency of the Year, Omnicom Media Group being recognized leading global media agency for 2023 with nearly $3 billion in net new business.

我們的解決方案透過以客戶為中心的開放作業系統為 AT&T 和 Nike 等一些最重要的品牌提供了無與倫比的成果。我很高興我們的策略在第一季度獲得了行業認可，包括Omnicom 被評為WARC 有效性排名第一的控股公司、PHD 被評為Adweek 年度全球媒體代理機構、Omnicom Media Group 被評為全球領先媒體代理商到 2023 年，淨新業務將接近 30 億美元。

Although risks and uncertainty continue to exist in the global economic and geopolitical environment, we remain optimistic about our position in the industry, our strategies and our financial performance. I remain confident that our management teams are well prepared to drive operational excellence even as they monitor and adapt to the changes in the macro environment. I'll now turn the call over to Phil for a closer look at our financial results. Phil?

儘管全球經濟和地緣政治環境中的風險和不確定性持續存在，但我們對我們的產業地位、策略和財務表現保持樂觀。我仍然相信，我們的管理團隊在監控和適應宏觀環境變化的同時，已做好充分準備來推動卓越營運。我現在將把電話轉給菲爾，以便更仔細地了解我們的財務表現。菲爾？

Thanks, John. We began the year with solid results, and we're optimistic about the year ahead. Let's review the first quarter performance in detail, beginning with revenue on Slide 4. Organic growth in the quarter was 4%. The impact from foreign currency was relatively flat, decreasing reported revenue by 0.1%. If rates stay where they are currently, we estimate the impact of foreign currency translation will be negative 1% for Q2 '24 and flat for the full year 2024. The net impact of acquisition and disposition revenue on reported revenue was positive 1.5% due primarily to the acquisition of Flywheel this January. Based on transactions completed to date, we expect a positive contribution of approximately 2.5% for Q2 and 2% for the year.

謝謝，約翰。我們以紮實的業績開始了這一年，並且我們對未來的一年感到樂觀。讓我們從幻燈片 4 上的收入開始詳細回顧第一季的業績。外匯的影響相對平穩，報告收入減少了 0.1%。如果利率維持在目前水平，我們估計外幣換算對 24 年第二季的影響將為負 1%，2024 年全年持平。一月收購Flywheel。根據迄今為止完成的交易，我們預計第二季和全年的積極貢獻約為 2.5% 和 2%。

Now let's turn to Slide 5 to review our organic revenue growth by discipline. During the quarter, advertising and media growth was very strong at 7%, driven by excellent performance at our global media businesses. Precision marketing, which now includes Flywheel, grew 4.3%. We expect this to continue to be one of our fastest-growing disciplines in the future. Public relations declined by 1.1% in the quarter. We expect this discipline will improve the rest of the year and benefit from the 2024 U.S. elections. Healthcare grew 2.1% during the quarter as we continue to cycle through some client losses from 2023, which we expect to lap after Q2.

現在讓我們轉向幻燈片 5，按學科回顧我們的自然收入成長。本季度，在我們全球媒體業務的出色表現的推動下，廣告和媒體成長非常強勁，達到 7%。精準行銷（現在包括 Flywheel）成長了 4.3%。我們預計這將繼續成為我們未來發展最快的學科之一。本季公共關係下降 1.1%。我們預計這項紀律將在今年剩餘時間改善，並從 2024 年美國大選中受益。醫療保健行業在本季度增長了 2.1%，因為我們繼續經歷 2023 年以來的一些客戶損失，我們預計這一損失將在第二季度之後結束。

Branding and retail commerce declined by 3.8%, driven by a challenging environment for our branding agencies that are more aligned on project-based engagements and faced a difficult comparison to Q1 of 2023 when they grew by 9%. You'll note that we've updated the name for this discipline, which was formerly called commerce and branding. Experiential grew a strong 9.5%, led by the U.S., which offset a small reduction in revenue internationally. We expect this discipline to benefit later in the year from the Summer Olympic Games in Paris. And execution and support declined by 4.3% with mixed results that overshadowed continued strength in field marketing.

品牌和零售商務下降了 3.8%，原因是我們的品牌代理商面臨充滿挑戰的環境，這些代理商更注重基於專案的參與，並且與 2023 年第一季成長 9% 相比面臨困難。您會注意到，我們已經更新了該學科的名稱，該學科以前稱為商業和品牌。以美國為首的體驗式成長了 9.5%，抵消了國際收入的小幅下降。我們預計該項目將在今年稍後從巴黎夏季奧運會中受益。執行和支援下降了 4.3%，結果好壞參半，掩蓋了現場行銷的持續強勁勢頭。

Turning to geographic growth on Slide 6. We saw growth in 6 of our 7 regions, led by the U.S. and Europe and a strong growth in Latin America driven by advertising and media.

轉向幻燈片 6 上的地理成長。

Slide 7 shows our revenue by industry sector. First quarter results were very similar to last year.

幻燈片 7 顯示了我們按行業劃分的收入。第一季的業績與去年非常相似。

Now let's turn to Slide 8 for a look at our expenses. In the first quarter, salary and related service costs grew as a result of increased staffing levels, primarily as a result of our acquisition of Flywheel Digital. But they were down as a percentage of revenue year-over-year, driven by our repositioning actions last year and through ongoing changes in our global employee mix. Third-party service costs increased in connection with the growth in our revenue. The third-party incidental costs increased somewhat, primarily as a result of increases in reimbursed travel and incidental out-of-pocket costs. Occupancy and other costs increased primarily due to our acquisition activity during the period but were essentially flat as a percentage of revenue due to lower rents as a result of our prior year real estate rationalizations. And SG&A expense was down both in dollar amount and as a percentage of revenue.

現在讓我們轉到投影片 8 來看看我們的開支。第一季度，薪資和相關服務成本因人員配備水準增加而成長，這主要是由於我們收購了 Flywheel Digital。但由於我們去年的重新定位行動以及全球員工結構的持續變化，它們佔收入的百分比比去年同期下降。第三方服務成本隨著我們收入的成長而增加。第三方附帶費用增加，主要是因為報銷差旅費和附帶自付費用增加。入住率和其他成本的增加主要是由於我們在此期間的收購活動，但由於我們上一年的房地產合理化導致租金下降，因此佔收入的百分比基本上持平。 SG&A 費用的金額和占收入的百分比均有所下降。

Now let's turn to Slide 9 and look at our income statement in more detail. Our operating income increased 2.8%, and the related margin was 13.2%, down slightly from the prior year adjusted margin of 13.5%, arising primarily from our acquisition activity, including Flywheel.

現在讓我們轉向投影片 9，更詳細地查看我們的損益表。我們的營業收入成長了 2.8%，相關利潤率為 13.2%，比去年調整後利潤率 13.5% 略有下降，這主要源自於我們的收購活動，包括 Flywheel。

As you may recall, our margin estimate this year is based on EBITA, which we have and continue to use as a measure of operating performance. Similar to our peers and in response to requests from investors, this reflects an adjustment for the amortization of intangible assets. The adjustment now reflects amortization expense related to both acquired intangible assets and internally developed strategic platform intangible assets. Strategic platform intangible assets relate to the costs we are required to capitalize and amortize over future periods in connection with the ongoing development of the Omni platform and the future ongoing development of the Flywheel Commerce Cloud platform.

您可能還記得，我們​​今年的利潤率預測是基於 EBITA，我們已經並將繼續使用它作為經營業績的衡量標準。與我們的同業類似，也是應投資者的要求，這反映了無形資產攤銷的調整。此次調整反映了與收購的無形資產和內部開發的策略平台無形資產相關的攤銷費用。策略平台無形資產與我們在未來期間需要資本化和攤銷的成本有關，這些成本與 Omni 平台的持續開發和 Flywheel 商務雲端平台的未來持續開發有關。

The amortization expense added back to calculate EBITA does not include amortization expense for internally developed software related to administrative and back-office operations tools such as ERP or workflow platforms. For the first quarter of 2024, this amortization was $21.5 million, and we expect the remaining quarters of 2024 to approximate this amount. For comparability purposes, we've included a slide in the appendix of this presentation, and it reflects the prior year amortization related to acquired intangible assets and internally developed strategic platform intangible assets for the 4 prior year calendar quarters of 2023 and the full year for 2023 and 2022.

計算 EBITA 時新增的攤銷費用不包括與行政和後台營運工具（例如 ERP 或工作流程平台）相關的內部開發軟體的攤銷費用。 2024 年第一季的攤銷額為 2,150 萬美元，我們預計 2024 年剩餘季度的攤銷額約為該金額。出於可比性目的，我們在本簡報的附錄中新增了一張投影片，它反映了2023 年4 個日曆季度以及2023 年全年與收購的無形資產和內部開發的策略平台無形資產相關的上一年攤提。

EBITA in Q1 2024 were $500.4 million, increased 4.1% year-over-year, and the related margin was 13.8%. We continue to expect our fiscal year 2024 EBITA margin to be close to flat with our 2023 adjusted EBITA margin of 15.6% for the full year.

2024 年第一季的 EBITA 為 5.004 億美元，年增 4.1%，相關利潤率為 13.8%。我們仍預期 2024 財年的 EBITA 利潤率將與 2023 年全年調整後的 EBITA 利潤率接近持平，為 15.6%。

Moving down the income statement. Our income tax rate of 26% was similar to the rate for the first quarter of 2023. For full year 2024, we continue to expect our income tax rate to approximate 27%. Changes in income from equity investments and income attributed to minority interest investments were not significant.

將損益表向下移動。我們的所得稅率為 26%，與 2023 年第一季的稅率相似。股權投資收益和少數股東權益投資收益變化不大。

As you can see at the bottom of this slide, we have also provided a new line item, non-GAAP adjusted net income per diluted share. Similar to EBITA, this also excludes the amortization on an after-tax basis that I just discussed related to acquired intangibles and internally developed strategic platform intangibles. This new reporting more closely measures the performance of our operating businesses year-on-year and is similar to our peer group's approach of adding back after-tax amortization expense when calculating non-GAAP diluted earnings per share. For the first quarter of 2024, this metric increased to $1.67 or 3.7% compared to the non-GAAP adjusted diluted earnings per share of $1.61 for Q1 2023.

正如您在這張投影片底部看到的，我們還提供了一個新的項目，即非公認會計準則調整後每股攤薄淨利潤。與 EBITA 類似，這也不包括我剛才討論的與收購的無形資產和內部開發的策略平台無形資產相關的稅後攤銷。這份新報告更密切地衡量了我們營運業務的同比業績，類似於我們同業集團在計算非公認會計準則稀釋每股收益時加回稅後攤銷費用的方法。與 2023 年第一季非 GAAP 調整後稀釋每股收益 1.61 美元相比，2024 年第一季該指標增至 1.67 美元，即 3.7%。

Now let's turn to cash flow on Slide 10. We define free cash flow as net cash provided by operating activities, excluding changes in operating capital. Free cash flow for 2024 was $415.1 million, a slight decrease of 3.2%.

現在讓我們轉向幻燈片 10 上的現金流。 2024年自由現金流為4.151億美元，小幅下降3.2%。

Regarding our uses of cash, we used $139 million of cash to pay dividends to common shareholders and another $13 million for dividends to noncontrolling interest shareholders. Our capital expenditures were $23 million, similar to last year, although we still expect fiscal year 2024 levels to be higher due to growth in capital investment at the newly acquired Flywheel. Total acquisition payments were $812 million, which reflects the $845 million acquisition of Flywheel net of cash acquired. Finally, our stock repurchase activity, net of proceeds from stock plans, was $178 million in the quarter, which is in line with our estimate of total repurchases for the year of approximately half of our historical average given our Flywheel acquisition.

關於我們的現金使用，我們使用了 1.39 億美元現金向普通股股東支付股息，另外 1,300 萬美元現金用於向非控股股東支付股息。我們的資本支出為 2,300 萬美元，與去年類似，但由於新收購的 Flywheel 的資本投資成長，我們仍預計 2024 財年的水準會更高。收購付款總額為 8.12 億美元，其中扣除現金後淨額為 8.45 億美元收購 Flywheel。最後，在扣除股票計畫收益後，本季我們的股票回購活動為 1.78 億美元，這與我們對全年回購總額的估計一致，即收購 Flywheel 後，回購總額約為歷史平均水準的一半。

Slide 11 is a summary of our credit, liquidity and debt maturities. At the end of the first quarter of 2024, the book value of our outstanding debt was $6.3 billion, up over $600 million from funding a portion of the Flywheel purchase price. As previously disclosed, we issued EUR 600 million senior notes due March 2032 with a coupon of 3.7%. Net proceeds in U.S. dollars were approximately $643 million. Our cash equivalents and short-term investments were roughly flat at $3.2 billion. We also have an undrawn $2.5 billion revolving credit facility, which backstops our $2 billion U.S. commercial paper program.

投影片 11 總結了我們的信用、流動性和債務期限。截至 2024 年第一季末，我們未償債務的帳面價值為 63 億美元，比為 Flywheel 購買價格提供的部分資金增加了 6 億多美元。如同先前所揭露的，我們發行了 6 億歐元的優先票據，將於 2032 年 3 月到期，票面利率為 3.7%。美元淨收益約為 6.43 億美元。我們的現金等價物和短期投資大致持平，為 32 億美元。我們還有未提取的 25 億美元循環信貸額度，為我們 20 億美元的美國商業票據計劃提供支援。

We continue to monitor the credit markets with regard to our $750 million of 3.65% senior notes due November 1, 2024. At this point, given where interest rates are and our financing activity early in 2024, we expect that net interest expense for the full year 2024 could increase by approximately $45 million relative to full year 2023.

我們將繼續監控 2024 年 11 月 1 日到期的 7.5 億美元、利率為 3.65% 的優先票據的信貸市場。與2023 年全年相比，2024 年可能增加約4,500 萬美元。

Slide 12 presents our historical returns on 2 important performance metrics for the 12 months ended March 31, 2024. Omnicom's return on invested capital was 22%, and our return on equity was 44%, both reflecting very strong performance.

投影片12 展示了我們截至2024 年3 月31 日的12 個月內2 個重要績效指標的歷史回報。反映出非常強勁的業績。

I will now ask the operator to please open up the lines for questions and answers. Thank you.

我現在請接線生開通問答線。謝謝。

(Operator Instructions) Your first question comes from Cameron McVeigh with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Cameron McVeigh。

Congrats on the numbers and closing Flywheel. Maybe if you could talk more to the Flywheel acquisition, potential value that unlocks both from a short-term and a long-term perspective and then the expected margin impact this year and over the long term.

恭喜獲得數字並關閉飛輪。也許您可以多談談 Flywheel 收購，從短期和長期角度釋放的潛在價值，以及今年和長期的預期利潤率影響。

Sure. I'll cover part of it, and Phil can chime in.

當然。我會介紹其中的一部分，菲爾可以插嘴。

Sure.

當然。

Flywheel is important in a number of areas. First and foremost, they're the only fully integrated retail commerce cloud platform that's out there. Everybody else can do a piece or 2, but the company we acquired that Duncan put together, he did it over a 6-year period and integrated quite a number of component companies. And it came together shortly around the time that we announced it.

飛輪在許多領域都很重要。首先也是最重要的是，它們是唯一完全整合的零售商務雲平台。其他人都可以做一兩個，但是我們收購的鄧肯組建的公司，他花了六年的時間做到了，整合了相當多的零件公司。在我們宣布這一消息後不久，它就聚集在一起了。

What they have is an incredible amount of knowledge and information about how people transact and do business on an online e-commerce basis and not only here domestically in the United States with things you're probably familiar with like Amazon, Walmart, Target but also in China, in Alibaba and -- I forgot the other one. So they have a global presence. They're right at the cutting edge of people buying online and using e-commerce. And that area is, according to forecast, scheduled to just grow exponentially over the next several years.

他們擁有大量關於人們如何在線上電子商務基礎上進行交易和開展業務的知識和信息，不僅在美國國內，包括您可能熟悉的亞馬遜、沃爾瑪、塔吉特等，而且還包括亞馬遜、沃爾瑪、塔吉特等。因此，他們的業務遍及全球。他們處於人們網上購物和使用電子商務的最前沿。根據預測，該地區預計將在未來幾年內呈指數級增長。

What it allowed us to do as well is to combine the Commerce Cloud, which looked at the retail sales aspect of what happens when you're are trying to market something to someone, and it enables us to connect to Omni Assist. So we can go all the way from identification, brand building, audience building, all the way through to the actual sale that occurs in a local e-commerce environment. And there's no one else who can do that. And I think based upon our study and our due diligence prior to the deal, we don't think there is anyone out there who even competes with the information that Flywheel has and the platform that they're operating in.

它讓我們能夠做的還有結合 Commerce Cloud，它著眼於當您嘗試向某人推銷某些產品時所發生的零售銷售方面的情況，並且它使我們能夠連接到 Omni Assist。因此，我們可以從識別、品牌建立、受眾建設，一直到在當地電子商務環境中發生的實際銷售。沒有其他人能做到這一點。我認為，根據我們在交易前的研究和盡職調查，我們認為沒有人可以與 Flywheel 擁有的資訊及其營運平台進行競爭。

That gives us tremendous opportunities to grow with the market as it grows. It also has turned our attention to how do we optimize this information for the benefit of our clients. And you'll see we occasionally -- we now refer to ourselves as a marketing and sales company rather than simply an advertising and marketing company. And that's because we can go end to end legitimately for the very first time.

這為我們提供了巨大的機會，可以隨著市場的發展而成長。它還將我們的注意力轉向如何優化這些資訊以造福客戶。您偶爾會看到我們 - 我們現在將自己稱為行銷和銷售公司，而不僅僅是廣告和行銷公司。那是因為我們第一次可以合法地進行端到端的處理。

In terms of its growth, because e-commerce, we're focused primarily here in North America, tends to be a fourth quarter -- third quarter, fourth quarter company. The fourth quarter is classically the weakest quarter for them, and it accelerates as we go through the balance of the year.

就其成長而言，因為我們主要專注於北美的電子商務，往往是第四季——第三季、第四季的公司。第四季通常是他們最疲軟的季度，隨著我們度過今年的剩餘時間，這一季度的表現會加速。

First quarter is the weakest.

第一季是最弱的。

I'm sorry, I said fourth. I'm sorry.

對不起，我說的是第四。對不起。

So just, Cameron, on margins short term and long term, the integration process continues. It's going very well, integrating Flywheel into all of Omnicom's operations. And as we've said back in the call in February, we expect Flywheel's margins will approximate Omnicom's average margins by Q4 of this year. And we expect overall results to be accretive, excluding the amortization that was added as part of the deal, also by Q4. Longer term, we expect the deal or the business to be accretive to Omnicom's overall average margins over the long run, for sure.

因此，卡梅倫，從短期和長期的利潤來看，整合過程仍在繼續。進展非常順利，將 Flywheel 整合到 Omnicom 的所有營運中。正如我們在 2 月的電話會議中所說，我們預計到今年第四季度，Flywheel 的利潤率將接近 Omnicom 的平均利潤率。我們預計整體業績將在第四季實現增值，不包括作為交易一部分增加的攤銷。從長遠來看，我們預計，從長遠來看，這筆交易或業務肯定會增加宏盟的整體平均利潤率。

Got it. And if I could ask one other. Curious if there are any other specific types of strategic acquisitions you're focused on in the near term.

知道了。如果我可以問別人的話。很好奇您近期是否關注任何其他特定類型的策略性收購。

There's areas we're focused on, and I don't think I'll discuss targets. So I'm done negotiating for them. Yes, as I said in the call, there are a few areas that are showing exceptional growth. It's in MarTech and transformation and also in content production, automation of content production and opportunities which geographically fill out our services in that area and also from (inaudible) point of view.

我們專注於一些領域，但我認為我不會討論目標。所以我已經完成了與他們的談判。是的，正如我在電話中所說，有一些領域顯示出非凡的成長。它涉及 MarTech 和轉型，也涉及內容製作、內容製作自動化和機遇，這些機會在地理上充實了我們在該領域的服務，也是從（聽不清楚）的角度來看的。

In terms of specific big Flywheel type of acquisitions, we're not looking at anything of that magnitude at this moment. So we're focusing in on growing and also transforming much of our own business for the opportunities that we see the new technology and the marketplace offers.

就特定的大型飛輪類型收購而言，我們目前並未考慮任何此類規模的收購。因此，我們專注於發展和改造我們自己的大部分業務，以抓住新技術和市場提供的機會。

Your next question comes from Adam Berlin with UBS.

您的下一個問題來自瑞銀集團的 Adam Berlin。

It's Adam Berlin from UBS. I've got 3 questions, if I can. The first question is on precision marketing. Now that Flywheel has been integrated into that segment, can you give us any guidance on what you think the medium-term growth potential of that? Do you see that as a mid-single-digit, high single-digit, double-digit business? And obviously, it might take a few quarters to get there, but just what do you think is possible for that business segment once that the integration is fully done? So that's the first question.

我是瑞銀集團的亞當柏林。如果可以的話，我有 3 個問題。第一個問題是精準行銷。既然 Flywheel 已經整合到該領域，您能否就您認為該領域的中期成長潛力提供任何指導？您認為這是一個中個位數、高個位數、兩位數的業務嗎？顯然，可能需要幾個季度才能實現這一目標，但您認為一旦整合完全完成，該業務部門可能會實現什麼目標？這是第一個問題。

And maybe you can tell us just kind of part B what the organic growth of Flywheel was in Q1 just to help us figure out what the original business did in Q1. Second question is what the group adjusted EBITA margin has been up without Flywheel. And my third question is on advertising and media. Advertising and media delivered good growth in Q1 of 7%, but it was a little bit slower than in Q4. Can you just tell a little bit about the moving parts there? What moved faster or slower? And then what happened in Q4?

也許你可以告訴我們飛輪在第一季的有機成長是什麼，只是為了幫助我們弄清楚原始業務在第一季做了什麼。第二個問題是，在沒有 Flywheel 的情況下，集團調整後的 EBITA 利潤率上升了多少。我的第三個問題是關於廣告和媒體的。廣告和媒體在第一季實現了 7% 的良好成長，但比第四季稍慢一些。能簡單介紹一下那裡的活動部件嗎？什麼移動得更快或更慢？那麼第四季發生了什麼事？

There's a lot to unpack, so I'm going to have to ask you to reask some of your questions. In terms of precision marketing, at this moment, included in our forecast is probably low double-digit growth for that area. But that's subject to opportunities. Specifically with Flywheel, it, as I said, stands alone. It's a component part of that. And the marketplace itself, clients' online activity, e-commerce is all growing. So we look further than this quarter, next quarter, this year into the future and what it can do for us. And we're very bullish about its contribution to the whole process. That was, I guess, the first question. The second one?

有很多東西要解開，所以我不得不請你重新問一些問題。就精準行銷而言，目前我們的預測可能包括該領域的兩位數低成長率。但這取決於機會。特別是對於 Flywheel，正如我所說，它是獨立的。這是其中的一個組成部分。市場本身、客戶的線上活動、電子商務都在成長。因此，我們比本季、下季、今年更進一步展望未來，以及它能為我們做些什麼。我們非常看好它對整個過程的貢獻。我想這是第一個問題。第二個？

The flywheel growth number, Adam, we're not breaking it out individually. I think the underlying precision marketing discipline prior to Flywheel being added to it certainly grew this quarter. Flywheel also had very good growth this quarter. But in terms of breaking out the business itself, we haven't and aren't going to break out individual businesses going forward either.

亞當，飛輪增長數字我們不會單獨列出。我認為在添加飛輪之前，基本的精準行銷原則在本季肯定有所成長。 Flywheel本季也有非常好的成長。但就業務本身的突破而言，我們還沒有也不打算繼續突破個別業務。

And then margin -- you had a margin question without Flywheel. What would the first quarter margin have been? Or would it have been flat? I think there's a lot of moving parts to operating profit and operating margin and EBITA margin, et cetera. Certainly, Flywheel's margins are lower than the Omnicom average margin, and there's certainly some integration costs in the first quarter.

然後是保證金——在沒有飛輪的情況下，您會遇到保證金問題。第一季的利潤率是多少？或者它會是平坦的嗎？我認為營業利潤、營業利益率和息稅折舊攤銷前利潤率等因素有很多變化。當然，Flywheel 的利潤率低於 Omnicom 的平均利潤率，而且第一季肯定會產生一些整合成本。

We didn't go back and do the actual calculation, so of how much was the impact of Flywheel or the negative of Flywheel on our EBITA margins. But I think it's hard to say would they have been flat. I think they're down about 30 basis points. It's not that big of a number. So the answer is probably yes. Certainly, there are a bunch of costs associated with the integration. And I think the last...

我們沒有回去進行實際計算，即飛輪對我們的 EBITA 利潤率的影響有多大，或者飛輪的負面影響有多大。但我認為很難說它們會持平。我認為他們下跌了大約 30 個基點。這個數字並不大。所以答案可能是肯定的。當然，整合會產生大量成本。而且我認為最後...

Hold on. Adam, we're not focused at all on what the margin impact is in the first quarter that they joined our company. We're incredibly pleased at speed in which and the progress we've made in integrating because we're looking at the benefit that it is going to bring to the Omnicom Group moving forward. So we don't do that kind of -- waste time really on that type of activity. And the third question, if you could repeat it for me. I think I know what it is, but...

堅持，稍等。亞當，我們根本不關注他們加入我們公司第一季的利潤影響。我們對整合的速度和所取得的進展感到非常高興，因為我們正在考慮它將為宏盟集團的前進帶來的好處。所以我們不會做那種事——在那種類型的活動上浪費時間。第三個問題，你能幫我重複嗎？我想我知道那是什麼，但是...

Yes. Just what was the difference between the 9% growth in Q4 and the 7% in Q1 for advertising and media.

是的。廣告和媒體領域第四季 9% 的成長與第一季 7% 的成長有何不同？

I'm just going to make a general statement, and Phil can fill it in. We're very happy with the growth that we've seen, for sure. And that group has been growing very strongly for the last 2 years every quarter. So in any particular quarter, it's up against very difficult comps. And we expect it to be -- continue to grow throughout the balance of this year.

我只想做一個一般性的聲明，菲爾可以補充。過去兩年，該群體每季的成長都非常強勁。因此，在任何特定季度，它都會面臨非常困難的競爭。我們預計這一數字將在今年剩餘時間內繼續增長。

Yes. We tend -- when one of the disciplines goes from 9% growth to 7% growth, it doesn't bother us all that much, certainly because the 9% was quite a performance. 7% is also very strong performance. We're happy with that as well. So we haven't spent a lot of time trying to pick out the differences between that 2 percentage point swing between Q4 and Q1. But a lot of times, Q4 is unpredictable. There's lot of project spend in Q4 for the media business as well as all the disciplines. So it isn't that surprising for Q1 to take a little bit of a step down from Q4 in our history.

是的。我們傾向於——當其中一個指標從 9% 增長到 7% 增長時，我們不會太擔心，當然是因為 9% 已經是相當不錯的表現了。 7%也是非常強勁的表現。我們對此也很滿意。因此，我們沒有花太多時間試圖找出第四季和第一季之間 2 個百分點的波動之間的差異。但很多時候，第四季是不可預測的。第四季媒體業務以及所有學科都有大量項目支出。因此，第一季比我們歷史上的第四季稍微下降一點也不奇怪。

Your next question comes from David Karnovsky with JPMorgan.

您的下一個問題來自摩根大通的大衛卡諾夫斯基。

John, just on the decision to raise guidance, your result in the quarter was near the midpoint of the prior outlook. So I just wanted to understand better the increase. Have you assumed a more cautious view for Q1? Or are you just seeing better indicators for the rest of the year? And then on precision marketing, I know you stated previously you maybe expected an improvement in 2024. We had heard some cautious commentary recently from some of your peers or IT services firms. Just wanted to see if you could update a bit on what you're seeing here in terms of moving projects forward.

約翰，就在決定提高指導意見時，您本季的業績接近先前展望的中點。所以我只是想更好地理解成長。您對第一季的看法是否更加謹慎？或者您只是看到今年剩餘時間的指標有所改善？關於精準行銷，我知道您之前說過您可能預計 2024 年會有所改善。只是想看看您是否可以在推進專案方面更新您在這裡看到的內容。

Sure. In terms of the forecast, I think what we said in the fourth quarter was that we're giving you the range of 3.5% to 5%, saying that we're -- in the first quarter, we were still cycling through some client changes from the prior year and that once we get into the second quarter and beyond, we were far more confident that we weren't facing any significant headwinds as we continue to grow the business.

當然。就預測而言，我認為我們在第四季度所說的是，我們給你們的範圍是 3.5% 到 5%，也就是說我們在第一季仍在循環使用一些客戶與上一年相比發生了變化，一旦進入第二季度及以後，我們更有信心在繼續發展業務的過程中不會面臨任何重大阻力。

And as it turned out, the fourth quarter came in at 4%. So it seems very logical for us to remove that bottom end caution, I guess, at this point and still feel that subject to macroeconomic changes in the world, I've seen a lot of them in the last couple of weeks, we're confident that we have the right product, right approach towards clients. And our management teams are very strong and focused. So we have more confidence, and that's why we lifted the bottom end of the guidance up at this point.

事實證明，第四季的成長率為 4%。因此，我想，在這一點上，我們消除底部的謹慎似乎是非常合乎邏輯的，並且仍然覺得受到世界宏觀經濟變化的影響，我在過去幾週看到了很多這樣的變化，我們正在相信我們擁有正確的產品、正確的顧客服務方式。我們的管理團隊非常強大且專注。因此，我們更有信心，這就是為什麼我們此時將指導意見的下限上調。

The other question was the outlook for precision in 2024 as you go from quarter-to-quarter.

另一個問題是 2024 年每季的精度前景。

Well, I wouldn't forecast it quarter-to-quarter. And I think I said in the previous answer that we expect it to be low double digits at this point, and that was included in coming up to our overall guidance of 4% to 5%.

好吧，我不會按季度進行預測。我想我在先前的回答中說過，我們預計目前這一數字將是低兩位數，這已包含在我們 4% 至 5% 的整體指導中。

Yes. We certainly see, especially as John had referenced earlier in the call, Flywheel is kind of weighted towards the end of the year in terms of its performance relative to the retail cycle. Certainly, we see it improving as the year goes on in terms of the growth rate.

是的。我們當然看到，特別是正如約翰早些時候在電話會議中提到的那樣，就其相對於零售週期的表現而言，飛輪在年底時有所加權。當然，我們看到隨著時間的推移，成長率有所改善。

Got it. Yes. I was really asking about sort of the non-Flywheel part of the business, right, digital business transformation and whether you had started to see more movement on some of the projects there.

知道了。是的。我實際上是在問業務的非飛輪部分，對吧，數位業務轉型，以及您是否已經開始看到那裡的一些項目有更多進展。

That business is healthy at this point. I think we haven't seen any headwinds at all. If there are -- or others are referencing to, it probably has more to do with their specific clients' plans and impact economy is having on those clients than an industry or a segment type of answer.

該業務目前狀況良好。我認為我們根本沒有看到任何阻力。如果有的話——或者其他人提到的，它可能更多地與他們的特定客戶的計劃以及經濟對這些客戶的影響有關，而不是與行業或細分類型的答案有關。

Your next question comes from Tim Nollen with Macquarie.

您的下一個問題來自麥格理的蒂姆·諾倫。

I feel like I'm going back many, many years with this. But could you please remind us what your organic growth calculation is, i.e., your organic growth in the quarter, obviously, your organic growth? Does that include Flywheel's organic growth as well? And then when does it become part of your reported growth? Is it 12 months after? I think that's right. Or do you actually go a full year after it has been already integrated? Hope you understand that question.

我感覺我彷彿回到了很多很多年前。但您能否提醒我們您的自然成長計算是什麼，即您本季的有機成長，顯然是您的有機成長？這也包括 Flywheel 的有機成長嗎？然後它什麼時候成為您報告的成長的一部分？是12個月後嗎？我認為這是對的。或者在它已經整合之後你實際上會去一整年嗎？希望你明白這個問題。

Secondly, also, I'd like to just to ask another Flywheel-related question. Your branding and retail commerce number was down, I think, 3.8% organic in the quarter. I think you pointed to particular items on the branding side. I'm just wondering if there is any Flywheel business in that retail commerce portion, and then tying back to the first question, if there was organic growth there.

其次，我還想問另一個與飛輪相關的問題。我認為，本季你們的品牌和零售業務數字下降了 3.8%。我認為您指出了品牌方面的特定項目。我只是想知道零售商務部分是否有飛輪業務，然後回到第一個問題，那裡是否有有機成長。

Sure. I'll start with the organic growth, Tim. So we've always done the calculation consistently. So when we do an acquisition, and in this case, Flywheel, we spent over $800 million of capital to acquire the company. We're responsible for the results, and we're measured on the results post acquisition. So included in the results is Flywheel's organic growth. The acquisition revenue number reflects their -- in the calculation, the acquisition revenue from the prior year is used as a measure to determine what the growth is based on the current year's revenue.

當然。我將從有機成長開始，蒂姆。所以我們總是一致地進行計算。因此，當我們進行收購時（在本例中為 Flywheel），我們花費了超過 8 億美元的資金來收購該公司。我們對結果負責，並根據收購後的結果進行衡量。因此，Flywheel 的有機成長也包含在業績中。收購收入數字反映了他們的——在計算中，上一年的收購收入被用作確定基於本年度收入的成長的衡量標準。

So you take the current year revenue and compare it to the prior year revenue. If it grew, it's part of the organic growth. If it's negative, it's part of the organic growth. We've never excluded acquisitions from that calculation. And we don't see why you would exclude them for the first year in any way. I think we're responsible for the growth as part of the calculation. So we haven't changed the calculation and how we go about doing it.

因此，您將當前年度的收入與上一年的收入進行比較。如果它成長了，它就是有機成長的一部分。如果是負數，那就是有機成長的一部分。我們從未將收購排除在計算之外。我們不明白為什麼你會在第一年以任何方式排除他們。我認為我們對增長負責作為計算的一部分。所以我們沒有改變計算方法以及計算方式。

So Tim, another way to look at it is that Flywheel did, hypothetically, 102 this first quarter. And last year before we owned it, it did 100. The 2 would be an organic calculation, not in 2, just the 2.

Tim，從另一個角度來看，Flywheel 假設在第一季取得了 102 的成績。去年我們擁有它之前，它做了 100。2 將是一個有機計算，不是 2，只是 2。

It was 104. They'd be negative 2 of organic growth.

是 104。

Right. It's been a long time since you've done an acquisition of this size, so I'm forgetting how you do the accounting for it.

正確的。你們已經很久沒有進行過如此規模的收購了，所以我忘記了你們是如何進行會計核算的。

The one thing, Tim, is I've been here longer than you, and we've always done it the same way.

提姆，有一件事是我在這裡的時間比你長，而且我們總是以同樣的方式做事。

Consistency. And then remind us again, related, when does Flywheel become part of reported growth, not acquisition growth, as an organic reported growth, not acquired growth?

一致性。然後再次提醒我們，相關的，飛輪何時成為報告成長的一部分，而不是收購成長，作為有機報告成長，而不是收購成長？

So it's in the reported growth. And the incremental growth over the prior year, the 2 in John's example, that's what's on the organic growth line. The balance is on the acquisition line. So on the acquisition -- if you're looking at the chart in the presentation, the acquisition revenue is the 100, and the organic growth number is the 2.

所以這是在報告的成長中。與前一年相比的增量成長（約翰的例子中的 2）就是有機成長線。餘額位於採集線上。因此，在收購方面，如果您查看簡報中的圖表，收購收入為 100，有機成長數字為 2。

Right. And then is it 12 months after acquisition that there's no more acquired revenue from the company? It's just all organic?

正確的。那麼收購12個月後，公司是否就不再獲得收入了呢？都是有機的嗎？

Yes.

是的。

That's correct, yes.

這是正確的，是的。

12 months after acquisition close, okay.

收購結束後 12 個月，好吧。

Yes, 1 year, yes.

是的，1年，是的。

And then lastly, on the retail commerce proportion of the branding number, is there Flywheel in that? Or is that all in precision marketing?

最後，關於品牌數量的零售商業比例，其中有飛輪嗎？還是這就是精準行銷的全部？

Yes, all the Flywheel's and precision marketing. Trying to split up an operating company between disciplines is certainly very challenging and especially Flywheel's business.

是的，所有的飛輪和精準行銷。試圖在不同領域之間拆分營運公司無疑是非常具有挑戰性的，尤其是 Flywheel 的業務。

Your next question comes from Steven Cahall with Wells Fargo.

你的下一個問題來自富國銀行的史蒂文·卡霍爾。

So John, with the removal of the lower end of the guide, the way you talked about it, moving to the 4% to 5%, is it fair to say that the year is off to a stronger start in terms of what you're seeing in client activity? Or is it just that it's off to the start you kind of expected, and that has removed some risk, and so that gives you that confidence to move up the range a little bit?

所以，約翰，隨著指南的下端被刪除，你談論的方式，轉向 4% 到 5%，可以公平地說，就你所說的而言，今年有了一個更強勁的開局。看到？或者只是因為它已經開始了你所期望的，並且消除了一些風險，所以這讓你有信心稍微提高範圍？

And maybe within that question, I think in the prepared remarks, Phil, you mentioned that advertising and media was solid and media buying was called out as the piece of that. Creative is obviously still a big business, and I think it was a little choppy across the industry in 2023. So also just look to understand if there's any inflection points or trends in the creative part of that business.

也許在這個問題中，我認為在準備好的發言中，菲爾，你提到廣告和媒體是可靠的，媒體購買被稱為其中的一部分。創意顯然仍然是一項大業務，我認為 2023 年整個行業有點波動。

I didn't write your first question down, sorry. Repeat the first one. I'm sorry.

我沒有寫下你的第一個問題，抱歉。重複第一個。對不起。

Yes. I'll break it into 2 to be easier. So the first one is just with the change to guidance. Is it just that things are kind of performing in line? Or are you actually seeing better client activity than you expected early on?

是的。為了更容易，我將把它分成2部分。所以第一個就是指導方針的改變。難道只是事情都按部就班地進行嗎？或者您實際上看到的客戶活動比您早期預期的要好？

Well, things are in line, for certain. And things are -- certainly, things that we expected to grow are growing. And so the confidence is every week passes, just gets more reassured as we go through the year. And at this point, looking at the new business activity that's in front of us for the next several months, we're defending very little at this point, and we have opportunities on quite a number of big brand names.

嗯，事情確實是這樣的。當然，我們預期會成長的事物正在成長。因此，信心每週都會過去，隨著這一年的過去，我們會變得更加放心。在這一點上，看看我們未來幾個月面臨的新業務活動，我們目前的防守很少，而且我們在相當多的大品牌上有機會。

And if our batting average holds up, as we go into the future, we'll take our fair share of that, which won't have too much of an impact as we get later in the year in terms of '24 numbers. But overall, it helps the health of the business, our confidence. And it will certainly give us a wind at our backs for next year as we move into the end of the year and into next. So all the signs at the moment are very constructive, and we're making a lot of progress on a lot of different fronts.

如果我們的擊球率保持不變，當我們進入未來時，我們將承擔我們應得的份額，這不會像今年晚些時候我們在 24 小時數據中獲得的那樣產生太大的影響。但總的來說，它有助於業務的健康發展和我們的信心。當我們進入年底和明年時，它肯定會給我們帶來明年的動力。因此，目前的所有跡像都非常有建設性，我們在許多不同方面都取得了巨大進展。

So your question on creative versus media creative this quarter was roughly flat. We expect the rest of the year to improve in the advertising -- creative advertising agencies. It's still core to what we do, and it's really Omnicom's DNA. It does go beyond -- creative does go beyond advertising, though. And they're certainly very different agencies than they were just a few years back as they continue to adopt new ways of working using current technology and some of the things we talked about and John talked about on his prepared remarks in terms of the content supply chain, et cetera. They're a big part of that. So we're optimistic that they'll be in a growth mode as we go through the rest of the year.

因此，您本季關於創意與媒體創意的問題大致持平。我們預計今年剩餘時間廣告業務－創意廣告公司將有所改善。它仍然是我們工作的核心，也是 Omnicom 的 DNA。它確實超越了——不過，創意確實超越了廣告。與幾年前相比，他們肯定是非常不同的機構，因為他們繼續採用當前技術的新工作方式以及我們和約翰在內容供應方面談到的一些事情鏈等。他們是其中的重要組成部分。因此，我們樂觀地認為，在今年剩餘的時間裡，它們將處於成長模式。

And Phil, could you put that roughly flat just in the context of whether you think that's an industry trend related to macro and/or technology? Or is any of that related to account wins or losses?

菲爾，您能否在您認為這是否是與宏觀和/或技術相關的行業趨勢的背景下將其大致持平？或其中任何一個與帳戶獲利或虧損有關嗎？

I think it's probably a combination of each of those just even though it's a lot of different things, but there's certainly been a lot of change in those businesses recently. And I think we're probably not that much different than anyone else.

我認為這可能是其中每一個的組合，儘管有很多不同的事情，但最近這些業務肯定發生了很多變化。我認為我們可能與其他人沒有太大不同。

Your next question comes from Michael Nathanson with MoffettNathanson.

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

Following up on Steve's question about creative. Can you talk a bit about gen AI and what you're doing on the creative side? What have you learned? And is there a risk that as these tools get more sophisticated that it could be cannibalistic to your creative service businesses? Maybe it becomes more efficient for other people to do it or new entrants form? That's one. And then two, Phil, can you talk a bit about the capital intensity of Flywheel? You mentioned a little bit of higher CapEx down the road. How much more capital intensive is that business than the rest of Omnicom?

跟進史蒂夫關於創意的問題。您能談談 gen AI 以及您在創意方面所做的事情嗎？你學到了什麼？隨著這些工具變得越來越複雜，是否存在可能蠶食您的創意服務業務的風險？也許其他人做這件事或新進入者的形成會變得更有效率？這是一個。第二位，Phil，您能談談 Flywheel 的資本密集度嗎？您提到未來的資本支出會更高一些。業務的資本密集度比 Omnicom 的其他業務高出多少？

Sure. I'll start your answer now with respect to technology and the advertising sector, and then I might ask Paolo, who's working most closely on AI has joined, with us today, if he wants to add anything before Phil gets to answer. The single largest benefit of generative AI as we're using it is it makes it simpler for highly creative people to come up with different executions, different applications of their ideas across many different mediums and using the specific Omni data that we have in Flywheel Commerce better to help understand where the consumer is and the messaging that we have to create in order to reach that consumer.

當然。我現在將開始回答有關科技和廣告領域的問題，然後我可能會問保羅，他在人工智慧方面的工作最密切，今天也加入了我們，在菲爾回答之前，他是否想補充任何內容。我們使用生成式人工智慧的最大好處是，它使富有創造力的人們更容易想出不同的執行方式，在許多不同的媒介上對他們的想法進行不同的應用，並使用我們在Flywheel Commerce 中擁有的特定Omni 數據更好地幫助了解消費者在哪裡以及我們必須創建的訊息才能到達該消費者。

So as this goes forward, automation affects every single part of the business. AI will affect every single part of the business. And the programs and the things that we're doing are to take that on board to evaluate and shift up as a market leader and even in advance of testing things that are available or hopefully will become commercially available at some point in the future.

因此，隨著這種情況的發展，自動化會影響到業務的每個部分。人工智慧將影響業務的每一個部分。我們正在做的計劃和事情就是將其納入評估和轉變為市場領導者，甚至在測試可用的或希望在未來某個時候商業化的東西之前。

I guess if there's a downside to it, it's a lot of the things that in the past might have been done manually and somebody got paid to do that execution work, which was typically pretty boring and repetitive, that gets eliminated. So you're not seeking to hire those level of people to do that level of job and therefore get reimbursed at a profit for them. But what you are doing is you're able to come up with better, cleaner, sharper ideas, which can either succeed fast or fail fast. And all of that, at the end of the day, benefits the client and makes the ROI on a marketing dollar spent greater. And that's where I think the contribution of generative AI is going to come in.

我想如果它有一個缺點的話，那就是很多過去可能是手動完成的事情，並且有人得到報酬來完成執行工作，這通常是相當無聊和重複的，現在被淘汰了。因此，您並不是尋求僱用這些級別的人員來完成該級別的工作，從而為他們獲得利潤報銷。但你所做的是能夠想出更好、更清晰、更敏銳的想法，這些想法要么很快就成功，要么很快就失敗。所有這些最終都會使客戶受益，並使行銷資金的投資報酬率更高。我認為這就是生成式人工智慧的貢獻所在。

And it's been my experience over my career, the more clarity I can bring to a client and explaining what the ROI is on the next dollar of marketing he's going to spend or she's going to spend means that we probably are going to benefit from that and servicing it in some fashion. So philosophically, there's a lot of moving pieces that are going on all the time and have been for quite a while now. But pretty intensely, adjusting to and exploiting where we can the things that generative AI does. But Paolo, who you've met before in previous calls, I think, is really the guy that I depend upon, among others, on this. And he works very closely with all of our suppliers and vendors. Paolo?

這是我職業生涯的經驗，我可以向客戶提供更多的清晰信息，並解釋他或她將花費的下一美元營銷的投資回報率是多少，這意味著我們可能會從中受益，並且以某種方式為其提供服務。所以從哲學上來說，有很多令人感動的事情一直在發生，而且已經存在了很長一段時間了。但我們非常強烈地調整並利用生成式人工智慧所做的事情。但我想，你在之前的電話中見過的保羅確實是我在這方面所依賴的人。他與我們所有的供應商和供應商密切合作。保羅？

Yes, sure. Michael, so look, I think you've heard us talk about this in the past that we really believe that generative AI (inaudible) is going to empower our people and really give them super powers for the skills that they already have. I think we look at it through the lens of a maturity model with respect to how they are executing their tasks. In the recent past, generative AI has really just been a tool. Today, it's more of an assistant or co-pilot, if you will. And really, tomorrow, it becomes a true partner, whether it be a creative partner, a strategic partner, a planning partner for every one of our employees. So that is effectively how we're approaching it and how we're building it into Omni, to provide that partner for everyone.

是的，當然。邁克爾，所以聽著，我想你過去曾聽過我們談論過這一點，我們真的相信生成式人工智慧（聽不清楚）將賦予我們的人民權力，並真正賦予他們現有技能的超能力。我認為我們透過成熟度模型的觀點來看待他們如何執行任務。最近，生成式人工智慧其實只是一種工具。如今，如果你願意的話，它更像是助理或副駕駛。事實上，明天，它就會成為我們每一位員工的真正合作夥伴，無論是創意合作夥伴、策略夥伴或規劃夥伴。這就是我們正在採取的有效方式，以及將其建構到 Omni 中的方式，為每個人提供這樣的合作夥伴。

Yes. And it's a much longer conversation. But if you think through the technology, if you're in a competitive industry and the tech is way further than it is today, the competitors simply ask the same questions to reach the same consumers. They're all going to get the same answer. So it's not going to differentiate anybody. What brings the difference to this is the creative minds that we're able to attract in Omnicom and apply to those client challenges and objectives.

是的。這是一個更長的談話。但如果你仔細思考技術，如果你處於一個競爭激烈的行業，並且技術比今天先進得多，那麼競爭對手只需提出相同的問題來接觸相同的消費者。他們都會得到相同的答案。所以它不會區分任何人。帶來差異的是我們能夠在 Omnicom 吸引創意人才並將其應用於這些客戶的挑戰和目標。

And then your second question, Michael, similar -- how intense is the CapEx commitment. Similar to the Omni platform, we need to continue to develop the Flywheel Commerce Cloud platform, and we intend to do that certainly with Flywheel and lead. But in terms of scale, while it's similar to Omni, we expect an increase in CapEx spend. But we wouldn't say we expect it to be dramatic.

然後你的第二個問題，邁克爾，類似的——資本支出承諾有多強烈。與 Omni 平台類似，我們需要繼續開發 Flywheel Commerce Cloud 平台，我們打算透過 Flywheel 和領導者來實現這一目標。但就規模而言，雖然它與 Omni 類似，但我們預期資本支出會增加。但我們不會說我們期望它會是戲劇性的。

It's going to be an increase but a very manageable increase because as we said before, Flywheel went through a significant period of time, probably 12 to 18 months, to integrate its back-end platform or platforms, some of which are part of prior acquisitions, into one integrated Flywheel Commerce, call it, platform. The vast majority of that work was done prior to when we announced the deal in October of '23. So most of the work at this point going forward, similar to Omni, is on building enhancements, incorporating new technology and keeping the platform at the leading edge. So we don't expect it to be dramatic, but certainly, it's an investment that's well worth making for us.

這將是一個成長，但也是一個非常可控的成長，因為正如我們之前所說，Flywheel 經歷了很長一段時間，可能是12 到18 個月，來整合其後端平台，其中一些是先前收購的一部分，成為一個整合的飛輪商務（Flywheel Commerce），稱之為平台。絕大多數的工作是在我們於 2023 年 10 月宣布交易之前完成。因此，與 Omni 類似，目前大部分的工作都是建立增強功能、整合新技術並保持平台處於領先地位。因此，我們預計這不會是戲劇性的，但當然，這對我們來說是一項非常值得的投資。

Okay. Phil, can I ask a quick one on the add back of amortization? I understand the intangible amortization. But what was the thinking on the internally developed strategic platform asset amortization? So that's -- so how is that -- why did you guys include that in the EBITA definition versus pure amortization from goodwill?

好的。菲爾，我可以快速詢問一下攤提加回嗎？我了解無形攤銷。但內部開發的策略平台資產攤銷是怎麼想的？那麼，這就是——那是怎麼回事——為什麼你們將其納入 EBITA 定義中，而不是來自商譽的純攤銷？

Sure. So as we've done for well over 10 years, we built out the Omni platform. We built it out through internal investments. And some of our competitors actually went out and did acquisitions, bought somewhat similar assets in terms of data analytics and other technologies similar to the Omni platform. And in terms of comparing what amortization gets added back or not, we think the reality is whether we acquire it or we build it ourselves, you'd want to look at that amortization of the investments that you've made, and that would be the appropriate amount to add back.

當然。正如我們十多年來所做的那樣，我們建立了 Omni 平台。我們透過內部投資建立了它。我們的一些競爭對手實際上出去進行了收購，在數據分析和其他類似於 Omni 平台的技術方面購買了一些類似的資產。在比較攤銷是否加回來方面，我們認為現實是，無論我們購買它還是我們自己建造它，你都會想看看你所做的投資的攤銷，那就是適當的量加回去。

In terms of rough order of magnitude, if you look at the total, if you look at the total of the add-back related to acquired intangibles and internally developed strategic platform amortization, that's about 75% of the total. And the non-acquisition amortization is about 10% or 15% of that. So it's not a large proportion of the number. But about 25% of the total relates to administrative amortization expense related to administrative intangibles, things like ERP systems and workflow systems, et cetera. So we think that's an appropriate and probably most comparable way to look at the numbers compared to some others in the marketplace.

就粗略的數量級而言，如果你看看總數，如果你看看與收購的無形資產和內部開發的戰略平台攤銷相關的回加總額，大約佔總數的75%。非收購攤銷約為其中的10%或15%。所以在數量上所佔比例並不大。但其中約 25% 與管理無形資產、ERP 系統和工作流程系統等相關的管理攤銷費用有關。因此，我們認為與市場上的其他一些方法相比，這是一種適當且可能最具可比性的查看數字的方式。

Your next question comes from Craig Huber with Huber Research Partners.

您的下一個問題來自 Huber Research Partners 的 Craig Huber。

If you could just go back to Flywheel for a little bit here. You guys have obviously cleaned up your portfolio of your performing assets at least. There's quite a bit (inaudible) obviously did Flywheel acquisition here. Curious, does that change your outlook long term, the potential for organic revenue growth here to maybe accelerate off this roughly 4% to 5%? You're talking about (inaudible) 4.1% last year. Do you feel increasingly optimistic longer term about accelerating growth rate? I realize there's law of larger numbers here. You're a much bigger company now than you were 10, 15 years ago. Your thoughts, please.

如果你能回到飛輪這裡來一會兒就好了。你們顯然至少已經清理了你們的績效資產投資組合。顯然，這裡有相當多（聽不清楚）的 Flywheel 收購。很好奇，這是否會改變您的長期前景，而有機收入成長的潛力可能會從大約 4% 到 5% 加速？你說的是（聽不清楚）去年的 4.1%。從長遠來看，您對加速成長感到越來越樂觀嗎？我意識到這裡有大數定律。與 10、15 年前相比，現在的公司規模要大得多。請你的想法。

I'd answer it a little bit differently. Because we've cleaned up the portfolio, and there's always work to do, but not nearly as much work as we've done in the past, because we've cleaned up the portfolio, I think the products and the offerings that we have today are really market leading. And as we expose them to the marketplace and our clients and probably do a better job, actually, of marketing Omnicom and its products to the world, I do think that it will sustain our organic growth going forward.

我的回答有點不同。因為我們已經清理了產品組合，而且總是有工作要做，但不像我們過去所做的那麼多工作，因為我們已經清理了產品組合，我認為我們擁有的產品和產品今天確實是市場領先的。當我們將它們暴露給市場和我們的客戶時，實際上可能會更好地向世界行銷宏盟及其產品，我確實認為這將維持我們未來的有機成長。

I have enough difficulty giving you guidance for the balance of this year. So I don't want to get too far ahead of my shoes, but I'm very confident that we're going to be the most appropriate supplier in the marketplace with the type of activities that clients are looking to buy from a group like ours. And so with that confidence, that's just not me and what we buy or what we integrate. That is really reflective of the management teams that work on the various aspects of Omnicom and are executing and delivering our products worldwide. But at the end of the day, it comes down to those people, the products that we make available to them but the creative genius and innovation that they bring to improving that product on a constant basis. So yes, I'm bullish, I guess.

我很難為您提供今年剩餘時間的指導。因此，我不想在我的鞋子上走得太遠，但我非常有信心，我們將成為市場上最合適的供應商，提供客戶希望從這樣的團體購買的活動類型我們的。因此，有了這種信心，這不是我，也不是我們購買或整合的東西。這確實反映了負責 Omnicom 各個方面並在全球範圍內執行和交付我們產品的管理團隊。但歸根結底，這取決於這些人，我們為他們提供的產品，以及他們為不斷改進產品而帶來的創意天才和創新。所以是的，我想我是看漲的。

Phil, if I could just ask you real quick. In terms of the margins for this year, I think you're talking about roughly flat margins for the year. Just walk us through a little bit about the costs in your mind that are holding that back from actually going up. So you talked about the integration costs of Flywheel, Flywheel being dilutive. I think you said the margins the first 3 quarters, but what else should we think about, please? What are the internal investment, spending you're doing, et cetera?

菲爾，如果我能盡快問你就好了。就今年的利潤率而言，我認為您談論的是今年的利潤率大致持平。請向我們介紹一下您心中阻礙實際上漲的成本。所以你談到了飛輪的整合成本，飛輪是攤薄的。我想你說的是前三個季度的利潤，但我們還應該考慮什麼？您正在進行哪些內部投資、支出等？

Sure. So the approach to margins hasn't changed much over the years. We're always trying to find the right balance between growing the business in a sustainable way, making the appropriate investments in the business for the future, so Omni and Omni platform is a great example of that, and balancing that with an appropriate margin and return to shareholders. So as it relates to 2024, certainly, we've got some -- an integration process to go through with Flywheel, as we said, going really well but more to be done.

當然。因此，多年來，利潤率的計算方法並沒有太大變化。我們總是試圖在以可持續的方式發展業務、對未來的業務進行適當的投資之間找到適當的平衡，因此Omni 和Omni 平台就是一個很好的例子，並在適當的利潤和利潤之間取得平衡。因此，就 2024 年而言，我們當然有一些需要與 Flywheel 進行的整合過程，正如我們所說，進展非常順利，但還有更多工作要做。

We do expect to continue to make the investments we've been talking about with respect to the Omni platform and ongoing investments in Flywheel and Flywheel Commerce Cloud. And ultimately, we see some opportunities with our cost structure being flexible to be part of the equation and how to maximize margins overall. We're looking at the long-term health of the business, continuing to make those investments. That's part of what goes into the ultimate end result when it comes to margins because really, we're trying to grow operating profit dollars, not just hit a percentage.

我們確實希望繼續進行我們一直在談論的有關 Omni 平台的投資以及對 Flywheel 和 Flywheel Commerce Cloud 的持續投資。最終，我們看到了一些機會，我們的成本結構可以靈活地成為等式的一部分，以及如何最大化整體利潤。我們正在著眼於業務的長期健康狀況，並繼續進行這些投資。這是利潤率最終結果的一部分，因為實際上，我們正​​在努力增加營業利潤，而不僅僅是達到一個百分比。

So I think the Flywheel transition and integration is certainly a big part of it, along with continued investments in Omni and the Flywheel Commerce Cloud platform and AI balanced with some benefits coming from other initiatives we continue to pursue, whether it's the real estate portfolio, offshoring, near-shoring, et cetera. All of that is factored into the equation. And that's how we reach the expectations we have as we look out at all of 2024.

因此，我認為 Flywheel 轉型和整合無疑是其中的重要組成部分，同時對 Omni 和 Flywheel 商務雲端平台和人工智慧的持續投資，以及我們繼續追求的其他舉措帶來的一些好處，無論是房地產投資組合，離岸外包、近岸外包等。所有這些都被納入等式中。這就是我們如何實現 2024 年全年的預期。

There are no further questions at this time. This will conclude today's conference. Thank you for your participation. You may now disconnect.

目前沒有其他問題。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。