宏盟集團 (OMC) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the Omnicom third-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions)

下午好，歡迎參加宏盟 2024 年第三季財報電話會議。請注意，此通話正在錄音。（操作員說明）

I will now turn the call over to Gregory Lundberg, Senior Vice President, Investor Relations. You may begin.

我現在將把電話轉給投資者關係資深副總裁 Gregory Lundberg。你可以開始了。

Thank you for joining our third-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 the press release and the presentation covering the information that we'll review today. An archived webcast will be available when today's call concludes.

感謝您參加我們的 2024 年第三季財報電話會議。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've included at the end of our investor presentation. Certain of the statements made today may constitute forward-looking statements from these 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.

在開始之前，我想提醒大家閱讀我們在投資者簡報末尾提供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這些聲明中的前瞻性聲明，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。

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

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。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表現。在我們準備好的發言之後，我們將開始提問。

And I'll now hand the call over to John.

我現在將把電話轉給約翰。

Thank you, Greg. Good afternoon, everyone, and thank you for joining us today. We're very pleased to share our third-quarter results. Organic growth was very strong at 6.5% for the quarter, with the US also growing at 6.5%. Across our disciplines, advertising and media, as well as experiential, had outstanding performances.

謝謝你，格雷格。大家下午好，感謝您今天加入我們。我們非常高興分享我們的第三季業績。本季的有機成長非常強勁，達到 6.5%，其中美國的成長也達到 6.5%。在我們的各個學科中，廣告和媒體以及體驗領域都有著出色的表現。

Non-GAAP adjusted EBITDA margin was 16% for the quarter. Non-GAAP adjusted earnings per share was $2.03, up 5.7% versus the comparable amount in 2023. Our cash flow continues to support our primary uses of cash, dividends, acquisitions, and share repurchases, and our liquidity and balance sheet remained very strong.

本季非 GAAP 調整後 EBITDA 利潤率為 16%。非 GAAP 調整後每股收益為 2.03 美元，較 2023 年同期成長 5.7%。我們的現金流繼續支持我們的現金、股息、收購和股票回購的主要用途，並且我們的流動性和資產負債表仍然非常強勁。

We're very pleased with our financial results for the quarter and the last nine months and are on track to achieve the higher end or organic growth target of between 4% to 5% for the year. We're also maintaining our full-year 2024 EBITDA margin target of close to flat with 2023. Phil will cover our financial results in more detail during his remarks.

我們對本季和過去 9 個月的財務表現感到非常滿意，並有望實現今年 4% 至 5% 的高端或有機成長目標。我們也維持 2024 年全年 EBITDA 利潤率目標與 2023 年接近持平。菲爾將在演講中更詳細地介紹我們的財務表現。

During the quarter, we announced the formation of Omnicom Advertising Group, a new practice area that aligns our creative agencies globally under one leadership team. OAG includes global advertising networks, BBDO, DDB, and TBWA, as well as the advertising collective, which has agencies could be Silverstein & Partners, GSD&M, Merkley & Partners, and Zimmerman, among others.

在本季度，我們宣布成立宏盟廣告集團，這是一個新的實踐領域，將我們在全球的創意機構整合到一個領導團隊之下。OAG 包括全球廣告網路 BBDO、DDB 和 TBWA，以及廣告集團，其代理商包括 Silverstein & Partners、GSD&M、Merkley & Partners 和 Zimmerman 等。

The group will be led by a strong core of executives with Troy Ruhanen as Global CEO of OAG, being joined by Nancy Reyes, who was recently promoted to Global CEO of BBDO, with Andrew Robertson becoming Chairman; Erin Riley, who is succeeding Troy, who is promoted to the Global CEO of TBWA; Alex Lubar as CEO of DDB; and James Fenton as CEO of the Advertising Collective.

該集團將由強大的核心高管領導，特洛伊·魯哈寧(Troy Ruhanen) 擔任OAG 全球首席執行官，南希·雷耶斯(Nancy Reyes) 最近晉升為BBDO 全球首席執行官，安德魯·羅伯遜(Andrew Robertson) 擔任董事長； Erin Riley 接替 Troy，晉升為 TBWA 全球執行長； Alex Lubar 擔任 DDB 執行長；詹姆斯·芬頓 (James Fenton) 擔任廣告集團執行長。

OAG aims to bolster Omnicom's advertising brands by scaling access to solutions, technology platforms, tools and investments across its creative agencies and clients globally. Additionally, as clients demand more integrated and tailored solutions from agencies, AOG will help facilitate access to talent and teams across our networks while providing our talent with the mobility across our different agencies and client teams.

OAG 旨在透過擴大其全球創意機構和客戶對解決方案、技術平台、工具和投資的存取來增強 Omnicom 的廣告品牌。此外，隨著客戶要求代理商提供更整合和量身定制的解決方案，AOG 將幫助促進我們網路中人才和團隊的接觸，同時為我們的人才提供跨不同代理商和客戶團隊的流動性。

As with other practice areas, the creative networks within OAG will retain their unique brand, culture, and people. In fact, we believe this new structure will strengthen our agency brands.

與其他實踐領域一樣，OAG 內的創意網絡將保留其獨特的品牌、文化和人員。事實上，我們相信這種新結構將增強我們的代理品牌。

Late in the quarter, Omnicom Precision Marketing Group expanded its capabilities by acquiring LeapPoint, a digital advisory firm with expertise across the Adobe content supply chain. The acquisition is part of our strategic efforts to offer the industry's most comprehensive end-to-end content solution, empowering marketers to accelerate workflows and deliver personalized experiences to their customers at speed and scale.

本季末，Omnicom Precision Marketing Group 透過收購 LeapPoint（在 Adob​​e 內容供應鏈方面擁有專業知識的數位顧問公司）擴大了其能力。此次收購是我們策略努力的一部分，旨在提供業界最全面的端到端內容解決方案，使行銷人員能夠加快工作流程並快速、大規模地向客戶提供個人化體驗。

LeapPoint's offering streamlined and automated processes, breakdown operational silos, and improve team collaboration for large enterprise clients.

LeapPoint 為大型企業客戶提供簡化和自動化的流程、打破營運孤島並改善團隊協作。

In digital commerce, we achieved an industry-first in the quarter. When we acquired Flywheel, we knew connecting marketing to sales would be a game changer for our company and our clients. Leveraging and connecting the capabilities of Omnicom Media Group and Flywheel, we can now directly measure online retail sales generated from media campaigns across the full advertising journey from broadcast TV to upper funnel performance, media, and retail media.

在數位商務方面，我們本季實現了業界第一。當我們收購 Flywheel 時，我們知道將行銷與銷售結合起來將改變我們公司和客戶的遊戲規則。利用並連結宏盟媒體集團和 Flywheel 的功能，我們現在可以直接衡量從廣播電視到上漏斗績效、媒體和零售媒體的整個廣告旅程中媒體活動產生的線上零售額。

This is a significant development and unique to Omnicom. Our partnership with Amazon was instrumental in enabling this breakthrough.

這是宏盟獨有的重大發展。我們與亞馬遜的合作對於實現這一突破發揮了重要作用。

As I mentioned in our last call, we consolidated our production units and formed Omnicom production to capitalize on the significant market opportunity for production services. We are investing in scaled and high-quality capabilities in multiple ways. Omnicom production inaugurated a new state-of-the-art content studio in New York and leveraged Omnicom's first-mover partnership in AI to develop innovative capabilities in content development.

正如我在上次電話會議中提到的，我們整合了製作部門並組成了 Omnicom Production，以利用製作服務的重大市場機會。我們正在以多種方式投資於規模化和高品質的能力。Omnicom Production 在紐約開設了一家新的最先進的內容工作室，並利用 Omnicom 在人工智慧領域的先驅合作夥伴關係來開發內容開發方面的創新能力。

The investment is already paying off with Omnicom production, winning the Kenvue and Bimbo Bakeries USA production business. In the next several months, you will hear more about how we are using AI across our enterprise to drive more effective campaigns and marketing outcomes to improve how our people worked and to deliver efficiencies for our clients.

這項投資已經在 Omnicom 生產中得到回報，贏得了 Kenvue 和 Bimbo Bakeries USA 的生產業務。在接下來的幾個月中，您將更深入了解我們如何在整個企業中使用人工智慧來推動更有效的活動和行銷成果，以改善我們的員工的工作方式並為我們的客戶提供效率。

In addition to the reduction wins, we had a very strong new business performance across the group. After an extensive review process, Omnicom Media Group won the biggest picture of the year by being awarded Amazon's media business in the Americas. We are incredibly honored to have been selected by Amazon and to have the opportunity to extend our strong partnership.

除了減少成本之外，我們整個集團的新業務表現也非常強勁。經過廣泛的評審過程，宏盟媒體集團獲得了亞馬遜在美洲的媒體業務，並贏得了年度最大圖片獎。我們非常榮幸能夠被亞馬遜選中，並有機會擴展我們強大的合作關係。

OMG also won Michelin global media business. Omnicom Media Group top the convergence first-half 2024 report with $5.3 billion in total new business wins. Omnicom agencies collaborated to an integrated services pitches for Barclays and Bimbo Bakeries USA.

OMG也獲得了米其林全球媒體業務。宏盟媒體集團 (Omnicom Media Group) 以 53 億美元的新業務總額位居 2024 年上半年融合報告之首。宏盟代理機構與巴克萊銀行 (Barclays) 和美國賓博麵包店 (Bimbo Bakeries USA) 合作進行了綜合服務推廣。

Corona Extra appointed GSD&M, its lead creative agency. General Mills hired Goodby Silverstein and Partners for creative. Pepsi added BBDO to its creative agency roster. OPMG picked up Adobe's digital experience business. And RAPP was selected as Princess Cruises' precision marketing agency.

Corona Extra 指定其首席創意機構 GSD&M。通用磨坊聘請了 Goodby Silverstein and Partners 負責創意工作。百事可樂將 BBDO 添加到其創意機構名單中。OPMG 收購了 Adob​​e 的數位體驗業務。RAPP被選為公主郵輪精準行銷機構。

Overall, we're very pleased with our new business wins, financial results, and progress on our key initiatives. I want to thank all of our teams for their terrific work. While significant market uncertainties remain due to the upcoming elections in the US and the ongoing conflicts in the Ukraine and the Middle East, we are actively managing what we can control. We are focused on achieving organic growth and margin targets for the year and remain confident in our guidance.

總體而言，我們對新業務的勝利、財務業績以及關鍵舉措的進展感到非常滿意。我要感謝我們所有團隊的出色工作。儘管由於美國即將舉行的選舉以及烏克蘭和中東的持續衝突，市場仍然存在重大不確定性，但我們正在積極管理我們可以控制的事情。我們專注於實現今年的有機成長和利潤目標，並對我們的指導保持信心。

I will now turn the call over to Phil for a closer look at our financial results. Phil?

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. As John said, the third-quarter performance of our business builds on the solid performance of the first half of 2024. And we continue to make the strategic investments needed to position Omnicom to meet the marketing needs of our customers through acquisitions like Flywheel and LeapPoint and our ongoing investments in Omni, Flywheel Commerce Cloud, AI, and other technology platforms and tools.

謝謝，約翰。正如 John 所說，我們第三季的業務業績建立在 2024 年上半年的穩健業績基礎上。我們繼續進行必要的策略性投資，透過收購 Flywheel 和 LeapPoint 以及對 Omni、Flywheel Commerce Cloud、AI 和其他技術平台和工具的持續投資，使 Omnicom 能夠滿足客戶的行銷需求。

Let's review our business performance in the third quarter, beginning with our revenue change on slide 4. Organic growth in the quarter was strong at 6.5%. The impact on revenue from foreign currency translation was nominal, decreasing reported revenue by just 0.1%.

讓我們回顧一下我們第三季的業務表現，首先從投影片 4 上的收入變化開始。本季有機成長強勁，達 6.5%。外幣換算對收入的影響很小，報告收入僅減少了 0.1%。

Given the recent changes in the relative value of the US dollar, if rates stay where they are currently, we estimate the impact of foreign currency translation will be positive 1% for Q4 of 2024 and flat for the full-year 2024. The net impact of acquisition and disposition revenue on reported revenue was positive 2.1%, due primarily to the acquisition of Flywheel in January along with a few small acquisitions from prior quarters, which were partially offset by some smaller dispositions.

鑑於近期美元相對價值的變化，如果利率維持在目前水平，我們估計 2024 年第四季外幣換算的影響將為正 1%，2024 年全年持平。收購和處置收入對報告收入的淨影響為 2.1%，主要是由於 1 月收購了 Flywheel 以及前幾季的一些小型收購，這些收購和處置收入部分被一些較小的處置所抵消。

Based on transactions completed to date, we expect the impact of acquisition and disposition revenue will approximate 1.75% for Q4 and 2.0% for the full year.

根據迄今已完成的交易，我們預計收購和處置收入對第四季的影響約為 1.75%，對全年的影響約為 2.0%。

Now let's turn to slide 5 to review our organic revenue growth by discipline. During the quarter, advertising and media growth of 9% reflected continued strong growth in media and improved performance in advertising, including positive contributions from our production initiative. Precision Marketing growth of 1% was similar to last quarter with continued strong growth at Flywheel. And our Precision Marketing Group performance was driven by strong growth in the US and our customer experience agencies, which was offset by lower client spending primarily concentrated in a few markets outside the US.

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，廣告和媒體成長了 9%，反映出媒體的持續強勁成長和廣告績效的改善，包括我們的製作計劃的積極貢獻。Precision Marketing 成長 1%，與上季相似，Flywheel 持續強勁成長。我們的精準行銷集團業績是由美國和客戶體驗機構的強勁成長推動的，但主要集中在美國以外的幾個市場的客戶支出下降抵消了這一增長。

With the full contribution from recent client wins, we continue to expect stronger performance in our Precision Marketing Group in the fourth quarter and beyond.

憑藉最近贏得的客戶的全部貢獻，我們繼續預期精準行銷團隊在第四季度及以後的業績會更加強勁。

Public relations grew 4%. This reflects growth related to US election spending, offset by softer performance internationally. Healthcare revenues were down 1%. By the end of this year, we will be lapping a significant client loss and recent wins should start contributing to improved performance.

公共關係成長了 4%。這反映出與美國選舉支出相關的成長，但卻被國際表現疲軟所抵銷。醫療保健收入下降 1%。到今年年底，我們將面臨大量客戶流失，而最近的勝利應該會開始有助於改善業績。

Branding and retail commerce declined by 5%, resulting from reduced client spending in our branding agencies and flat performance in retail commerce. Experiential growth was very strong at 35%, driven by activations for the Summer Olympics. And execution and support was flat, reflecting good results in fuel marketing offset by declines at our merchandising businesses.

由於我們品牌代理商的客戶支出減少以及零售商務表現平淡，品牌和零售商務下降了 5%。受夏季奧運活動的推動，體驗成長非常強勁，達到 35%。執行和支援持平，反映出燃料行銷的良好業績被我們的銷售業務的下滑所抵消。

Turning to geographic growth on slide 6. The US, our largest market, had organic growth of 6.5%, continuing a strong performance trend this year. Performance in Europe was also strong in most markets and the Asia Pacific, Latin America, and Middle East regions all posted solid growth.

轉向投影片 6 上的地理成長。我們最大的市場美國的有機成長率為 6.5%，今年繼續保持強勁的業績趨勢。歐洲大多數市場的表現也很強勁，亞太地區、拉丁美洲和中東地區均實現了穩健成長。

Slide 7 is our revenue by industry sector for the quarter and year to date. Both of which maintained their historical stability with no significant changes in mix.

幻燈片 7 是我們本季和今年迄今按行業部門劃分的收入。兩者都保持了歷史穩定性，組合沒有重大變化。

Now let's turn to slide 8 for a look at our expenses. In the quarter, salary-related service costs grew with increased staffing levels, primarily reflecting our acquisition of Flywheel Digital in January. Year over year, as a percentage of revenue, these costs were down 1.5% as we continue to nearshore, offshore, and reposition our workforce towards the higher-growth services that our clients need.

現在讓我們翻到幻燈片 8 看看我們的開銷。本季度，與薪資相關的服務成本隨著人員配備水準的增加而增長，這主要反映了我們在一月份收購了 Flywheel Digital。與去年同期相比，這些成本佔收入的百分比下降了 1.5%，因為我們繼續向近岸、離岸轉移，並重新定位我們的員工隊伍，以提供客戶所需的高成長服務。

Third-party service costs grew in connection with the growth in our revenue, especially in disciplines that have a higher level of these costs such as media, experiential, and field marketing. Third-party incidental costs reflect out-of-pocket costs billed directly to clients and were up a bit.

第三方服務成本隨著我們收入的成長而成長，尤其是在媒體、體驗和現場行銷等成本較高的領域。第三方雜費反映了直接向客戶收取的自付費用，並且略有上升。

Occupancy and other costs increased due to the Flywheel acquisition and greater in-office activity, partially offset by lower rent expense. SG&A expenses increased primarily from increases in professional fees and other costs related to our strategic initiatives.

由於收購 Flywheel 和辦公室活動增加，佔用率和其他成本增加，但部分被租金費用下降所抵消。SG&A 費用的增加主要是由於專業費用和與我們的策略性措施相關的其他成本的增加。

Now let's turn to slide 9 and look at our income statement in more detail. With no adjustments during the third quarter, EBITDA and non-GAAP adjusted EBITDA both grew 7.9%. And the EBITDA margin was 16.0% versus the comparable 16.1% margin last year.

現在讓我們轉向投影片 9，更詳細地查看我們的損益表。由於第三季沒有進行任何調整，EBITDA 和非 GAAP 調整後 EBITDA 均成長了 7.9%。EBITDA 利潤率為 16.0%，而去年同期利潤率為 16.1%。

EBITDA reflects the add-back to operating income for amortization of acquired intangible assets and internally developed strategic platform and tangible assets. Approximately 85% of the amount added back relates to acquired intangible assets. We expect similar levels of amortization in the fourth quarter.

EBITDA 反映了收購的無形資產以及內部開發的策略平台和有形資產攤銷的營業收入的回加。約 85% 的加回金額與收購的無形資產有關。我們預計第四季的攤銷水準將類似。

The EBITDA margin reflects our performance and includes costs incurred in connection with our investments in Omni, Flywheel Commerce Cloud, AI, and other technology platforms and tools, as well as costs related to the integration of Flywheel. It also reflects the relative weighted performance of our disciplines.

EBITDA 利潤率反映了我們的業績，包括與我們對 Omni、Flywheel Commerce Cloud、AI 和其他技術平台和工具的投資相關的成本，以及與 Flywheel 整合相關的成本。它也反映了我們學科的相對加權表現。

Year to date, our adjusted EBITDA margin is 15.1% compared to 15.2% last year. For the full-year 2024, we continue to expect this margin to be close to flat with our 2023 adjusted EBITDA margin of 15.6% as we balance cost savings initiatives with strategic investment opportunities that we believe will drive strong future revenue and EBITDA growth.

今年迄今為止，我們調整後的 EBITDA 利潤率為 15.1%，而去年為 15.2%。對於2024 年全年，我們繼續預計這一利潤率將與2023 年調整後EBITDA 利潤率15.6% 持平，因為我們在成本節約舉措與戰略投資機會之間取得了平衡，我們相信這將推動未來收入和EBITDA 的強勁成長。

Moving down the income statement. Net interest expense in the third quarter of 2024 increased $2.1 million to $40.4 million. The change was driven by a $12.9 million increase in interest expense due to higher outstanding debt from the Flywheel financing and the recent note issuance in advance of our November maturity.

將損益表向下移動。2024 年第三季的淨利息支出增加 210 萬美元，達到 4,040 萬美元。這項變更是由於 Flywheel 融資的未償債務增加以及最近在 11 月到期之前發行的票據導致利息支出增加了 1,290 萬美元。

The change in net interest expense also reflects a $10.8 million increase in interest income due to higher average cash and short-term investment balances. Our income tax rate of 26.8% was in line with our expectation of 27%. We also expect the rate for the fourth quarter to approximate 27%.

淨利息支出的變化也反映出，由於平均現金和短期投資餘額增加，利息收入增加了 1,080 萬美元。我們的所得稅率為 26.8%，符合我們 27% 的預期。我們也預期第四季的成長率約為 27%。

Below the line, I'd like to point out that our strong growth in revenue and EBITDA were driven in part, as always, by some agencies that have been already interest, including recent acquisitions. This resulted in a higher minority interest expense in Q3 compared to last year.

在此之下，我想指出，我們收入和 EBITDA 的強勁成長部分是由一些已經感興趣的機構（包括最近的收購）推動的。這導致第三季少數股東利息支出比去年更高。

Net income growth of 3.8%, coupled with fewer diluted shares outstanding from our buyback activity, drove a 4.8% lift in diluted earnings per share. On an adjusted basis, excluding after-tax amortization, diluted earnings per share was up 5.7% to $2.03.

淨利成長 3.8%，加上回購活動帶來的稀釋後流通股數量減少，推動稀釋後每股收益成長 4.8%。調整後，不包括稅後攤銷，稀釋後每股收益成長 5.7%，至 2.03 美元。

Now please turn to slide 10. Free cash flow is up 4% from last year. Our definition, like other peers, excludes changes in working capital. For the nine months ended September 30, our use of working capital improved by 8%, as you can see in the appendix on slide 18. We remain focused on working capital management and continue to work towards our historically neutral annual level over time.

現在請翻到投影片 10。自由現金流較去年增加 4%。與其他同行一樣，我們的定義不包括營運資金的變化。截至 9 月 30 日的九個月，我們的營運資金使用率提高了 8%，如投影片 18 的附錄所示。我們仍然專注於營運資本管理，並隨著時間的推移繼續努力實現歷史中立的年度水準。

Regarding our uses of cash, we used $416 million of cash to pay dividends to common shareholders and another $64 million for dividends to non-controlling interest shareholders. Our capital expenditures were $94 million, which as discussed on prior calls, reflect our investment in Flywheel and our strategic technology platform initiatives as well as investments in our facilities.

在現金使用方面，我們使用 4.16 億美元現金向普通股股東支付股息，另外 6,400 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 9,400 萬美元，正如先前電話中討論的那樣，反映了我們對 Flywheel 的投資、我們的戰略技術平台計劃以及對我們設施的投資。

Total acquisition payments, which include earnout payments and the acquisition of additional non-controlling interests, were $953 million, which primarily reflects the $845 million acquisition of Flywheel, net of cash acquired in January and the late September acquisition of LeapPoint.

收購付款總額（包括獲利付款和收購額外非控股權益）為 9.53 億美元，主要反映了以 8.45 億美元收購 Flywheel 的金額，扣除 1 月份收購的現金和 9 月底收購 LeapPoint 的費用。

Finally, our share repurchase activity. Net of proceeds from stock plans was $359 million year to date and $113 million in the quarter. Our expectation for the year has been for annual repurchases in 2024 to be approximately half of our historical average of about $600 million. While we exceeded that level as of September 30, Q4 repurchases will depend on a variety of factors.

最後，我們的股票回購活動。年初至今，股票計畫淨收益為 3.59 億美元，本季為 1.13 億美元。我們預計 2024 年的年度回購額將約為歷史平均值（約 6 億美元）的一半。儘管截至 9 月 30 日我們已經超過了這一水平，但第四季度的回購將取決於多種因素。

Slide 11 is a summary of our credit, liquidity, and debt maturities. At the end of the third quarter of 2024, the book value of our outstanding debt was $6.9 billion, which reflects a $655 million euro financing, which we did earlier this year to fund a portion of the Flywheel acquisition; and a USD600 million financing this summer, to be used with cash on hand to repay our $750 million notes due November 1, 2024. The effects of foreign currency translation also increased book value of our debt by $98 million.

投影片 11 總結了我們的信用、流動性和債務期限。截至 2024 年第三季末，我們的未償債務帳面價值為 69 億美元，這反映了我們今年稍早為 Flywheel 收購的一部分提供的 6.55 億歐元融資；以及今年夏天的 6 億美元融資，將與手頭現金一起用於償還 2024 年 11 月 1 日到期的 7.5 億美元票據。外幣換算的影響也使我們債務的帳面價值增加了 9,800 萬美元。

Our cash equivalents and short-term investments at September 30 were $3.5 billion, up from last year primarily reflecting the $600 million note issued this summer. We also have an undrawn $2.5 billion revolving credit facility, which backs up our $2 billion US commercial paper program. After the November maturity, we have no further maturities until April of 2026.

截至 9 月 30 日，我們的現金等價物和短期投資為 35 億美元，高於去年，主要反映了今年夏天發行的 6 億美元票據。我們還有未提取的 25 億美元循環信貸額度，支持我們 20 億美元的美國商業票據計畫。11 月到期後，我們將在 2026 年 4 月之前不再到期。

The financing activity I just discussed has given us the opportunity to invest cash at favorable rates relative to the 3.65% coupon on our notes that are due in November. We will pay off the notes in November, and we currently estimate that net expense in Q4 will be a little higher than Q3 of 2024.

我剛才討論的融資活動使我們有機會以相對於 11 月到期的票據 3.65% 的票息而言更優惠的利率投資現金。我們將於 11 月還清票據，目前預計第四季的淨費用將略高於 2024 年第三季。

Slide 12 presents our historical returns on two important performance metrics for the 12 months ended September 30, 2024. Omnicom's return on invested capital was 20% and return on equity was 41%. Both of which consistently reflect our strong performance and solid balance sheet.

投影片 12 展示了截至 2024 年 9 月 30 日的 12 個月內兩個重要績效指標的歷史回報。宏盟的投資資本報酬率為 20%，股本報酬率為 41%。這兩者始終反映了我們強勁的業績和穩健的資產負債表。

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

我現在請接線生打開提問和解答線路。謝謝。

(Operator Instructions) David Karnovsky, JPMorgan.

（操作員指示）David Karnovsky，摩根大通。

Hey, thank you. John, I wanted to check in on what you're hearing lately from clients. You previously talked about Fed a lot and what they might do as a point of hesitation. We have some clarity there now, but there's obviously other factors like the election creating uncertainty. So can you give an update on the tone of conversations and maybe how that's informing your view of Q4 or '25?

嘿，謝謝你。約翰，我想了解您最近從客戶那裡聽到的情況。您之前多次談到聯準會以及他們可能會採取哪些行動作為猶豫的焦點。現在我們已經有了一些清晰的認識，但顯然還有其他因素（例如選舉）帶來了不確定性。那麼您能否提供有關對話基調的最新信息，以及這如何影響您對第四季度或 25 年的看法？

Sure. I don't think that Fed, in terms of the balance of the year, is much of a subject that we're currently discussing. It's turned primarily to the election and even that won't really significantly impact what typically happens in the fourth quarter, which is project spend, which God knows you've been on the call a long enough, David, you would hear me say this every time this year. We gained visibility as we go through the quarter to see what clients are going to spend and that number goes from some number to $250 million depending upon client activity. I think that's more the case at the moment.

當然。我認為，就今年餘下的時間而言，聯準會並不是我們目前討論的主題。主要轉向選舉，即使這也不會真正對第四季度通常發生的情況產生重大影響，即項目支出，上帝知道你已經在電話會議上待了足夠長的時間，大衛，你會聽到我這樣說今年每次。我們在整個季度中獲得了可見性，了解客戶將要花費什麼，根據客戶活動，這個數字從某個數字到 2.5 億美元不等。我認為目前的情況更是如此。

If depending on who you talked to. A lot of people were talking about, we've achieved the soft landing. Our business reflects that, but who knows? So I probably be doing something else if I actually could answer that question with some accuracy. I don't know if that's helpful or not.

如果取決於你和誰交談。很多人都在談論，我們已經實現了軟著陸。我們的業務反映了這一點，但誰知道呢？因此，如果我確實能夠準確地回答這個問題，我可能會做其他事情。我不知道這是否有幫助。

Yes, John, that's helpful. And then feel like I have to ask on Amazon, just given that the largest media shift, at least the recent memory. Can you expand a bit on the win factors you think kind of gave you an edging review what it means for the wider media base? And then anything you could say on when you would expect that to start to flow through the results.

是的，約翰，這很有幫助。然後我覺得我必須在亞馬遜上詢問，因為媒體發生了最大的轉變，至少是最近的記憶。您能否詳細介紹一下您認為為您帶來邊緣評論的獲勝因素，這對更廣泛的媒體基礎意味著什麼？然後你可以說任何你期望什麼時候開始體現在結果上的事情。

Sure. Well, Amazon was just the largest win in quite a while, and it's quite phenomenal. And we're very, very happy to have been selected and proud of it. It proves a number of points. One is the solid relationship we had with Amazon coming off of the Flywheel acquisition, which we did earlier in the year.

當然。嗯，亞馬遜只是相當長一段時間以來最大的勝利，而且是相當驚人的。我們非常非常高興被選中並為此感到自豪。它證明了很多點。其中之一是我們在今年稍早收購了 Flywheel 後與亞馬遜建立了牢固的關係。

But more importantly with that, as I think you'd see in the convergence reports, if you looked at them, our Media Group has been incredibly successful this year. And we have every belief that it will continue to do that as opportunities come up. So the skills, the investments, Omni, all that all adds to an extremely strong media offering. And overall, from an Amazon point of view, this has created a real enterprise relationship between the two companies.

但更重要的是，正如我認為您會在融合報告中看到的那樣，如果您查看它們，您會發現我們的媒體集團今年取得了令人難以置信的成功。我們堅信，隨著機會的出現，它將繼續這樣做。因此，技能、投資、全方位，所有這些都增加了極其強大的媒體產品。總的來說，從亞馬遜的角度來看，這在兩家公司之間建立了真正的企業關係。

And it's going to permit us to do other things forward. So very, very proud of that. It was a complicated long process because they were very thorough in what they did, and we invested a great deal of time and energy demonstrating to them what we could bring to the party.

這將使我們能夠繼續做其他事情。對此非常非常自豪。這是一個複雜而漫長的過程，因為他們所做的事情非常徹底，我們投入了大量的時間和精力向他們展示我們可以為聚會帶來什麼。

The one thing is, as you mentioned flow-through or something along that line, when you're pitching a piece of business like that, it's expensive, the revenue will start in the new year. What we're currently doing is making sure that we're staffing up properly. So no balls have dropped and that is something that will continue through the fourth quarter.

有一件事是，正如您所提到的流通或類似的事情，當您推銷這樣的業務時，它很昂貴，收入將在新的一年開始。我們目前正在做的是確保我們正確配備人員。所以沒有丟球，這種情況將持續到第四節。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

Thanks. Hey, John. As you think about growth over the next couple of years, with mid-single-digit top-line growth, can you get to margin expansion and then back to being a double-digit EPS grower? In your view, what would need to go right to make that happen?

謝謝。嘿，約翰。當您考慮未來幾年的成長時，隨著中個位數的營收成長，您能否實現利潤率擴張，然後回到兩位數的每股盈餘成長？在您看來，要實現這一目標需要採取哪些措施？

Well, there's a number of things that are going on. There's what we've done in production earlier in the year, what we did with OAG just in the last quarter, those are all efficiencies, which are going to help us perform better as we go forward.

嗯，有很多事情正在發生。今年早些時候我們在生產中所做的事情，上個季度我們在 OAG 方面所做的事情，這些都是效率的提高，這將幫助我們在前進的過程中表現得更好。

What is unknown is the level of investments that we continue to make to get AI and all the associated benefits associated with that functioning at a level that is really bulletproof or tested to the point where it won't break if we deploy it to clients, and we're in the process of doing that right now. And that process is going to continue through the balance of this year, where we've developed some incredibly interesting tools, which should make us more effective going forward.

未知的是我們為獲得人工智慧而繼續進行的投資水平，以及與該功能相關的所有相關好處，其運行水平是真正防彈的或經過測試的，如果我們將其部署到客戶，它不會崩潰，我們現在正在這樣做。這個過程將在今年剩餘的時間裡繼續下去，我們開發了一些非常有趣的工具，這應該會讓我們更有效地前進。

But there's a cost associated with the development of those tools. And that's how you stay at top of that convergence list and the new business list by constantly making those investments while striving for the appropriate margins that we should be receiving. So I'm bullish as we go forward because our guys have done amazing things so far. And now we're just testing its tolerance.

但這些工具的開發是有成本的。這就是您如何透過持續進行這些投資，同時爭取我們應該獲得的適當利潤來保持在融合清單和新業務清單中的領先地位。所以我對我們的前進充滿信心，因為我們的球員到目前為止已經做了很多了不起的事情。現在我們只是測試它的耐受性。

Got it. Thanks. And then secondly, how is the integration of Flywheel been going? What have you learned? How are the potential growth and margin impacts trending as we head into the fourth quarter and look into 2025? Would you still expect Flywheel to grow top-line double digit?

知道了。謝謝。其次，Flywheel 的整合進展如何？你學到了什麼？當我們進入第四季度並展望 2025 年時，潛在成長和利潤影響趨勢如何？您是否仍期望 Flywheel 的營收成長兩位數？

The answer to that question is yes. I do expect it to grow. There's no better demonstration of collaborative effort than the Amazon win, which I just spoke about a second ago. I mentioned in my call that we're able to measure marketing spend for the very first time. And that's done with rather important CPG that we have where we've proven that it's all measurable.

這個問題的答案是肯定的。我確實希望它能夠成長。沒有什麼比我剛才談到的亞馬遜的勝利更好地展示了合作努力。我在電話中提到，我們第一次能夠衡量行銷支出。這是透過我們擁有的相當重要的 CPG 來完成的，我們已經證明這一切都是可衡量的。

And as we get other clients, where we have the opportunity to do that, that's going to further distinguish Omnicom in terms of justifying media spend and ROI and investment in just the general area.

當我們獲得其他客戶時，我們有機會這樣做，這將在證明媒體支出、投資回報率和一般領域投資的合理性方面進一步使 Omnicom 脫穎而出。

I think the other thing that's helpful from a Flywheel perspective is the integration that's happened between Omni and the data and analytics platform that we have with Omni and the Flywheel data that now Flywheel Commerce Cloud data, that I was part of that solution and service offering. So having the behavioral data of an Omni, which is a very robust data set, along with the Flywheel Commerce transaction data set, is a very powerful proposition.

我認為從Flywheel 的角度來看，另一件有用的事情是Omni 與我們擁有的Omni 數據和分析平台以及Flywheel 數據（現在是Flywheel Commerce Cloud 數據）之間發生的集成，我是該解決方案和服務產品的一部分。因此，擁有 Omni 的行為資料（這是一個非常強大的資料集）以及 Flywheel Commerce 交易資料集，是一個非常強大的主張。

Certainly, our clients are interested in that solution. And we think over time, those are going to be more and more examples of that really being a powerful tool for us with our clients and with new business wins going forward.

當然，我們的客戶對該解決方案感興趣。我們認為，隨著時間的推移，這些將成為越來越多的例子，證明它確實成為我們與客戶合作以及未來贏得新業務的強大工具。

Great. Thank you.

偉大的。謝謝。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Thank you. So I think the higher end of the 4% to 5% guidance range that you've talked about implies like low-4s organic growth in Q4. So just trying to think about whether that's an intentional walk towards that level for Q4? Or with some of that uncertainty that always is there with projects spend, if you just want to be conservative, as I know you often are at this point because I think you've talked about a sequential acceleration in growth in the second half of the year. So I just want to think about how we can think about Q4 within that that has bigger implications for 2025.

謝謝。因此，我認為您談到的 4% 至 5% 指導範圍的上限意味著第四季度的有機成長將達到低 4%。所以想一下這是否是有意第四季的水平邁進？或者，由於專案支出總是存在一些不確定性，如果你只是想保守一點，我知道你經常在這一點上，因為我認為你已經談到了下半年成長的連續加速。所以我只想思考我們如何看待第四季度，這對 2025 年有更大的影響。

And then, John, I think a few quarters ago when you closed on Flywheel, you talked about Precision Marketing possibly exiting this year at close to double-digit growth. So I know you gave some reasons as to why it was a little slower and that you expect it to accelerate in Q4. I was just wondering if you could go maybe a level deeper as to what you're seeing in the Precision Marketing segment and how we can think about maybe the longer-term performance in that business. Thank you.

然後，約翰，我想幾個季度前，當您關閉 Flywheel 時，您談到精準行銷可能會在今年以接近兩位數的成長退出。所以我知道你給了一些理由來解釋為什麼它有點慢，並且你預計它會在第四季度加速。我只是想知道您是否可以更深入地了解您在精準行銷領域所看到的情況以及我們如何考慮該業務的長期績效。謝謝。

Sure. Well, I'm sticking with our guidance because I don't know the project spend in the fourth quarter. We're certainly trying to continue to win whatever business we can and to service our clients wherever we can profitably service them. So there's no lack of effort going on anywhere within the four walls of this company.

當然。嗯，我堅持我們的指導，因為我不知道第四季的專案支出。我們當然會努力繼續贏得我們能贏得的任何業務，並在我們能夠為客戶提供有利可圖的服務的任何地方為他們提供服務。因此，這家公司的四面牆內的任何地方都不乏努力。

I'll stick with my statement. I expect to be at the very high end of what my guidance has been for the year. And I'm confident, as I sit here today, that I'm going to be able to achieve that. If I'm lucky in this small project spend, obviously, that will flow through as well.

我會堅持我的聲明。我預計今年的指導將達到最高水準。當我今天坐在這裡時，我相信我能夠實現這一目標。如果我在這個小專案上幸運的話，顯然，這也會順利進行。

In terms of Precision, Phil can add to it, but the United States has been very strong. The shortfall, if there has been, it's been primarily outside the United States. And specifically, outside the United States, we were consulting business that was very tied to the UK government and the snap election that was called kind of suspended spending in the short run, while that election was being executed. And we expect that'll return to growth in the fourth quarter based upon everything we know as we sit here today.

精準度方面，菲爾還可以補充，但是美國已經很強了。如果有短缺的話，也主要是在美國以外的地區。具體來說，在美國以外，我們正在諮詢與英國政府和提前選舉密切相關的業務，這被稱為短期內暫停支出，而選舉正在執行。根據我們今天坐在這裡所知道的一切，我們預計第四季度將恢復成長。

Phil may have something that he wants to add.

菲爾可能想補充一些東西。

Yes. Our view of the Precision Marketing group in that space hasn't changed. We think it's a strategic growth area for us, no question. we're committed to continue to invest over the long term in that space, most recently through the acquisition of LeapPoint, which we closed just at the end of September.

是的。我們對該領域精準行銷團隊的看法並沒有改變。毫無疑問，我們認為這對我們來說是一個策略成長領域。我們致力於繼續在該領域進行長期投資，最近一次是透過收購 LeapPoint，我們於 9 月底剛剛完成了收購。

The growth prospects in that business are great, both in the US and outside the US. They had some recent new business wins that have just started to kick in, GM in the US in particular, as an example. And we expect excellent growth prospects in the relatively near term and we're optimistic about its performance in Q4 for sure.

無論是在美國還是在美國以外，該業務的成長前景都非常好。他們最近取得了一些新的業務勝利，這些勝利剛剛開始發揮作用，特別是通用汽車在美國的勝利。我們預計短期內將出現良好的成長前景，並且我們對其第四季度的表現肯定持樂觀態度。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

I just had a question about your view of the overall industry. And I ask because your growth rate has been in the sort of mid-single-digit range, which is a bit better than it was maybe a decade ago. And do you think that this is a function of just you're taking share from other holding companies? Or do you think that the overall industry is actually doing a bit better and growing a bit more briskly? Thanks.

我只是想問一下您對整個行業的看法。我問這個問題是因為你們的成長率一直處於中等個位數範圍，這比十年前要好一些。您是否認為這只是您從其他控股公司手中獲取股份的結果？或者您認為整個行業實際上做得更好並且成長更快一些？謝謝。

Well, I think our product mix has certainly shifted as we've made investments in things like Flywheel, things like Omni. We can measure better than we could a decade ago. And anything you can measure, clients separately will sit and give you a very fair hearing about where to invest that money.

嗯，我認為我們的產品組合肯定發生了變化，因為我們對 Flywheel、Omni 等產品進行了投資。我們可以比十年前更好地衡量。任何你能衡量的東西，客戶都會單獨坐下來，給你一個非常公平的聽證會，告訴你該把錢投資到哪裡。

So I do think that the industry is in better shape than it was in the last five or six years. And I'm confident that that will only continue. And I think that the investments that we made and where we placed our focus have paid off and they will continue to pay off because we can distinguish ourselves in ways that we've never been able to do five years ago.

所以我確實認為這個行業的狀況比過去五、六年好。我相信這種情況只會持續下去。我認為我們所做的投資和我們的重點已經得到回報，並將繼續得到回報，因為我們可以以五年前從未做到的方式脫穎而出。

So I remain bullish about our prospects. And as I enter into '25, they get supported by the laundry list of wins that I talked about in my prepared remarks, really contributing revenue in this calendar year. They're contributing expenses as we get ready to service that revenue. So we should be off to a very solid start, I would think, as we get into '25 and beyond.

所以我仍然看好我們的前景。當我進入 25 年時，他們得到了我在準備好的演講中談到的一系列勝利的支持，這些勝利確實為本日曆年帶來了收入。當我們準備好為這些收入提供服務時，他們正在貢獻費用。因此，我認為，當我們進入 25 年及以後時，我們應該有一個非常堅實的開始。

That's great.

那太棒了。

Yeah. In terms of the portfolio and where it stands today, we've done quite a bit of work over the last five, six years. To strengthen the portfolio, we've exited a few different businesses and service lines, and we're confident about the parts of the business we've been making investments and in terms of their growth prospects. So certainly, the business we have today is quite a bit different than what we had just six, seven, eight years ago. And the world is different.

是的。就產品組合及其現狀而言，我們在過去五、六年做了相當多的工作。為了加強投資組合，我們退出了一些不同的業務和服務線，我們對我們一直在投資的業務部分及其成長前景充滿信心。當然，我們今天的業務與六、七、八年前相比有很大不同。世界不同了。

But one of the other things that we think we've been able to capitalize on is the convergence or merging of certain budgets within the client that we have access to today because of the services and disciplines we offer clients, which didn't necessarily have access to in the past and that's opening up beyond marketing and advertising budgets and having access to services that we can provide to the CIO organization and the sales organization at our clients as well. So we've got a broader group of services and a broader group of clients to kind of potentially access if we're successful.

但我們認為我們已經能夠利用的另一件事是我們今天能夠獲得的客戶內部某些預算的收斂或合併，因為我們為客戶提供的服務和紀律不一定有過去的訪問權限，這超出了營銷和廣告預算，並且可以存取我們可以向客戶的CIO 組織和銷售組織提供的服務。因此，如果我們成功的話，我們將獲得更廣泛的服務和更廣泛的客戶群。

That's great. Thank you.

那太棒了。謝謝。

Sure.

當然。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

Hi, thanks. I've got a couple as well separately. So first, John, could you explain a bit more about the Omnicom Advertising Group you announced this, I think, over the summer after you had last reported numbers? It seems to me like it follows a bit on what you did many years ago putting Omnicom Media Group together. And then just last quarter, you announced the Omnicom production studios. So kind of consolidating agency operations.

你好，謝謝。我也有一對。首先，約翰，您能否更多地解釋一下宏盟廣告集團（Omnicom Advertising Group），您在上次報告數據後的那個夏天宣布了這一消息？在我看來，這有點像您多年前組建宏盟媒體集團所做的事情。就在上個季度，你們宣布成立 Omnicom 製作工作室。如此整合代理業務。

And then you've got Flywheel in the mix now, which I think is sort of tapping into all these things. So are you just going to be coming one bigger, better integrated company now, versus how do you service individual clients as individual agency brands? I guess that's the question, how integrated versus separate are you now?

現在，Flywheel 也加入其中，我認為這在某種程度上是利用所有這些東西。那麼，您現在是否打算成為一家規模更大、更全面的公司，而不是像個人代理品牌那樣為個人客戶提供服務呢？我想這就是問題所在，你現在的整合程度與分離程度如何？

Sure. The short answer is that is we're much more integrated than we've ever been in the past. But the motivation for doing Omnicom Advertising Group was -- as you look into the technological changes, which are impacting our business and the use of artificial intelligence and how it's going to be implied in efforts that we are engaged in, it is more sensible for us to be making those investments on a singular basis and then white labeling those products and deploying them to the various cultures that we have.

當然。簡而言之，我們比過去更加一體化。但成立宏盟廣告集團的動機是——當你研究正在影響我們業務和人工智慧使用的技術變革，以及它將如何體現在我們所從事的工作中時，更明智的做法是我們將在單一基礎上進行這些投資，然後為這些產品貼上白色標籤，並將其部署到我們擁有的各種文化中。

The move of OAG was really done on our front foot, saying that we can do a better job for our clients, a better deployment of our talent, a better creation and execution of tools. If we look at those efforts singularly, but we're still very dedicated to the brands and the various cultures that the brands bring to the party because every one of our agency groups is somewhat different in their approach and how they go to market and different clients have different needs for those approaches.

OAG的舉動確實是我們走在了前面，表明我們可以為我們的客戶做得更好，更好地部署我們的人才，更好地創建和執行工具。如果我們單獨看待這些努力，但我們仍然非常致力於品牌和品牌為聚會帶來的各種文化，因為我們每個代理商集團的方法以及進入市場的方式都有些不同，並且不同客戶對這些方法有不同的需求。

So it puts us in a situation where I think we can optimize the best of both worlds, maintaining a very strong past, which allows us to continue to attract the strongest talent in the market, but yet concentrate and make meaningful investments in tools that are deployed that are useful to every client and will create efficiencies in the case of many, many clients, and improve the speed and the information that our knowledge workers, be they creative, be they strategic people, will have access to.

因此，這使我們處於這樣一種情況：我認為我們可以優化兩全其美，保持非常強大的過去，這使我們能夠繼續吸引市場上最強大的人才，但同時集中精力並在工具上進行有意義的投資部署對每個客戶都有用，並將為許多客戶創造效率，並提高我們的知識工作者（無論他們是創意人員還是策略人員）訪問的速度和資訊。

So is it more top-line synergies, I guess? Or was it more cost savings? Or is it equally both?

我想這會帶來更多的營收綜效嗎？還是更節省成本？還是兩者都是同等的嗎？

The cost savings are de minimis in terms of its waste avoidance. More than anything else, rather than loosening to 75 different agencies, slightly variant approach towards AI, what we're able to do is to put them in a room and have them come up with a consensus as to what they think would be most useful for their clients and then make those investments behind that. Had we not put media together 20-odd years ago, we would have never been able to create Omni if you had 14 different media groups.

就避免浪費而言，成本節省是微乎其微的。最重要的是，我們能做的不是放鬆給 75 個不同的機構，對 AI 採取略有不同的方法，而是將他們放在一個房間裡，讓他們就他們認為最有用的內容達成共識為他們的客戶提供服務，然後進行投資。如果我們沒有在 20 多年前將媒體整合在一起，即使有 14 個不同的媒體群組，我們也永遠無法創建 Omni。

So this is -- nothing is the same as it was in the past, but it's very similar. And with the resources that we have and the intelligence that we have making those investments properly where they can be most useful to clients and most useful to us in terms of being the group that gets selected when clients put their business up for review, it's a balance of both. So it's waste avoidance as opposed to cost synergy.

所以這就是——一切都與過去不同，但非常相似。憑藉我們擁有的資源和智慧，我們能夠正確地進行這些投資，這些投資對客戶最有用，對我們最有用，因為我們是客戶將其業務提交審查時被選中的群體，這是一個兩者的平衡。因此，這是避免浪費，而不是成本協同。

We weren't looking to cut heads. We were looking to improve the quality of the products of our brands and the tools that those folks had available to.

我們並不是想砍頭。我們希望提高我們品牌的產品品質以及這些人可以使用的工具。

Okay. Got it. Thanks for that explanation. That's clear.

好的。知道了。謝謝你的解釋。很清楚。

My second topic I wanted to bring up is about retail media. You were talking a bit about Flywheel and how it helped with Amazon. And my question really is, do you feel like you're active in both on-site as well as off-site retail media?

我想提出的第二個主題是關於零售媒體。您談到了 Flywheel 以及它如何幫助亞馬遜。我的問題是，您是否覺得自己同時活躍於現場和場外零售媒體？

And if you could just talk about maybe what the opportunities are in each, on-site being bringing ads on to a retailer's website or apps; and then off-site being able to do what it seems to me is really what agency should be good at is understanding where rumors are, how to reach them wherever they are and bring them to the retailer side. I hope it's not too deep in the weeds, but I wonder if you could maybe talk about how Flywheel might help with your agency's abilities to do that.

如果您能談談各自的機會是什麼，現場將廣告帶到零售商的網站或應用程式上；然後，在場外，在我看來，代理商真正應該擅長的事情就是了解謠言在哪裡，如何在任何地方接觸到它們並將它們帶到零售商方面。我希望它不會太深，但我想知道您是否可以談談 Flywheel 如何幫助您的機構實現這一目標。

Well, Flywheel is the leader, bar none, by multiple of activity in the leading online retail type of providers, be it Amazon, Walmart. If you go down the list, Target, who outside of the United States and China, which have some pretty cutting-edge things, we're engaged with them as well.

嗯，從領先的線上零售類型提供者（無論是亞馬遜還是沃爾瑪）的多項活動來看，Flywheel 是無可比擬的領導者。如果你往下看，塔吉特公司在美國和中國以外擁有一些非常前沿的產品，我們也與他們合作。

So we were first to the market or they were first to the market before we acquired them. We have a great depth of knowledge. We have a lot of trust built up with the pioneers who really blaze the retail trail because of our history. So I think we're in very good shape.

所以我們是第一個進入市場的人，或是他們在我們收購他們之前先進入市場的。我們擁有淵博的知識。我們與那些因我們的歷史而真正開拓零售之路的先驅者建立了很多信任。所以我認為我們的狀態非常好。

Now does it mean have monopoly in it? No. There'll be other pretenders that come to play to the market, and we'll compete against them, but we'll compete successfully. But Flywheel was, in fact, a decade ahead of the next closest thing. People will put together fancy press releases and say that they can accomplish things, but substantively, Flywheel has done it.

現在這是否意味著擁有壟斷？不。還會有其他冒牌者進入市場，我們將與他們競爭，但我們將成功競爭。但事實上，Flywheel 比第二個最接近的產品領先了十年。人們會整理出花哨的新聞稿，說他們可以完成一些事情，但實質上，Flywheel 已經做到了。

And we continue to make further investments in Flywheel and the team that envision that before a marketplace really existed and the people responsible for it are the best in a relatively small industry in terms of whether the talent lies. So I think we're very fortunate to have Flywheel and it will tribute very strongly to our growth as we move forward.

我們繼續對 Flywheel 和團隊進行進一步投資，他們的願景是，在市場真正存在之前，無論人才是否存在，負責市場的人員都是相對較小行業中最好的。因此，我認為我們非常幸運能夠擁有 Flywheel，它將在我們前進的過程中為我們的成長做出巨大貢獻。

Thanks, John.

謝謝，約翰。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Thank you. I had a couple of questions. John, it's not often we hear you use the word bullish to describe your business. I think I heard you say it twice your business and your outlook and stuff. (multiple speakers)

謝謝。我有幾個問題。約翰，我們很少聽到您使用看漲這個詞來描述您的業務。我想我已經聽你說過兩次關於你的生意、你的觀點之類的事情了。（多個發言者）

I'm listing here. Just a little more depth there about what you're seeing in the marketplace, US, overseas. Why do you use the word bullish, and what's changed your mind?

我在這裡列出來。只是更深入地了解您在美國和海外市場上看到的情況。您為什麼使用看漲這個詞？

Well, I'm bullish about Omnicom. First and foremost, we just at the level of wins that we've had in the last four months of the year, which will be contributing to revenues that we start into next year. I'm also bullish about our percentage of winning and our ability to compete in the marketplace and the sophistication of the clients that have selected us in this whole process.

嗯，我看好 Omnicom。首先也是最重要的，我們只是達到了今年最後四個月的勝利水平，這將為我們明年開始的收入做出貢獻。我還看好我們的獲勝百分比、我們在市場上競爭的能力以及在整個過程中選擇我們的客戶的成熟度。

So we've got a lot of confidence in the beginning and make sure I have a lot of confidence in the teams that are pitching, I have a lot of confidence in the tools that we've developed and the ones we are currently metering. So that's what really seems to be bullish. And with each one of these technological improvements, we're able to increasingly optimize and measure our performance.

因此，我們一開始就有很大的信心，並確保我對正在投球的球隊有很大的信心，我對我們開發的工具和我們目前正在測量的工具有很大的信心。所以這看起來確實是看漲的。透過每項技術改進，我們都能夠不斷優化和衡量我們的性能。

And anything that can be measured can be sold to a sophisticated client. Are there going to be bumps in the road and interruptions in certain industries in the economy? Of course. But from an overall point of view, I'm bullish. I'm very confident, but mostly confident in the team that surrounds me and the investments that we've made.

任何可以測量的東西都可以賣給經驗豐富的客戶。經濟中的某些行業是否會出現坎坷和中斷？當然。但從整體角度來看，我是看漲的。我非常有信心，但主要是對我周圍的團隊以及我們所做的投資充滿信心。

And my second question, John --

我的第二個問題，約翰--

My wife will use the same thing, gee, haven't been bullish about this either happened. But no, I'm bullish. I did use it twice, but now I've used it five times.

我妻子也會用一樣的東西，哎呀，這件事也發生了，我也不看好。但不，我很樂觀。我曾經使用過兩次，但現在我已經使用了五次。

Right. Good to hear. And then on margins, if one of you could comment, I mean, obviously, if you have roughly -- you're saying roughly 5% organic growth for the year, you're talking about margins close to flat with a year ago. Can you just go through for us what's holding back your margins this year? What's unique this year holding back?

正確的。很高興聽到。然後在利潤率方面，如果你們中有人可以發表評論，我的意思是，顯然，如果你說今年的有機增長大約為 5%，那麼你所說的利潤率與一年前接近持平。您能為我們介紹今年阻礙您利潤的因素嗎？今年有何獨特之處？

I mean, obviously, you guys invest very heavily every year, but is it significantly higher this year than prior years? And then what's going to fall off potentially next year to help margins potentially next year if you have roughly similar growth?

我的意思是，顯然，你們每年都投入大量資金，但今年的投資是否比往年明顯更高？那麼，如果明年的成長大致相似，那麼明年可能會下降什麼來幫助提高利潤呢？

Well, I'll let Phil do this one. I'll just add one or two small comments on front. One is to get business, you have to invest money. Two, you see the revenue from it. And I think I've said this 10,000 times before, not just twice.

好吧，我會讓菲爾來做這件事。我只會在前面添加一兩個小評論。一是要做生意，就得投資。第二，你可以看到從中獲得的收入。我想我已經說過這​​句話一萬遍了，而不只是兩次。

When you win in a piece of business, it’s the most expensive time of your relationship because you're staffing up without the revenue. And unfortunately, when you lose business, would you counterintuitively, but you expect to see margin improvement because you can reduce your staff pretty quickly and the revenue is still coming to contractually.

當你贏得一項業務時，這是你們關係中最昂貴的時期，因為你在沒有收入的情況下招募員工。不幸的是，當你失去業務時，你會違反直覺，但你期望看到利潤率的提高，因為你可以很快減少員工，而收入仍然按照合約來實現。

So don't be deceived by any 90-day period would be my word of caution. We are trying to balance in our judgment where we should be making investments and how we make those investments internally through our P&L in order to develop the products which make us successful in the marketplace. So it's a balance of delivering margin to the shareholder, but making sure that we're fit for purpose as we go forward.

因此，我要提醒大家，不要被任何 90 天的期限所欺騙。我們正在努力平衡我們的判斷，我們應該在哪裡進行投資，以及我們如何透過損益表在內部進行這些投資，以便開發出使我們在市場上取得成功的產品。因此，這是向股東提供利潤的平衡，但要確保我們在前進時符合目標。

Phil, do you want to --?

菲爾，你想嗎——？

Yeah. I think those are certainly a couple of the key parts of how we look at the margin profile overall and how we manage the company strategically overall. And 2024 is no different in terms of our approach.

是的。我認為這些肯定是我們如何看待整體利潤狀況以及如何對公司進行整體策略管理的幾個關鍵部分。就我們的方法而言，2024 年也沒有什麼不同。

As we said throughout the year, we expect margins for the year to be close to flat. As John indicated, there have been quite a few pitches that we've been successful in, those pitches do require an investment. And then when you win them, staffing up requires an investment in the near term.

正如我們全年所說，我們預計今年的利潤率將接近持平。正如約翰指出的那樣，我們已經在許多項目上取得了成功，這些項目確實需要投資。然後，當你贏得他們時，人員配備需要在短期內進行投資。

We're going to continue to make strategic investments in the business, the Omni platform, Flywheel Commerce Cloud platform. And this year, certainly, there's been more of a focus on GenAI, and there've been a number of initiatives that we pursue and continue to pursue in a space that we think is going to be very important for our business going forward.

我們將繼續對業務、Omni 平台、Flywheel 商務雲端平台進行策略性投資。當然，今年人們更加關注 GenAI，我們在一個我們認為對我們未來業務非常重要的領域中推行並繼續推行了許多舉措。

And the goal ultimately is to make those investments to position us for sustainable future growth. And we've done that in the past. We've seen it benefit us in terms of the Omni platform and the many wins we've had over the years because of the investments we've made.

最終目標是透過這些投資為我們未來的永續成長做好準備。我們過去就這麼做過。我們已經看到它使我們在 Omni 平台方面受益匪淺，並且多年來由於我們所做的投資而取得了許多勝利。

We look at the business long term, we reevaluate the portfolio. But the goal ultimately is to grow sustainably and over time grow margins. So we've got a number of efficiency initiatives that are well underway. We're going to continue to pursue the areas of offshoring and nearshoring.

我們著眼於長期業務，重新評估投資組合。但最終目標是永續成長，並隨著時間的推移提高利潤。因此，我們有許多效率措施正在順利進行中。我們將繼續致力於離岸外包和近岸外包領域。

Automation certainly is a big push of ours we continue to push that and look for efficiencies wherever we can find them. And ultimately, that's where some of these benefits in terms of margin improvement are going to come from. But we're not going to be shortsighted not make the investments that need to be made to have sustainable growth just because we want to maximize margins in the short term.

自動化無疑是我們的一大推動力，我們將繼續推動這一目標，並在任何我們能找到的地方尋求效率。最終，這就是利潤改善方面的一些好處的來源。但我們不會目光短淺，僅僅因為我們希望在短期內實現利潤最大化，就不進行可持續成長所需的投資。

But certainly, we're going to continue to strive to improve margins over time. And we think we have a portfolio that's going to allow us to do that. And some of the recent wins certainly are very encouraging towards that as we go forward.

但當然，隨著時間的推移，我們將繼續努力提高利潤率。我們認為我們擁有一個可以讓我們做到這一點的產品組合。在我們前進的過程中，最近取得的一些勝利無疑非常令人鼓舞。

Great. Thank you very much.

偉大的。非常感謝。

Sure.

當然。

Adam Berlin, UBS.

亞當柏林，瑞銀集團。

Hi, good evening. Two questions, if I can. Very strong quarter with 6.5% organic growth. You mentioned there were some benefits from the US election cycle and the Olympics in there.

嗨，晚上好。有兩個問題，如果可以的話。本季非常強勁，有機成長 6.5%。您提到美國大選週期和奧運有一些好處。

But can this be a typical quarter? Is this the kind of growth you're looking to achieve? Or should we just think of this is a bit of a one-off special quarter just given those special events? That's the first question.

但這會是一個典型的季度嗎？這是您想要實現的成長嗎？或者我們應該認為這是一個一次性的特殊季度，只是考慮到這些特殊事件？這是第一個問題。

Well, the election probably contributed less than it has in prior presidential elections, but it did contribute something. And wherever there's Olympics, we generally get a bump, and that's every two years or so. We also get a bump going congressional elections in the United States as well over two years.

嗯，這次選舉的貢獻可能比之前的總統選舉少，但它確實做出了一些貢獻。無論哪裡有奧運會，我們通常都會受到衝擊，大約每兩年一次。兩年來，美國的國會選舉也取得了進展。

So I think there is some contribution in the 6.5% to those activities. But whilst they're not every quarter, they are ongoing because we have the best players servicing those areas.

所以我認為 6.5% 對這些活動有一定的貢獻。雖然不是每個季度都有，但它們仍在持續，因為我們有最好的球員為這些領域提供服務。

Yeah. I mean, we've grown a little over 5% through nine months. We expect to be at the high end of our range for the year. We grew 4.1% last year. Coming out of COVID, double digits in '21, 9.5% in '22. We're expecting to grow in the future is 5% a new normal. I think it's early to say that, certainly.

是的。我的意思是，九個月內我們的成長率略高於 5%。我們預計今年將達到我們範圍的高端。去年我們成長了 4.1%。走出新冠疫情後，21 年為兩位數，22 年為 9.5%。我們預計未來成長5%將成為新常態。我認為現在說這個當然還為時過早。

But what we've made -- we spoke a lot about the investments we continue to make. We expect that to be -- we expect the business to be a good platform for growth into the future. But when it comes to elections and the benefit we get in the experiential businesses, along with the PR businesses from an election perspective, that's a two-year cycle. We'll take it when we can get it.

但我們已經做了很多關於我們繼續進行的投資的討論。我們預計該業務將成為未來成長的良好平台。但當涉及選舉以及我們從體驗式業務以及從選舉角度來看的公關業務中獲得的利益時，這是一個兩年的周期。當我們能拿到的時候我們就會拿走它。

We don't expect experiential to grow at the same rate in a non-Olympic year, but it depends on other factors as the World Cup or the European championships that year. Those businesses are going to grow. They're going to be a little choppier quarter to quarter.

我們預計體驗不會在非奧運年份以相同的速度成長，但這取決於當年的世界盃或歐洲錦標賽等其他因素。這些業務將會成長。每個季度的情況都會有些波動。

I think we don't make conclusions based on any one particular quarter. But longer term, we think the performance in '24 and '23 certainly as good perform and we expect and strive to continue to grow at those rates going forward.

我認為我們不會根據任何一個特定季度做出結論。但從長遠來看，我們認為 24 年和 23 年的業績肯定表現良好，我們預計並努力繼續以這些速度成長。

Yeah. The other thing I'd add, [Andy], to the election that -- is that money is being spent in very few states this time around because the country. In the United States anyway, so divided that I think this election will be called based upon very thin margins Adam -- excuse me, in a number of places. And personally, I don't think the election is going to be known on November 5, but it will probably go on beyond that personal speculation.

是的。[安迪]，我要補充的另一件事是，這次選舉中，資金花在了很少幾個州，而是花在了國家上。無論如何，在美國，分歧如此之大，以至於我認為這次選舉將以非常微弱的優勢亞當——對不起，在很多地方都是如此。就我個人而言，我認為選舉結果不會在 11 月 5 日揭曉，但選舉結果可能會超出個人猜測。

Thanks. That's helpful. And I just want to ask one more, which is, obviously, you're outperforming some of your peers. I just wondered how that's impacting kind of talent. So are you looking to add talent into our organization from your peers? Is it helping you to retain talent? Just can you give some comments about how the strong performance is helping you with the people you have?

謝謝。這很有幫助。我只想再問一個問題，那就是，很明顯，你的表現優於你的一些同行。我只是想知道這對人才有何影響。那麼您是否希望從同儕中招募人才加入我們的組織？它能幫助您留住人才嗎？您能否就出色的表現如何幫助您與您的員工發表一些評論？

Sure. We have a very strong bench of talent. I'm always open and we're already recruiting for more talent, especially as we win these businesses, staffing up for them. There are no small projects. They require a lot of people to be brought on board and in a very relatively quick manner. So some of them are coming from competitors, others are new entries into the marketplace.

當然。我們擁有非常強大的人才隊伍。我總是持開放態度，我們已經在招募更多人才，特別是當我們贏得這些業務並為他們配備人員時。沒有小項目。它們需要以相對較快的方式吸引許多人加入。因此，其中一些來自競爭對手，另一些則是市場的新進入者。

And as Phil said, we don't have the proof points yet, but we're well on our way towards automation. And we also think AI, if we don't break the tools that we've been able to build through overcapacity, will help us attract more knowledge workers, as I referred to them, because the mundane tasks that some of these efforts require get eliminated through this new technology. So the business is changing more rapidly than I think it has during my career and all to the positive from my perspective.

正如菲爾所說，我們還沒有證據，但我們正在邁向自動化。我們也認為，如果我們不打破我們透過產能過剩建構的工具，人工智慧將幫助我們吸引更多的知識工作者，正如我所提到的那樣，因為其中一些工作所需的平凡任務得到了解決。這項新技術消除了。因此，業務的變化比我在職業生涯中想像的要快，從我的角度來看，這一切都是正面的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

We have no further questions at this time. This will conclude today's conference call. Thank you all for your participation. You may now disconnect.

目前我們沒有進一步的問題。今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。