宏盟集團 (OMC) 2024 Q4 法說會逐字稿

Good afternoon. My name is Audra, and I will be your conference operator today. At this time I would like to welcome everyone to the Omnicom fourth quarter and full-year 2024 earnings call. Today's conference is being recorded. (Operator Instructions)

午安.我的名字是奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加宏盟集團 2024 年第四季和全年財報電話會議。今天的會議正在錄製。（操作員指令）

At this time I'd like to run a conference over to Greg Lundberg, Investor Relations. Please go ahead.

現在，我想與投資者關係部 Greg Lundberg 召開一次會議。請繼續。

Thank you for joining our fourth quarter and full-year 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.

感謝您參加我們的第四季和全年財報電話會議。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，您可以找到一份新聞稿和一份演示文稿，其中涵蓋了我們今天將要審查的資訊。今天的電話會議結束後，將提供存檔的網路直播。

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. These represent our present expectations and 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.

在我們開始之前，我想提醒大家閱讀我們在投資者演示結束時所包含的前瞻性聲明和非 GAAP 財務及其他資訊。今天所做的某些聲明可能構成前瞻性聲明。這些代表了我們目前的預期，可能導致實際結果大不相同的相關因素列在我們的收益資料和 SEC 文件中，包括我們的 2023 年 10-k 表格。

During the course of today's call, we will also discuss certain non-GAAP measures, and you can find the reconciliation of these to the nearest comparable GAAP measures in the presentation materials.

在今天的電話會議中，我們還將討論某些非 GAAP 指標，您可以在簡報資料中找到這些指標與最接近的可比較 GAAP 指標的對帳。

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

我們將首先由約翰介紹我們的業務，然後菲爾將回顧我們的財務結果。在我們發表完準備好的發言後，我們將開放式熱線來回答您的提問。

I'll now hand the call over to John.

我現在將電話交給約翰。

Thank you for joining us today. I'm pleased to report our fourth quarter and full-year 2024 results were very strong, and we were well positioned as we entered 2025.

感謝您今天加入我們。我很高興地報告，我們 2024 年第四季和全年的業績非常強勁，並且我們在進入 2025 年時已做好了有利準備。

After I finished commenting on the quarter in the year, I'll provide you an update on the proposed acquisition of Interpublic. Organic growth was 5.2% for the quarter. This growth was driven by very strong performance in our three largest disciplines: media and advertising, precision marketing, and public relations.

在我對本季度的評論結束後，我將向您提供有關擬議收購 Interpublic 的最新情況。本季有機成長率為5.2%。這一成長得益於我們三大領域的強勁表現：媒體和廣告、精準行銷和公共關係。

A strong finish to the year resulted in organic growth of 5.2% for the full year, which exceeded the high end of our guidance. Adjusted EBITDA margin for the fourth quarter was 16.7%. For the full year, adjusted EBITDA margin was 15.5%, in line with our target. Non-GAAP adjusted diluted earnings per share for the quarter was $2.41, up 6.6% versus the fourth quarter of 2023.

今年業績表現強勁，全年實現 5.2% 的有機成長，超出了我們預期的最高水準。第四季調整後的 EBITDA 利潤率為 16.7%。全年調整後的 EBITDA 利潤率為 15.5%，符合我們的目標。本季非公認會計準則調整後每股攤薄收益為 2.41 美元，較 2023 年第四季成長 6.6%。

In 2024, our cash flow continued to be very strong. We generated almost $2 billion in free cash flow and returned over $900 million to shareholders through dividends and share repurchases. During the year, we continued to expand and deepen our capabilities with the acquisition of Flywheel and the formation of two new strategic practice areas, Omnicom Production and Omnicom Advertising Group.

2024年，我們的現金流持續保持強勁。我們產生了近 20 億美元的自由現金流，並透過股息和股票回購向股東返還了超過 9 億美元。這一年，我們透過收購 Flywheel 以及組成兩個新的策略實踐領域（宏盟製作和宏盟廣告集團），繼續擴大和深化我們的能力。

Using our Omni operating platform, our teams across practice areas can connect these services, leveraging high fidelity data sets and custom AI tools to plan, create, target, optimize, and attribute campaigns with a single workflow. We are the unrivaled leader in linking marketing to sales, allowing us to deliver measurable outcomes that drive substantial growth and ROI for our clients.

使用我們的 Omni 操作平台，我們各個實踐領域的團隊可以連接這些服務，利用高保真數據集和定制 AI 工具透過單一工作流程來規劃、創建、定位、優化和歸因活動。我們是行銷與銷售相結合領域的領先者，這使我們能夠提供可衡量的成果，為客戶帶來大幅成長和投資報酬率。

Our success year after year also leads to our industry recognition. TBWA was recently named Adweek's 2024 Global Agency of the Year. Convergence announced that Omnicom Media Group had the highest billing growth rate among global media groups in 2024. Wins like Amazon, Unilever, and HP fueled over $7 billion in new business. Omnicom Media Group also ranked first in client retention rate through the year.

我們連年的成功也贏得了業界的認可。TBWA 最近被《Adweek》評為 2024 年度全球最佳代理商。Convergence宣布，宏盟媒體集團（Omnicom Media Group）2024年營收成長率位居全球媒體集團之首。亞馬遜、聯合利華和惠普等企業的成功推動了超過 70 億美元的新業務。宏盟媒體集團在全年客戶留任率方面也排名第一。

Additionally, Omnicom's Media Group achieved the highest rating in Forrester's 2024 Media Management Services Wave, specifically emphasizing the group's transparent business practices. Finally, for the second year in a row, Omnicom was named Holding Company of the Year by MediaPost.

此外，宏盟集團媒體集團在 Forrester 的 2024 年媒體管理服務 Wave 中獲得了最高評級，特別強調了該集團透明的商業實踐。最後，宏盟集團連續第二年被《MediaPost》評為「年度控股公司」。

I'm very pleased with our strategic progress and the financial results in 2024. We entered 2025 in a very strong position, given it's early in the year where exercising a level of caution on our outlook for 2025. As of now, we expect organic growth to be between 3.5% and 4.5% and adjusted EBITDA margins to be 10 basis points higher than what we achieved in 2024.

我對我們的策略進展和 2024 年的財務表現感到非常滿意。我們以非常強勁的地位進入 2025 年，因為現在還處於年初，我們對 2025 年的展望持謹慎態度。截至目前，我們預計有機成長率將在 3.5% 至 4.5% 之間，調整後的 EBITDA 利潤率將比 2024 年實現的利潤率高出 10 個基點。

I want to express my gratitude to our people around the globe for helping us finish the year on a high note. Your unwavering dedication to delivering exceptional work to our clients places Omnicom and its agencies in an excellent position as we enter the new year.

我要向我們遍布全球的同事們表示感謝，感謝他們幫助我們以優異的成績結束這一年。在新的一年即將來臨之際，您始終堅持不懈地致力於為客戶提供卓越的服務，這使得宏盟集團及其代理商處於有利地位。

Let me now shift to the proposed acquisition of IPG and our progress since the announcement on December 9. While we are incredibly excited about the combination of the two organizations, I want to emphasize that Omnicom and IPG continue to operate as independent businesses until the transaction is finalized.

現在，我來談談 IPG 收購提案以及自 12 月 9 日宣布以來我們取得的進展。雖然我們對兩家公司的合併感到無比興奮，但我想強調的是，在交易完成之前，Omnicom 和 IPG 將繼續作為獨立企業運作。

Omnicom's solid foundation and organizational structure positions us to seamlessly integrate IPG into our group once the acquisition closes. Combined, our complementary cultures and businesses will create an unmatched suite of services and products for our clients, leading to significant revenue growth potential.

一旦收購完成，宏盟集團堅實的基礎和組織結構使我們能夠將 IPG 無縫整合到我們的集團中。結合我們互補的文化和業務，我們將為客戶創造出無與倫比的服務和產品，帶來巨大的收入成長潛力。

After closing, we expect diluted earnings per share accretion driven by strong revenues, expanding margins, and a strong balance sheet. Our combined free cash flow will also be be substantial.

交易完成後，我們預計，在強勁的收入、不斷擴大的利潤率和強勁的資產負債表的推動下，每股攤薄收益將增加。我們的綜合自由現金流也將十分可觀。

This allows us to seamlessly integrate IPG into our group once the acquisition closes. Combined, our complementary cultures and businesses will create an unmatched suite of services and products for our clients, leading to significant revenue growth potential. After closing, we expect diluted earnings per share accretion driven by strong revenues, expanding margins, and a strong balance sheet.

一旦收購完成，我們就可以將 IPG 無縫整合到我們的集團中。結合我們互補的文化和業務，我們將為客戶創造出無與倫比的服務和產品，帶來巨大的收入成長潛力。交易完成後，我們預計，在強勁的收入、不斷擴大的利潤率和強勁的資產負債表的推動下，每股攤薄收益將增加。

Our combined free cash flow will also be substantial, and we expect to increase our historical capital allocations for dividends, share buybacks, as well as investments necessary to maintain our leading position in technology, data, and AI, including the integration of Axiom, Omni, and the Flywheel platform.

我們的綜合自由現金流也將非常可觀，我們預計將增加歷史資本配置，用於股息、股票回購以及保持我們在技術、數據和人工智慧領域的領先地位所需的投資，包括 Axiom、Omni 和 Flywheel 平台的整合。

For decades, Axiom has established itself as the golden standard for managing clients' first-party data in some of the most highly regulated industries. Axiom's client contracts are multi-year, ranging from four to six years. Its clients include 7 of the top 10 retail banks, 9 of the top 10 credit card issuers, and 3 of the top 5 pharmaceutical manufacturers, and several automotive companies.

幾十年來，Axiom 已經成為一些監管最嚴格的行業中管理客戶第一方資料的黃金標準。Axiom 的客戶合約是多年的，期限從四到六年不等。其客戶包括全球十大零售銀行中的 7 家、全球十大信用卡發行商中的 9 家、全球五大製藥商中的 3 家以及多家汽車公司。

When these leading first-party data management capabilities are integrated with Omni and Flywheel Commerce Cloud, we will provide the most accurate identity solution and comprehensive understanding of consumer behaviors and transactions on the buy side. This platform will drive the industry towards a higher standard of metrics, linking ad spend, sales, and value-based outcomes.

當這些領先的第一方資料管理功能與 Omni 和 Flywheel Commerce Cloud 結合時，我們將提供最準確的身份解決方案以及對買方消費者行為和交易的全面了解。該平台將推動產業走向更高的指標標準，將廣告支出、銷售額和基於價值的成果連結起來。

Regarding synergies, we're confident in our ability to achieve the projected $750 million in run rate cost savings. Importantly, these cost synergies will not impact employees dedicated to servicing our clients and generating revenue. Instead, they will arise from streamlining the holding company, middle office, and regional positions, as well as from eliminating duplicative overhead, back office, and third-party expenses across our larger combined global footprint. The combined company will generate approximately 85% of its revenues from its top 10 markets, with the remainder primarily distributed across an additional 40 markets worldwide.

關於綜效，我們有信心實現預計的 7.5 億美元的營運成本節約。重要的是，這些成本綜效不會影響致力於服務客戶和創造收入的員工。相反，這些舉措將透過精簡控股公司、中台和區域職位，以及消除我們更大的全球影響力中的重複性管理費用、後台辦公室和第三方費用來實現。合併後的公司約 85% 的收入將來自其前十大市場，其餘收入主要分佈在全球另外 40 個市場。

After closing, we plan to continue to support IPG's advertising brands in the marketplace while aligning them with the current operating structure of Omnicom Advertising Group. More specifically, in our top 10 global markets, agency brands will continue to be fully present in order to drive growth. The remaining markets will function under a single OAG leader who will manage the agency brands at a local level and report to a regional OAG lead.

交易完成後，我們計劃繼續在市場上支援 IPG 的廣告品牌，同時使其與宏盟廣告集團目前的營運結構保持一致。更具體地說，在我們的全球十大市場中，代理品牌將繼續全面存在以推動成長。其餘市場將在一位 OAG 領導下運作，該領導將在當地管理代理商品牌，並向區域 OAG 領導者報告。

Similarly, it is our intention that IPG's other advertising and marketing services businesses will be aligned within our respective practice areas. This will enable us to combine and expand our talent, equipping them with dedicated technology and data tools in a single practice area to optimally deliver services and products to our clients.

同樣，我們希望 IPG 的其他廣告和行銷服務業務能夠與我們各自的實踐領域保持一致。這將使我們能夠結合和擴展我們的人才，為他們提供單一實踐領域的專用技術和數據工具，以最佳的方式為我們的客戶提供服務和產品。

In assessing talent, we will adopt an approach focused on selecting the best individuals across the organizations irrespective of their current affiliation. With unified practice area leadership teams at a global, regional, and country level, we will eliminate redundant roles, functions, and back office operations, which we expect will generate cost savings exceeding $130 million. A larger portfolio of clients and businesses will enable us to combine our efforts and leverage a more centralized technology and data platform, significantly improving capital efficiency across a larger enterprise.

在評估人才時，我們將採取一種注重在組織內選出最優秀人才的方法，不論他們目前隸屬於哪個組織。透過在全球、區域和國家層面統一實踐領域領導團隊，我們將消除多餘的角色、職能和後台運營，預計這將節省超過 1.3 億美元的成本。更大的客戶和業務組合將使我們能夠集中精力並利用更集中的技術和數據平台，從而顯著提高整個企業的資本效率。

Additionally, more resources will be available for future investments. We expect this will result in initial savings of approximately $25 million in administrative costs. The largest cost savings will result from merging two publicly traded companies. We will combine and streamline senior leadership and operation teams across finance, accounting, IT, legal, real estate, and HR.

此外，還將有更多資源可用於未來的投資。我們預計這將帶來約 2500 萬美元的初始管理成本節省。兩家上市公司的合併將帶來最大的成本節約。我們將合併和精簡財務、會計、IT、法律、房地產和人力資源領域的高階領導和營運團隊。

Additionally, we will eliminate duplicative G&A costs. We expect to cut approximately 40% of the company's combined corporate expenses, resulting in compensation savings of around $200 million and G&A savings of about $110 million, establishing a unified procurement organization to maximize benefits from third-party vendors in key areas such as IT software and infrastructure, as well as duplicative third-party research and data is projected to save more than $150 million.

此外，我們還將消除重複的一般行政費用 (G&A)。我們預計將削減公司約40%的綜合企業費用，從而節省約2億美元的薪酬和約1.1億美元的一般及行政費用，建立統一的採購組織，以最大限度地利用IT軟體和基礎設施等關鍵領域的第三方供應商的利益，以及重複的第三方研究和數據，預計將節省超過1.5億美元。

Integrating our internal IT and shared service organizations will improve the way that we deliver services to our employees and reinforce our infrastructure and platforms. We expect to realize synergies of approximately $70 million across these areas.

整合我們的內部 IT 和共享服務組織將改善我們向員工提供服務的方式並加強我們的基礎設施和平台。我們預計這些領域將實現約 7000 萬美元的協同效應。

Aligning our real estate portfolios following the closing will yield approximately $65 million in savings, which amounts to less than 10% of the combined total rent and occupancy costs. Not included in our synergy projections are the following three areas: revenue opportunities, near and offshoring, and automation. We believe revenue growth opportunities are substantial from the combination.

交易完成後調整我們的房地產投資組合將節省約 6,500 萬美元，佔總租金和入住成本的不到 10%。我們的綜效預測未包括以下三個領域：收入機會、近岸外包和離岸外包以及自動化。我們相信，此次合併將帶來巨大的收入成長機會。

We will expand client opportunities on day one by offering our combined client base a broader suite of products and services. For example, the capabilities of Flywheel, Axiom, and our Precision Marketing Group will be available to a much broader set of clients. Additionally, the combined company will drive greater product and service innovation, creating new revenue streams.

我們將從第一天起就為我們的合併後的客戶群提供更廣泛的產品和服務，以擴大客戶機會。例如，Flywheel、Axiom 和我們的精準行銷集團的功能將可供更廣泛的客戶使用。此外，合併後的公司將推動更大的產品和服務創新，創造新的收入來源。

Following the closing, we will continue leveraging our near and offshore global centers of excellence to improve service delivery and lower labor costs. In 2024, we established four state-of-the-art centers of excellence in India, and expanded our near shore operations in Latin America. We quickly scaled up teams for Flywheel after that acquisition, and we're now ready to capitalize on a significantly larger opportunity with Interpublic.

交易完成後，我們將繼續利用我們的近海和離岸全球卓越中心來改善服務交付並降低勞動力成本。2024 年，我們在印度建立了四個最先進的卓越中心，並擴展了我們在拉丁美洲的近岸業務。收購之後，我們迅速擴大了 Flywheel 的團隊規模，現在我們已準備好利用與 Interpublic 合作帶來的更大機會。

Finally, Omnicom is making significant progress in utilizing automation by leveraging new processes, platforms, and AI. We have a dedicated central team spearheading our automation in initiatives and expect to expand our efforts in this area following the closing of the acquisition.

最後，宏盟集團透過利用新流程、平台和人工智慧在利用自動化方面取得了重大進展。我們擁有一支專門的核心團隊帶頭推進我們的自動化計劃，並期望在收購完成後擴大我們在這一領域的努力。

As a result, I'm quite comfortable with the $750 million in synergies targeted at the time of the announcement. We anticipate identifying even more savings once the companies are combined. Going forward, we plan to provide regular updates on our progress towards this target.

因此，我對宣佈時設定的 7.5 億美元的綜效目標感到非常滿意。我們預計，兩家公司合併後將節省更多開支。展望未來，我們計劃定期更新實現這一目標的進展。

Regarding our efforts to close the transaction, we are well into the shareholder approval and regulatory review process. Our proxy became effective last week, and the shareholder vote to approve the transaction is set for March 18. We also initiated the process for antitrust approval in the US and we're pleased with the progress we're making.

關於我們為完成交易所做的努力，我們已順利進入股東批准和監管審查程序。我們的代理商已於上週生效，股東投票批准該交易的時間定於 3 月 18 日。我們也啟動了美國反壟斷審批程序，對所取得的進展感到滿意。

The planning for regulatory approval in 17 other jurisdictions is progressing well. While predicting the exact timing is challenging, we still anticipate the deal closing in the second half of 2025. In the coming months, we will provide further updates on our regulatory approvals. In the meantime, we're committed to maintaining our momentum. We are utilizing the time we have to plan for the integration and keeping it to a small centralized team. This will eliminate distractions for our people and ensure client-facing teams stay focused on their day-to-day roles.

其他17個司法管轄區的監理審批規劃正在順利進展中。雖然預測確切時間具有挑戰性，但我們仍預計該交易將在 2025 年下半年完成。在接下來的幾個月裡，我們將提供有關監管部門批准的進一步更新。同時，我們致力於保持我們的發展勢頭。我們正在利用時間來規劃整合，並將其保留在一個小型集中團隊中。這將消除我們員工的干擾，並確保面向客戶的團隊專注於他們的日常職責。

Thank you for listening to our call, and I'll now turn it over to Phil.

感謝您收聽我們的電話，現在我將把麥克風交給菲爾。

Thanks, John. As you just heard, we had a strong quarter, and our financial performance positions us well for a solid 2025. Let's begin with a review of our performance in the fourth quarter, beginning with changes in our revenues on slide 4.

謝謝，約翰。正如您剛才聽到的，我們本季表現強勁，我們的財務表現為 2025 年的穩健發展奠定了基礎。讓我們先回顧一下我們第四季的業績，從投影片四上我們的收入變化開始。

Organic growth in the quarter was strong at 5.2%. The impact on revenue from foreign currency translation decreased reported revenue by 0.6%. If rates stay where they are currently, we estimate the impact of foreign currency translation will reduce revenue by 2% to 2.5% for Q1 2025 and 2% for the full-year 2025.

本季有機成長強勁，達到 5.2%。外幣折算對收入的影響導致報告收入減少了 0.6%。如果利率維持在當前水平，我們估計外幣折算的影響將導致 2025 年第一季的收入減少 2% 至 2.5%，2025 年全年的收入減少 2%。

Net impact of acquisition and disposition revenue on reported revenue was positive 1.8%. At this time, we expect the impact of acquisition and disposition revenue will be flat for both Q1 and the full-year 2025. For the full-year 2024, organic revenue growth was 5.2%, slightly above our stated goal of achieving the higher end of our target of between 4% to 5%. As John mentioned, our expected organic revenue growth in 2025 is a range of 3.5% to 4.5% based on current market conditions.

收購和處置收入對報告收入的淨影響為正 1.8%。目前，我們預期收購和處置收入的影響對於 2025 年第一季和全年都將保持穩定。2024 年全年有機收入成長率為 5.2%，略高於我們設定的 4% 至 5% 之間的高端目標。正如約翰所說，根據當前的市場狀況，我們預計 2025 年的有機收入成長率將在 3.5% 至 4.5% 之間。

Let's turn to slide 5 and review the Q4 organic revenue growth trends by discipline that are informing our annual outlook. During the quarter, media and advertising was up 7% and primarily reflected growth across our media business, with growth in advertising in the low single digits. Growth in this discipline was particularly strong in the United States, our largest market.

讓我們翻到第 5 張投影片，回顧一下各學科的第四季有機收入成長趨勢，這些趨勢為我們的年度展望提供了參考。本季度，媒體和廣告成長了 7%，主要反映了我們整個媒體業務的成長，其中廣告業務的成長為個位數。在我們最大的市場美國，該領域的成長尤為強勁。

Precision marketing growth of 9% was very strong and benefited from year-end project spend. Overall, this was led by double-digit growth in the US, partially offset by mixed performance in other geographies. We expect solid growth in 2025.

精準行銷成長 9% 非常強勁，受益於年終專案支出。總體而言，這主要得益於美國的兩位數成長，但其他地區的好壞參半的表現則部分抵消了這一增長。我們預計 2025 年將穩健成長。

Public relations grew 10%, also led by double-digit growth in the US as a result of US election spend, which is partially offset by softer performance internationally. This brought annual growth to approximately 4%. We estimate that the benefit from election spend was approximately $25 million in Q4 and $50 million for the year.

公共關係業務增長了 10%，其中，美國公共關係業務因美國大選支出而實現了兩位數增長，但國際業務表現較弱部分抵消了這一增長。這使得年增長率達到約4％。我們估計，第四季選舉支出帶來的收益約為 2,500 萬美元，全年約為 5,000 萬美元。

Experiential growth of 5% was solid, coming off good results from the Summer Olympics earlier this year, especially in Q2 and Q3, as well as Q1. We do not expect to see 2024 growth levels in 2025, given it is not an Olympic year.

5% 的體驗式成長十分穩健，得益於今年稍早的夏季奧運會取得的良好效果，尤其是第二季、第三季和第一季。由於 2025 年不是奧運年，我們預計 2025 年的成長水準不會達到 2024 年的水準。

Execution and support was up 2%, reflecting continued good results in field marketing, offset by declines at our merchandising business. Healthcare revenues were down 4%. We're close to lapping a significant client loss, and recent wins should start contributing to improved performance during the second half of 2025. Branding and retail commerce declined by 12%, resulting from reduced client spending in our branding agencies and lower performance in retail commerce, some of which reflects budget allocation where clients move spend to retail media.

執行和支援成長了 2%，反映出現場行銷繼續取得良好的業績，但抵消了商品銷售業務的下滑。醫療保健收入下降了4%。我們即將彌補重大客戶損失，而最近的勝利應該會開始有助於 2025 年下半年業績的改善。品牌和零售商業下降了 12%，因為客戶在我們的品牌代理商上的支出減少以及零售商業的業績下降，其中部分反映了客戶將支出轉移到零售媒體的預算分配。

Turning to organic revenue growth by geography on slide 6, our largest market, the US, had organic growth of 10% finishing off the year on a strong note. Although several markets in Europe, the Middle East, and Asia Pacific delivered strong growth, they were offset by negative performance in other markets within these regions. Our businesses in Latin America delivered strong growth driven by media and advertising.

在第 6 頁的幻燈片中，我們談到按地區劃分的有機收入增長，我們最大的市場美國以 10% 的有機增長率強勁完成了今年的收官。儘管歐洲、中東和亞太地區的多個市場實現了強勁成長，但這些地區其他市場的負面表現卻抵消了這一成長。在媒體和廣告的推動下，我們在拉丁美洲的業務實現了強勁成長。

Slide 7 is our revenue by industry sector for the quarter and year to date. Overall, our portfolio remains stable as well as diversified. The only notable shift is a 2-point increase in consumer products for both the quarter and the year driven by the Flywheel acquisition.

幻燈片 7 是我們本季和今年迄今按行業部門劃分的收入。整體而言，我們的投資組合保持穩定且多樣化。唯一值得注意的變化是，受 Flywheel 收購的推動，本季和全年消費品銷售額均增加了 2 個百分點。

Now let's turn to slide 8 for a look at our expenses. In the quarter, salary-related service costs were flat, with growth from our acquisition of Flywheel, offset by repositioning actions in the second quarter and our ongoing efforts to nearshore, offshore, and increase productivity. 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.

現在我們翻到第 8 張投影片來看看我們的開銷。本季度，與工資相關的服務成本持平，成長源於我們收購 Flywheel 所取得的成果，但被第二季度的重新定位舉措以及我們在近岸、離岸和提高生產力方面的持續努力所抵消。第三方服務成本隨著我們收入的成長而成長，特別是在媒體、體驗和現場行銷等成本較高的領域。

Third-party incidental costs, which are out-of-pocket costs billed back to clients at our cost, were up slightly. Occupancy and other costs, which include office rent, other occupancy, technology and general office expenses increased primarily due to the Flywheel acquisition. SG&A expenses decreased due to general cost management.

第三方雜費（即我們向客戶收取的現金費用）略有增加。佔用和其他成本，包括辦公室租金、其他佔用、技術和一般辦公室費用的增加主要由於收購 Flywheel。由於一般成本管理，銷售、一般及行政開支減少。

Included in the fourth quarters of both years are approximately $14.5 million of acquisition-related costs for Flywheel in 2023 and the IPG transaction in 2024.

兩年第四季均包括 2023 年 Flywheel 的收購相關成本約 1,450 萬美元以及 2024 年 IPG 交易的相關成本。

Please turn to slide 9 and look at our income statement in more detail. Operating expenses in the fourth quarters of both 2024 and 2023 reflect these acquisition costs related to IPG and Flywheel, respectively. Removing them from both years, fourth quarter non-GAAP adjusted EBITDA grew 6.6% and EBITDA margin was flat year over year at 16.7%.

請翻到第 9 張投影片並更詳細地查看我們的損益表。2024 年和 2023 年第四季的營運費用分別反映了與 IPG 和 Flywheel 相關的收購成本。如果將這兩個數字除去，第四季非 GAAP 調整後 EBITDA 成長 6.6%，EBITDA 利潤率與去年同期持平，為 16.7%。

For the full-year 2024, our adjusted EBITDA margin was 15.5% compared to 15.6% in 2023, in line with our guidance for 2024 by balancing ongoing cost savings initiatives with continued investments in technology platforms and tools for future growth, as well as costs related to the integration of Flywheel.

2024 年全年，我們的調整後 EBITDA 利潤率為 15.5%，而 2023 年為 15.6%，符合我們對 2024 年的指導，即平衡持續的成本節約計劃與對未來增長的技術平台和工具的持續投資，以及與 Flywheel 整合相關的成本。

For the full-year 2025, on a standalone Omnicom basis, we expect adjusted EBITDA margin to improve by 10 basis points as we continue to balance cost savings initiatives with strategic investment opportunities that we believe will continue to drive strong future revenue and EBITDA growth.

對於 2025 年全年而言，在獨立的宏盟集團基礎上，我們預計調整後的 EBITDA 利潤率將提高 10 個基點，因為我們將繼續在成本節約計劃和戰略投資機會之間取得平衡，我們相信這將繼續推動未來收入和 EBITDA 的強勁增長。

Moving down the income statement, net interest expense in the fourth quarter of 2024 increased by $11.3 million to $38.1 million. The change was driven by a $12.4 million increase in interest expense due to higher outstanding debt, primarily from the $600 million of euro bonds we issued in Q1 2024 in connection with the Flywheel acquisition, offset by a $1.1 million increase in interest income due to higher average cash balances.

沿著損益表向下移動，2024 年第四季的淨利息支出增加了 1,130 萬美元，達到 3,810 萬美元。這項變更是由於未償還債務增加導致利息支出增加 1,240 萬美元，主要來自我們在 2024 年第一季為收購 Flywheel 而發行的 6 億美元歐元債券，但平均現金餘額增加導致利息收入增加 110 萬美元。

Our income tax rate of 26.4% in Q4 '24 was flat with the prior year. For the full-year 2025, we expect the rate to be between 26.5% and 27%. Net income growth of 5.2%, coupled with fewer diluted shares outstanding from our share purchase activity, drove a 6.1% lift in diluted earnings per share.

我們 24 年第四季的所得稅率為 26.4%，與前一年持平。我們預計 2025 年全年的失業率將在 26.5% 至 27% 之間。淨收入成長 5.2%，加上我們股票購買活動導致的稀釋流通股減少，推動每股稀釋收益成長 6.1%。

On an adjusted basis, excluding after-tax amortization, Q4 2024 diluted earnings per share was up 6.6% to $2.41. Note that the negative impact of foreign exchange translation resulted in a reduction of $0.02 per share also on an adjusted basis for Q4 and $0.05 per share for the full year.

經調整後，不包括稅後攤銷，2024 年第四季每股攤薄收益上漲 6.6% 至 2.41 美元。請注意，外匯折算的負面影響導致第四季度調整後每股收益減少 0.02 美元，全年調整後每股收益減少 0.05 美元。

Now please turn to slide 10 for a look at free cash flow. For the year, our free cash flow grew 4.2%, driven primarily by improved operating income and net income. Our free cash flow definition, like other peers, excludes changes in working capital.

現在請翻到第 10 張投影片來查看自由現金流。今年，我們的自由現金流成長了 4.2%，主要得益於營業收入和淨收入的成長。與其他同業一樣，我們的自由現金流定義不包括營運資本的變動。

Full-year 2024, our working capital improved once again by 50% to a use of $231 million, as you can see on slide 18. We expect our strong performance will continue and bring us back over time to our historically neutral annual level.

2024 年全年，我們的營運資本再次提高了 50%，達到 2.31 億美元，正如您在第 18 頁所看到的那樣。我們預計我們的強勁表現將持續下去，並隨著時間的推移使我們回到歷史中性的年度水平。

Regarding our primary uses of free cash flow for full-year 2024, we used $553 million of cash to pay for dividends to common shareholders and another $85 million for dividends to non-controlling interest shareholders, both roughly the same level as 2023 of capital expenditures of $141 million.

關於我們 2024 年全年自由現金流的主要用途，我們使用 5.53 億美元現金向普通股股東支付股息，另外使用 8,500 萬美元向非控股股東支付股息，均與 2023 年 1.41 億美元的資本支出大致相同。

Levels were higher in 2024, reflecting ongoing investments in Flywheel, our strategic technology platform initiatives, and investments in our facilities. Total acquisition payments, which include earn-out payments and the acquisition of additional non-controlling interests, were $998 million, which primarily reflects the acquisition at the beginning of the year of Flywheel for $845 million, net of cash acquired, and the late September acquisition of LeapPoint.

2024 年的水準將會更高，反映了對 Flywheel、我們的戰略技術平台計劃以及我們設施的持續投資。總收購付款（包括獲利支付和收購額外非控股權益）為 9.98 億美元，主要反映了年初以 8.45 億美元收購 Flywheel（扣除所獲現金）以及 9 月底收購 LeapPoint。

Finally, our share of purchase activity was $371 million, excluding proceeds from stock plans of $102 million, which is in line with our expectation that repurchases will be lower than our recent historical average of approximately $600 million due to the Flywheel acquisition. For full-year 2025, we expect to return to the $600 million repurchase level.

最後，我們的購買活動份額為 3.71 億美元，不包括 1.02 億美元的股票計劃收益，這符合我們的預期，即由於收購 Flywheel，回購金額將低於近期約 6 億美元的歷史平均水平。到 2025 年全年，我們預計回購金額將恢復至 6 億美元。

Slide 11 is a summary of our credit, liquidity, and debt maturities. At the end of 2024, the book value of our outstanding debt was $6 billion, up from the end of 2023. Changes during the year included the issuance of $600 million, 3.7% euro notes related to the Flywheel acquisition, as well as the issuance of $600 million, 5.3% US dollar notes, which was used for most of the repayment of our $750 million, 3.65% US dollar notes in November.

投影片 11 是我們的信用、流動性和債務到期日的摘要。截至 2024 年底，我們未償還債務的帳面價值為 60 億美元，高於 2023 年底。本年度的變化包括發行與 Flywheel 收購相關的 6 億美元、3.7% 歐元票據，以及發行 6 億美元、5.3% 美元票據，其中大部分用於償還 11 月 7.5 億美元、3.65% 美元票據。

Looking forward, we have no maturities in 2025 and expect to address our April 2026 maturities after the expected closing of the IPG acquisition in the second half of 2025. We estimate net interest expense to increase in Q1 of 2025 by approximately $7 million, reflecting the full quarter impact of the euro notes we issued in February of 2024 and an expected increased pension-related interest expense. We also estimate that net interest expense will increase by $15 million to $20 million for the full year, primarily related to lower estimates of interest income beyond Q1.

展望未來，我們在 2025 年沒有到期債務，並預計在 2025 年下半年 IPG 收購預計完成後解決 2026 年 4 月的到期債務。我們預計 2025 年第一季的淨利息支出將增加約 700 萬美元，這反映了我們在 2024 年 2 月發行的歐元票據對整個季度的影響以及預期的退休金相關利息支出增加。我們也預計全年淨利息支出將增加 1,500 萬美元至 2,000 萬美元，這主要與第一季以後的利息收入預期較低有關。

Cash equivalents and short-term investments at September 30 were $4.3 billion, in line with levels at the end of 2023. We continue to maintain an undrawn $2.5 billion revolving credit facility, which backstops our $2 billion US commercial paper program. We will assess our revolving capacity in connection with the closing of the proposed IPG acquisition.

截至 9 月 30 日的現金等價物和短期投資為 43 億美元，與 2023 年底的水平一致。我們繼續維持未動用的25億美元循環信貸額度，這將為我們的20億美元美國商業票據計畫提供支援。我們將在擬議的 IPG 收購完成時評估我們的循環能力。

Slide 12 presents our historical returns on two important performance metrics for the 12 months ended December 31, 2024. Omnicom's return on invested capital was 25%. Return on equity was 38%, both of which consistently reflect our strong performance and a strong balance sheet.

投影片 12 展示了截至 2024 年 12 月 31 日的 12 個月內兩個重要績效指標的歷史回報。宏盟集團的投資資本報酬率為 25%。股本回報率為 38%，這兩項數據均反映了我們強勁的業績和強勁的資產負債表。

Slide 13 is a summary of the potential IPG acquisition, which highlights what we believe are the very compelling merits of the transaction. As John discussed, we believe the combination will drive exceptional future growth opportunities.

投影片 13 是對潛在 IPG 收購的摘要，強調了我們認為此交易非常引人注目的優點。正如約翰所說，我們相信這種結合將帶來未來非凡的成長機會。

In closing, 2024 was a very solid year for Omnicom. We delivered organic revenue growth of 5.2%, adjusted EBITDA growth of 6.1%, and adjusted EPS growth of 5.5%. We made important investments in our platforms while maintaining our strong adjusted EBITDA margin level.

總而言之，2024 年對宏盟集團來說是非常穩健的一年。我們實現了有機收入成長 5.2%、調整後 EBITDA 成長 6.1%、調整後 EPS 成長 5.5%。我們對平台進行了重要投資，同時維持了強勁的調整後 EBITDA 利潤率水準。

Our free cash flow grew by over 4%, and we significantly reduced our use of operating capital. We executed two key financings closed on strategic acquisitions and announced the transformative acquisition of IPG.

我們的自由現金流增加了4%以上，我們大幅減少了營運資本的使用。我們執行了兩項完成策略性收購的關鍵融資，並宣布了對 IPG 的轉型性收購。

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

現在，我請接線生開立問答專線。謝謝。

(Operator Instructions) Adam Berlin, UBS.

（操作員指示）亞當·柏林（Adam Berlin），瑞銀。

Two questions, if I could. The first question is 2024 organic growth ended up above the top end of your guidance range. Can you talk a little bit about what happened in Q4 that mend things ended up better than you expected? Was it just more ad spend of clients investing more? Or was it around Precise Marketing? Just what beat your expectations in Q4 for the question?

如果可以的話，我有兩個問題。第一個問題是 2024 年的有機成長率是否超過了您的指導範圍的最高限。您能否談談第四季度發生的情況，結果比您預期的要好？這是否只是客戶投入更多資金而增加的廣告費用？還是圍繞著精準行銷？第四季中什麼問題超出了您的預期？

And the second question, I'm a little bit surprised that you've guided for a slowdown in organic growth in 2025, given the strong account wins you've had both during 2024 and a couple of things announced at the beginning of 2025. Can you just explain your thinking about why you think growth is going to slow down? Or are you just being a bit conservative to the beginning of the year?

第二個問題，考慮到您在 2024 年取得的強勁帳戶勝利以及 2025 年初宣布的幾件事，我對您預計 2025 年有機增長將放緩感到有點驚訝。您能否解釋為什麼您認為成長將會放緩？還是你只是對年初持有點保守的態度？

Do you want to take the first one?

您想搭乘第一個嗎？

Yes, I'll take the first one, Adam. Yes, I think we certainly expected to finish at the top end of the range, 5.2 versus 5 isn't really that significant of a difference in the scheme of things. But certainly, the Media Business and Precision Marketing performed quite well in the fourth quarter as well as the PR, Practice Group as it related to the US election, some of that spend in the fourth quarter. Those are probably the key drivers of people or businesses coming in a little bit higher than we expected from a positive perspective in the fourth quarter.

是的，我選擇第一個，亞當。是的，我認為我們確實期望能達到最高水平，5.2 對 5 在整體上並沒有那麼顯著的差異。但可以肯定的是，媒體業務和精準行銷在第四季度表現相當出色，而與美國大選相關的公關實踐組也在第四季度進行了部分支出。這些可能是第四季度個人或企業績效略高於我們預期的關鍵驅動因素。

So I think those were the key drivers.

所以我認為這些都是關鍵驅動因素。

All right. Adam, with respect to the guidance I think in my prepared remarks, when I talk about it, I indicate that we're cautious, '25 is going to prove to be a very interesting year. But with all the changes in the US government, just a mere change plus some of the policies that they're considering and the implications they possibly have on things like the auto sector and other sectors.

好的。亞當，關於指導意見，我在準備好的發言中提到過，當我談論這個時，我表示我們很謹慎，25 年將會是非常有趣的一年。但隨著美國政府的諸多變化，只是簡單的變化加上他們正在考慮的一些政策以及這些政策可能對汽車產業和其他產業的影響。

We're not pessimistic. We still remain optimistic, but I think we're going to be conservative at this point in the year until we get a little bit further along and a bit more guidance from our clients.

我們並不悲觀。我們仍然保持樂觀，但我認為，在今年這個時候我們會保持保守，直到我們取得進一步的進展並獲得客戶的更多指導。

David Karnowski, JP Morgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnowski)。

John, just following up on the merger. Can you discuss a bit what's been the reaction so far from clients? What are the points of excitement versus reservation and how are you addressing any possible concerns?

約翰，我只是想跟進合併的情況。能否稍微討論一下目前客戶的反應如何？興奮點和保留點分別是什麼？

And then for Phil, on the margins, the guide to most of '24 was for more or less flat. So your result was in that target. I wanted to see if you could review what factors pushed that on balance to the negative side, including Flywheel, new business or investments?

然後對於菲爾來說，在邊緣上，24 年大部分時間的指南或多或少是平淡的。所以你的結果就符合那個目標。我想看看您是否可以評論哪些因素總體上導致了這種現象的負面影響，包括飛輪、新業務或投資？

And then as we look to '25, can you just walk through the puts and takes of that margin moving up 10 basis points in the guide?

然後，當我們展望 25 時，您能否簡單介紹一下該保證金的看跌和看漲情況，以便在指南中將其提高 10 個基點？

Sure. In terms of clients, every client that I've been in contact with and most of my principles who relieve the businesses have been very constructive and see the possibilities coming out of the combination of both Omnicom and public. I haven't heard any concerns that we weren't able to address.

當然。就客戶而言，我接觸過的每一位客戶以及負責處理業務的大多數負責人都非常有建設性，並且看到了宏盟集團和公眾結合所帶來的可能性。我沒有聽到任何我們無法解決的問題。

As I said in my statement, we still do operate as two independent companies. So we're still operates two independent companies until we get through the regulatory period. But we're able to plan and start to identify products and services that one of us have that we can offer to a larger bench on behalf of the other and vice versa.

正如我在聲明中所說，我們仍然作為兩家獨立的公司運作。因此，在度過監管期之前，我們仍會經營兩家獨立的公司。但我們可以製定計劃，並開始確定我們其中一方所擁有的產品和服務，以便代表另一方提供給更大的團隊，反之亦然。

We'll spend a little bit more time later this month with consultants involved in advising clients in terms of reviewing their business, either positively, constructively or putting the business in pitch. And we've gotten a very favorable feedback from those folks, and we will continue to communicate to everyone on a regular basis as we go through this process.

本月晚些時候，我們將花更多時間與顧問一起為客戶提供建議，以積極、建設性的方式審查他們的業務，或對業務進行推銷。我們從這些人那裡得到了非常好的回饋，我們將在過程中繼續定期與大家溝通。

We do feel that we've made very good progress, especially since we announced the right before the holidays, and we had to work through the holidays to get some of the regulatory filing done in the U.S. and some things done.

我們確實覺得我們已經取得了非常好的進展，特別是因為我們在假期前宣布了這一消息，而且我們必須在假期期間努力在美國完成一些監管備案以及一些工作。

So clients, we haven't heard any concerns, and we don't anticipate concerns because of what's in each of our portfolios to date. And we want to keep the client consultants informed because of times, they're the first people that clients reach out to if they're considering making a change. So they have a pretty clear understanding of what to look forward to. So we're bullish, and we remain bullish on the transaction and some of the heavy lifting from a regulatory point of view is really behind us in the last 10 days, so we'll do more planning going forward.

所以，客戶們，我們沒有聽到任何擔憂，而且根據迄今為止我們每個投資組合的情況，我們預計也不會出現擔憂。我們希望讓客戶顧問隨時了解情況，因為有時，如果客戶考慮做出改變，他們是第一個聯繫的人。因此他們非常清楚自己期待什麼。因此，我們對此持樂觀態度，並且我們仍然對這筆交易持樂觀態度。

And regarding margins, David, we probably -- about a year ago, we said we expected margins to be close to flat. And in our updates throughout the year, we indicated we were going through a process of integrating Flywheel. Margins were down probably 10 basis points or so in the first quarter last year.

至於利潤率，戴維，大約一年前，我們曾說過，預計利潤率將接近持平。在我們全年的更新中，我們表示我們正在經歷 Flywheel 整合的過程。去年第一季利潤率可能下降了10個基點左右。

And I think we're always trying to find the right balance of investing to support long-term sustainable growth. And at the same time, maximizing our EBIT growth and the margin falls out, certainly got to flat margin in Q4 as we anticipated and expected. And I think as we look out at 2025, certainly our goal is to show some margin improvement, while at the same time balancing those investments that we talked about in the prepared remarks talked about on all of our calls.

我認為我們一直在努力尋找適當的投資平衡以支持長期可持續成長。同時，我們最大化了息稅前利潤的成長，利潤率下降了，正如我們預期和預期的那樣，第四季的利潤率肯定持平。我認為，展望 2025 年，我們的目標當然是實現利潤率的提高，同時平衡我們在所有電話會議的準備好的發言中談到的那些投資。

The marketplace continues to change pretty rapidly, and we continue to invest in the businesses that we think are going to drive our growth in a sustainable way into the future. And we do try to manage that balance throughout our planning processes and our execution processes.

市場持續快速變化，我們繼續投資那些我們認為能夠在未來以永續的方式推動我們成長的業務。我們確實試圖在整個規劃過程和執行過程中保持這種平衡。

So we expect to continue with our efficiency efforts automation offers, et cetera, to drive the cost structure down as best we can and be as efficient as we can so that we can continue to invest and provide that base for sustainable long-term growth. So I think we're comfortable with the expectations right now for 2025 and we're going to continue to drive the business forward.

因此，我們希望繼續透過自動化等方式提高效率，盡可能降低成本結構，提高效率，以便我們能夠繼續投資並為可持續的長期成長奠定基礎。因此我認為我們對目前對 2025 年的預期感到滿意，並且我們將繼續推動業務向前發展。

Tim Nolenn, Macquarie.

麥格理的 Tim Nolenn。

A couple of integration questions, if I could. You've referenced Flywheel a couple of times already. Just wanted to check on where the status of the integration that is now basically a little more than a year end.

如果可以的話，我有幾個整合問題。您已經多次提到 Flywheel。只是想檢查一下整合的情況，現在基本上快到年底了。

And likewise, on IPG, my question is, you've done quite a bit of work to consolidate, if that's the right word to use, but to concentrate your equities with Omnicom Advertising Group and the Production platform and so forth. I'm just wondering how IPG fits into that sort of pre-existing concentrated Omnicom.

同樣，關於 IPG，我的問題是，你們已經做了大量工作來整合（如果這是正確的說法），而是將您的資產集中在宏盟廣告集團 (Omnicom Advertising Group) 和製作平台等。我只是想知道 IPG 如何融入這種預先存在的集中式 Omnicom。

Sure. Let me do the last part of that question first. What I said in my prepared remarks is really the reality between the two groups. If you look at 85% of our revenue is both Omnicom and IPG are generated in the top 10 markets.

當然。讓我先回答這個問題的最後部分。我在準備好的發言中所說的確實是這兩個群體之間的現實情況。如果你看一下，你會發現我們的 85% 的收入都是來自 Omnicom 和 IPG 的前十大市場。

When putting aside the integration for a second, at Omnicom last year, what we did was we kept the brands alive in those top markets, and we took a hard look at the 35 to 40 markets we operate in, and said, what's the best way to efficiently run these offices, both to the satisfaction of the clients, the people themselves working in those offices and create as many career opportunities as possible. And as a result, we came up with OAG.

暫且不論整合問題，去年在宏盟，我們所做的就是讓品牌在那些頂級市場保持活力，我們仔細研究了我們運營的 35 至 40 個市場，並思考如何以最佳方式高效運營這些辦公室，既能讓客戶滿意，又能讓在這些辦公室工作的人滿意，同時創造盡可能多的職業機會。因此，我們想出了 OAG。

And OAG allowed us to take overheads and inefficiencies and set realistic expectations based upon the market as to what the growth in those markets should be. And we are planning to follow a similar process here with when and if we're successful in completing the transaction with into public.

OAG 使我們能夠承擔管理費用和效率低下的問題，並根據市場情況設定切合實際的預期，以確定這些市場的成長情況。如果我們成功完成公開交易，我們計劃在此遵循類似的流程。

The major markets where everybody is constantly focused and should be because they are the places that generate the greatest growth will be left and supported effectively in the way that they are. When we get there's other 40 markets, we're going to take a look and say, what is the best way to organize that individual market.

每個人都會持續關注主要市場，因為這些市場是產生最大成長的地方，因此我們將保留這些市場並以現有的方式提供有效的支援。當我們有其他 40 個市場時，我們將會研究並討論組織該單一市場的最佳方式是什麼。

For Omnicom so far, it's been to set up OAG. We think, although we haven't done the work yet, we think that when we sit down and speak to the people at in the public, which will be permitted as we get further, further through this regulatory period, we're going to find the same result when we do that planning.

對於宏盟集團來說，迄今為止，其已經建立了 OAG。我們認為，儘管我們還沒有開始這項工作，但我們認為，當我們坐下來與公眾交談時（隨著我們在這一監管期的進一步推進，這將被允許），我們會在製定計劃時發現同樣的結果。

So in my comments, I was pointing to our intention at this point based upon the knowledge that we have and as long as that knowledge works out, you will follow the same pattern. If we find something that will have to be treated differently because it contributes to our ongoing growth. We will treat that differently. So I don't know if that helps out, Tim, or if that answers your question or not.

因此，在我的評論中，我根據我們所掌握的知識指出了我們此時的意圖，只要這些知識有用，你就會遵循相同的模式。如果我們發現某些事情，就必須採取不同的處理方式，因為它有助於我們持續成長。我們將以不同的方式對待這一點。所以我不知道這是否有幫助，蒂姆，或者是否回答了你的問題。

Yes. No, that's very helpful, thanks John. And on Flywheel?

是的。不，這非常有幫助，謝謝約翰。還有飛輪嗎？

Flywheel is integrated. Flywheels team is very much a part of the central team pitch businesses. In my prepared remarks, I probably took out a paragraph because I thought I was carrying on a little long about the mutual wins that we had during the year, and they were numerous.

飛輪是一體化的。Flywheels 團隊是核心團隊推銷業務的重要組成部分。在我準備好的發言中，我可能刪掉了一個段落，因為我覺得我對我們在這一年中取得的共同勝利講得有點長，而這些勝利還有很多。

Great. Thanks very much, John.

偉大的。非常感謝，約翰。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

I was hoping you could talk a little bit about the campaign management tools coming out of the big tech platforms, notably Performance Max or Advantage+ from Google and Meta. Curious if they're impacting client share or growth rates at all? Or maybe these platforms are targeting SMBs and in the end of the market which aren't historically clients? Any color on how you're thinking about that would be helpful.

希望您能談談大型科技平台推出的廣告活動管理工具，特別是 Google 和 Meta 推出的 Performance Max 或 Advantage+。想知道它們是否會影響客戶份額或成長率？或者這些平台的目標客戶是中小型企業以及市場末端的客戶，而這些客戶以前並不是傳統客戶？關於您如何思考這一點的任何細節都會有所幫助。

I think most of the impact, if there is any impact going on at present it's really with the SMBs and not our normal client base. Having said that, we have a very robust program going on with several thousand of our creative and strategists who are testing all large language models because a different large language model may be more applicable for a certain task or a certain outcome depending upon what the person is asked to do.

我認為，如果目前有任何影響的話，大部分影響實際上是針對中小企業，而不是我們的正常客戶群。話雖如此，我們有一個非常強大的專案正在進行中，數千名創意人員和策略家正在測試所有大型語言模型，因為不同的大型語言模型可能更適用於某項任務或某個結果，這取決於人們被要求做什麼。

So we have a very active program going on where we're seeing -- we're doing it in a way that our people can utilize those tools the best way they see fit and the most appropriate way they see fit and one that is compliant in our understanding of the regulations, both privacy plus copyright and also some other concerns, which are -- if you're not a small business unit, you don't have to place as much concern about as you would if you were a large multinational corporation, which tends to be what our clients are.

因此，我們正在實施一個非常積極的計劃，我們正在以一種方式進行，即我們的員工可以以他們認為合適的最佳方式和最合適的方式使用這些工具，並且符合我們對法規的理解，包括隱私和版權，以及一些其他問題，如​​果你不是一個小型業務單位，你就不必像大型跨國公司那樣擔心，而大型跨國公司往往是我們的客戶。

But we're very active with it and is being actively used and tested every day. Prior to this call, I had Jeff Goodby in my office, who has 40 people in his agency in San Francisco working on it and he was asking if we could expand the number of people who have access to the system, and that was literally less than 45 minutes ago, which we gave him commissioned to do. So users growing every day.

但我們對此非常積極，並且每天都在積極使用和測試它。在這次通話之前，Jeff Goodby 來到我的辦公室，他在舊金山的代理機構有 40 名員工負責這項工作，他詢問我們是否可以擴大可以訪問該系統的人數，而就在不到 45 分鐘前，我們委託他做這件事。因此用戶每天都在成長。

And there's a new tool or capability that's appearing every day. You saw it in this past week or so with the Chinese introduction, of their large language model. So we're in a very, very early stage of development, but a very impactful stage of development as we move into the future.

每天都會出現新的工具或功能。大家在過去一周左右的時間裡看到了他們關於大型語言模型的中文介紹。因此，我們正處於非常早期的發展階段，但對於未來而言，這將是一個非常有影響力的發展階段。

Thanks, John. That's helpful. And then just secondly, I did notice a number of partnership announcements out of CES. Curious if you could dive a little further into those, particularly with Google, Amazon, TikTok, maybe what that means for Omni's capabilities going forward?

謝謝，約翰。這很有幫助。其次，我確實注意到 CES 上發布了許多合作公告。我很好奇您是否可以進一步深入了解這些，特別是谷歌、亞馬遜、TikTok，這對 Omni 未來的能力意味著什麼？

You know I prepared for everything and I was there at CES. I know that -- I read them all ahead of time. I didn't focus on anything for this call.

你知道我已經做好了一切準備並且參加了 CES。我知道——我提前讀完了它們。我在這次通話中沒有關注任何事情。

We can certainly pick it up, Cam, when we talk post call, if you like.

如果你願意的話，Cam，我們當然可以在通話結束後繼續討論這個問題。

That's a constant -- one thing I will add, it's a wonderful relationship with all those major players, and we're constantly working with them and getting access to what we feel are the best, most appropriate tools. But Phil, and company will give you the more specifics.

這是不變的——我要補充一點，我們與所有主要參與者都保持著良好的關係，我們一直在與他們合作，並獲得我們認為最好、最合適的工具。但菲爾和他的公司會向您提供更多具體資訊。

Yes. I mean the primary focus of some incremental benefits is access to some of the data that is very unique to their platforms that we'll be able to access and use for the benefit of our clients. So our media people and our media teams are certainly very excited about it. And it is kind of a unique thing across each of those platforms in terms of the partnerships that we recently announced.

是的。我的意思是，一些增量效益的主要重點是訪問一些對其平台來說非常獨特的數據，我們將能夠存取和使用這些數據，以造福我們的客戶。因此，我們的媒體人員和媒體團隊當然對此感到非常興奮。就我們最近宣布的合作夥伴關係而言，每個平台都各有特色。

Jason Bazinet, Citigroup.

花旗集團的 Jason Bazinet。

I just had a question on share buybacks. I think you guys talked about potentially not buying back a lot of stock in the fourth quarter. But I think that was sort of before the transaction closed, and maybe the transaction was announced on December 9, maybe you're in a blackout period or something. But do you mind just talking a bit about your sort of posture as it relates to buying back stock given that your shares are down a fair amount since the IPG announcement was made?

我剛才對股票回購有疑問。我認為你們談到了第四季可能不會回購大量股票。但我認為那是在交易結束之前，也許交易是在 12 月 9 日宣布的，也許你正處於停電期或什麼的。但自從 IPG 宣布以來，貴公司的股價已經下跌了不少，您介意談談您對回購股票的態度嗎？

Sure. We certainly intend and I've indicated in our prepared remarks that we will be back in the market in terms of buying back shares in 2025. We did reduce the annual buyback amount in '24, primarily because in January, right to start off the year. We did the Flywheel acquisition, we did a financing associated with that, and we indicated on the February call that we were going to reduce the amount that we put back in calendar '24 in terms of the use of our free cash flow at that time.

當然。我們當然有此打算，而且我在準備好的發言中也指出，我們將在 2025 年重返市場回購股票。我們確實在 24 年減少了年度回購金額，主要是因為 1 月是新年伊始。我們進行了 Flywheel 收購，並進行了相關融資，並在 2 月的電話會議上表示，我們將減少在 24 年投入的自由現金流的金額。

And in fact, we said we'd probably buy back about half of the annual amount. We ended up buying back a little bit more than that before the end of 2024. We certainly expect to get back to the $600 million in 2025. And we are going to have to navigate one or two blackout periods associated with the transaction. But certainly, we have a strategy in place to be able to buy back shares at least to that $600 million level and expect to do so during the calendar year 2025.

事實上，我們說過我們可能會回購大約一半的年度產量。我們最終在 2024 年底前回購了稍微多一點的股票。我們確實希望到 2025 年能回到 6 億美元這一水準。我們將不得不經歷與交易相關的一到兩個停電期。但可以肯定的是，我們已經制定了回購至少 6 億美元股票的策略，並有望在 2025 年實現這一目標。

So I think you should expect a normalized approach in '25. It may be a little bit different in terms of the timing because of the transaction and the regulatory process. But certainly, that's our expectation.

因此我認為你應該期待在'25 年採用正常化的方法。由於交易和監管流程的原因，時間上可能會有一點不同。但當然，這是我們的期望。

The only thing I'd add is rest assured that I think I'm the largest single shareholder. So I'm as interested in these things maybe a little bit more than the average listener. So we totally agree with you, we haven't changed our approach.

我唯一想補充的是，請您放心，我認為我是最大的單一股東。所以我對這些事情的興趣可能比一般聽眾稍微大一點。所以我們完全同意你的觀點，我們沒有改變我們的方法。

Craig Huber, Huber Research.

克雷格·胡貝爾（Craig Huber），胡貝爾研究公司（Huber Research）。

John, can you talk a little bit further about revenue synergies with the IPG transaction once it closes here. I mean I've been known you guys for a number of years. It seems like you wouldn't have been done this for the $750 million of cost savings, which you've seen pretty constructive on that front. But talk a little bit more about the revenue synergies other than just Axiom, Flywheel. Where else do you think you guys can drive some revenue synergies?

約翰，您能否進一步談談 IPG 交易完成後的收入綜效。我的意思是我已經認識你們好幾年了。看起來你不會為了節省 7.5 億美元的成本而這麼做，但你認為這在這方面非常有建設性。但除了 Axiom、Flywheel 之外，再多談談其他所得綜效。您認為你們還能在哪些方面達到收入綜效？

And is there an idea in your head about where you're thinking what it could maybe add up to? I mean maybe add a couple of 100 basis points to growth in the first year, first or second year?

您腦中有沒有想過，這些加起來可能是什麼結果？我的意思是也許在第一年、第二年增加幾百個基點的成長？

I am confident that there's quite a bit of revenue upside. I have to start with Media, we have a very elaborate very mature Principal Media business to start off with. If you just referenced prior conference calls that Philip has been on, he's indicated that they were trailing behind the competition and the implementation of that and that they're in the process of perfecting their program. Us coming together will make that available to their suite of clients in addition to our growing suite of clients. That's number one.

我確信收入會有相當大的成長空間。我必須從媒體開始，我們有一個非常精細、非常成熟的主要媒體業務。如果您剛剛參考了菲利普參加過的之前的電話會議，他表示他們在競爭中落後了，並且他們正在完善他們的計劃。我們的合作將使他們的客戶能夠享受這項服務，而我們不斷成長的客戶群也能夠享受這項服務。這是第一點。

Number two, there really are two companies that stand out as having unique credibility as first-party data companies. One is Epsilon, the other is Axiom. I think that my competitor has done a very good job of creating some products based upon the information and the data that Epsilon generates and creates.

第二，確實有兩家公司作為第一方數據公司，具有獨特的可信度。一個是 Epsilon，一個是 Axiom。我認為我的競爭對手在基於 Epsilon 生成和創建的資訊和數據創造一些產品方面做得非常出色。

We've had conversations to the extent that our lawyers will permit it with the Axiom Group, and we see a whole suite of incremental products that will be brought into the joint company and made available for the first time to Omnicom's clients. And so we see very reasonable revenue growth associated with that.

我們已經與 Axiom Group 進行了討論，希望我們的律師能夠允許這樣做，而且我們看到一整套增量產品將被納入合資公司，並首次提供給 Omnicom 的客戶。因此我們看到與此相關的非常合理的收入成長。

On the back of that, what's going on, and it will go on during the regulatory period through '25 and have more and more of an impact every month as we go forward. These investments we're making in AI and for the large language models that are occurring, will make us more efficient will make the product and the efforts that we're engaged with on behalf of clients more efficient.

在此基礎上，正在發生的事情以及它將在 25 年的監管期內持續下去，隨著我們前進，每個月都會產生越來越大的影響。我們在人工智慧和大型語言模型方面所做的投資將使我們更加高效，使我們為客戶生產的產品和所進行的工作更有效率。

And as we get more efficient, we're getting more measurable. And any media, any dollar spent that is more measurable and does get a definable ROI for a client. I've never met a client where we've been able to present those facts, not double down and spend growing business because that's what their aim is.

隨著我們變得越來越高效，我們也變得越來越可衡量。任何媒體、任何花費的錢都是更可衡量的，並且能為客戶帶來可定義的投資報酬率。我從未見過一個客戶能夠向我們陳述這些事實，卻不加倍投入資金發展業務，因為這是他們的目標。

So there's two things that's going on. This will allow us to be to pick up tools and activities that otherwise we didn't have in our portfolio and utilize them in a unique way, number one. And number two, it will allow us to advance and spend more resources generated from our free cash flow of the combined businesses on this technology, its development and how we're going to deploy it to the benefit of our people and also for our clients.

因此，有兩件事正在發生。首先，這將使我們能夠選擇我們投資組合中沒有的工具和活動，並以獨特的方式利用它們。第二，它將使我們能夠推進並將合併後業務的自由現金流所產生的更多資源投入到這項技術上，及其開發以及如何部署它以造福我們的員工和客戶。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

John, maybe first, just a follow-up on the same themes. You talked a lot about the revenue acceleration on the combination with IPG. And you said you're able to now do some planning together. When are you able to start to go into pitches together?

約翰，也許首先，只是對同一主題的後續討論。您談了很多關於與 IPG 合併後的收入加速問題。你說現在你們可以一起做一些計畫。你們什麼時候可以開始一起投球？

I think one of the best ways to prove to the market that this merger is offensive and not defensive is showing that revenue acceleration. So I'm wondering at what point you will be able to put that combined capability in front of clients and start to convert that into business?

我認為向市場證明此次合併是進攻性而非防禦性的最佳方法之一就是展示收入加速成長。所以我想知道您在什麼時候能夠將這種綜合能力呈現在客戶面前並開始將其轉化為業務？

And then, Phil, we've always looked at IPG on a net organic revenue growth basis, and you talked about some of the drivers in third-party costs in the quarter. Is there any way to think about Omnicom from a net organic revenue basis at the moment so we can put those kind of apples-to-apples?

然後，菲爾，我們一直從淨有機收入成長的角度來看待 IPG，您談到了本季第三方成本的一些驅動因素。目前，有沒有辦法從淨有機收入的角度來考慮宏盟集團，以便我們能夠將它們進行比較？

Steven, if you could see me, you'd see that I have a lawyer on my right shoulder and he hasn't left me since December 9. And what he points out to me is the rules of engagement and especially during the regulatory period. And they are pretty -- they're not pretty. There are defined rules as to how the companies have to operate until we get the approvals that we need to combine. As a result, we cannot go and pitch some of these opportunities together, which would be the natural thing to do.

史蒂文，如果你能看到我，你會看到我的右肩上有一位律師，自從 12 月 9 日以來他就一直沒有離開過我。他向我指出了交戰規則，特別是在監管期間的規則。它們很漂亮——但它們並不漂亮。在獲得合併所需的批准之前，對於公司如何運作有明確的規則。因此，我們無法一起去爭取這些機會，而這本來是自然而然的事。

I have examples of a couple of clients that we actually share and the only time that you'll find an Omnicom coming into public person in the same room is if the client insists on the meeting because we're not permitted to get there yet. But that's the negative side of it.

我有幾個我們實際上共享的客戶的例子，你唯一會發現宏盟集團的成員出現在同一個房間裡是當客戶堅持要開會的時候，因為我們還沒有被允許到達那裡。但這正是它的消極面。

The positive side of it is we're able to test and identify these products and identify the clients, either us identifying through our client portfolio or them identifying through theirs, the clients that would be open to and would be excited about understanding these products and how they would positively impact the businesses.

積極的一面是，我們能夠測試和識別這些產品並識別客戶（無論是我們透過我們的客戶組合進行識別還是他們透過他們的客戶組合進行識別），這些客戶願意並熱衷於了解這些產品以及它們將如何對企業產生積極影響。

So it is a bit of a temporary pause because we're required to, but we're not wasting that time. We're utilizing that time to plan how we're going to deploy these as quick as humanly possible when we get permission from the regulatory authority to do so. I'll leave the second question to Phil.

因此，這只是一個暫時的停頓，因為我們被要求這樣做，但我們不會浪費時間。我們正在利用這段時間來規劃如何在獲得監管機構的許可後儘快部署這些設施。我將第二個問題留給菲爾。

Yes. Regarding the concept of net versus revenue as we're required to report. I think the bottom line is no different for us. Those costs, the third-party service costs are an integral part of the business. We manage them as such, and we don't exclude them from how we manage and measure our performance.

是的。關於我們需要報告的淨額與收入的概念。我認為對我們來說底線並沒有什麼不同。這些成本，即第三方服務成本，是業務不可分割的一部分。我們這樣管理它們，我們不會將它們排除在我們的管理和衡量績效之外。

So I wouldn't expect that the change and certainly, if people want to make their own estimates, they can feel free to do so. But we're going to be consistent with our reporting and we're going to include the cost side part of the business and we'll manage them because their costs that are part of the business.

所以我不會期待這種變化，當然，如果人們想做出自己的估計，他們可以自由地這樣做。但我們的報道將保持一致，我們將把成本部分納入業務，並對其進行管理，因為它們的成本是業務的一部分。

So I don't think the expectation is that we're going to change our approach in the near future.

因此，我認為我們不會立即改變我們的做法。

And that concludes the question-and-answer session. Thank you for your participation in today's conference call. You may now disconnect.

問答環節到此結束。感謝您參加今天的電話會議。您現在可以斷開連線。