宏盟集團 (OMC) 2025 Q1 法說會逐字稿

Hello, and welcome to the Omnicom first-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加宏盟集團 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Greg Lundberg, Investor Relations. You may begin.

現在我想將會議交給投資者關係部門的 Greg Lundberg。你可以開始了。

Thank you for joining our first-quarter earnings call. With me today are John Wren, Chairman and Chief Executive Officer; and Phil Angelastro, Executive Vice President and Chief Financial Officer.

感謝您參加我們的第一季財報電話會議。今天與我在一起的是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。

On our website, omnicomgroup.com, you will find a press release and presentation covering the information that will review today. An archived webcast will be available in today's call concludes.

在我們的網站 omnicomgroup.com 上，您將找到一份新聞稿和演示文稿，其中包含今天將要審查的資訊。今天的電話會議結束時將提供存檔的網路廣播。

Before we start, I'd like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we have included at the end of our investor presentation. Certain 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 2024 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包含的前瞻性聲明和非 GAAP 財務和其他資訊。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 2024 年 10-K 表格。

During the course of today's call, we will also discuss certain non-GAAP measures. You can find the reconciliation of these for the nearest comparable GAAP measures in the presentation materials. We will begin the call with an overview of our business from John. Then Phil will review our financial results, and after our prepared remarks, we'll open the lines 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指標。您可以在簡報資料中找到與最接近的可比較 GAAP 指標之間的對帳。我們將以約翰對我們業務的概述開始通話。然後菲爾將回顧我們的財務結果，在我們準備好發言之後，我們將開始回答大家的問題。

I'll now hand the call over to John.

我現在將電話交給約翰。

Thank you, Greg. Good afternoon and thank you for joining us today for our first-quarter 2025 results. I'll begin by covering our results and then provide an update on the progress we are making towards closing our proposed acquisition of Interpublic.

謝謝你，格雷格。下午好，感謝您今天參加我們的 2025 年第一季業績發表會。我將首先介紹我們的業績，然後介紹我們在完成擬議的 Interpublic 收購方面所取得的進展。

I'm pleased to report that we've had a good start to the year. Organic revenue growth in the first quarter was in line with our expectations of 3.4% with strong growth both in our Media and Advertising and Precision Marketing disciplines.

我很高興地告訴大家，今年我們有了一個好的開始。第一季的有機收入成長符合我們的預期 3.4%，媒體和廣告以及精準行銷領域均實現了強勁成長。

Adjusted EBITA margin, which excludes amortization of acquired and strategic platform intangibles, as well as IPG acquisition related costs, was 13.8% for the quarter. Non-GAAP adjusted earnings per share, which excludes the after-tax amortization of acquired and strategic platform intangibles, as well as IPG-acquisition-related costs was $1.70, up 1.8% versus the comparable number in Q1 2024.

本季調整後的 EBITA 利潤率為 13.8%，其中不包括收購和策略平台無形資產的攤銷以及 IPG 收購相關成本。非公認會計準則調整後每股收益（不包括收購和策略平台無形資產的稅後攤銷以及 IPG 收購相關成本）為 1.70 美元，較 2024 年第一季的同期數字增長 1.8%。

Our cash flow and balance sheet remained very strong and support our primary uses of cash, dividends, acquisitions and share repurchases. For most of the first quarter, we were restricted from purchasing shares until after our shareholder vote on the acquisition of Interpublic on March 18. We expect to continue our share repurchases consistent with our approach in prior years through the remainder of 2025.

我們的現金流和資產負債表依然強勁，支持我們的主要現金用途，即股利、收購和股票回購。在第一季的大部分時間裡，我們被限制購買股票，直到 3 月 18 日股東就收購 Interpublic 進行投票之後。我們預計在 2025 年剩餘時間內將繼續按照前幾年的做法進行股票回購。

Since our last call, as you all keenly aware, there has been increased volatility in the economy and the markets. We're assessing the location of these events to determine how they will affect our clients and our business.

自從我們上次通話以來，正如大家敏銳地意識到的那樣，經濟和市場的波動性增加。我們正在評估這些事件的地點，以確定它們將如何影響我們的客戶和業務。

As in past periods of uncertainty, our clients must continue to compete for share in a dynamic marketplace by investing and leveraging the strength of our brands and increasing and actively expanding bad connection with customers. And currently, our management teams are continuing to drive operational excellence, manage costs in line with revenue and monitor changes in the macro environment.

與過去的不確定時期一樣，我們的客戶必須繼續透過投資和利用我們品牌的優勢以及增加和積極擴大與客戶的聯繫來在充滿活力的市場中爭奪份額。目前，我們的管理團隊正在繼續推動卓越運營，根據收入管理成本並監控宏觀環境的變化。

Given the uncertainty of the current environment, we're expanding the range of full-year 2025 organic growth to between 2.5% and 4.5% and maintaining our adjusted EBITA margin guidance to 10 basis points higher than that 15.5% achieve in 2024.

鑑於目前環境的不確定性，我們將 2025 年全年有機成長範圍擴大至 2.5% 至 4.5% 之間，並將調整後的 EBITA 利潤率指引維持在比 2024 年 15.5% 高 10 個基點。

Nothing about the current environment impacts our confidence in our business and strategy or our ability to create new services and win new business. On the technology front, AI is touching every aspect of how our people work. It augments our insights and creativity, increases the speed and volume of personalized content, raises the level of effectiveness in targeting customers, expands the knowledge of our talent, and makes our operations more efficient. All of that is driving transformative outcomes for our clients.

目前的環境不會影響我們對業務和策略的信心，也不會影響我們創造新服務和贏得新業務的能力。在技​​術方面，人工智慧正在影響人們工作的方方面面。它增強了我們的洞察力和創造力，提高了個人化內容的速度和數量，提高了針對客戶的有效性，擴展了我們人才的知識，並使我們的營運更有效率。所有這些都在為我們的客戶帶來變革性的成果。

Much of this is enabled by Omni AI, open-source platform, that leverages the industry's leading generative AI models for text, graphics, video, and audio trained for our agency-specific use cases in areas such as strategy, content, and creative. Thousands of our people use Omni AI and we expect to add more users with a goal of having it on the desktop of every client-facing Omnicom employee by the end of the year.

其中大部分是由開源平台 Omni AI 實現的，該平台利用業界領先的文字、圖形、視訊和音訊生成 AI 模型，並針對我們機構在策略、內容和創意等領域的特定用例進行訓練。我們有數千名員工使用 Omni AI，我們期望增加更多用戶，目標是在今年年底前將其安裝在每位面向客戶的 Omnicom 員工的桌面上。

At this point, most advances are to provide state-of-the-art tools to our employees. We expect that as AI tools become more reliable and are deployed to more clients, they will result in measurable efficiencies for our business.

目前，大多數進步都是為了向我們的員工提供最先進的工具。我們預計，隨著人工智慧工具變得更加可靠並部署到更多的客戶，它們將為我們的業務帶來可衡量的效率。

This work directly contributed to revenue recognition. In March, we were named and leader in the Forrester Wave for Marketing, Creative and Content Services. Omnicom Precision Marketing Group and Omnicom Advertising Group were recognized for their strong, strategic, and current offering respectively.

這項工作直接促進了收入確認。三月份，我們被 Forrester Wave 評為行銷、創意和內容服務的領導者。宏盟精準行銷集團和宏盟廣告集團分別因其強大的實力、策略性和當前的產品而獲得認可。

This evaluation followed Omnicom being named a leader across two other recent Forrester valuations, Media and Commerce. Omnicom is the only company named a leader Forrester's Wave reports for content, commerce, and media in 2024 and 2025.

這項評估是在宏盟集團在最近的另外兩項 Forrester 評估（媒體和商業）中被評為領導者之後進行的。宏盟集團是唯一被 Forrester 的 Wave 報告評為 2024 年和 2025 年內容、商業和媒體領域領導者的公司。

Several of our agency networks are also recognized for outstanding performance during the quarter. On Ad Age's A-List, OMD was named Media Agency of the Year, and GSD&M was recognized as an agency stand up. TBWA was named To Fast Company's Most Innovative Companies List for the sixth time. PHD won ADWEEK's Global Media Agency of the Year for the second consecutive year after successfully defending $4 billion in business while reengineering its strategy for an AI-powered future. I wanted to congratulate everybody on these achievements.

我們的多個代理商網路也因本季的出色表現而獲得認可。在《廣告時代》的 A-List 名單中，OMD 被評為年度最佳媒體代理商，而 GSD&M 則被評為傑出代理商。TBWA 第六次入選 Fast Company 最具創新力公司榜單。PHD 成功保住了 40 億美元的業務，並重新制定了面向人工智慧未來策略，連續第二年榮獲 ADWEEK 年度全球媒體代理商稱號。我想祝賀大家取得這些成就。

Turning now to our proposed acquisition of Interpublic, we made progress throughout the quarter. In March, along with Interpublic, we received overwhelming support from our respective stockholders when they voted to approve the proposed transaction. This strong support confirms the immense opportunity of having a complementary assets come together to create an unmatched portfolio of talent, services, products, and platforms.

現在談談我們提議的對 Interpublic 的收購，我們在整個季度取得了進展。今年 3 月，我們和 Interpublic 的股東投票批准了擬議的交易，並獲得了壓倒性支持。這種強有力的支持證實了互補資產整合的巨大機遇，從而創造出無與倫比的人才、服務、產品和平台組合。

We also made progress on the regulatory approval front. In the last five weeks, we received approval from 5 of the 18 jurisdictions under review. In the months ahead, we will continue to work on obtaining all necessary regulatory approvals. We remain on track to close in the second half of 2025.

我們在監管審批方面也取得了進展。在過去五週內，我們獲得了 18 個受審查司法管轄區中的 5 個司法管轄區的批准。在未來的幾個月裡，我們將繼續努力獲得所有必要的監管批准。我們仍有望在 2025 年下半年完成。

We continue to develop plans for integrating our businesses with Interpublic. We have successfully organized our portfolio at Omnicom by aligning our agencies into marketing disciplines or practice areas, to strengthen our depth of expertise, and capabilities and to enhance collaboration across the group. This structure provides a seamless path for bringing together our operations with Interpublic, adding deeper expertise and capabilities to each practice area following the closing of the acquisition.

我們將繼續制定與 Interpublic 整合業務的計劃。我們透過將代理商調整到不同的行銷學科或實踐領域，成功地組織了宏盟的投資組合，從而增強了我們的專業知識和能力，並加強了整個集團的協作。這種結構為我們與 Interpublic 的業務整合提供了一條無縫途徑，在收購完成後為每個業務領域增添了更深厚的專業知識和能力。

Moreover, across the board, our practice areas will be underpinned by the best-in-class tech and data platforms including Axiom, Omni and Flywheel Commerce Cloud, a combination that will position us to thrive in an AI-driven future.

此外，我們的實踐領域將全面以一流的技術和數據平台為基礎，包括 Axiom、Omni 和 Flywheel Commerce Cloud，這一組合將使我們在人工智慧驅動的未來中蓬勃發展。

Finally, we've made progress on our integration planning work, which will help us meet our targeted $750 million in run rate cost synergies following the closing of the proposed transaction. As I've discussed in February, we have clearly identified areas of synergy opportunity and our integration planning is well underway to ensure we achieve our targets.

最後，我們的整合規劃工作取得了進展，這將有助於我們在擬議交易完成後實現 7.5 億美元的營運成本綜效目標。正如我在二月所討論的那樣，我們已經明確確定了協同機會領域，並且我們的整合規劃正在順利進行，以確保我們實現目標。

We believe our multiyear plan and the successful acquisition of Interpublic will create significant shareholder value. In closing, we had a good start to the year and are focusing on servicing our clients in these unsettled times and are on track to close the acquisition of Interpublic in the second half of the year.

我們相信，我們的多年計劃和對 Interpublic 的成功收購將創造巨大的股東價值。最後，我們今年有一個良好的開端，並專注於在這些動盪時期為客戶提供服務，並預計在今年下半年完成對 Interpublic 的收購。

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

現在我將把電話轉給菲爾，讓他仔細看看我們的財務表現。菲爾？

Thanks, John. We delivered solid results this quarter included organic revenue growth, growth in adjusted EBITA and growth in non-GAAP adjusted diluted EPS. We believe that the diversification of our portfolio of agencies across geographies, industries, and service offerings will help us in the uncertain environment ahead.

謝謝，約翰。本季度我們取得了穩健的業績，包括有機收入成長、調整後 EBITA 成長和非 GAAP 調整後稀釋每股盈餘成長。我們相信，我們在地域、產業和服務產品方面的代理商組合的多樣化將有助於我們應對未來不確定的環境。

Let's begin with a brief overview of our earnings for the quarter on slide 3. Reported revenue grew 2%. Note, our total reported operating expenses include $33.8 million of IP-acquisition-related costs in the first quarter of 2025. At the bottom of this slide, the non-GAAP measures remove these IPG-acquisition-related costs from adjusted EBITA, which was also up 2%, and the related margin was flat with last year at 13.8%.

讓我們先從投影片 3 上對本季收益的簡要概述開始。報告收入增長了2%。請注意，我們報告的總營運費用包括 2025 年第一季 3,380 萬美元的 IP 收購相關成本。在這張投影片的底部，非公認會計準則指標從調整後的 EBITA 中剔除了這些與 IPG 收購相關的成本，EBITA 也上漲了 2%，相關利潤率與去年持平，為 13.8%。

Now let's go into a more detailed review of our performance, beginning with changes in revenue on slide 4. Organic growth in the quarter was 3.4%. The impact on revenue from foreign currency translation decreased reported revenue by 1.6%, a bit less than our original expectation for the quarter of 2.0% to 2.5%.

現在讓我們更詳細地回顧一下我們的業績，首先來看幻燈片 4 上的收入變化。本季有機成長率為3.4%。外幣折算對營收的影響導致報告收入下降 1.6%，略低於我們最初預期的本季 2.0% 至 2.5%。

In the current environment it is difficult to forecast the impact of FX rates on our future revenue for the rest of 2025. If rates stay where they were at quarter end, we estimate the impact of foreign currency translation on revenue will be negative 0.5% for Q2 2025, negative 1% for Q2 three, and flat in Q4, which would result in a negative 1% reduction for the full-year 2025.

在當前環境下，很難預測外匯匯率對我們 2025 年剩餘時間未來收入的影響。如果利率維持在季度末的水平，我們估計外幣折算對收入的影響在 2025 年第二季度將為負 0.5%，在第二季度為負 1%，在第四季度持平，這將導致 2025 年全年收入減少 1%。

The net impact of acquisitions and dispositions on reported revenue was negative 0.1%. At this time, we expect the impact of acquisitions and dispositions completed to date will be minimal for Q2 and for the full-year 2025.

收購和處置對報告收入的淨影響為負 0.1%。目前，我們預計迄今完成的收購和處置對第二季和 2025 年全年的影響將微乎其微。

Let's turn to slide 5 and review the quarterly organic revenue growth trends by discipline. First, however, I'd like to point out a change we made for 2025. In connection with the rollout of Omnicom production and Omnicom Advertising Group, we made some minor reclassifications of certain revenue related to changes in the agency groupings across our service-discipline categories. You can find a revised revenue by disciplined presentation with the reclassifications of historical 2024 and 2023 numbers in the Appendix on slides 21 and 22.

讓我們翻到第 5 張投影片，回顧一下各學科的季度有機收入成長趨勢。不過，首先我想指出我們針對 2025 年所做的改變。隨著宏盟製作和宏盟廣告集團的推出，我們對與我們的服務學科類別中的代理商分組變化相關的某些收入進行了小幅重新分類。您可以在附錄第 21 和 22 張投影片中找到按規範呈現的修訂收入，其中包含 2024 年和 2023 年歷史數字的重新分類。

Turning to the quarter, Media and Advertising was up 7%, driven by strong growth in our Media businesses across our geographies and mixed performance across our Advertising agencies, which were down a bit. Precision Marketing grew 6%, driven primarily by strong performance in the U.S., partially offset by mixed performance in other the geographies.

回顧本季度，媒體和廣告業務增長了 7%，這得益於我們各地區媒體業務的強勁增長以及各廣告代理商的業績好壞參半（略有下降）。精準行銷成長 6%，主要得益於美國的強勁表現，但其他地區的混合表現部分抵銷了這一成長。

Growth reflects strength from the benefits of new business wins in our CRM agencies that began late last year as well as continued good performance of Flywheel. Public Relations declined 5% due to certain client delays and reductions from certain government clients. As the year progresses, we expect benefits from public affairs activity in our specialty agencies, and we expect a difficult comp for the rest of 2025 related to the benefit in 2024 from US election-related spend.

成長反映了我們 CRM 代理商自去年年底開始贏得的新業務以及 Flywheel 持續良好的表現所帶來的優勢。由於某些客戶的延遲和某些政府客戶的減少，公共關係業務下降了 5%。隨著時間的推移，我們預計我們的專業機構的公共事務活動將帶來收益，並且我們預計 2025 年剩餘時間的收益將與 2024 年美國大選相關支出帶來的收益相比較困難。

Execution & Support grew 2%, driven by growth at our custom communications businesses, offset by declines at our merchandising business. Experiential declined 1%, driven by the Middle East and Asia Pacific, partially offset by strong growth in the US, Europe and the UK. We also expect a difficult comp in Q2 and Q3 related to the benefit in 2024 from Olympics-related spend.

執行與支援業務成長了 2%，這得益於我們的客製化通訊業務的成長，但被我們的商品銷售業務的下滑所抵消。體驗式銷售額下降了 1%，主要是受中東和亞太地區的影響，但美國、歐洲和英國的強勁成長部分抵消了這一下降。我們也預計，由於 2024 年奧運相關支出帶來的收益，第二季和第三季的業績將面臨困難。

Healthcare revenues were down 3% as expected, slightly better than a decline in Q4 as our Health Group manages through some delays in client-product launches and as a complete cycling out of client loss. We expect improved growth in the second half as the year progresses.

醫療保健收入如預期下降了 3%，略好於第四季度的降幅，因為我們的健康集團設法克服了客戶產品發布的一些延遲以及完全擺脫客戶流失的困境。我們預計，隨著時間的推移，下半年的成長將會加快。

Branding & Retail Commerce was down 10%, with most of the decline in our branding business, which is due to uncertain market conditions impacting both new brand launches and rebranding projects, as well as the continued slowdown from M&A activity.

品牌與零售商業下降了 10%，其中大部分下降來自我們的品牌業務，這是由於不確定的市場條件影響了新品牌的發布和品牌重塑項目，以及併購活動的持續放緩。

Turning to organic revenue growth by geography on slide 6, our largest market, the US, had organic growth of 5%, and Latin America grew a strong 15%. Europe experienced growth, but it was mix by market. And Asia Pacific also posted growth offset by declines in the UK and the Middle East and Africa.

在第 6 張投影片上，我們按地區劃分有機收入成長如下：我們最大的市場美國有機收入成長了 5%，拉丁美洲則強勁成長了 15%。歐洲經歷了成長，但市場呈現混合狀態。亞太地區的成長也被英國、中東和非洲的下滑所抵銷。

As we look at the global trade uncertainty, we expect our geographic diversification to provide balance to our results. The US remains approximately half of our revenue, and it's worth noting that in fiscal year 2024, China was only 2% of our total revenue.

當我們審視全球貿易的不確定性時，我們期望我們的地域多樣化能為我們的業績帶來平衡。美國仍占我們收入的約一半，值得注意的是，在 2024 財年，中國僅占我們總收入的 2%。

Slide 7 is our Revenue by Industry sector for the quarter. There were no notable changes to discuss.

幻燈片 7 是我們本季按行業劃分的收入。沒有什麼值得討論的顯著變化。

Now let's move down the income statement and look at our expenses on slide 8. In the quarter, salary-related service cost were down on both a reported- and constant-dollar basis, driven by our continued efficiency initiatives and ongoing changes in our global employee mix.

現在讓我們向下移動損益表並查看幻燈片 8 上的支出。本季度，受我們持續的效率措施和全球員工結構的持續變化推動，與薪酬相關的服務成本按報告美元和固定美元計算均有所下降。

Our Q1 2025 employee base is down from Q1 of 2024. Third-party service costs grew in connection with the growth in our revenue, primarily in the Media & Advertising discipline. Third-party incidental costs, which are out of pocket costs billed back to clients at our cost, also grew in connection with revenue growth.

我們 2025 年第一季的員工人數較 2024 年第一季下降。第三方服務成本隨著我們收入的成長而成長，主要是在媒體和廣告領域。第三方雜費（即我們向客戶收取的自付費用）也隨著收入的成長而成長。

Occupancy and other costs were flat. These include office rent, other occupancy, technology, and general office expenses. SG&A expenses increased due to the $33.8 million of IPG-acquisition-related costs in the first quarter of 2025. Excluding these costs, reported SG&A expenses declined by about 1%.

入住率和其他成本持平。這些包括辦公室租金、其他佔用、技術和一般辦公室費用。由於 2025 年第一季 IPG 收購相關成本為 3,380 萬美元，銷售、一般及行政費用 (SG&A) 有所增加。除去這些成本，報告的銷售、一般及行政費用下降了約 1%。

Please turn to slide 9 to look at our income statement in more detail. Excluding the acquisition-related costs from the first quarter of 2025, non-GAAP adjusted EBITA grew 1.6% and the related margin was flat at 13.8% compared to last year. Foreign exchange translation reduced EBITA by approximately 1.5%.

請翻到投影片 9 更詳細地查看我們的損益表。自 2025 年第一季起，若不計入收購相關成本，非 GAAP 調整後 EBITA 成長 1.6%，相關利潤率與去年持平，為 13.8%。外匯折算導致 EBITA 減少約 1.5%。

Moving down the income statement, net interest expense in the first quarter 2025 increased $2.6 million to $29.4 million. This increase is the result of having a full quarter of interest expense in Q1 2025 from the debt we issued in early March 2024 in connection with the Flywheel acquisition. The increase in expense was partially offset by an increase in interest income due to higher average cash balances.

沿著損益表向下移動，2025 年第一季的淨利息支出增加了 260 萬美元，達到 2,940 萬美元。這一增長是由於我們在 2024 年 3 月初為收購 Flywheel 而發行的債務在 2025 年第一季產生了整整一個季​​度的利息支出。由於平均現金餘額增加，利息收入增加，部分抵銷了費用的增加。

Our income tax rate was 28.5% in Q1 of 2025, compared to 25.7% in the prior year. The increase is primarily due to the non-deductibility of certain acquisition-related costs in 2025. Excluding the tax impact on these costs, our Q1 2025 rate was up a bit from Q1 2024 at 26.7%. For full-year '25, we expect the rate to be between 26.5% and 27%.

2025 年第一季度，我們的所得稅率為 28.5%，而前一年為 25.7%。成長的主要原因是 2025 年某些收購相關成本不可扣除。排除稅收對這些成本的影響，我們 2025 年第一季的利率較 2024 年第一季略有上升，達到 26.7%。對於 25 年全年而言，我們預計該比率將在 26.5% 至 27% 之間。

Average diluted shares outstanding were down 1% from Q1 of 2024, due primarily to repurchase activity last year. Reported diluted earnings per share was down 8.8%, due to the after-tax acquisition-related costs. On an adjusted basis, diluted earnings per share increased 2% to $1.70. The effects of foreign currency translation reduced diluted EPS by $0.02.

平均稀釋流通股數較 2024 年第一季下降 1%，主要原因是去年的回購活動。由於稅後收購相關成本，報告每股攤薄收益下降 8.8%。經調整後，每股攤薄收益成長 2% 至 1.70 美元。外幣折算的影響導致稀釋每股收益減少 0.02 美元。

Now please turn to slide 10 for a look at free cash flow for the first quarter. The year-over-year decline in the quarter was driven primarily by a reduction in net income, which includes the impact of the acquisition related costs.

現在請翻到第 10 張投影片來查看第一季的自由現金流。本季同比下降主要是由於淨收入減少，其中包括收購相關成本的影響。

However, for the 12-months ending March 31, 2025, our free cash flow increased 3.5%, driven primarily by improved operating income and net income. Our free cash flow definition excludes changes in working capital. Our working capital followed its normal seasonal pattern in the first quarter and over time, we expect to trend back towards our historical annual level that is close to neutral.

然而，截至 2025 年 3 月 31 日的 12 個月，我們的自由現金流增加了 3.5%，主要得益於營業收入和淨收入的成長。我們的自由現金流定義不包括營運資本的變動。我們的營運資本在第一季遵循了正常的季節性模式，隨著時間的推移，我們預計趨勢將回到接近中性的歷史年度水準。

Regarding our primary uses of free cash flow for the three months ended March 31, we used $138 million of cash to pay for dividends to common shareholders and another $13 million for dividends to noncontrolling interest shareholders.

關於我們截至 3 月 31 日的三個月內自由現金流的主要用途，我們使用了 1.38 億美元現金向普通股股東支付股息，另外使用 1300 萬美元向非控股股東支付股息。

Our capital expenditures were $30 million. As expected, the spend was a bit higher this period, reflecting ongoing investments on our strategic technology platform initiatives. Total acquisition payments, which include earn-out payments and the acquisition of additional non-controlling interests, were $4 million. As a reminder, in the first quarter of last year, we closed on the acquisition of Flywheel for $845 million net of cash acquired.

我們的資本支出為 3000 萬美元。正如預期的那樣，本期支出略高，反映了我們對戰略技術平台計劃的持續投資。總收購付款（包括獲利支付和收購額外非控股權益）為 400 萬美元。提醒一下，去年第一季度，我們以 8.45 億美元的淨現金完成了對 Flywheel 的收購。

Finally, our share repurchase activity was $81 million, excluding proceeds from stock plans of $12 million. For full-year 2025, we still expect to return to an annual or purchase level of approximately $600 million and we resumed our activities subs sequence of the successful March 18 stockholder vote on the IPG acquisition.

最後，我們的股票回購活動為 8,100 萬美元，不包括 1,200 萬美元的股票計畫收益。對於 2025 年全年，我們仍預計年銷售額或購買量將恢復到約 6 億美元的水平，並且我們將根據 3 月 18 日股東就 IPG 收購進行投票後的活動順序恢復。

Slide 11 is a summary of our credit liquidity and debt maturities. At the end of Q1 2025, the book value of outstanding debt was $6.1 billion, flat with the same prior year period. 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 that net interest expense will increase by $2 million to $5 million in Q2 compared to Q2 2024. And by $15 million to $20 million for the full year related to lower estimates of interest income in the second half.

投影片 11 是我們的信貸流動性和債務到期日的摘要。2025 年第一季末，未償還債務的帳面價值為 61 億美元，與去年同期持平。我們在 2025 年沒有到期債務，預計在 2025 年下半年 IPG 收購預計完成後解決 2026 年 4 月到期債務。我們估計，與 2024 年第二季相比，第二季的淨利息支出將增加 200 萬至 500 萬美元。由於下半年利息收入預估較低，全年預計減少 1,500 萬至 2,000 萬美元。

Our cash equivalents and short-term investments at the end of the quarter were $3.4 billion. We continue to maintain an undrawn $2.5 billion revolving credit facility, which backstops our $2 billion U.S. commercial paper program. We will assess our revolver capacity in connection with the closing of the proposed IPG acquisition.

本季末我們的現金等價物和短期投資為 34 億美元。我們繼續維持未動用的 25 億美元循環信貸額度，以支持我們 20 億美元的美國商業票據計畫。我們將在完成擬議的 IPG 收購時評估我們的循環信貸能力。

Slide 12 presents our historical returns on two important performance metrics for the 12 months ended March 31, 2025. Omnicom's return on invested capital was 20%, return on equity was 37%, both of which reflect our strong performance that strong balance sheet. The year-over-year change is driven by the IPG-acquisition-related costs occurred in the 12 months ended March 31, 2025.

投影片 12 展示了截至 2025 年 3 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回報率為 20%，股本回報率為 37%，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。與去年同期相比的變化是由於截至 2025 年 3 月 31 日的 12 個月內發生的 IPG 收購相關成本所致。

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

我現在請接線生打開問答線。謝謝。

(Operator Instructions)

（操作員指示）

Adam Berlin, UBS.

瑞銀集團的亞當柏林。

Hi, good evening and thank you for taking the question. Can you just tell a bit more about your decision to lower the books and end of the guidance range for 2025 to 2.5%? Is that because you've actually seen some advertisers start to talk to you about cutting their spend? Or is that just something you're just could happen based on what you're hearing about the broader macro? That will be quite helpful.

大家好，晚上好，感謝您回答這個問題。您能否再詳細談談將 2025 年的帳面和指導範圍下調至 2.5% 的決定？這是因為您確實看到一些廣告商開始與您談論削減廣告支出嗎？或者這只是根據您所聽到的有關更廣泛的宏觀信息而認為可能會發生的事情？這將會非常有幫助。

And any trends about how Q2 has started in the first couple of weeks would be very helpful as well. Thanks.

有關第二季度前幾週的開局趨勢的任何資訊也將非常有幫助。謝謝。

Sure. Adam, it's the latter. We're being conservative in lowering the bottom end. And you have to look at our business in this type of environment. Our Advertising, Media and CRM businesses remain strong. We didn't change the forecast on those.

當然。亞當，是後者。我們在降低底端方面持保守態度。你必須在這種環境下看待我們的業務。我們的廣告、媒體和 CRM 業務依然強勁。我們沒有改變這些預測。

Where, if we had doubts, it was really more in the events business as companies probably get a little bit more conservative. And we're up against -- one, because of, as Phil mentioned, the Olympics. There might be fewer projects. And also, in the latter part of the year [this] business, annual guidance, we had the elections last year, which we don't have again this year.

如果我們有疑問，那實際上更多的是在活動業務中，因為公司可能會變得更加保守。正如菲爾所提到的，我們面臨的挑戰是奧運。項目可能會減少。而且，在今年下半年，[這項]業務、年度指導中，我們去年進行了選舉，但今年沒有再進行選舉。

So that's the sense of the business in terms of how we looked at it to be conservative. We're striving to get to the top end always. And there's still some confusion, because there's still confusion in the marketplace as we look at especially the next 90 days and how some of these tariffs and other moves get negotiated or do they stay in place. So it's that uncertainty where we didn't want to surprise anybody later in the year that we chose to be conservative.

因此，從我們看待保守的角度來看，這就是業務的意義。我們始終致力於達到最高水準。但仍存在一些困惑，因為當我們展望未來 90 天以及這些關稅和其他舉措將如何談判或是否會繼續實施時，市場仍然存在困惑。因此，我們選擇保守一點，是因為存在這種不確定性，我們不想在今年晚些時候讓任何人感到驚訝。

Yes, it does -- and it doesn't, as John said, reflect any specific client actions taken to date.

是的，確實如此——而且正如約翰所說，它並不反映客戶迄今為止採取的任何具體行動。

Okay. Thank you very much.

好的。非常感謝。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Hey, thanks. Just kind of going back at something Phil have said. It's anabolic for PR, there were some delays in government spend? I don't know if you could dig into that debate; is that for the US or other regions? And then for Branding and Commerce, this is an area that was already lagging last year. Curious how much of the delays you're seeing there is new.

嘿，謝謝。只是回顧一下菲爾說過的話。這對公關來說是合成代謝，政府支出有些延遲嗎？我不知道你是否能深入探討這一爭論；這是針對美國還是其他地區？對於品牌和商業而言，這個領域去年就已經落後了。好奇您看到的延遲有多少是新的。

And then, specifically for Phil, just as you consider the uncertainty and possibility of clients adjusting their spend, how are you thinking about your own cost base and what's your confidence and holding margin in some of the more adverse scenarios you might sit?

然後，具體對於 Phil 來說，正如您考慮客戶調整支出的不確定性和可能性一樣，您如何考慮自己的成本基礎，以及在您可能遇到的一些更不利的情況下您的信心和持有利潤率是多少？

Probably the first part of your question to Phil I encountered. We are constantly, and I think we have a very solid track record in this in looking at our business and adjusting -- we have a very flexible cost basis. Adjusting our cost basis so as do stay in line with whatever the revenue trends are. And God knows never tested the same twice, but we've been tested quite a bit over the years.

這可能是我遇到的你向菲爾提出的問題的第一部分。我認為，我們一直在審視自己的業務並進行調整，在這方面有著非常可靠的記錄——我們擁有非常靈活的成本基礎。調整我們的成本基礎以與收入趨勢保持一致。上帝知道永遠不會有兩次相同的測試，但這些年來我們已經接受過相當多的測試了。

And if you look back across that, we have a very, very competent management label of the corporate management looking and concerning themselves with that all the time. So that will be one answer.

如果你回顧一下，我們有一個非常非常稱職的管理標籤，公司管理階層一直在關注這一點。這就是一個答案。

One PR event was somebody in the US, it was --was that FDA [review]?

有一次公關活動是由美國的某個人舉辦的，那是 FDA [審查] 嗎？

Yes, there was some, I would say, not a large trend that we're concerned about going forward. But that is just a minor year-over-year comparison difference in terms of project spend that didn't happen in Q1 that was there the year before in the PR business. I think you're not going to see the impact of the year-over-year comps related to election spend until probably a little bit in Q2. And then PR was especially strong in that area in Q3 and Q4. So we do have a difficult comp in Q3 and Q4.

是的，我想說，存在一些我們擔心的、但不大的發展趨勢。但就專案支出而言，這只是同比上年的一個微小差異，第一季並沒有出現這種情況，而去年公關業務中卻出現了這種情況。我認為，您可能要到第二季才會看到與選舉支出相關的年比影響。然後 PR 在第三季和第四季在該領域表現尤為強勁。因此我們在第三季和第四季確實面臨困難。

To your specific question on the cost base and margins, John just referred to this, but certainly we are always very focused on making sure we take the appropriate actions to rationalize and adjust the flexible cost base that we have to our current expected revenues.

對於您關於成本基礎和利潤率的具體問題，約翰剛才提到了這一點，但當然，我們始終非常注重確保採取適當的行動來合理化和調整我們目前的預期收入的靈活成本基礎。

And to the extent that there is a pause or clients decide to delay project spend or delay spend in some way, depending on how some of this tariff uncertainty gets resolved. We're going to be very active in making sure we take the appropriate actions as opposed to kind of keep our fingers crossed and hope that the best scenarios are the ones that come forward.

並且，如果出現暫停或客戶決定推遲專案支出或以某種方式推遲支出，則取決於如何解決部分關稅不確定性。我們將非常積極地確保採取適當的行動，而不是祈禱會出現最好的結果。

So we're certainly going to be planning very carefully and aggressively if need be, to make sure that we're not out ahead of it from a cost-base perspective. So we're comfortable, certainly based on everything we know today, that will hit our expectations as far as operating earnings and our margin targets. But there is still quite a bit of uncertainty out there as far as tariffs and what's going to happen to the top line.

因此，如果需要的話，我們肯定會非常謹慎和積極地規劃，以確保從成本基礎的角度來看我們不會領先。因此，根據我們今天所了解的一切，我們感到很放心，這將達到我們對營業利潤和利潤率目標的預期。但就關稅以及營業收入將如何變化而言，仍存在相當大的不確定性。

But we haven't we haven't seen any specific actions by clients that that happened yet. We're being cautious, as we mentioned earlier in answer to Adam's question.

但我們還沒有看到客戶採取任何具體行動。正如我們之前回答亞當的問題時提到的那樣，我們非常謹慎。

One other little tidbit because this is early in the cycle, a lot of our larger funds don't come out with quarterly reports until later in the month, which will all learn a little bit more. But with the sense of delay of 90 days in the tariffs, I think it gives many of our clients the opportunity to acquire more inventory at reasonable prices and tend to front-load or look to front load sales in the first half of the year.

另外一個小花絮，因為這是週期的早期階段，我們的許多大型基金直到本月晚些時候才會發布季度報告，這將使我們了解更多資訊。但由於關稅延遲 90 天，我認為這為我們的許多客戶提供了以合理價格獲得更多庫存的機會，並且傾向於在上半年預先裝載或尋求預先裝載銷售。

The uncertainty really comes in later on in the year, third, fourth quarter. And hopefully, that will get -- we'll get more clarity as we as we continue.

不確定性實際上會在今年晚些時候，即第三季或第四季出現。希望隨著我們繼續下去，我們會得到更清晰的答案。

Sorry, to be clear, I think you said you haven't seen clients take action on what the gap, but I thought with branding, for instance, you had mentioned some (multiple speakers)

抱歉，說清楚一點，我想您說您還沒有看到客戶針對差距採取行動，但我認為，例如在品牌方面，您提到了一些（多位發言者）

Branding's a category, but it's such a small category within the overall Omnicom. It's really three very, very well-known boutiques who are the leaders in branding. And when they tend to prosper in years where there's a lot of M&A going on. And a lot of changes that people, corporations who are considering maybe changing, rebranding their corporations of or getting swept up in a merger. And in periods like this, where there's been a pause in a lot of that activity, naturally, we fully expect that revenue is going to be off a bit but it's --

品牌是一個類別，但在整個宏盟集團中它只是一個很小的類別。這三家精品店確實是品牌領域的領導者，非常知名。在併購活動頻繁的年份，它們往往會繁榮昌盛。許多變化都發生在人們和公司身上，他們可能正在考慮改變公司、重塑公司品牌或捲入合併。在這樣的時期，許多活動都暫停了，我們自然完全預料到收入會有所下降，但--

Yeah, in total it's (inaudible) 2% or less than 2% of our total revenues. And it's had challenges all throughout 2024, pretty much similar reasons as to what I indicated in my prepared remarks. We, unfortunately, see that continuing through the first two, if not three quarters of this year, as it kind of rights itself and continues to pursue new opportunities. That's unique business that's managing through some unique challenges in its industry right now, specifically.

是的，總的來說（聽不清楚）占我們總收入的 2% 或不到 2%。2024 年全年我們都面臨挑戰，原因與我在準備好的發言中提到的大致相同。不幸的是，我們看到這種情況將持續到今年前兩個季度，甚至前三個季度，因為它將自我糾正並繼續尋求新的機會。這是一家獨特的企業，目前正在應對其行業中的一些獨特挑戰。

And not to beat this to death, but I started off by saying Advertising, Media and CRM remains strong. Also in those categories specifically, there's some very positive potential new business that we're not really defending, but we're on the offense. And if we continue to win our fair share, that will contribute to us getting closer to the top end of our forecast.

我並不是想強調這一點，但我首先要說的是，廣告、媒體和 CRM 仍然保持強勁。另外，具體來說，在這些類別中，存在一些非常積極的潛在新業務，我們並沒有真正地去防守，而是在進攻。如果我們繼續贏得公平的份額，這將有助於我們更接近預測的最高值。

Helpful. Thank you.

很有幫助。謝謝。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

I know everyone is so focused on the on the macro in '25, but I would just like to ask a question about 2026, actually.

我知道大家都非常關注 2025 年的宏觀形勢，但實際上我只想問一個關於 2026 年的問題。

Sure.

當然。

Let's assume that the IPG transaction closes. When do you think the street will have evidence or you have evidence that the market has embraced the notion that the pro forma firm will be in a better position to win business as opposed to bearish argument, which is you might lose some accounts because of the transaction. Is that something that will become evident do you think in '26? Or do you think it really, we won't really see it in the organic numbers until '27 or beyond?

我們假設 IPG 交易結束。您認為什麼時候華爾街會有證據或您有證據表明市場已經接受了這樣的觀點，即備考公司將更有能力贏得業務，而不是看跌論點，即您可能會因為交易而失去一些帳戶。您認為這一點在 26 年就會變得明顯嗎？或者您真的認為，直到 27 年或以後我們才能真正在有機數字中看到它？

My personal opinion specific to that question, we have not had any client of any significance that we're in fear of losing because of the transaction. And, especially, in environments like this, I doubt that many --there's always going to be some every single year. But if you're running a company right now, unless you're going to get some great efficiency by putting your advertising and marketing into review, you're not going to proactively to shore up your own organization.

對於這個問題，我個人的看法是，我們還沒有擔心因為交易而失去任何重要的客戶。尤其是在這樣的環境下，我懷疑這種情況不會很多——每年都會有一些。但如果你現在正在經營一家公司，除非你透過檢視廣告和行銷來獲得更高的效率，否則你不會主動鞏固自己的組織。

So I think, and I'm not sure I know Jason, but I think what you're asking a question about is certainly a valid question, but that's just nonsense fed by my competitors to the trade rags, right, that I'm going to lose people and I'm going to lose accounts, and I'm going to lose this that moving, not true.

所以我認為，我不確定我是否了解傑森，但我認為你所問的問題當然是一個有效的問題，但這只是我的競爭對手向商業雜誌提供的無稽之談，對吧，我會失去人，我會失去帳戶，我會失去這個，這不是事實。

Yes, just to add, it's very disruptive for the client to make a change and especially in this environment. There would have to be some underlying strategic reasons why they would go ahead and do that beyond the ones that had started that process already.

是的，補充一下，對客戶來說，做出改變是非常破壞性的，特別是在這種環境下。除了已經開始這一進程的原因之外，他們繼續這樣做肯定還有一些潛在的戰略原因。

And I think I think that's also part of your question, Jason. We can go back on will have a much clearer side on the synergies we promised today. And we continue to have many work streams where we're actively planning to achieve those synergies.

我想這也是你問題的一部分，傑森。我們可以回顧一下我們今天承諾的協同效應，這將更加清晰。我們將繼續進行多項工作，並積極規劃以實現這些協同效應。

Understood. Thank you both.

明白了。謝謝你們兩位。

Thank you.

謝謝。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Hey, John, Phil. Wanted to ask if you're able to provide the Precision Marketing growth ex Flywheel. Secondly, curious of any update to the regulatory review of the IPG deal timing of integration, potential client conflicts that may have arisen? Thanks.

嘿，約翰，菲爾。想問您是否能夠提供精準行銷成長 ex Flywheel。其次，您是否好奇 IPG 交易整合時機的監管審查是否有任何更新，以及可能出現的潛在客戶衝突？謝謝。

I'll take the Precision question. In the first quarter, I would say, Flywheel grew its smallest quarter is always the first quarter growth was fine, but it was lower than the average in the overall category. And the rest of the CRM Precision Group probably grew faster than the average in the category.

我將回答有關精確度的問題。我想說，在第一季度，Flywheel 的成長幅度最小，雖然第一季的成長還不錯，但低於整體類別的平均值。CRM Precision Group 的其他部分可能比該類別的平均成長速度更快。

And today, another 18 requests from governments, regulators for approval, we received five. Actually the most recent one we got just a couple of days ago was China. And you know, I don't recall or remember this, but 10 or 11 years ago when we were trying to new publicist, the place that we had trouble getting approval was China and we've already received that and it's processed already. So we have very confident advisors and attorneys who are guiding us through that process as we speak.

今天，我們又收到了 18 項來自政府和監管機構的批准請求，其中 5 項。事實上，我們幾天前收到的最新消息來自中國。你知道，我不記得或不記得這件事，但 10 或 11 年前，當我們嘗試新的公關時，我們難以獲得批准的地方是中國，而我們已經收到了批准，並且已經處理好了。因此，我們有非常自信的顧問和律師正在指導我們完成整個過程。

Great. Thanks.

偉大的。謝謝。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thank you. John, I was wondering if you could spend a little time talking specifically about trends in Pharma and Health. I think that's your biggest industry vertical and Healthcare has its own discipline within the revenues. So just wondering if you see this area is having less risk on some of these concerns in the rest of the portfolio or a little more risk on now that we're doing some of the extra uncertainty in 2025.

謝謝。約翰，我想知道您是否可以花一點時間具體談談製藥和健康領域的趨勢。我認為這是您最大的垂直行業，醫療保健在收入方面有其自己的規律。所以我只是想知道您是否認為這個領域對投資組合其他部分的一些擔憂的風險較小，或者現在我們正在處理 2025 年的一些額外不確定性，因此風險會稍微大一些。

Then also, I just wanted to dig a little more in the Media and Advertising or even a number of quarters where your third-party expense growth remained solidly in the teens. I'm guessing Media continues to grow really well. Is Creative also growing really helpfully within that? I sense from some peers that it might be under a little bit pressure.

然後，我還想進一步挖掘媒體和廣告領域，或者一些季度中第三方費用的成長穩定在十幾歲的水平。我猜想媒體將繼續保持良好的成長勢頭。創意在其中是否也真正有幫助？我從一些同行那裡感覺到它可能會承受一點壓力。

So just wanted to know if you're seeing any pressure on creative or it's still really solid, just not as good as Media giving a lot of the account like. Thank you.

所以我只是想知道您是否看到了創意方面的壓力，或者它仍然非常穩固，只是不如媒體給予很多關注那麼好。謝謝。

So first, Healthcare. Healthcare is I think the decline or what you saw in the first quarter was us just working through the loss of Pfizer and one or two other minor accounts. And we're phasing through that as we get into the beginning of 2025. It is still a very strong business. I mean our businesses in Healthcare go although -- are dedicated in different aspects of creating a drug, bringing drugs to market, getting the appropriate approvals from the stronger regulatory bodies around the world, which principally the US, also Germany is very strong too in terms of procedures.

首先是醫療保健。我認為醫療保健的下滑或您在第一季看到的是我們剛剛經歷了輝瑞和其他一兩個小帳戶的損失。我們將在 2025 年初逐步實現這一目標。它仍然是一個非常強大的業務。我的意思是，我們的醫療保健業務致力於研發藥物、將藥物推向市場、從世界各地更強大的監管機構獲得適當批准等不同方面，其中主要是美國，德國在程序方面也非常強大。

What is not a big part of our business is some stuff you'll see in the six o'clock news like biosensor, again is a mom and dad, and a cat. And some of these lose weight because in diabetes. That's not a very large part of that segment first. It's more specific, very high science. The employees that we have in those categories are extremely well-educated and very specifically educated in terms of medicine.

我們業務中不太重要的部分是你在六點新聞中看到的一些東西，例如生物感測器、媽媽、爸爸和貓。其中一些人因患糖尿病而體重下降。首先，這不是該部分的很大一部分。它更具體，科學性更強。我們這些類別的員工都受過良好的教育，並且在醫學方面受過專門的教育。

So I see it as over -- as I look forward, I see Healthcare as being a very important segment in what we do. And I apologize you have some other part of the question, do you mind --

所以我認為這一切都結束了——展望未來，我認為醫療保健是我們工作中非常重要的部分。很抱歉，你還有問題的其他部分，你介意嗎--

Sure, the second part was just within Media and Advertising sort of comparing and contrasting the strong growth. I think that's implied in Media with how you're seeing the trends in creative.

當然，第二部分只是在媒體和廣告領域比較和對比強勁的成長。我認為這在媒體中隱含著你對創意趨勢的看法。

Sure. Media by far is very strong and continues to be very strong and last year, I think we topped the leagues in terms of new business wins and retentions. And matter of fact, if you netted some of IPG losses against our wins, we'd still be number one from last year and that continues.

當然。到目前為止，媒體業務非常強勁，並將繼續保持強勁。去年，我認為我們在贏得新業務和保留方面名列前茅。事實上，如果你將 IPG 的一些損失與我們的勝利相抵消，我們仍然會是去年的第一名，而這種勢頭會持續下去。

Advertising? Advertising will need some be separated into two different areas. Both are being very highly affected by technology, but Creative is our IP. That's all it is going to be at the center of what Omnicom does, and it's terribly important to our clients into the creation of differentiation, especially as these tools become more democratic.

廣告？廣告需要分成兩個不同的區域。兩者都受到科技的巨大影響，但創意是我們的智慧財產權。這就是 Omnicom 所做工作的核心，對我們的客戶來說，創造差異化非常重要，特別是當這些工具變得更民主時。

Everybody had the same generative AI tools on their desk, what would make a difference? What would make a difference would be a brand-creative idea. So now is that business going through some adjustments because technology has created efficiencies within that business, which allow us to have less effort in some instances. Yes, no question. But it remains a very key part of our organization.

每個人的辦公桌上都有相同的生成式人工智慧工具，這有什麼區別呢？真正能帶來改變的是品牌創意理念。因此，現在該業務正在經歷一些調整，因為技術提高了該業務的效率，這使我們能夠在某些情況下減少精力。是的，毫無疑問。但它仍然是我們組織的一個非常關鍵的部分。

If I look back at '24, we probably will be makes up something closer to 17% or 18% of our total business that balance may increase a bit as we complete the transaction IPG. But it's still the core of what we do, as I said, the IP. In the business, --

如果我回顧 24 年，我們可能會占到總業務的 17％ 或 18％，隨著我們完成交易 IPG，這個餘額可能會略有增加。但正如我所說，IP 仍然是我們工作的核心。在業務中，--

In terms of the other component production is certainly a fast-growing component of the solutions we provide to clients. And there's more and more activity in that area and opportunity in that area, especially as you look at our data from the content automation platform, which has been quite successful recently.

就其他組件而言，生產無疑是我們為客戶提供的解決方案中快速成長的一個組成部分。該領域的活動和機會越來越多，特別是當您查看我們最近從內容自動化平台獲得的數據時，平台非常成功。

So yes, overall, Creative has grown low-single digits last year. The first part of this year, we expect that to be close to flat, little bit down in the first quarter, and we expect that to pick up in the second half. And as John said, yes, Media has been quite strong. We expect that to continue to be very strong and together, those are two key components of the overall product mix that is very key and very strategic to the business going forward.

所以，整體而言，Creative 去年的成長率僅為個位數。我們預計今年上半年該數字將接近持平，第一季略有下降，但下半年將回升。正如約翰所說，是的，媒體確實非常強大。我們預計這一趨勢將繼續保持強勁，這兩個產品是整體產品組合的關鍵組成部分，對未來業務的發展至關重要且具有戰略意義。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Michael Nathanson, MoffettNathanson.

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

Thanks. One for John, one for Phil. Hey, John, you touched on it earlier that you guys feeling good about the new business potential. You talked a bit about the volume of new business pitches. Is it normal or do you think people are kind of holding back in terms of the scale of volume until maybe the uncertainties lifted?

謝謝。一個給約翰，一個給菲爾。嘿，約翰，你之前提到過，你們對新的商業潛力感覺良好。您談到了一些有關新業務推介的數量的問題。這是正常的嗎？或者您認為人們在交易量規模方面有所保留，直到不確定性消失？

And then on that point, how do people with the fact that you will you be merging of Interpublic, right? So is that part of the conversation and people are asking you about the future prospects of Omnicom Media? Anything you're talking about there would be helpful.

那麼關於這一點，人們對你們將與 Interpublic 合併這一事實有何看法，對嗎？那麼這是談話的一部分嗎？人們問您有關宏盟媒體的未來前景嗎？您在那裡談論的任何內容都會有所幫助。

And then for Phil, third-party service cost, store print in terms of costs were up double digits this year. We think about your guidance on organic revenue for the year. Is it normal to expect this type of growth and third-party costs, or is there anything unusual about the first quarter of this year and third party? Thanks.

對菲爾來說，第三方服務成本、商店印刷成本今年都上漲了兩位數。我們考慮您今年有機收入的指導。預期這種增長和第三方成本是否正常，或者今年第一季和第三方有什麼不尋常的地方？謝謝。

Um, you know, in the first part of your question, the new business reviews, I have to admit I haven't tried to track them year over year. I do expect that unless a client has some proactive reason to put their account review, I'm excited to not be as robust as it was say last year.

嗯，你知道，在你問題的第一部分，新業務評論中，我必須承認我還沒有嘗試逐年追蹤它們。我確實預料到，除非客戶有主動的理由進行帳戶審查，否則我很高興看到其審查不會像去年那樣嚴格。

But having said that in the first quarter, you know, there are clients who are thankfully, we're on the offense, not defense where their accounts are currently being reviewed and I won't use their names those than that and sell them. And you know, you had the move which benefited publicist of the [Coke] business earlier in the quarter.

但話雖如此，在第一季度，你知道，有些客戶值得慶幸的是，我們處於進攻狀態，而不是防守狀態，他們的帳戶目前正在接受審查，我不會使用他們的名字，也不會將他們出售。你知道，你的這項舉措在本季早些時候使可口可樂業務的公關人員受益。

So there are things going on. There is a lot of conversations going on. But I can tell you, though, is 10% up 10% down from this exact moment last year. In terms of what goes on in terms of IPG and the acquisition, we are extremely cautious because there are very strict rules in terms of what we can do.

所以事情正在發生。有很多對話正在進行。但我可以告訴你，與去年同期相比，既上漲了 10%，又下跌了 10%。就 IPG 和收購的進展而言，我們極為謹慎，因為對於我們能做的事情有非常嚴格的規定。

We can collectively, but each plan for when the transaction has improved, but we're not able to go to market anyway. And so we don't, that's just us behaving in accordance with us on what's expected of us in this kind of a process.

我們可以集體行動，但每個人都計劃等到交易情況好轉，但無論如何我們都無法進入市場。所以我們不會這樣做，這只是按照這個過程中對我們的期望行事。

On the on the specific question, Michael, that third-party service cost growth, certainly I'm happy to get the growth wherever we can get it. The reason we have that business and the reason it's growing is because clients want it and it provides valuable benefits to the clients. Ultimately, it didn't provide benefits and it wasn't a key part of what clients' expectations were. You wouldn't see the results that we've seen in it.

關於具體問題，邁克爾，第三方服務成本成長，我當然很高興能在任何可能的地方實現成長。我們開展這項業務並使其不斷增長的原因是客戶需要它並且它能為客戶帶來寶貴的利益。最終，它沒有帶來任何好處，也不是客戶期望的關鍵部分。您不會看到我們所看到的結果。

We don't think our numbers, frankly, are any different than our competitors. That business is growing throughout the industry. Again, because clients from like the benefits of that particular service offering, you just can't see it come outside of our reported results.

坦白說，我們認為我們的數字與競爭對手沒有什麼不同。整個產業內的業務都在成長。再說一次，因為客戶喜歡該特定服務的好處，所以你無法在我們報告的結果之外看到它。

Right. Okay. Thanks, Phil.

正確的。好的。謝謝，菲爾。

Sure.

當然。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Thank you. My first set of questions has to do with the potential closing the acquisition. I think you mentioned 5 of the 18 jurisdictions have approved the transaction, including China. Can you share with us if it's possible at the other four are?

謝謝。我的第一組問題與完成收購的可能性有關。我認為您提到過，18 個司法管轄區中有 5 個已經批准了該交易，其中包括中國。您能與我們分享一下在其他四個地方是否也有可能實現嗎？

And then also wanted to ask, John, I think what you originally brought forth to talk publicly about this acquisition of Interpublic. You talked about if you run into any issues with any of the regulators out there that you would be open to potentially selling of divesting any related assets in various jurisdictions. Is that still your case here?

然後也想問一下，約翰，我認為你最初提出要公開談論這次對 Interpublic 的收購。您談到，如果您與任何監管機構遇到任何問題，您可能會在各個司法管轄區出售或剝離任何相關資產。你的情況還是這樣嗎？

Well, I'll probably answer it differently in that we are 100 unless you are higher in percentage is committed to the completion of the transaction. I think that various regulators have requested information from us because they are trying to understand our business before some of them are approved.

好吧，我可能會以不同的方式回答，我們是 100，除非你以更高的百分比致力於完成交易。我認為各監管機構要求我們提供資訊是因為他們試圖在批准某些業務之前了解我們的業務。

I'm sitting here today based on very competent advice from our attorneys and I would go as say I haven't heard anything from our very competent attorneys that IPG has either that we expect that were in violation of any antitrust rules.

我今天坐在這裡是基於我們律師非常稱職的建議，而且我可以說，我沒有從我們非常稱職的律師那裡聽到任何我們認為 IPG 違反反壟斷規則的事情。

And moving across all being here in America are going to do is look at Google results, Meta results and in terms of who we really competing against and where consumers are spending money. We're a very strong player, but they are extreme really strong. So I would think and I'm not knowledgeable enough with the rules as the lawyers will continue to point out to me every day when I ask a question on and I think I know the answer, I don't know.

在美國，我們要做的就是查看Google搜尋結果、元搜尋結果，了解我們真正的競爭對手是誰，以及消費者在哪裡花錢。我們是非常強大的球隊，但他們也極為強大。所以我會想，我對規則的了解還不夠，正如律師每天在我問問題時不斷向我指出的那樣，我認為我知道答案，但我不知道。

I don't think this merger drives us into a position in almost any market around the world where we would have difficulty after we go through whatever their required processes. But if there was the odd thing or two, and it would be small on if it even existed, would we it wouldn't change our view that we will close this transaction and we are dedicated to closing this transaction.

我認為，這次合併不會讓我們在全球幾乎任何市場陷入在完成其所要求的任何流程後會遇到困難的境地。但如果出現一兩件奇怪的事情，即使它存在，也是很小的事情，這不會改變我們完成這筆交易的觀點，而且我們致力於完成這筆交易。

But there's nothing material, otherwise, there's certainly enough legal firms working on this globally, locally to have highlighted anything would be in that category, which would drive the gross level being a concern. And we haven't had them.

但沒有什麼實質性的東西，否則，肯定有足夠多的法律公司在全球和當地致力於此事，以強調任何屬於這一類別的事情，這將導致總體水平令人擔憂。但我們還沒有。

And maybe touch on just what the other four jurisdictions are approved it so far.

也許可以談談其他四個司法管轄區迄今為止批准的內容。

Yes, I can list them for you, Jason, sorry, Craig, I'm sorry about that. So in addition to China, there's Colombia, Brazil, Saudi Arabia, and Egypt. You know they are a relatively small for our combined businesses, but certainly is progress and we've tried not to issue a press release every time we yet on approval, but certainly it's good progress so far.

是的，我可以為你列出它們，傑森，對不起，克雷格，對此我感到很抱歉。除了中國之外，還有哥倫比亞、巴西、沙烏地阿拉伯和埃及。您知道，對於我們的合併業務而言，它們相對較小，但肯定是一個進步，而且我們試圖在每次獲得批准時不發布新聞稿，但到目前為止肯定取得了良好的進展。

But the process has been quite thorough in all the markets that set of the work to review the transaction, and we wouldn't expect anything else.

但在所有市場中，審查交易的流程已經相當徹底，我們不會期待任何其他事情。

And then my last question, guys, is can you just talk a little bit further about the tone of business, what you did from executives out there in two areas, specifically autos and consumer packaged-goods areas. Just given this issue of tariffs and certainty out there and so forth. What is the tone that you're hearing from what your companies we work with in those areas placed. Has it materially changed for the negative is what I'm trying to get to.

夥計們，我的最後一個問題是，您能否進一步談談業務基調，以及您對兩個領域（特別是汽車和消費品領域）的高管的看法。只是考慮到關稅和確定性等問題。您從與我們在這些地區合作的公司聽到了什麼聲音？我想知道的是，它是否發生了實質的負面變化。

Well with respect to tariffs, I think that's still an open question because I think the tariffs or the potential for tariffs that the administration has spoken to, they've -- several very specific markets, they made it clear that they are in conversations with many of those governments to resolve any issues that the tariffs may bring to the fore.

關於關稅，我認為這仍然是一個懸而未決的問題，因為我認為政府已經談到關稅或潛在的關稅，他們——幾個非常具體的市場，他們明確表示，他們正在與其中許多政府進行對話，以解決關稅可能帶來的任何問題。

And I am not any more knowledgeable than you, but it's kind of confirming that the pause that we're in, it was probably driven because some people approaching administration with things that are of interest to them. But again, I don't have any firsthand knowledge of that, but it's all the all bodes better than had they just simply gone into effect.

我並不比你更了解，但這在某種程度上證實了我們所處的停頓，可能是因為有些人帶著他們感興趣的事情去接近政府。但同樣，我對此沒有任何第一手的了解，但這一切都比它們直接生效要好。

So we were planning for our glass that could be half empty, but we're constantly striving for what we really believe and have believed for a long time, our optimism that it will wind up half full. But certainly those --

因此，我們計劃讓杯子半空，但我們始終為我們真正相信的和長期以來相信的東西而奮鬥，我們樂觀地認為杯子最終會變成半滿。但肯定那些--

Yes, I'm sorry. Go ahead.

是的，我很抱歉。前進。

Are you trying to suggest and you're not quite sure what the spending levels or the auto companies out there and CPG, for example, how they may or may not adjust that it's just too early to tell.

您是否想提出建議，但您不太確定汽車公司和 CPG 等的支出水平，他們可能會或可能不會進行調整，現在下結論還為時過早。

We believe that -- I don't think we know it's certainty, right? We haven't heard any disasters or had any disasters report specifically from clients. We've taken advice from very knowledgeable people in, specifically, in the auto industry, not related to the advertising business in terms of what they believe car companies globally are expecting.

我們相信——我認為我們不知道它的確定性，對嗎？我們沒有聽說任何災難，也沒有收到客戶特別提出的任何災難報告。我們聽取了汽車產業內與廣告業無關的專家的建議，了解他們認為全球汽車公司有何期待。

And again, that leaves us in a position where these are terribly important long-term clients where we have multiyear contracts with in almost every single case of a car company which gives us some comfort and as a good partner because they have difficulty will work with them as best we can to help us all get through whatever the processes.

再次，這讓我們處於這樣的境地：這些非常重要的長期客戶，我們幾乎與每家汽車公司都簽訂了多年的合同，這給了我們一些安慰，作為一個好的合作夥伴，當他們遇到困難時，我們會盡最大努力與他們合作，幫助我們所有人度過任何流程。

So the good news is there's none of those accounts are under threat because of the multiyear contracts. And yes, as good partners, we will work with our partners to get to a good outcome. In terms of CPG, I haven't really haven't dug in as deeply into CPG because I have say into the auto sector and kind of a wait some of their quarterly reports as they come out through the rest of this market to find out if there's more specific information, which would require us to adjust ourselves on.

因此，好消息是，這些帳戶都不會因為多年期合約而受到威脅。是的，作為良好的合作夥伴，我們將與合作夥伴共同努力，取得良好的結果。就 CPG 而言，我實際上還沒有深入研究過 CPG，因為我只關注汽車行業，並且需要等待他們的一些季度報告出來，看看是否有更具體的信息，這需要我們進行自我調整。

Finally, on that point, unlike our competitors, CPG is not a huge percentage of our business. So whatever adjustments need to be made will in fact get made. I'd even go as far as to say, CPG companies are probably taking the lead on in housing things, and they're going to find themselves in a very uncomfortable position if they have to adjust how they do a deal would add a third-party vendor where it would be easier to get concessions from.

最後，就這一點而言，與我們的競爭對手不同，快速消費品 (CPG) 在我們的業務中所佔比例並不大。因此，無論需要做什麼調整，實際上都會進行。我甚至會說，CPG 公司可能在住房領域處於領先地位，如果他們必須調整交易方式，他們會發現自己處於非常不舒服的境地，他們會增加一個第三方供應商，以便更容易從中獲得讓步。

But that's all speculation. So no, it doesn't for anything. I think we're going to all learn a lot more in the next two, three weeks.

但這都只是猜測。所以不，它沒有任何作用。我認為在接下來的兩三週內我們都會學到更多。

Yes, certainly clients across industries are yes, they're looking for more clarity. They want flexibility at this point in time but the looking for clarity and ultimately, they need defend and grow their brands. So the type of marketing spend may change, but we've got a diverse portfolio. We can help them in many different ways.

是的，各行業的客戶肯定都希望獲得更清晰的答案。他們現在想要靈活性，但同時也尋求清晰度，最終，他們需要捍衛和發展自己的品牌。因此，行銷支出的類型可能會發生變化，但我們擁有多樣化的投資組合。我們可以透過多種不同的方式幫助他們。

And yes, I think this is going to lose, it's going to evolve and we're going to know more in the near future and we'll adjust accordingly. And I think we have a track record that shows that we can and will adjust depending on what the market brings.

是的，我認為這會失敗，它會發展，我們將在不久的將來了解更多信息，並做出相應的調整。我認為我們的業績記錄表明，我們能夠並將根據市場情況進行調整。

Great. Thank you both.

偉大的。謝謝你們兩位。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time. Concludes today's conference call. Thank you for joining. You may now disconnect.

目前沒有其他問題。結束今天的電話會議。感謝您的加入。您現在可以斷開連線。