宏盟集團 (OMC) 2025 Q2 法說會逐字稿

Hello, and welcome to the Omnicom second-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Greg Lundberg, Senior Vice President of Investor Relations. You may begin.

您好，歡迎參加宏盟集團 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係高級副總裁 Greg Lundberg。你可以開始了。

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

感謝您參加我們的第二季財報電話會議。今天與我一起的有董事長兼首席執行官約翰·雷恩 (John Wren)、執行副總裁兼首席財務官菲爾·安杰拉斯特羅 (Phil Angelastro) 和首席技術官保羅·尤維恩科 (Paolo Yuvienco)。

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

在我們的網站 omnicomgroup.com 上，您將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，將提供存檔的網路廣播。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。

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 2024 Form 10-K.

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 to the nearest comparable GAAP measures in the presentation materials. 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這些與最接近的可比較 GAAP 指標的對帳。在我們準備好發言之後，我們將開放問答環節供大家提問。

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

現在我將把電話交給約翰。

Thank you, Greg. Good afternoon, everyone, and thank you for joining us today. We are pleased to share our second-quarter results. Organic growth was a solid 3% for the quarter, in line with our expectations.

謝謝你，格雷格。大家下午好，感謝大家今天的參與。我們很高興分享我們的第二季業績。本季有機成長率達到 3%，符合我們的預期。

Non-GAAP adjusted EBITDA margin was 15.3% for the quarter and flat to last year. Non-GAAP adjusted net income per share, which excludes the after-tax effect of the amortization of acquired and strategic platform and tangibles, repositioning costs, and acquisitions costs, was $2.05, up 5.1% versus the comparable amount in 2024.

本季非公認會計準則調整後的 EBITDA 利潤率為 15.3%，與去年持平。非公認會計準則調整後每股淨收益（不包括收購及策略平台及有形資產攤銷、重新定位成本及收購成本的稅後影響）為 2.05 美元，較 2024 年同期成長 5.1%。

Our cash flow continues to support our primary uses of cash dividends, acquisitions, and share repurchases and our liquidity and balance sheet remained very strong. During the first half, we used $223 million in cash to repurchase shares and are on track to repurchase $600 million in shares in 2025.

我們的現金流繼續支持我們的主要用途，即現金股利、收購和股票回購，我們的流動性和資產負債表仍然非常強勁。上半年，我們使用了 2.23 億美元現金回購股票，預計 2025 年回購 6 億美元的股票。

After a solid first half of the year, we are maintaining our guidance for the full year 2025 organic growth to be 2.5% to 4.5% and adjusted EBITDA guidance to be 10 basis points higher than that 15.5% we achieved in 2024.

在經歷了上半年的穩健表現後，我們維持 2025 年全年有機成長預期，即 2.5% 至 4.5%，調整後的 EBITDA 預期將比 2024 年實現的 15.5% 高出 10 個基點。

Turning now to our key initiatives. I'd like to begin with an update on our proposed acquisition of Interpublic. In June, we reached a major milestone when we received antitrust approval to close the transaction in the United States, bringing the total number of approved jurisdictions to 13 out of the 18 required for closing. We remain fully on track to complete the transaction in the second half of this year.

現在來談談我們的主要舉措。首先我想介紹一下我們擬議收購 Interpublic 的最新情況。6 月份，我們獲得了美國反壟斷部門的批准，完成了交易，達到了一個重要的里程碑，使得完成交易所需的 18 個司法管轄區中的 13 個獲得了批准。我們仍有望在今年下半年完成交易。

As we progress through the regulatory approval process, Philip and I have continued to speak with our clients and our people. The response has been overwhelmingly positive. There's a genuine sense of anticipation and excitement about the opportunities our combined company will create that has only intensified as we approach the closing.

隨著監管審批流程的推進，菲利普和我繼續與我們的客戶和員工溝通。反響非常正面。我們對合併後的公司將創造的機會懷有真誠的期待和興奮之情，而隨著合併結束的臨近，這種期待和興奮之情愈演愈烈。

By combining our complementary strengths, the new Omnicom will be equipped with industry-leading resources to drive a bold era of growth for our people, delivering superior outcomes for our clients, and generating significant long-term value for our shareholders.

透過整合我們互補的優勢，新的宏盟集團將擁有業界領先的資源，為我們的員工帶來大膽的成長，為我們的客戶提供卓越的成果，並為我們的股東創造巨大的長期價值。

Omnicom and IPG have dedicated teams at both corporate levels, working closely with our merger consultants, leading the process to ensure a seamless and successful closing. Contrary to the early speculation that the transaction might distract our professional staff, our agencies remain fully focused on delivering exceptional service to our clients and securing new business.

Omnicom 和 IPG 在兩個公司層面都設有專門的團隊，與我們的合併顧問密切合作，主導整個過程，確保順利、成功地完成交易。與早先的猜測（該交易可能會分散我們專業人員的注意力）相反，我們的代理商仍然全力專注於為客戶提供卓越的服務並確保新業務。

Recent wins include: Under Armour, Bimbo Global, and Asda, just to name a few. We continue to refine our analysis and identification of synergies to achieve our $750 million run rate target following the closing. We are highly confident that we will achieve this level of synergies, and we continue to identify further opportunities beyond our target as we move forward with the valuation. We've also taken steps to align our existing portfolio, ensuring that we can immediately deliver the benefits of the combined company to our clients, particularly in relation to our operating platform strategy.

最近的獲獎者包括：Under Armour、Bimbo Global 和 Asda，僅舉幾例。我們將繼續完善我們的分析和對協同效應的識別，以實現交易結束後 7.5 億美元的運行率目標。我們非常有信心實現這種程度的協同效應，隨著估值的推進，我們將繼續尋找超越目標的更多機會。我們也採取措施調整現有的投資組合，確保能夠立即為客戶帶來合併後公司的優勢，特別是在我們的營運平台策略方面。

To that end, effective July 1, Omnicom reorganized our most advanced data and technology assets, Omni, Omni AI, ArtBot and the Flywheel Commerce Cloud into an end-to-end platform organization to drive our strategy forward. This move is designed to directly support our clients' marketing and commercial ambitions while accelerating our own growth trajectory.

為此，自 7 月 1 日起，宏盟集團將我們最先進的資料和技術資產 Omni、Omni AI、ArtBot 和 Flywheel Commerce Cloud 重組為端到端平台組織，以推動我們的策略向前發展。此舉旨在直接支持我們客戶的行銷和商業抱負，同時加速我們自身的成長軌跡。

With the proposed acquisition of IPG, our new platform will be significantly enhanced by the addition of Kinesso and Acxiom, recognized as the world's highest fidelity data platform, as well as REAL ID, the most comprehensive customer identity solution available. These assets will enable us to deliver an even greater value and innovation to our clients.

透過擬議收購 IPG，我們的新平台將因 Kinesso 和 Acxiom（被公認為世界上保真度最高的資料平台）以及 REAL ID（目前最全面的客戶身分解決方案）的加入而顯著增強。這些資產將使我們能夠為客戶提供更大的價值和創新。

The new platform organization will be led by Duncan Painter, whose experience in building well-established tech platforms across Flywheel, EVS, Experian, and Sky and makes him uniquely suited for this role. Our long-standing strategy has always been rooted in the belief that data and technology supercharge creativity.

新的平台組織將由 Duncan Painter 領導，他在 Flywheel、EVS、Experian 和 Sky 等成熟技術平台構建方面擁有豐富的經驗，因此非常適合擔任這一職位。我們的長期策略始終植根於這樣的信念：數據和技術能夠增強創造力。

In today's world, especially with the rise of generative AI, breakthrough creativity is more valuable than ever. I'm proud to share that our agencies returned from this year's Cannes Lions Festival of Creativity with two of the industry's highest honors.

在當今世界，尤其是隨著生成式人工智慧的興起，突破性的創造力比以往任何時候都更有價值。我很自豪地告訴大家，我們的代理商在今年的坎城創意節上獲得了兩項業界最高榮譽。

OMD Worldwide won Media Network of the Year and DDB Worldwide won Network of the Year. Our ability to excel in both creative and media underscores the strength of Omnicom's end-to-end capabilities and the outstanding work we deliver for our clients.

OMD Worldwide 榮獲年度媒體網絡獎，DDB Worldwide 榮獲年度網路獎。我們在創意和媒體領域的卓越能力凸顯了宏盟端到端能力的強大以及我們為客戶提供的出色服務。

The recognition also follows Omnicom being named Most Effective Holding Company for the second consecutive year by the 2024 Effie Index, demonstrating that our people and agencies continue to stay ahead of the curve, consistently delivering work that drives real business impact.

在此之前，宏盟集團連續第二年被 2024 年艾菲指數評為“最具實效控股公司”，這表明我們的員工和代理機構繼續保持領先地位，始終如一地開展能夠帶來實際業務影響的工作。

Lastly, I want to highlight a key addition to our leadership team. In May, we welcome Susan Catalano, our new Chief People Officer in the United States. Susan brings a wealth of experience in organizational redesign, talent operations and management, and has successfully guided global organizations through transformational changes. Susan will play a key role in bringing Omnicom and Interpublic together, creating a world-class HR organization that attracts and develops the industry's best talent.

最後，我想強調我們領導團隊的一位重要補充。五月，我們歡迎新任美國首席人才長蘇珊‧卡塔拉諾 (Susan Catalano)。蘇珊在組織重組、人才營運和管理方面擁有豐富的經驗，並成功引導全球組織完成轉型變革。蘇珊將在整合宏盟和 Interpublic 的過程中發揮關鍵作用，創造一個吸引和培養行業最優秀人才的世界級人力資源組織。

In closing, we're pleased with our first half financial results, our progress on key strategic initiatives and the integration planning underway for Interpublic. As we look to the second half of the year, we remain confident in achieving our full year organic growth and margin targets. Our focus will remain on delivering for our clients and successfully completing the Interpublic transaction.

最後，我們對上半年的財務業績、關鍵策略舉措的進展以及正在進行的 Interpublic 整合規劃感到滿意。展望下半年，我們仍有信心實現全年有機成長和利潤率目標。我們的重點仍將是為客戶提供服務並成功完成 Interpublic 交易。

Now I want to introduce and turn the call over to Paolo Yuvienco, our Chief Technology Officer, who is joining us today to explain how we are making generative AI accessible to all our colleagues and clients across the organization. Paolo?

現在，我想介紹並將電話轉給我們的技術長 Paolo Yuvienco，他今天將與我們一起解釋我們如何讓整個組織的所有同事和客戶都能使用生成式人工智慧。保羅？

Thanks, John. I want to now spend a few minutes on what we think is one of our most significant competitive differentiators, how we're deploying generative AI and agentic capabilities through our Omni platform and data assets to fundamentally reshape how we create value for clients.

謝謝，約翰。現在我想花幾分鐘時間談談我們認為最重要的競爭優勢之一，即我們如何透過 Omni 平台和資料資產部署生成式人工智慧和代理能力，從根本上重塑我們為客戶創造價值的方式。

Back in 2022, we made the strategic decision to be an early adopter of generative AI recognizing the transformative potential ahead of many of our competitors and clients. Initially, our focus was on the obvious applications, using generative AI for ideation in content creation and copy generation as well as distilling insights from audiences. While these delivered immediate productivity gains, they represented only the first phase of our AI strategy.

早在 2022 年，我們就做出了策略決策，成為生成式人工智慧的早期採用者，因為我們意識到該技術比許多競爭對手和客戶都更具有變革潛力。最初，我們的重點是顯而易見的應用，使用生成式人工智慧進行內容創作和文案生成以及從觀眾中提煉見解。雖然這些措施立即提高了生產力，但它們僅代表了我們人工智慧策略的第一階段。

What is driving the latest phase of our continuous transformation has been the development and deployment of our agentic framework. Over the last year, we have been aggressively and systematically rolling out AI agents throughout our workflows, where we can deploy multiple AI agents that collaborate seamlessly to deliver comprehensive solutions. Rather than isolated AI tools addressing individual tasks, we can now orchestrate intelligent agents across campaign life cycles, simultaneously analyzing data, optimizing strategies, and refining creative elements.

推動我們持續轉型最新階段的是我們代理框架的開發和部署。在過去的一年裡，我們一直在積極、有系統地在我們的工作流程中推出人工智慧代理，我們可以部署多個人工智慧代理，它們可以無縫協作以提供全面的解決方案。我們現在可以在整個活動生命週期中協調智慧代理，同時分析數據、優化策略和改進創意元素，而不是使用孤立的人工智慧工具來處理單一任務。

This capability is powered by a proprietary data asset and institutional knowledge, democratizing access to our industry-leading consumer intelligence, encompassing behaviors, demographics, cultural insights and transactions. Additionally, we are fine-tuning and grounding the market-leading foundational and frontier models, effectively encoding our strategic expertise into our scalable AI system.

此功能由專有數據資產和機構知識提供支持，使獲取我們行業領先的消費者情報變得民主化，涵蓋行為、人口統計、文化洞察和交易。此外，我們正在對市場領先的基礎模型和前沿模型進行微調和鞏固，將我們的策略專業知識有效地編碼到我們的可擴展人工智慧系統中。

Most importantly, we are orchestrating complex multistage workflows that previously required extensive human resources. Examples of this cover the entire spectrum of our workforce. For instance, our strategy and creative teams across all our agencies are incorporating synthetic audience agents that are grounded in the Omni datasets allowing teams to conduct synthetic focus groups for ideation, personalized content creation, and prelaunch testing and scoring of campaigns and assets.

最重要的是，我們正在協調以前需要大量人力資源的複雜多階段工作流程。這樣的例子涵蓋了我們整個勞動力隊伍。例如，我們所有機構的策略和創意團隊都在整合基於 Omni 資料集的合成受眾代理，使團隊能夠開展合成焦點小組，以進行構思、個人化內容創作以及活動和資產的發布前測試和評分。

In our Healthcare group, the teams have been able to create a multi-agent reasoning engine that helps in recalibrating campaigns and assets at significantly greater speed when the market conditions change by simulating market scenarios, model stakeholder responses, and synthesize its existing signals.

在我們的醫療保健集團中，團隊已經能夠創建一個多智能體推理引擎，透過模擬市場情景、模擬利益相關者的反應並綜合現有訊號，當市場條件發生變化時，該引擎有助於以更快的速度重新調整活動和資產。

Within our digital commerce group, the teams have crafted numerous agents that assist in new product launches helping to optimize strategies by surfacing actionable insights from sales trends, market data, and competitor analysis. This all represents far more than operational efficiency, but those benefits are significant.

在我們的數位商務集團內，團隊精心設計了許多代理商來協助新產品的發布，透過從銷售趨勢、市場數據和競爭對手分析中獲取可操作的見解來幫助優化策略。這一切代表的遠不止營運效率，但這些好處是顯著的。

We are building differentiated capabilities through our data and technology stack. This positions Omnicom to capture value as the industry evolves and strengthens our long-term competitive positioning. Now I'm going to hand it back to John, but I'll be available for our Q&A session later on the call.

我們正在透過數據和技術堆疊來建立差異化能力。這使得宏盟集團能夠在產業發展過程中獲取價值並增強我們的長期競爭地位。現在我要將發言權交還給約翰，但我稍後可以在電話會議上參加問答環節。

Thanks, Paolo. I hope that gives you a better sense of how we are embedding generative AI across the enterprise. I'll now turn the call over to Phil for a closer look at our financial results. Phil?

謝謝，保羅。我希望這能讓您更了解我們如何在整個企業中嵌入生成式人工智慧。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. In an uncertain market, our performance through the first half was solid, with organic revenue growth near the midpoint of our annual guidance and our adjusted EBITDA margin levels flat. As we begin the second half, less uncertainty in the macro environment may allow marketers to normalize spending levels. Although it is still too early to say that the uncertainty in the macro environment has been eliminated.

謝謝，約翰。在不確定的市場中，我們上半年的業績表現穩健，有機收入成長接近年度預期的中點，調整後的 EBITDA 利潤率水準持平。隨著下半年的開始，宏觀環境不確定性的減少可能會讓行銷人員將支出水準正常化。儘管現在說宏觀環境的不確定性已經消除還為時過早。

The larger parts of our business continue to perform very well, and we continue to invest in our technology platforms and tools that differentiate us in the marketplace. And at the corporate level, as John said, we are focused on planning for the integration of IPG so we can hit the ground running.

我們的大部分業務繼續表現良好，我們也將繼續投資於我們的技術平台和工具，以使我們在市場上脫穎而出。在公司層面，正如約翰所說，我們專注於規劃 IPG 的整合，以便我們能夠立即開始行動。

Let's now review our results in more detail, beginning with changes in revenue on slide 3. Organic growth in the quarter was 3%. The impact on revenue from foreign currency translation increased reported revenue by 1.1% as the US dollar weakened relative to most currencies throughout the quarter.

現在讓我們更詳細地回顧一下我們的結果，從幻燈片 3 上的收入變化開始。本季有機成長率為 3%。由於本季美元兌大多數貨幣走弱，外幣折算對收入的影響導致報告收入增加了 1.1%。

If rates stay where they are, we estimate the impact of foreign currency translation on revenue will approximate positive 1% for Q3 and positive 2% in Q4, which will result in a benefit from foreign exchange of approximately 1% for the full year 2025.

如果利率不變，我們估計外幣折算對營收的影響在第三季約為正 1%，在第四季約為正 2%，這將導致 2025 年全年外匯收益約為 1%。

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

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

Let's now turn to slide 4 for a summary of our income statement. This table shows our reported numbers on the left and non-GAAP adjusted numbers on the right. Adjusting for acquisition-related expenses and repositioning costs, our Q2 2025 non-GAAP adjusted EBITDA grew 3.7% to $613.8 million with a margin of 15.3%. And our non-GAAP adjusted diluted EPS grew 5.1% to $2.05.

現在我們翻到投影片 4 來查看我們的損益表摘要。表格左側顯示我們的報告數字，右側顯示非 GAAP 調整後的數字。在調整收購相關費用和重新定位成本後，我們 2025 年第二季的非 GAAP 調整後 EBITDA 成長 3.7% 至 6.138 億美元，利潤率為 15.3%。我們的非公認會計準則調整後稀釋每股收益成長 5.1% 至 2.05 美元。

To highlight the two adjustments made to operating expenses. The first is an increase in Q2 of acquisition-related expenses related to both regulatory approval work and an acceleration of our integration planning work. The second relates to repositioning actions, primarily severance, we took to optimize Omnicom Advertising Group and Omnicom Production Group as well as to align our businesses and markets more broadly to recent changes in market conditions and client demand related to the challenging macro environment.

強調營業費用所做的兩項調整。首先是第二季與監理審批工作和加速整合規劃工作相關的收購相關費用增加。第二項涉及重新定位行動，主要是裁員，我們採取這些行動是為了優化宏盟廣告集團和宏盟製作集團，並使我們的業務和市場更廣泛地適應近期市場條件和客戶需求的變化，這些變化與充滿挑戰的宏觀環境有關。

Please turn to slide 5 for a reconciliation of these items in detail. Acquisition-related costs of $66 million in Q2 2025 increased from the $34 million we incurred in Q1 of 2025, and repositioning costs were $89 million during Q2 of '25. We continue to expect our non-GAAP adjusted EBITDA margin for the year to be 10 basis points higher than our 2024 results of 15.5%.

請翻到投影片 5 來詳細了解這些項目。2025 年第二季的收購相關成本為 6,600 萬美元，高於 2025 年第一季的 3,400 萬美元，而 2025 年第二季的重新定位成本為 8,900 萬美元。我們繼續預計今年的非 GAAP 調整後 EBITDA 利潤率將比 2024 年的 15.5% 高出 10 個基點。

As we get closer to closing the acquisition of IPG, we'll be evaluating ways to accelerate savings opportunities prior to the closing date. We continue to expect to achieve our cost savings target of $750 million.

隨著我們越來越接近完成對 IPG 的收購，我們將在截止日期之前評估加速節約機會的方法。我們仍期望實現 7.5 億美元的成本節約目標。

Let's now turn to slide 8 and review organic revenue growth in more detail, beginning with our disciplines. Media & Advertising was up 8%, with solid growth in most geographies. Overall results were driven by strong growth in our media business and mix performance in advertising.

現在讓我們翻到第 8 張投影片，從我們的學科開始，更詳細地回顧有機收入成長。媒體和廣告業務成長 8%，大多數地區均穩健成長。整體業績得益於媒體業務的強勁成長和廣告業務的組合表現。

Precision Marketing grew 5%, including strong performance in our digital, CRM, and experienced design agencies in the US, offset by mixed performance internationally. Public Relations declined 9%, primarily in the US, due largely to weaker performance in our global networks and some reduction relative to the benefit in 2024 from national election spend. We expect to see a difficult comp for the rest of 2025.

精準行銷成長了 5%，其中包括我們在美國數位、CRM 和經驗豐富的設計機構的強勁表現，但國際上的好壞參半的表現抵消了這一增長。公共關係業務下降了 9%，主要在美國，這主要是由於我們全球網路的表現較弱，以及相對於 2024 年全國選舉支出收益而言有所減少。我們預計 2025 年剩餘時間的競爭將會很艱難。

Healthcare revenues were down 5%, and this includes our having now cycled through a large prior period client loss as well as work winding down on brands that are close to loss of patent protection. We continue to expect improved performance as the year progresses.

醫療保健收入下降了 5%，其中包括我們現在經歷的大量前期客戶流失以及對即將失去專利保護的品牌的逐步淘汰。我們繼續期待隨著時間的推移業績會有所改善。

Branding & Retail commerce was down 17%. Branding experienced continued pressure from uncertain market conditions impacting both new brand launches and rebranding projects as well as continued slow M&A activity while retail commerce in the quarter slowed.

品牌和零售商業下降了 17%。品牌建立持續面臨來自不確定的市場條件的壓力，影響了新品牌的發布和品牌重塑項目，同時併購活動持續放緩，而本季零售業也放緩。

Experiential grew 3%, driven by good performance in the US, offset by a challenging comparison to last year with the Olympics as well as declines in the Middle East and China. Lastly, Execution & Support increased 1%, driven by strong growth in the US, offset by negative performance in the UK and Continental Europe.

體驗式成長 3%，這得益於美國的良好表現，但與去年相比，奧運會帶來了挑戰，而且中東和中國的業績有所下滑。最後，執行與支援業務成長了 1%，這得益於美國的強勁成長，但被英國和歐洲大陸的負面表現所抵消。

Turning to organic revenue growth by geography on slide 9. We saw growth across all of our regions with the exception of the UK, where strength in Media & Advertising was offset by other disciplines. Our largest market, the US, had organic growth of 3% and Asia Pacific also posted solid growth as well as Continental Europe, although mix by market.

第 9 頁是按地區劃分的有機收入成長。除英國外，所有地區均實現了成長，因為英國在媒體和廣告方面的優勢被其他領域所抵消。我們最大的市場美國實現了 3% 的有機成長，亞太地區和歐洲大陸也實現了穩健成長，儘管各市場之間存在差異。

Slide 10 is our revenue by industry sector. Year to date, relative to 2024, there are various small changes in the categories we track. The auto category increased year over year, reflecting new business wins, which were offset by some client spend reductions.

幻燈片 10 是我們按行業劃分的收入。今年迄今為止，相對於 2024 年，我們追蹤的類別有各種細微的變化。汽車類別較去年同期成長，反映了新業務的成長，但被一些客戶支出的減少所抵消。

Now let's move down the income statement and look at our expenses on slide 11. In the quarter, salary-related service costs, our largest expense, were down on a reported basis and as a percentage of revenue, 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 11 上的支出。本季度，我們最大的支出－與薪資相關的服務成本，在報告基礎上和占收入的百分比上均有所下降，這得益於我們持續的效率舉措和全球員工結構的持續變化。

Third-party service costs grew in connection with the growth in revenue. primarily in the Media & Advertising discipline. Third-party incidental costs, which are out-of-pocket costs build back to clients at our cost also grew in connection with revenue growth.

第三方服務成本隨著收入的成長而成長，主要集中在媒體和廣告領域。第三方附帶成本，即我們承擔給客戶的自付費用，也隨著收入的成長而成長。

Occupancy and other costs increased just under 4%, but decreased as a percentage of revenue. These include office rent, other occupancy and general office expenses, as well as technology expenses. SG&A expenses increased primarily due to the $66 million of IPG acquisition-related costs in the second quarter of 2025. Excluding these costs, reported SG&A expenses declined by 6%.

入住率和其他成本增加了近 4%，但佔收入的百分比卻下降了。其中包括辦公室租金、其他佔用和一般辦公室費用以及技術費用。銷售、一般及行政費用增加主要是由於 2025 年第二季 6,600 萬美元的 IPG 收購相關成本。除去這些成本，報告的銷售、一般及行政費用下降了 6%。

Turning to slide 12. You can see a presentation of our income statement that adjust for the items that are not part of our normal course operations. As I mentioned earlier, when excluding both the acquisition-related and repositioning costs from the second quarter of 2025, non-GAAP adjusted EBITDA grew 4.1%, and the related margin was flat at 15.3%.

翻到第 12 張投影片。您可以看到我們的損益表的呈現，其中調整了不屬於我們正常課程運作的項目。正如我之前提到的，當從 2025 年第二季開始排除收購相關成本和重新定位成本時，非 GAAP 調整後 EBITDA 成長了 4.1%，相關利潤率持平於 15.3%。

Net interest expense in the second quarter of 2025 was flat, reflecting a decrease of $1 million to $40.7 million. We estimate that net interest expense will increase by approximately $4 million in Q3 and by $5 million in Q4.

2025 年第二季淨利息支出持平，減少 100 萬美元至 4,070 萬美元。我們估計第三季淨利息支出將增加約 400 萬美元，第四季淨利息支出將增加 500 萬美元。

Our reported income tax rate was 30.2% in Q2 of 2025 compared to 26.4% in the prior year. The increased rate is primarily due to the nondeductibility of certain acquisition-related costs in 2025.

我們報告的 2025 年第二季所得稅率為 30.2%，而前一年為 26.4%。稅率提高的主要原因是 2025 年某些收購相關成本不可扣除。

On an adjusted basis, our Q2 2025 rate was 26.5%, up slightly from Q2 of '24, which was 26.3%. For full year 2025, we expect the rate on an adjusted basis to be between 26.5% and 27%.

經過調整後，我們 2025 年第二季的利率為 26.5%，略高於 24 年第二季的 26.3%。對於 2025 年全年，我們預計調整後的利率將在 26.5% 至 27% 之間。

Average diluted shares outstanding were down 1% from Q2 2024 due to net repurchase activity. Our reported diluted earnings per share were down 21% on an adjusted non-GAAP basis. As discussed, it increased 5% to $2.05 per share.

由於淨回購活動，平均稀釋流通股數較 2024 年第二季下降 1%。根據調整後的非公認會計準則，我們報告的每股攤薄收益下降了 21%。正如所討論的，它上漲了 5%，達到每股 2.05 美元。

Now please turn to slide 12 for a look at year-to-date free cash flow. The year-over-year decline was driven primarily by the reduction in net income, resulting from the impact of both the acquisition-related costs and the repositioning costs. As you know, our free cash flow definition excludes changes in operating capital.

現在請翻到第 12 張投影片來查看年初至今的自由現金流。年比下降的主要原因是淨收入減少，這是由於收購相關成本和重新定位成本的影響所造成的。如您所知，我們的自由現金流定義不包括營運資本的變化。

As you can see in the appendix on slide 18, we had an improvement of approximately $250 million in the use of operating capital in the first six months of 2025 compared to last year. It's worth noting that on a 12-month basis, our change in operating capital is once again positive.

正如您在第 18 張投影片的附錄中看到的，與去年相比，我們在 2025 年前六個月的營運資金使用方面增加了約 2.5 億美元。值得注意的是，以 12 個月計算，我們的營運資本變動再次為正值。

Regarding our primary uses of free cash flow for the six months ended June 30, we used $277 million of cash to pay for dividends to common shareholders and another $34 million for dividends to noncontrolling interest shareholders. Our capital expenditures were $72 million. As we've discussed, they are a bit higher than our historical average due to ongoing investments in our strategic technology platform initiatives.

關於我們截至 6 月 30 日的六個月內自由現金流的主要用途，我們使用了 2.77 億美元現金向普通股股東支付股息，另外使用 3,400 萬美元向非控股股東支付股息。我們的資本支出為 7200 萬美元。正如我們所討論的，由於我們對戰略技術平台計劃的持續投資，它們比我們的歷史平均水平略高。

Total acquisition payments were $48 million, including earn-out payments and the acquisition of additional non-controlling interests. This is down significantly from last year, which included the acquisition of Flywheel, net of cash acquired.

收購總支出為 4,800 萬美元，其中包括獲利支付和額外非控制權益的收購。這一數字較去年大幅下降，其中包括收購 Flywheel 的淨額（扣除所獲現金）。

Finally, our share repurchase activity was $223 million, excluding proceeds from stock plans of $13 million. This included share repurchases of $142 million in Q2 and $81 million in Q1. We still expect repurchase activity of approximately $600 million in total for the year.

最後，我們的股票回購活動為 2.23 億美元，不包括 1,300 萬美元的股票計畫收益。其中包括第二季 1.42 億美元的股票回購和第一季 8,100 萬美元的股票回購。我們仍預計今年的回購總額約為 6 億美元。

Slide 13 is a summary of our credit, liquidity and debt maturities. At the end of Q2 2025, the book value of our outstanding debt was $6.3 billion, flat with the same prior year period. We have no maturities in '25. However, you will note that our $1.4 billion April 2026 maturities are now classified as current on our balance sheet. We will address these in due course.

投影片 13 是我們的信貸、流動性和債務到期日的摘要。截至 2025 年第二季末，我們未償債務的帳面價值為 63 億美元，與去年同期持平。我們沒有 25 年到期的債券。然而，您會注意到，我們 2026 年 4 月到期的 14 億美元債券現在在我們的資產負債表上被歸類為當前債券。我們將在適當的時候解決這些問題。

Our cash equivalents and short-term investments at the end of the quarter were $3.3 billion. We continue to maintain an undrawn $2.5 billion revolving credit facility, which backstops our $2 billion US commercial paper program.

本季末我們的現金等價物和短期投資為 33 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。

Slide 14 presents our historical returns on two important performance metrics for the 12 months ended June 30, 2025. Omnicom's return on invested capital was 18% and our return on equity is 34%, both of which reflect our strong performance and strong balance sheet. The year-over-year change is driven by the IPG related acquisition costs and the repositioning costs incurred in the 12 months ended June 30, 2025.

投影片 14 展示了截至 2025 年 6 月 30 日的 12 個月內兩個重要績效指標的歷史回報。宏盟的投資資本回報率為 18%，我們的股本回報率為 34%，這兩者都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 6 月 30 日的 12 個月內發生的 IPG 相關收購成本和重新定位成本所致。

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

現在我請接線生打開問答專線。謝謝。

(Operator Instructions) David Karnovsky, JPMorgan.

（操作員指示）摩根大通的 David Karnovsky。

Thank you, John. You noted the ongoing macro uncertainty in your remarks. Can you speak to the progression of things since you last updated in April, just given one of your competitors have noted a worsening trend in June?

謝謝你，約翰。您在演講中提到了持續存在的宏觀不確定性。鑑於您的一位競爭對手已經注意到 6 月份情況惡化，您能否談談自 4 月上次更新以來情況的進展？

And then how should we view the low end of the guide? And what's your thinking to maintain that in the context of the over 3% growth in the first half?

那我們該如何看待指南的低端呢？在上半年經濟成長超過3%的背景下，您認為如何維持這個水準？

Sure. Other than some specific clients have issues with them being more impacted by proposed tariffs and not, in general, I don't think the environment has changed all that much since the last time we spoke.

當然。除了一些特定客戶擔心他們受到擬議關稅的更大影響之外，總的來說，我認為自上次談話以來，環境並沒有發生太大變化。

I think the Trump administration hasn't issued final guidelines nor conclusions about some key markets that our clients operate in. And so I think it's business as usual for the most part.

我認為川普政府尚未針對我們的客戶經營的一些關鍵市場發布最終指導方針或結論。所以我認為大部分情況一切如常。

I think on all of our major clients, and they'll be even more significant to us after this transaction closes, they are long-term partners of ours. And so to the extent that there's a little bump in the road someplace. It's nothing more than just that, and we will collectively get through it together in a very constructive way.

我認為對於我們所有的主要客戶來說，在這筆交易結束後，他們對我們來說將變得更加重要，他們都是我們的長期合作夥伴。因此，在某個地方，道路上就會出現一些小顛簸。僅此而已，我們將以非常建設性的方式共同度過難關。

So yeah, there are macro concerns. I would imagine -- there are macro concerns of different starts almost every year. But these seem to be controlled by decisions coming out of Washington for the most part. And I think they're going to settle down as we get through the balance of the year. And, if you want something specific, you want to know, I'll happy to.

是的，存在著宏觀方面的擔憂。我可以想像——幾乎每年都會有不同的宏觀擔憂。但這些似乎大部分是由華盛頓的決定所控制的。我認為，隨著我們度過今年的剩餘時間，他們會安定下來。而且，如果您想要了解一些具體的事情，我很樂意。

No. Just any more thinking, John, on the low end of the range, maintaining in the context --

不。約翰，請再想想，在低端範圍內，保持上下文 -

No. What we did is with the uncertainty, we made our comments earlier in the year. We're still operating well within that range, and we have no reason at this point to think it's going to be any lower for any circumstance.

不。我們所做的就是針對這種不確定性，在今年稍早發表了我們的評論。我們仍在該範圍內良好運作，目前我們沒有理由認為在任何情況下該值還會更低。

And so everything should be upside from the bottom. But until we get further and further into these decisions that are being made by third parties, we really can't measure that impact.

所以一切都應該從底部向上。但除非我們進一步了解第三方所做的這些決定，否則我們無法衡量其影響。

Okay. Just one more, if I can. Your third-party principal cost increases in the quarter would indicate continued strong contribution from principal trading. Just for this offering, how do we think about the sustainability and growth here and kind of maintaining that strong performance overall for Media & Advertising.

好的。如果可以的話，再說一個。本季第三方本金成本的增加顯示本金交易的貢獻持續強勁。僅就該產品而言，我們如何看待其永續性和成長以及如何保持媒體和廣告整體的強勁表現。

Sure. I mean, Media is probably the strongest area within the industry. And our third party, what you referred to is third-party cost, you see from our disclosures that you can't see from any of our competitors, it's a product we have. It's a product we've had for a long time. It's a product that continues to grow. And I can see very clearly that it's going to continue to grow into the future.

當然。我的意思是，媒體可能是該行業中最強大的領域。我們的第三方，您提到的第三方成本，您可以從我們的揭露中看到，這是我們任何競爭對手都無法看到的，這是我們擁有的產品。這是我們長期擁有的產品。這是一種持續成長的產品。我可以非常清楚地看到它在未來將繼續增長。

So it isn't as unicorn by any standard other than the fact that everybody else that you speak to in the industry doesn't tell you the truth. So it is what it is. It continues to grow. It is a product.

因此，以任何標準來看，它都不能算是獨角獸，除非你在業內交談的其他人都不會告訴你真相。事實就是這樣。它還在繼續增長。它是一種產品。

The reason it's revenue is for all sorts of accounting reasons that Phil can probably will be better explain. But it's a product that our clients opt into, we plan with them, and then we execute against it. And the client gets a better deal, and we get incremental revenue with an incremental margin.

其收入的原因是出於各種會計原因，菲爾可能能夠更好地解釋。但這是我們客戶選擇的產品，我們與他們一起制定計劃，然後根據計劃執行。客戶獲得了更好的交易，而我們獲得了增量收入和增量利潤。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thanks. I want to follow up on David's question but focusing on the creative side within Media & Advertising. And Phil, I think last quarter, you said creative was flattish in Q1 and might pick up during the year. So I'm just curious if you any pickup on the creative side of things?

謝謝。我想跟進大衛的問題，但重點關注媒體和廣告中的創意方面。菲爾，我想您上個季度說過，創意在第一季表現平平，但全年可能會回升。所以我只是好奇您是否對事物的創造性方面有任何了解？

And then relatedly, as David pointed out, it does look like the media business is growing strong. John, you said that you think that will continue into the future. Is there any margin mix benefit or shift that we should think about as media becomes kind of this longer-term tailwind and becomes a bigger and bigger piece of revenue ahead?

與此相關的是，正如大衛所指出的那樣，媒體業務確實看起來成長強勁。約翰，你說你認為這種情況會持續到未來。隨著媒體成為長期順風，並成為未來越來越大的收入來源，我們是否應該考慮任何利潤組合效益或轉變？

Well, let me go to the second part, and then Phil can talk to the first part. Yeah, Media is a very, very strong area, which continues to grow. I think our increased size will benefit us as we move forward and complete the transaction.

好吧，讓我先講第二部分，然後菲爾可以講第一部分。是的，媒體是一個非常非常強大的領域，而且還在持續成長。我認為，隨著我們繼續前進並完成交易，擴大規模將使我們受益。

Also, the unique attributes of what's in our platform that we gather information, which allows us to gain insights to help target how clients spend their money and how to optimize that spend improves every single day.

此外，我們平台中收集資訊的獨特屬性使我們能夠獲得洞察力，幫助確定客戶如何花錢以及如何優化支出，這些資訊每天都在改善。

Paolo spoke to generative AI and the benefits it has to the tools that we're providing both our creative people and our media people, that continues to happen in break that space. And he's available, by the way, to answer more specific questions because I'm a generalist.

Paolo 談到了生成性人工智慧及其為我們為創意人員和媒體人員提供的工具帶來的好處，這些好處在該領域仍在不斷湧現。順便說一句，他可以回答更具體的問題，因為我是一個多面手。

And yeah, there are increasing opportunities that are being developed in terms of different products, different opportunities to increase margin, different ways to process media transaction. So to me, that is very -- I'm very optimistic about that and its continued growth.

是的，在不同產品、增加利潤的不同機會、處理媒體交易的不同方式方面正在開發越來越多的機會。所以對我來說，這非常——我對此及其持續成長非常樂觀。

I know some -- I think if you objectively look at the industry, at least for the last two years, the people who we consider competitive in the set, two of us continue to win and the others continue to suffer at one pace or another. By the way, those are the same two that I tried to merge with a decade ago. So I wasn't wrong, then; I probably won't be wrong this time. Do you want to take here?

我知道一些——我認為如果你客觀地看待這個行業，至少在過去的兩年裡，我們認為在片場有競爭力的人，我們中的兩個人繼續獲勝，而其他人則繼續以不同速度遭受損失。順便說一句，十年前我曾試圖合併這兩家公司。所以那時我沒有錯；這次我可能也不會錯。你想帶走這裡嗎？

Yeah. On your first question, Steve. The creative business was basically flat to slightly down in the quarter. Performance was stronger outside the US in many international markets, not every international market, but many relative to the US.

是的。關於你的第一個問題，史蒂夫。本季創意業務基本持平或略有下降。在許多國際市場中，美國以外的市場表現更為強勁，雖然不是每個國際市場，但許多市場相對於美國而言表現更為強勁。

So performance was okay. It's been better in the past, but not that difficult. I think some of the macro probably had a little more of an impact on the creative business this quarter.

所以表現還不錯。過去情況好一些，但也沒那麼困難。我認為一些宏觀因素可能對本季的創意業務產生了更大的影響。

It's certainly easier to move from quarter to quarter or from month to month than some of the media commitments as you have to make if you're standing at 20,000 feet and dissecting our business.

如果你站在 20,000 英尺的高度剖析我們的業務，那麼從一個季度到另一個季度或從一個月到另一個月的變化肯定比你必須做出的一些媒體承諾要容易得多。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Hi, thanks. I wanted to ask about the AI agents and where you expect to see the biggest immediate value add? And then long term, how you may expect that to evolve.

你好，謝謝。我想問一下人工智慧代理以及您預計在哪裡能夠看到最大的直接增值？從長遠來看，您可以預期它會如何發展。

And then secondly, on that point, how do you expect that to impact your financials? Do you see this more enabling share gains and cross selling some more of a topline growth driver or is this more for an operational efficiency standpoint and to help with margins or maybe both? Thanks.

其次，關於這一點，您預期這會對您的財務狀況產生什麼影響？您是否認為這更有利於提高市場份額和交叉銷售，從而成為營收成長的動力，還是更多地從營運效率的角度考慮，並有助於提高利潤率，或者兩者兼而有之？謝謝。

I'm going to let Paolo take a lead on the question, and then I have some opinions. I don't think they're more than that on what the impacts of it are going to be financially. But Paolo?

我打算讓 Paolo 來主導這個問題，然後我會提出一些意見。我認為他們不會對此產生更多的財務影響。但是保羅？

Sure. So as John articulated earlier, we believe that we sit on effectively the most elite data set in the industry, and our generative AI strategy is grounded in this notion of an agentic framework. And what those agents are allowing us to do is to effectively infuse the intelligence of our elite data set into every facet of the marketing workflow.

當然。正如約翰先前所闡述的，我們相信我們實際上擁有業界最精英的資料集，而我們的生成式人工智慧策略正是建立在代理框架這一概念之上的。這些代理商使我們能夠將精英資料集的智慧有效地註入到行銷工作流程的各個方面。

So every discipline, all the teams across Omnicom now have the capability to drive deeper intelligence and a deeper understanding into every part of the work that they're doing for clients. This not only connects our capabilities but also drives a better understanding of consumers at every touch point.

因此，宏盟集團的各個學科、所有團隊現在都有能力對為客戶所做的每項工作進行更深入的情報和更深入的理解。這不僅連結了我們的能力，也推動了我們在每個接觸點更了解消費者。

In terms of the financial impacts, there's a book yet to be written. The immediate benefit that we get is we're putting tools in the hands of our employees and colleagues all over the world and just about every practice area that we function in.

就財務影響而言，還有一本書尚未出版。我們獲得的直接好處是，我們將工具交到世界各地的員工和同事手中，幾乎涵蓋了我們開展業務的每個實踐領域。

What hasn't -- adoption of that is going to be dependent upon widespread use of many of these tools by large enterprise clients, which happen to be the clients that we serve, will happen at a slightly different pace than, say, the smaller self-service clients that somebody like Facebook looks to.

但尚未實現的是，這些工具的採用將取決於大型企業客戶對這些工具的廣泛使用，而這些客戶恰好是我們所服務的客戶，其採用速度與 Facebook 等公司所關注的小型自助服務客戶略有不同。

Now what hasn't been factored into this future state, as you get more productive and possibly need fewer people, there's going to be a cost which hasn't been fully loaded in by these people developing all these breakthrough wonderful technologies, the cost of compute, the cost of store, all those things haven't hit the headlines yet. So they haven't been factored into the decision-making process.

現在，未來狀態中尚未考慮到的是，隨著生產力的提高，可能需要更少的人，開發所有這些突破性奇妙技術的人們尚未完全承擔的成本、計算成本、存儲成本，所有這些尚未成為頭條新聞。因此他們沒有被納入決策過程。

At a client level as to -- it's better to use the fanciest product that's on the market or to do it in a more traditional fashion. That's going to play out over the course, I think, in the next 24 to 36 months. What's key to us is to make sure that we have all the tools. We make all those tools available to the incredible group of over 100,000 professionals that we have around the world. We're still going to help us invent new things and to do things in ways that sitting here at our corporate headquarters, we can't yet imagine, which I think is going to be a great benefit.

從客戶層面來說，最好使用市場上最精美的產品，或採用更傳統的方式。我認為，這將在未來 24 到 36 個月內實現。對我們來說，關鍵是確保我們擁有所有工具。我們向遍布全球的超過 100,000 名專業人士提供所有這些工具。我們仍將幫助我們發明新事物，並以我們公司總部無法想像的方式做事，我認為這將帶來巨大的好處。

And we'll figure out ways to efficiently deliver these services to a client in a way that they're going to get a return on investment, and they're going to optimize the dollars that they spend in media, earned and unearned. Did that quite do it for you or I can expand?

我們會找到方法有效地向客戶提供這些服務，使他們能夠獲得投資回報，並優化他們在媒體上花費的資金，無論是賺取的還是不賺取的。這對你來說夠了嗎或是我可以進一步闡述嗎？

That's helpful. Thank you.

這很有幫助。謝謝。

You're living in an interesting time as we all are. So it's wonderful. I'm very optimistic about it.

和我們一樣，您也活在一個有趣的時代。這真是太棒了。我對此非常樂觀。

Adam Berlin, UBS.

瑞銀集團的亞當柏林。

Yeah, good evening. I've got three questions. The first question is, if macro conditions remain the same for the rest of the year as we've seen in H1, is it reasonable to assume growth improves in H2 because of the ramp-up of the Amazon revenues from the win last year? That's the first question.

是的，晚上好。我有三個問題。第一個問題是，如果宏觀條件在今年剩餘時間內保持不變（就像我們在上半年看到的那樣），那麼是否可以合理地假設，由於亞馬遜去年獲勝帶來的收入成長，下半年的成長將會改善？這是第一個問題。

Do you want to ask all three of them or do you want me to answer them one at a time?

您想問所有這三個問題還是想讓我一次回答一個？

Yeah, I'll ask the others then. The second question is the repositioning costs that you talked about in Q2, $8 million to $9 million, when do we see the benefit of those? Is that in H2? Or is that more 2026? And is that already in the 10 bps of guidance that you've given for margin improvement this year? And the third question is, can you tell us how Flywheel performed in Q2?

是的，那我去問問其他人。第二個問題是您在第二季談到的重新定位成本，800 萬至 900 萬美元，我們什麼時候能看到這些成本帶來的好處？那是在 H2 嗎？還是 2026 年？這是否已經符合您今年給出的 10 個基點的利潤率改善預期？第三季是，您能告訴我們 Flywheel 在第二季的表現如何嗎？

Well, I'll take a shot at it until we'll back me up with facts. Hypothetical macro conditions, it's tough for me to project. What I do know is I do know that I have a very long history within Omnicom that we're quite flexible and agile in adjusting to whatever the conditions are and never lose sight that we're not doing things simply transactionally. We're entering into longer-term relationships, trying to grow clients' brands.

好吧，我會嘗試一下，直到我們能用事實支持我。假設的宏觀條件，我很難預測。我所知道的是，我在宏盟集團工作了很長一段時間，我們非常靈活、敏捷，能夠適應各種情況，並且永遠不會忘記，我們所做的並不是簡單的交易。我們正在建立長期合作關係，努力發展客戶的品牌。

So a blip of small numbers in a particular quarter or a particular moment in time are really irrelevant to the long-term health and continued growth of our business. So I'm not -- we're very -- as we said earlier, we're very comfortable with the guidance that we previously have given you, and we're sticking with it.

因此，某個季度或某個時刻的小數字波動與我們業務的長期健康和持續成長實際上無關。所以我不是——我們非常——正如我們之前所說的，我們對之前給您的指導非常滿意，並且我們會堅持下去。

We don't see -- we don't plan based upon wonderful macro conditions suddenly changing overnight. We think there's still going to be some challenges as we go forward. I think Washington will bring a lot of clarity to this over the rest of this quarter, and then we'll be able to plan better as we move into the fourth quarter and into the future. So that's how I respond to the first one.

我們沒有看到——我們不會根據一夜之間突然改變的良好宏觀條件來製定計劃。我們認為未來仍將面臨一些挑戰。我認為華盛頓將在本季剩餘時間內對此做出更清晰的解釋，這樣我們就能更好地規劃第四季甚至未來的發展。這就是我對第一個問題的回答。

Phil can talk a little bit more about reposition, but I just have one comment before he does. Many of the changes that we've made or we've insisted on making almost since July of last year, starting with production than OAG and a few -- and then now the delivery platform that Dunkin' is going to continue to build out for us, required some anticipated reorganization.

菲爾可以再多談一點有關重新定位的問題，但在他之前我只想發表一則評論。自去年 7 月以來，我們所做的或堅持要做的許多改變，從生產開始，然後是 OAG 和其他一些改變，現在 Dunkin' 將繼續為我們構建的交付平台，都需要進行一些預期的重組。

So the host being Omnicom is ready when this closes in just a few months to absorb those activities in a very productive way, which allows us to achieve and possibly exceed the $750 million we discussed at the time we announced the merger.

因此，當合併在幾個月後結束時，主辦方宏盟集團已做好準備，以非常高效的方式吸收這些活動，這使我們能夠實現甚至可能超過我們在宣布合併時討論的 7.5 億美元目標。

So we're not standing still during this period of time. We're planning the integration. And where we have to reorganize ourselves to make it easier to ingest our new colleagues, that's what we're doing. Now Phil could have more specific answers on the repositioning cost. But that's the reason behind why we're incurring.

因此，在這段時間裡我們不會停滯不前。我們正在規劃整合。我們必須進行重組，以便更容易接納新同事，而這就是我們正在做的事情。現在菲爾可以對重新定位成本有更具體的答案。但這正是我們這樣做的原因。

Sure. As far as the actions we took in the quarter, Adam, a couple of clarifications. They weren't -- they certainly weren't part of the actions we expect to take to meet our $750 million synergy target that we talked about post close.

當然。就我們在本季採取的行動而言，亞當，有幾點澄清。它們不是——它們當然不是我們為實現我們在交易結束後談到的 7.5 億美元協同目標而預期採取的行動的一部分。

We continue to expect to achieve the $750 million synergy target. And we're certainly working on plans to exceed it as well, as John had mentioned in his prepared remarks. We took the actions in the second quarter, as we said, to optimize the OAG and Omnicom production units, which will help us certainly in the IPG integration process. And as I said in my prepared remarks, all of this has been considered in our 10 basis point improvement for the year as we reiterate our guidance.

我們繼續期望實現 7.5 億美元的協同目標。正如約翰在準備好的發言中提到的那樣，我們當然也在製定超越這一目標的計劃。正如我們所說，我們在第二季採取了行動來優化OAG和Omnicom生產部門，這肯定會幫助我們完成IPG整合過程。正如我在準備好的演講中所說，我們在重申指導方針時，已將所有這些都考慮在我們今年 10 個基點的改進中。

As far as Flywheel goes, we haven't and aren't going to provide individual numbers or specific numbers for individual businesses. But the Flywheel business continues to perform well, especially in the US. And it certainly continues to enhance our broader portfolio, including the Omni platform and our AI and data strategies. And Duncan has been invaluable both in integrating Flywheel into our business as well as the additional role that is going to take on that John referred to in his prepared remarks. So I think that addresses it, but happy to clarify any follow-up items.

就 Flywheel 而言，我們沒有也不會提供單一企業的個人數字或具體數字。但飛輪業務繼續表現良好，尤其是在美國。它肯定會繼續增強我們更廣泛的產品組合，包括 Omni 平台以及我們的人工智慧和數據策略。鄧肯在將飛輪公司融入我們的業務以及約翰在準備好的發言中提到的額外角色方面發揮了不可估量的作用。所以我認為這已經解決了這個問題，但很高興澄清任何後續問題。

And one of the positive things about Flywheel, if you look historically at the portfolio as Omnicom in public, public had a deeper relationships with many CPG companies that haven't been traditionally part of our growth in portfolio that's going to introduce Flywheel to even more opportunities to provide service.

Flywheel 的一個優點是，如果你回顧歷史上的投資組合，你會發現宏盟集團 (Omnicom) 的上市，與許多 CPG 公司建立了更深層次的關係，而這些公司傳統上並不屬於我們投資組合的增長範圍，這將為 Flywheel 帶來更多提供服務的機會。

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

I've got a few of them. One of your competitors was talking about a smaller pipeline, smaller opportunities right now. I was just wondering what your thoughts were around this?

我有幾個。您的一位競爭對手目前正在談論通路變小、機會變少的問題。我只是想知道您對此有何看法？

Secondly, maybe a housekeeping question, but how much repositioning and acquisition-related costs should we model for the year? And then sticking to that topic, is there some pull forward in that number from the $750 million norms of cost savings that you've planned from the IPG combination or does these actions in '25 come on top of that number?

其次，這可能是內部問題，但我們應該為今年的重新定位和收購相關成本建模多少？然後繼續這個主題，這個數字是否比您計劃從 IPG 組合中獲得的 7.5 億美元成本節約標準有所提高，或者 25 年的這些行動是否高於這個數字？

I'll take the latter first, and then we can go back to your first question. On the repositioning charges, they were not -- as I said earlier, they were not part of the $750 million synergy target. We continue to expect to achieve the $750 million and beyond, but those charges were not part of the $750 million.

我先回答後者，然後我們可以再回到你的第一個問題。關於重新定位費用，正如我之前所說，它們不屬於 7.5 億美元協同目標的一部分。我們仍然期望實現 7.5 億美元甚至更多，但這些費用不包含在 7.5 億美元內。

And I think it's safe to say, we don't intend to take any further repositioning charges in the third quarter. I think there are some actions we're going to be taking in connection with when the deal closes. We don't have a precise date, but we expect and believe it will continue to close in the second half.

我認為可以肯定地說，我們不打算在第三季承擔任何進一步的重新定位費用。我認為我們將在交易完成時採取一些相關行動。我們沒有確切的日期，但我們預計並相信它將在下半年繼續關閉。

And when it does certainly to achieve the $750 million, there are going to be some actions that we need to take that are going to result in charges, which I think we've made clear prior. But when we get there, we'll certainly provide some more information and disclosure around that.

當我們確實要達到 7.5 億美元時，我們需要採取一些行動，這些行動將會產生費用，我想我們之前已經明確表示過了。但當我們到達那裡時，我們肯定會提供更多相關資訊和披露。

And on your first question, I typically read and follow very much of what my competitors are saying. I don't recall that particular quote referring to smaller opportunities. So maybe you can provide some clarity, maybe I just don't fully understand the question.

關於您的第一個問題，我通常會閱讀並關注競爭對手的言論。我不記得那句引言提到較小的機會。所以也許您可以提供一些解釋，也許我只是不完全理解這個問題。

I do think that because of some of the uncertainties that are out there, that some decision processes have gotten delayed or a little slower than what we might have expected in prior years. But again, that's a temporary phenomenon from my perspective. I mean could you give me a little bit more clarity, maybe I can be a bit more help in terms of first question.

我確實認為，由於存在一些不確定性，一些決策過程已經被推遲或比我們前幾年預期的要慢。但從我的角度來看，這只是暫時現象。我的意思是，您能否給我更清楚的解釋一下，也許我可以在第一個問題上提供更多幫助。

Sure. So I think they were specifically calling out the fact that there isn't a lot of pitches basically going on at the minute in media specifically.

當然。所以我認為他們特別指出了這樣一個事實，即目前媒體上基本上沒有太多的宣傳。

Yeah, I don't know if that's true or not. I mean it's certainly inconsistent with all the projections everybody was making about all the disruption I was going to have in my business when I announced the deal, but that hasn't occurred.

是的，我不知道這是不是真的。我的意思是，當我宣布這筆交易時，大家對我的業務將遭受的干擾的預測肯定與此不一致，但這種情況並沒有發生。

But we continue along with at least one competitor to be invited to, I think, every single pitch of any size, because clients are curious about how our services differ from those of maybe one other in the group primarily.

但我認為，無論規模大小，我們都會繼續邀請至少一位競爭對手參加每一次推介，因為客戶主要好奇我們的服務與集團內其他公司提供的服務有何不同。

So -- it's -- business is equal, I think. And also, there are some active going on during this summer that I find in some way than usual because people typically delay some of those decisions until the autumn. So there isn't, I wouldn't say quantity a lot, but there's a few big opportunities that we're currently in the process of having conversations with clients about.

所以，我認為，做生意是平等的。而且，我發現今年夏天發生的一些事情比平常活躍一些，因為人們通常會把一些決定推遲到秋天。所以，我不會說數量很多，但是我們目前正在與客戶討論一些重大機會。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Can I just ask a quick question about your philosophy regarding buybacks. The reason I ask is that the $600 million that you called out for the year seems very consistent with what you've done in terms of buybacks over the last 10 years with a few exceptions, but your multiple fees as loaded a anytime maybe ex the GFC back in '08 and maybe ex COVID in 2020.

我可以問一個簡單的問題，關於您對回購的看法嗎？我之所以問這個問題，是因為您今年要求的 6 億美元似乎與您過去 10 年的回購計劃非常一致，只有少數例外，但您的多重費用是隨時加載的，可能不包括 2008 年的全球金融危機，也可能不包括 2020 年的新冠疫情。

So I guess the inference of the $600 million is you don't really think about buying back more stock if your stock is cheap and less if you think it's expensive, it's just a pretty consistent sort of capital return independent of the price of your stock. Is that a fair characterization?

所以我猜 6 億美元的推論是，如果你的股票便宜，你實際上不會考慮回購更多股票，如果你認為股票昂貴，你就不會考慮回購更少股票，這只是一種與股票價格無關的相當穩定的資本回報。這是一個公正的描述嗎？

No, it wouldn't be. And the reason is back on December 8 as we were announcing the transaction to purchase into public, we were acquiring them. And we had to come up with a decision as to how much we would permit them to buy back until the transaction closed. And since we were insisting that they would be limited, they very respectfully asked us to define what we would do.

不，不會的。原因早在 12 月 8 日，當我們宣布收購交易時，我們就在收購它們。我們必須做出決定，在交易結束前我們允許他們回購多少。由於我們堅持認為這些限制是有限的，所以他們非常尊重地要求我們明確我們將要做什麼。

And at the time, again, remember, we were coming off COVID last year, we were coming off of having purchased Flywheel. And so we agreed arbitrarily to two numbers, a number for them, which I'll allow them to tell you what it is on their call and $600 million for us.

當時，請記住，我們去年剛擺脫 COVID，我們剛剛收購了 Flywheel。因此，我們隨意同意了兩個數字，一個給他們，我會讓他們在電話中告訴你具體數額，另一個給我們 6 億美元。

By all means, if weren't for this agreement, we would probably be a lot more active in the market than we are currently, but we are respectful of the merger agreement that we signed. The good news is I expect that to be completed sometime in the next four months, at which point will be a lot more flexible and free to react to whatever the conditions are.

無論如何，如果沒有這項協議，我們在市場上可能會比現在更活躍，但我們尊重我們簽署的合併協議。好消息是，我預計這將在未來四個月內完成，屆時我們將能夠更靈活、自由地應對任何情況。

But that's an arbitrary decision that was taken seven, eight months ago that we're honoring. So it is not business as usual, and it's not because we don't see the same opportunities that you just mentioned.

但這是七、八個月前做出的武斷決定，我們予以尊重。所以這不是正常的業務，這並不是因為我們沒有看到您剛才提到的相同機會。

Michael Nathanson, MoffettNathanson.

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

John, I have two. Firstly, I just want to ask you about RFK junior and potentially changes in healthcare advertising. I know Interpublic's got a very good and you do as well Healthcare business. How are you thinking about potentially the risks to the changes in marketing regulation trends?

約翰，我有兩個。首先，我只想問您有關小羅伯特甘迺迪 (RFK junior) 以及醫療保健廣告可能發生的變化的問題。我知道 Interpublic 的醫療保健業務非常好，而且你們的醫療保健業務也很好。您如何看待市場監理趨勢變化可能帶來的風險？

And then secondly, I just wanted to ask, I guess, Paolo one. We've seen Veo 3 launch from Google and looks pretty good and stores out there as well. I guess the key concern about those products is it allows people to create great content at the like switch in more messaging, more efficiently, less people.

其次，我只想問 Paolo 一個問題。我們已經看到Google推出了 Veo 3，它看起來非常不錯，而且也有商店出售。我想這些產品的主要關注點在於它允許人們以更少的人力、更多的訊息傳遞方式更有效率地創建出色的內容。

I think the inherent risk for people is it looks like it's actually cannibalistic to how people get paid in the agency world. So help us square the circle why these tools that create great efficiency and great content is accretive to the business model versus being dilutive?

我認為，對人們來說，固有的風險在於，它看起來實際上會蠶食人們在代理商世界中獲取報酬的方式。那麼，請幫助我們釐清為什麼這些創造高效率和優質內容的工具會增進商業模式而不是稀釋商業模式呢？

Yeah. There's a lot there to unpack. First was RFK. I think what you've heard is the third episode of a reality TV show as opposed to anything substantive. There seems to be a lot of complexity and conversation and very little change or action going on.

是的。有很多東西要解開。首先是羅伯特·甘迺迪（RFK）。我認為你所聽到的只是真人秀節目的第三集，而不是任何實質的內容。似乎存在著許多複雜性和對話，但很少有變化或行動。

And many of the things that are being suggested don't seem to have -- anything is possible, but don't seem to have caught much traction in terms of the way behavior is occurring with pharmaceutical companies. And we use the general public seeking better information about therapeutic answers to problems that they may individually have.

而且許多建議似乎都沒有——一切皆有可能，但從製藥公司的行為方式來看，似乎並沒有引起太大的關注。我們利用公眾尋求更好的資訊來治療他們可能遇到的問題。

So the medium possibly could change in which that information gets relayed, but the need to get that information to the consumer, that only gets more complex every day. And that benefits us. So that's on RFK. I wish that only does the right thing for the American people. In terms of your other question --

因此，傳遞訊息的媒介可能會發生變化，但將訊息傳遞給消費者的需求只會變得越來越複雜。這對我們有好處。這就是 RFK。我希望這對美國人民來說是正確的事。關於你的另一個問題--

I think we need you to repeat, if you don't mind.

如果您不介意的話，我想我們需要您重複一遍。

The question is just more [roles] to Paolo to is when you look at the next-generation video products being launched by the likes of Google like Veo 3 or Sora, the quality -- as far as the quality of AGI is getting better and better for video. So we all worry that because of just the efficiency of what they're producing, it actually eats into your business and it's not accretive, it's dilutive just because it effectively allows people to make more and more messaging or create messages at less and less amount of time, right?

問題在於，當你看到Google等公司推出的下一代視訊產品（如 Veo 3 或 Sora）時，Paolo 需要扮演更多角色，其品質——就 AGI 的品質而言，視訊品質越來越好。因此，我們都擔心，由於他們生產效率的提高，它實際上會侵蝕你的業務，而且它不具有增值性，而是稀釋性，因為它實際上允許人們在越來越少的時間內發送越來越多的訊息或創建訊息，對嗎？

So it looks like it's a dilutive set of tools to businesses that are based on doing hours on creative. So that's the circle we need to square. These tool sets are getting better, and it feels like creating content is getting more efficient. And isn't that a problem for businesses that are billing based on time spent to creating messaging?

因此，對於那些依賴長時間進行創意工作的企業來說，這似乎是一套稀釋性的工具。這就是我們需要解決的問題。這些工具集越來越好，感覺創作內容也越來越有效率。對於根據創建訊息所花費的時間來計費的企業來說，這不是一個問題嗎？

Well, I'm going to let Paolo answer the question more specifically, but I just have two things to add to it. So you can understand is we're not caught in time and capable of changing our compensation models as the tools improve and our efficiency improves and the ROI to our clients improve.

好吧，我將讓 Paolo 更具體地回答這個問題，但我只想補充兩點。所以你可以理解，隨著工具的改進、效率的提高以及客戶投資回報率的提高，我們無法及時改變我們的薪酬模式。

And we've -- historically, it has happened quite a bit over my career. But the biggest seismic move, I guess, in the industry is when we move from getting paid on media commissions to getting paid in another fashion. It will increasingly -- our compensation models will increasingly shift, I think, to outcomes, however defined, and that's a big word. And we don't have enough time to do it. That's number one.

從歷史上看，在我的職業生涯中，這種情況發生過很多次。但我認為，這個行業最大的變化是我們從透過媒體佣金獲得報酬轉向透過其他方式獲得報酬。我認為，我們的薪酬模式將越來越多地轉向結果，無論如何定義，這是一個很重要的詞。我們沒有足夠的時間來做這件事。這是第一點。

And number two, Paolo can talk to just the unbelievable capabilities that are being released every day. But I'll give you one example of something that nobody would have thought of and a very small user of a Google product wouldn't care about, but a big company did.

第二，Paolo 可以談談每天都會發布的令人難以置信的功能。但我給你舉一個例子，這個例子是沒有人會想到的，谷歌產品的小用戶也不會關心的，但大公司卻關心的。

We created an advertisement, which we were able to create in minutes and it included an animal. And that animal as it was depicted in the content had a hat on it. And as a result, the attorneys from that very large enterprise company wouldn't allow us to use the tools because it's illegal to put a hat on a cat. And I'm not Doctor Seuss. But Paolo can now talk to the technical part of it.

我們製作了一個廣告，只需幾分鐘即可完成，其中包含一隻動物。內容中描繪的那隻動物戴著一頂帽子。結果，那家大型企業公司的律師不允許我們使用這些工具，因為戴帽子是違法的。我也不是蘇斯博士。但保羅現在可以談論其中的技術部分。

Yes. I think -- so Michael, the first thing to note is that we incorporate all those major models, including Veo 3. We get early access to all these models, and we've integrated them into our Agentic framework use across all the workflows for all of our teams. So that's the first thing. So we partner very closely with those model providers.

是的。我認為——邁克爾，首先要注意的是，我們整合了所有主要型號，包括 Veo 3。我們提前獲得了所有這些模型的使用權，並將它們整合到我們的 Agentic 框架中，供我們所有團隊的所有工作流程使用。這是第一件事。因此，我們與這些模型提供者合作非常密切。

But the other thing to note is that, it is not just about driving efficiency. And as I said earlier, it's absolutely driving a certain degree of efficiency as it relates to content creation. John noted a specific example for one of our clients where we're able to realize those efficiencies very quickly.

但需要注意的另一件事是，這不僅與提高效率有關。正如我之前所說，它絕對會提高與內容創作相關的某種程度的效率。約翰舉了一個我們客戶的具體例子，我們能夠非常快速地實現這些效率。

But what we see, at least today and for the future is that it's allowing our creative teams to explore really more creative territories, unchartered accretive territories. And that is really expanding the aperture of our creativity that we already believe that we have an unfair share of within Omnicom.

但我們看到，至少在今天和未來，它讓我們的創意團隊能夠探索更具創意的領域、未知的增值領域。這確實擴大了我們的創造力範圍，而我們認為，我們在宏盟集團內部擁有不公平的份額。

So remuneration models aside, I think that all of the advancements in this technology is supercharging our capabilities and actually adding greater value to what we deliver for our clients, which are outcomes on a regular basis.

因此，除了薪酬模式之外，我認為這項技術的所有進步都在增強我們的能力，並實際上為我們為客戶提供的服務增加了更大的價值，這些都是定期取得的成果。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Just a follow-up on those questions on AI. So the potential cost savings will use AI and generative AI on behalf of your clients. Those cost savings for your clients, where do you think those dollars go? They get plowed back into activities through an Omnicom or they come outside the ecosystem, you actually lose the dollars? Anything that plays out here?

這只是對人工智慧的問題的後續回答。因此，潛在的成本節約將代表您的客戶使用人工智慧和產生人工智慧。您認為為您的客戶節省的這些成本都花在了哪裡？他們透過宏盟集團重新投入活動中，或是退出生態系統，你實際上會損失金錢嗎？這裡發生什麼事了嗎？

Well, I think initially, I think it makes us more efficient, right? And it allows us to be more creative because we can test more ideas to find out whether or not they're really great ideas and not such great ideas. So it's been my experience that any time that we can become more efficient, clients typically will reinvest that money in the brand itself.

嗯，我認為最初它能讓我們更有效率，對吧？它使我們更有創造力，因為我們可以測試更多的想法，以了解它們是否是真正偉大的想法，以及是否不是那麼偉大的想法。因此，根據我的經驗，只要我們能夠提高效率，客戶通常就會將資金重新投資於品牌本身。

And I think if you were to do a survey, as I probably have and I won't use the client's names, industries like the auto industry, which is currently in all sorts of chaos because of tariffs, because of electric cars versus non-electric cars.

我認為如果你要做一項調查，我可能已經做過了，但我不會使用客戶的名字，像汽車行業這樣的行業，目前由於關稅、電動車和非電動車而陷入各種混亂。

But when you cut through all those tactical noise and companies adjust, one of the things I think most major brands have realized is that with the savings and the improvement that they saw in their businesses during COVID, which declined or challenged a little bit post COVID, what they forgot to do as they were enjoying those savings was to continue to invest in the brand. And that awareness, which you might think is obvious, really hasn't really occurred to people until very recently. And increasingly, more and more of my conversations have to do with, how are you going to project this brand that you've invested in over the last 50 or 100 years.

但是，當你排除所有這些戰術噪音並且公司進行調整時，我認為大多數主要品牌已經意識到的一件事是，儘管他們在 COVID 期間看到了業務的節省和改善，但在 COVID 之後卻有所下降或面臨挑戰，但他們在享受這些節省的同時忘記了繼續投資於品牌。您可能認為這種認識是顯而易見的，但實際上直到最近人們才真正意識到這一點。我越來越多地談論這個問題：你將如何推廣你在過去 50 年或 100 年裡投資的這個品牌。

And isn't that what differentiates your automobile, in my example from the next guy. So it passed this precedent at all. Any savings that we'll get reinvested in the brand itself or in practice which will drive sales. As a general statement, I believe that could be true.

在我的例子中，這不是你的汽車與其他人汽車的區別嗎？所以它根本就通過了這個先例。我們將把節省下來的資金重新投資於品牌本身或實際推動銷售。總體來說，我相信這可能是真的。

And Paolo will then talk to the tools. But again, Microsoft is investing in Three Mile Island for a reason, right, because somebody is going to need electricity to power all this great stuff when it starts to get into a wide use, right?

然後 Paolo 會與工具進行交談。但是，微軟投資三哩島是有原因的，因為當這些偉大的東西開始被廣泛使用時，總是有人需要電力來為它們提供動力，對吧？

I think, generally speaking, with every technological revolution, the expectations of consumers typically moving faster than brands can keep up with. And the only way that brands can keep up is to actually create more personalized content that can deliver on what they're trying to ultimately sell.

我認為，一般來說，隨著每一次科技革命，消費者的期望變化速度通常比品牌能跟上的速度更快。品牌能夠跟上潮流的唯一方法就是真正創造更個人化的內容，以實現他們最終想要銷售的產品。

So with that, there is more and more content that needs to be created and generated. So it's not necessarily about creating the same content for cheaper. It's about being able to create more content to drive true mass personalization at scale.

因此，需要創建和生成的內容越來越多。因此，不一定需要以更低的成本創作相同的內容。這是為了能夠創造更多內容來大規模推動真正的個人化。

So what you're suggesting then is if hypothetically, you save, say, customer saves 10% because use AI tools to your company a lot more than that extra 10% savings are going to plow those dollars back into marketing and advertising. And therefore, you as your company or we're going to see the same dollars, if you're not going to lose out? Is that what you're suggesting?

那麼你的建議是，假設你節省了，比如說，客戶節省了 10%，因為你的公司使用人工智慧工具，而這額外的 10% 節省將把這些錢重新投入到行銷和廣告中。因此，如果您不想遭受損失，您和您的公司是否會看到相同的收益？這就是你所建議的嗎？

In general term, yes, for the reasons that Paolo expressed, plus our media products get more and more sophisticated every single day, and we're able to optimize them better and better. And we're able to identify the audiences that we should be talking to with this content.

總的來說，是的，原因正如 Paolo 所述，再加上我們的媒體產品日益複雜，我們也能夠對其進行越來越好的優化。我們能夠確定我們應該透過這些內容來針對哪些受眾。

People will reinvest in -- if I ask you to spend a $1, but I kind of can prove to you that you're going to get $2.20 back for it, you're going to reinvest that money. And the more of those scenarios there are where we can prove the return, the more comfortable clients are going to be spending more to generate that return.

人們會重新投資——如果我讓你花 1 美元，但我可以向你證明你將獲得 2.20 美元的回報，你就會重新投資這筆錢。我們能夠證明回報的場景越多，客戶就越願意花更多的錢來獲得回報。

Okay. Then my next question I want to ask you on the tariffs. You touched on this a little bit here. Maybe three months ago, everybody is waking out about the tariffs and so forth. How are your clients feeling right now about the tariff potential impact out there on their business and the macro side of things?

好的。那麼我的下一個問題是關於關稅的問題。您在這裡稍微提到了這一點。也許三個月前，每個人都開始意識到關稅等問題。您的客戶目前對於關稅對其業務和宏觀方面的潛在影響有何看法？

Well, Phil can speak to the first 3,500 clients of ours, I'll speak for the balance. I'm only joking.

好吧，菲爾可以和我們的前 3,500 名客戶交談，我將代表其餘客戶發言。我只是在開玩笑。

I think there's a lot of variables in terms of how clients feel about it. It depends on what industry they're in. It depends on what they're trying to sell, what their goals are, et cetera. Some of them certainly probably paused a little bit when the first round of tariffs came out in early April and reassessed the landscape. Some of them, though, at the same time, decided to pull forward some investment spend depending on what their objectives were.

我認為客戶對此的感受有很多變數。這取決於他們所處的行業。這取決於他們想要銷售什麼、他們的目標是什麼等等。當四月初第一輪關稅出台時，其中一些國家可能確實會稍微停下來，重新評估情況。不過，其中一些公司同時決定根據其目標提前一些投資支出。

So it really runs the gamut. And I think it also -- there's a bunch of different answers depending on what geographies they're operating in and what their tactics really are. So I think you've had a number of broad responses based on a lot of different facts and services. And it's hard to say, here's the answer as it applies to a broad contingent of clients.

所以它確實涵蓋了所有範圍。而且我認為，根據他們經營的地區和他們採取的策略，會有很多不同的答案。所以我認為您已經根據許多不同的事實和服務得到了許多廣泛的回應。很難說，這是適用於廣大客戶的答案。

But I'll give you one real life, very important observation and other people in the room with me, Greg, who you know, was there, too. At Cannes this year, and there were approximately 37,000 people making up professionals in the industry, making up clients and making up an often platinum people from tech and for media, I didn't hear -- and I was shocked for the whole week. I didn't hear the word tariff once.

但我會給你一個真實的、非常重要的觀察，和我一起在房間裡的其他人，你知道的格雷格也在場。今年在戛納，大約有 37,000 名業內專業人士、客戶以及來自科技和媒體領域的白金人士出席，我沒有聽到任何消息——整個星期我都感到震驚。我一次都沒聽過「關稅」這個詞。

People were looking past this current situation to the future and to running their business and the implications of how we go about doing it. I mean it was so noticeable that it wasn't a word that was being bantered around, it was kind of refreshing.

人們開始透過當前的局勢，展望未來，思考如何經營自己的業務以及如何開展業務的影響。我的意思是，它太引人注目了，它不是一個被隨意談論的詞，它有點令人耳目一新。

So I take some optimism, and we will get through this phase with whatever industries are currently being impacted and that the 37,000 people I was with three weeks ago in the South of France, we're probably a better indication of the future than today's headlines.

因此我持樂觀態度，無論哪個行業目前受到影響，我們都將度過這個階段，三週前我在法國南部與 37,000 人在一起，我們可能比今天的頭條新聞更能預示未來。

My final question, just real quick. You said 13 out of 18 jurisdictions or countries around the world have approved your acquisition merger with IPG. Who are the remaining five just draw on the same page?

我的最後一個問題，很簡單。您說全球 18 個司法管轄區或國家中已有 13 個批准您與 IPG 的收購合併。其餘五個人都在同一頁畫著誰？

I pass. Go ahead, Phil.

我通過了。繼續吧，菲爾。

The largest one is certainly the EU. I think other than that, we're not going to name names. I think, each one is a little different and is a little -- at a little different phase of the review process. But we certainly expect to close in the second half of the year. We don't see any issues that would change that conclusion, and we're going to do our best to get through the rest of the reviews.

其中最大的當然是歐盟。我想除此之外，我們不會透露姓名。我認為，每一個都有一點不同，審查過程的階段也略有不同。但我們確實希望在今年下半年完成。我們沒有發現任何會改變該結論的問題，我們將盡最大努力完成其餘的審查。

I would just echo that with the confidence that I mentioned before, we -- it's summertime. So we expect -- we don't expect as much activity in July and August as we had prior to this as people go on holiday, but we're pretty damn -- we are confident that we're well along in the process with all of these remaining operations.

我只是想以我之前提到的信心重複這一點，我們——現在是夏天。因此，我們預計——由於人們都在度假，我們預計 7 月和 8 月的活動不會像之前那麼多，但我們非常有信心——我們在所有剩餘業務的進展過程中進展順利。

Getting through the United States was probably the biggest hurdle, not hurdle, but question. And I think a lot of these remaining governments look to see the US has approved it before they finalize whatever their decisions are.

進入美國可能是最大的障礙，不是障礙，而是問題。我認為，許多剩餘的政府在做出最終決定之前都會尋求美國的批准。

That is all the time we have for questions. This concludes today's conference call. Thank you for joining. You may now disconnect.

我們回答問題的時間就這麼多了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。