宏盟集團 (OMC) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicom third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫蒂娜，今天將由我擔任你們的會議接線生。此時此刻，我謹代表宏盟集團歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

It is now my pleasure to turn today's call over to Greg Lundberg, Investor Relations. Please go ahead.

現在我很高興將今天的電話會議交給投資者關係部的格雷格·倫德伯格。請繼續。

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

感謝您參加我們第三季財報電話會議。今天陪同我的是董事長兼執行長約翰·雷恩，以及執行副總裁兼財務長菲爾·安杰拉斯特羅。在我們的網站 omc.com 上，您可以找到一份新聞稿和一份演示文稿，其中涵蓋了我們今天將要討論的資訊。今天的電話會議結束後，將提供會議錄影回放。

Before we start, I would like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we've included at the end of our investor presentation. Certain of the statements made today may constitute forward-looking statements. These represent our present expectations and relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our SEC filings, including our 2024 Form 10-K.

在正式開始之前，我想提醒大家閱讀我們在投資者簡報末尾附上的前瞻性聲明、非GAAP財務資訊和其他資訊。今天所作的某些陳述可能構成前瞻性陳述。這些代表了我們目前的預期，可能導致實際結果與預期存在重大差異的相關因素已列於我們的收益材料和提交給美國證券交易委員會的文件中，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. 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 line for your questions.

在今天的電話會議中，我們還將討論一些非GAAP指標。您可以在簡報資料中找到這些指標與最接近的可比較GAAP指標的調節表。我們將首先由約翰概述一下我們的業務。接下來，菲爾將回顧我們的財務業績，在我們發表完準備好的演講後，我們將開放提問環節。

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're very pleased to share our third quarter results. Organic growth was 2.6% for the quarter. For the first nine months, organic growth is 3%, which is in line with our annual guidance. Non-GAAP adjusted EBITA was $551.6 million with an adjusted EBITA margin of 16.1% for the quarter, up 10 basis points from last year.

謝謝你，格雷格。各位下午好，感謝各位今天參加我們的節目。我們非常高興與大家分享第三季業績。本季有機成長率為2.6%。前九個月的有機成長率為 3%，與我們的年度預期一致。本季非GAAP調整後EBITA為5.516億美元，調整後EBITA利潤率為16.1%，較去年同期成長10個基點。

Non-GAAP adjusted net income per share was $2.24, up 10.3% versus the comparable amount in 2024. Our cash flow continues to support our primary uses of cash, dividends, acquisitions and share repurchases, and our liquidity and balance sheet remain very strong. I'd like to provide you an update on our proposed acquisition of Interpublic.

非GAAP調整後每股淨收益為2.24美元，比2024年的相應金額增加10.3%。我們的現金流持續支持我們現金、股利、收購和股票回購等主要用途，我們的流動性和資產負債表依然非常強勁。我想向您報告我們擬議收購Interpublic的最新進展。

During the quarter, we secured antitrust clearance from all outstanding jurisdictions except the European Union. We submitted our filing yesterday, October 20, and expect this to be the final step in securing EU approval. As a result, we're currently expect to close on the acquisition in late November.

本季度，我們已獲得除歐盟以外所有未決司法管轄區的反壟斷許可。我們已於昨日（10月20日）提交了申請文件，預計這將是獲得歐盟批准的最後一步。因此，我們目前預計將於 11 月下旬完成此次收購。

Our dedicated integration teams at both Omnicom and IPG have been working tirelessly to ensure we're ready to hit the ground running on day one. We've made significant progress developing detailed plans to deliver a seamless transition for our teams and clients.

Omnicom 和 IPG 的專門整合團隊一直在不懈地努力，以確保我們能夠從第一天起就迅速投入工作。我們在製定詳細計劃方面取得了重大進展，以確保我們的團隊和客戶能夠順利過渡。

Our integration team has also made progress as we prepare to launch [Omni Plus], our next generation marketing operating system. This operating system unifies unparalleled data assets spanning campaign performance, consumer behaviours, demographic insights, transaction intelligence and cultural and social indicators.

我們的整合團隊也取得了進展，我們正準備推出下一代行銷作業系統 [Omni Plus]。該作業系統整合了無與倫比的數據資產，涵蓋行銷活動效果、消費者行為、人口統計洞察、交易智慧以及文化和社會指標。

These integrated data sources will be unified through Acxiom's Real ID, the industry's most robust identity graph. The collective intelligence of Omni Plus will provide a unified intuitive experience for both clients and our internal teams. Our objective is clear, empower our clients to accelerate brand growth, expand customer reach, and deliver measurable business outcomes.

這些整合資料來源將透過 Acxiom 的 Real ID 進行統一，Real ID 是業界最強大的身份圖譜。Omni Plus 的集體智慧將為客戶和我們的內部團隊提供統一直觀的體驗。我們的目標很明確，就是幫助客戶加速品牌成長、擴大客戶覆蓋率，並實現可衡量的業務成果。

A key part of our operating system is our generative of AI layer, which is an agentic entry point to Omni Plus. In the last earnings call, we talked about our agentic framework and how we have been rolling it out across our entire organization. It is now the fastest growing platform in our company's history, and our teams continue to create intelligent agents and orchestrate them to deliver faster and better outcomes for our clients.

我們作業系統的關鍵部分是我們的 AI 生成層，它是 Omni Plus 的代理入口點。在上次財報電話會議上，我們討論了我們的代理框架以及我們如何在整個組織中推廣它。現在它是我們公司歷史上成長最快的平台，我們的團隊不斷創建智慧代理並協調它們，以便為我們的客戶提供更快、更好的結果。

We look forward to sharing more details at its official launch at CES 2026. The result of our integration planning is we remain highly confident in exceeding the synergies we expected when we first announced the acquisition.

我們期待在 2026 年國際消費電子展 (CES) 上正式發布該產品時分享更多細節。我們的整合計畫成果是，我們仍然非常有信心能夠超越當初宣布收購時所預期的綜效。

We maintain an extremely disciplined approach to minimizing disruption to our day-to-day operations, ensuring our client teams remain focused and continue to deliver outstanding results. The commitment is reflected in the new business we've won, including American Express, Porsche, Intersnack, White Castle, OpenAI, just to name a few.

我們採取極為嚴謹的方式，最大限度地減少對日常營運的干擾，確保我們的客戶團隊保持專注，並繼續取得卓越的成果。我們贏得的新業務體現了我們的承諾，包括美國運通、保時捷、Intersnack、White Castle、OpenAI 等等。

Similarly, Interpublic saw significant wins with Amgen, Bayer [Entropic] and Paramount. The level of support we're seeing from both new and existing clients reflects the tremendous value they expect to gain from the proposed combination. We are building stronger momentum as we approach the closing of the acquisition of Interpublic.

同樣，Interpublic 也從 Amgen、Bayer [Entropic] 和 Paramount 等公司獲得了重大勝利。我們從新舊客戶那裡得到的支持力度，反映了他們期望從擬議的合併中獲得的巨大價值。隨著我們即將完成對 Interpublic 的收購，我們的發展勢頭越來越強勁。

I remain extremely excited about the prospects for our growth, for our people and our clients. As we approach and close the transaction, we'll keep you informed of our plans, including our leadership team and organization structure, the combined company's strategic priorities, including its expanded capabilities, services and products, our progress on achieving the targeted synergies and our updated financial plans and capital allocation strategy.

我依然對公司的發展前景、員工和客戶的前景感到無比興奮。隨著交易的推進和完成，我們將隨時向您通報我們的計劃，包括我們的領導團隊和組織結構、合併後公司的戰略重點（包括其擴展的能力、服務和產品）、我們在實現預期協同效應方面的進展以及我們更新的財務計劃和資本配置策略。

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

現在我將把電話交給菲爾，讓他更詳細地分析財務表現。菲爾？

Thanks, John. Let's begin with our revenue growth on slide 3. Organic revenue growth in the quarter was 2.6%. Additionally, the impact on revenue from foreign currency translation increased reported revenue by 1.4% as the US dollar weakened relative to most currencies throughout the quarter.

謝謝你，約翰。讓我們從第 3 張投影片中的營收成長開始。本季有機收入成長2.6%。此外，由於本季美元對大多數貨幣走弱，外幣折算對收入的影響使報告收入增加了 1.4%。

Afraid to stay where they are, we estimate the impact of foreign currency translation on revenue in Q4 to be similar to Q3. The net impact of acquisitions and dispositions on reported revenue was not significant, which is also our expectation for Q4 and for the full year 2025, excluding the IPG transaction.

由於不敢維持現狀，我們估計第四季外幣折算對營收的影響與第三季類似。收購和處置對報告收入的淨影響並不顯著，這也是我們對第四季和 2025 年全年的預期，不包括 IPG 交易。

Let's now review our results in more detail. Beginning with a summary of our income statement on slide 4. We present our reported results on the left and we present non-GAAP adjusted numbers on the right. Adjusting for acquisition related expenses and repositioning costs, our Q3 2025 non-GAAP adjusted EBITA grew 4.6% to $651 million, with a margin of 16.1%, up 10 basis points from Q3 of 2024.

現在讓我們更詳細地回顧一下我們的結果。首先，請看第 4 頁投影片上的損益表摘要。我們在左側展示我們公佈的業績，在右側展示非GAAP調整後的業績。經調整收購相關費用和重新定位成本後，我們 2025 年第三季非 GAAP 調整後 EBITA 成長 4.6% 至 6.51 億美元，利潤率為 16.1%，比 2024 年第三季成長 10 個基點。

Our non-GAAP adjusted diluted EPS grew 10.3% to $2.24 per share. Regarding the two adjustments made to operating expenses, the first reflects acquisition-related expenses related to both regulatory approval work and the acceleration in our integration planning work. The second reflects repositioning costs primarily related to severance as we prepare to integrate the pending acquisition of IPG. There were no adjustments to operating expenses in Q3 of 2024.

我們的非GAAP調整後稀釋每股盈餘成長10.3%，達到每股2.24美元。關於營運費用的兩項調整，第一項調整反映了與收購相關的費用，包括監管審批工作和加快整合計畫工作。第二項反映的是重新定位成本，主要與遣散費有關，因為我們正在準備整合即將完成的對 IPG 的收購。2024 年第三季營運費用並未進行任何調整。

Slide 5 shows reconciliation of these items in detail. Operating expenses in the third quarter of 2025 include $38.6 million of repositioning costs and $60.8 million of acquisition related costs. We continue to expect that our non-GAAP adjusted EBITA on margin for the full year 2025 will be 10 basis points higher than our full year 2024 results of 15.5%.

第 5 張投影片詳細展示了這些項目的核對情況。2025 年第三季的營運費用包括 3,860 萬美元的重新定位成本和 6,080 萬美元的收購相關成本。我們仍然預計，2025 年全年非 GAAP 調整後的 EBITA 利潤率將比 2024 年全年的 15.5% 高出 10 個基點。

Net interest expense in the third quarter of 2025 increased due to a decline in interest income, primarily from lower interest rates on our cash investment balances, partially offset by a year over year decline in gross interest expense due to the issuance of $600 million of our 5.3% notes to replace the $750 million of our 3.65% notes, which were retired in Q4 of 2024.

2025 年第三季淨利息支出增加，主要原因是利息收入下降，而現金投資餘額的利率下降是主要原因。但由於發行了 6 億美元的 5.3% 票據以取代 2024 年第四季償還的 7.5 億美元 3.65% 票據，導致毛利息支出同比下降，部分抵消了利息收入的下降。

We estimate that net interest expense will increase by approximately $7 million in Q4 compared to the same quarter last year, primarily due to lower interest income expected on cash investments. Our reported income tax rate was 27.2% in Q3 2025 compared to 26.8% in the prior year.

我們預計，與去年同期相比，第四季淨利息支出將增加約 700 萬美元，主要原因是現金投資的預期利息收入減少。2025 年第三季度，我們報告的所得稅率為 27.2%，而去年同期為 26.8%。

The increased rate is primarily due to the non-deductibility of certain acquisition related costs in 2025. On an adjusted basis, our Q3 '25 rate was 26%. For full year 2025, we expect the rate on an adjusted basis to be between 26.5% and 27%. Average diluted shares outstanding were down 2% from Q3 2024 due to net repurchase activity.

稅率提高的主要原因是 2025 年某些與收購相關的成本不能扣除。經調整後，我們 2025 年第三季的利率為 26%。我們預計 2025 年全年經調整後的利率將在 26.5% 至 27% 之間。由於淨回購活動，平均稀釋流通股數較 2024 年第三季下降 2%。

Let's now turn to some key drivers of our performance. Beginning on slide 6 with organic revenue growth by discipline. Media & Advertising led our growth in the quarter with revenues up 9%. While creative continued to be impacted by lower levels of project work due to macroeconomic uncertainty, media growth was strong across virtually all geographies.

現在讓我們來看看影響我們業績的一些關鍵因素。從第 6 張投影片開始，按行業劃分的有機收入成長。本季媒體與廣告業務引領了我們的成長，營收成長了 9%。儘管宏觀經濟的不確定性導致創意工作項目減少，創意產業持續受到影響，但媒體產業在幾乎所有地區都實現了強勁成長。

Precision Marketing growth was just under 1%. Solid growth in the US was offset by declines in other markets, primarily in Europe. Public relations declined 8%. Approximately $25 million or 80% of the decline results from no US national election-related revenue in 2025 versus 2024, with the majority of the remaining reduction occurring in the UK.

精準行銷成長率略低於1%。美國市場的穩健成長被其他市場（主要是歐洲市場）的下滑所抵銷。公共關係下降了8%。約 2500 萬美元（佔總收入的 80%）的下降是由於 2025 年美國沒有與 2024 年相關的全國選舉收入，其餘大部分減少發生在英國。

We do expect similar declines in Q4 resulting from the difficult prior year comp to Q4 of '24, which included spend related to the US national elections. Healthcare was down $6.4 million or 2% organically. Both our US and European agencies were down 2% organically as recent new business wins did not fully replace some spending declines in the quarter, on client products that are in the process of coming off patent protection. We continue to believe that our agencies in this discipline are well positioned to return to growth in the near future.

我們預計第四季也會出現類似的下滑，這是由於 2024 年第四季同比基數較高，其中包括與美國全國選舉相關的支出。醫療保健產業自然收入下降 640 萬美元，降幅為 2%。由於近期新業務的贏得未能完全彌補本季在客戶產品專利保護到期方面支出的下降，我們美國和歐洲的代理商的有機成長率均下降了 2%。我們仍然相信，我們在該領域的代理商已做好充分準備，在不久的將來恢復成長。

Branding & Retail Commerce was again down 17% as market conditions continued to impact new rebranding projects, new brand launches and in-store retail commerce. Experiential declined 18% on a difficult comprehensive against the Summer Olympics in 2024 as we expected.

品牌與零售業務再次下降 17%，因為市場狀況繼續影響新的品牌重塑項目、新品牌發布和店內零售業務。正如我們預期的那樣，受 2024 年夏季奧運會帶來的嚴峻挑戰，體驗式投資下降了 18%。

And lastly, Execution & Support grew 2%, driven by growth in our merchandising business, which was partially offset by a reduction in spend in fuel marketing. Turning to organic revenue growth by geography on slide 7. We saw mixed growth across our regions. Over half of our revenue is generated in the United States, which saw a 4.6% growth. UK growth was also solid at 3.7%, while Continental Europe, our second largest market, saw a decline of 3.1%.

最後，執行與支援業務成長了 2%，這主要得益於商品銷售業務的成長，但部分成長被燃油行銷支出的減少所抵消。第 7 頁將依地域劃分分析有機收入成長。我們看到各地區的成長情況不一。我們超過一半的收入來自美國，美國市場成長了 4.6%。英國的成長也十分穩健，達到 3.7%，而我們的第二大市場——歐洲大陸——則出現了 3.1% 的下滑。

Although our non-euro markets delivered organic growth, it was offset by a decline in our events business related to the challenging comparison in Q3 of 2024, which, as we have said, included spend related to the Paris Olympics.

儘管我們的非歐元市場實現了內生成長，但由於 2024 年第三季基數較高，我們的活動業務出現下滑，抵消了這一成長。正如我們所說，這其中包括與巴黎奧運相關的支出。

Slide 8 is our revenue weighted by industry sector. Relative to 2024, year-to-date, 2025 was fairly stable. The only meaningful change was an increase in the relative percentage of total revenue driven by the auto category, reflecting year-on-year new business wins. Other categories were relatively stable.

第 8 張投影片是我們按行業劃分的加權收入。與 2024 年相比，2025 年至今的情況相當穩定。唯一有意義的變化是汽車類別帶來的總收入的相對百分比增加，這反映了每年新業務的贏得。其他類別相對穩定。

Moving on to expense detail on slide 9. During the quarter, salary and related service costs, our largest expense, declined on a reported basis by 3.7%, due to our continued efficiency initiatives, including automation initiatives and changes in our global employee mix.

接下來是第 9 頁的費用明細。本季度，由於我們持續推動效率提升舉措，包括自動化舉措和全球員工結構的變化，我們最大的支出——工資及相關服務成本按報告基準下降了 3.7%。

Third-party service costs grew in connection with growth in revenue, primarily in the Media & Advertising and Execution & Support disciplines. Third-party incidental costs, which are out-of-pocket costs build back to clients at our cost grew in connection with the growth in revenue. Occupancy and other costs decreased 1%, led by a decrease in general office and technology expenses.

第三方服務成本隨著收入的成長而成長，主要體現在媒體與廣告以及執行與支援領域。第三方附帶費用（即我們自掏腰包向客戶支付的費用）隨著收入的成長而成長。租金和其他成本下降了 1%，其中一般辦公室和技術費用下降最為顯著。

SG&A expenses increased primarily due to the $61 million of IPG acquisition-related costs in the quarter. Excluding these costs, reported SG&A expenses decreased to 2.5% of revenue. Now please turn to slide 10 for our year-to-date free cash flow summary. The decline relative to last year was driven primarily by the reduction in net income resulting from the impact of both the acquisition-related costs and the repositioning costs.

銷售、一般及行政費用增加主要是由於本季與收購 IPG 相關的 6,100 萬美元成本。剔除這些成本後，報告的銷售、一般及行政費用佔收入的比例下降至 2.5%。現在請翻到第 10 頁，查看我們今年迄今為止的自由現金流匯總。與去年相比的下降主要是由於收購相關成本和重新定位成本的影響導致淨收入減少。

Our free cash flow definition excludes changes in operating capital. For the nine months ended September 30, 2025, our change in operating capital improved $171 million or 11% compared to the same prior year period. On a last 12-month basis, it improved by $267 million.

我們的自由現金流定義不包括營運資本的變動。截至 2025 年 9 月 30 日的九個月，我們的營運資本變化較上年同期成長了 1.71 億美元，增幅達 11%。過去 12 個月，成長了 2.67 億美元。

For the nine months ended September 30, our primary uses of free cash flow included $414 million of cash to pay for dividends to common shareholders and another $57 million for dividends to non-controlling interest shareholders. Our capital expenditures were $111 million and remained higher than last year, due to ongoing investments in our strategic technology platform initiatives.

截至 9 月 30 日的九個月內，我們自由現金流的主要用途包括支付 4.14 億美元現金給普通股股東支付股息，以及支付 5,700 萬美元給非控股股東支付股息。由於對戰略技術平台計劃的持續投資，我們的資本支出為 1.11 億美元，高於去年同期水準。

Total acquisition payments were $88 million, all of which represented earnout payments and the acquisition of additional noncontrolling interests. Finally, our share repurchase activity was $312 million, excluding proceeds from stock plans of $18 million. This included share repurchases of $89 million in Q3. We currently continue to expect to spend close to $600 million on share repurchases for the full year.

收購總金額為 8,800 萬美元，全部用於支付獲利能力款項和收購其他非控制權益。最後，我們的股票回購活動為 3.12 億美元，不包括股票計畫的收益 1,800 萬美元。這其中包括第三季8900萬美元的股票回購。我們目前仍預計全年將花費近 6 億美元用於股票回購。

Slide 11 is a summary of our credit, liquidity and debt maturities. At the end of Q3 2025, the book value of our outstanding debt was $6.3 billion, down from the same prior year period due primarily to the refinancing of our $750 million, up 3.65% notes in Q4 of 2024, with the new issuance in Q3 of 2024 of $600 million, 5.3% notes due in 2034.

第 11 頁總結了我們的信貸、流動性和債務到期情況。截至 2025 年第三季末，我們未償債務的帳面價值為 63 億美元，較上年同期有所下降，這主要是由於我們在 2024 年第四季對 7.5 億美元、利率上調 3.65% 的票據進行了再融資，並在 2024 年第三季到期的新票 6 億美元、203%。

Our $1.4 billion April 2026 notes are now classified as current on our balance sheet. We will address refinancing these notes in due course after the closing of IPG and the completion of the debt exchange. 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 US commercial paper program.

我們2026年4月到期的14億美元債券現在已在我們的資產負債表上歸類為流動資產。在 IPG 完成交割和債務交換完成後，我們將適時處理這些票據的再融資問題。截至季末，現金等價物和短期投資為 34 億美元。我們繼續維持 25 億美元的未提取循環信貸額度，這為我們 20 億美元的美國商業票據計劃提供了支持。

Slide 14 presents our historical returns on two important performance metrics for the 12 months ended September 30, 2025. Omnicom's return on invested capital was 17%, and return on equity was 31%, both of which reflect our strong performance and our strong balance sheet.

第 14 頁展示了截至 2025 年 9 月 30 日的 12 個月中，我們在兩項重要績效指標上的歷史回報。Omnicom 的投資資本回報率為 17%，權益回報率為 31%，這兩項指標均反映了我們強勁的業績和穩健的資產負債表。

These year-over-year calculations were done on a reported basis, and the reduction is driven by the impact of the IPG acquisition-related costs and the repositioning costs incurred in the 12 months ended September 30, 2025.

這些同比計算是按報告基礎進行的，減少的原因是 IPG 收購相關成本和截至 2025 年 9 月 30 日的 12 個月內發生的重新定位成本的影響。

It is approaching one year since our public announcement of the IPG acquisition. But as you know, we've been working on planning for the integration for some time. With closing expected by the end of next month, -- our teams have been accelerating the final planning for the integration so that we're prepared to move forward as one on day 1. We're excited to be nearing this important milestone, so we can emerge as the most powerful team platform and portfolio in the industry.

距離我們公開宣布收購IPG已經快一年了。但正如您所知，我們已經為此整合計劃籌備了一段時間。預計到下個月底將完成交易，我們的團隊一直在加快整合的最終規劃，以便我們能夠從第一天起就作為一個整體向前邁進。我們很高興即將迎來這一重要里程碑，這將使我們能夠成為業界最強大的團隊平台和產品組合。

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

現在我請接線生開通問答線。謝謝。

(Operator Instructions) Adam Berlin, UBS.

（操作說明）亞當柏林，瑞銀集團。

Hi, good evening. Thank you for taking two questions, please. The first question is if you do manage to complete the acquisition by the end of November, as you said, when do you think, you'll be able to update us in the market on some of the things you talked about at the beginning of the call.

您好，晚上好。謝謝您回答這兩個問題。第一個問題是，如果您如您所說，能夠在 11 月底之前完成收購，您認為何時能夠向我們市場更新您在電話會議開始時談到的一些事情的最新進展。

So specifically when do you think we'll be able to see Pro forma financials and get some guidance for how the Pro forma business is going to perform? Do we have later full year results? Or will we have an opportunity to hear from you before then? That's the first question.

那麼，您認為我們具體什麼時候才能看到預測財務數據，並獲得一些關於預測業務表現的指導？我們稍後會公佈全年業績嗎？或是在此之前我們是否有機會收到您的回覆？這是第一個問題。

The second question is, I mean, I think most of the numbers were as expected, but there was a big deceleration in precision marketing. And you mentioned there were some problems in Europe. Can you just give us a bit more detail about what happened in precision marketing in the quarter and why it was so slow? And is that going to continue into Q4? What's required for that business to get back to growth again?

第二個問題是，我的意思是，我認為大多數數字都在預期之內，但精準行銷的速度大幅放緩。你提到歐洲也存在一些問題。您能否詳細介紹本季精準行銷方面的情況，以及為什麼進展如此緩慢？這種情況會持續到第四季嗎？這家企業需要具備哪些條件才能重回成長軌道？

Sure. Thanks for the questions. On the first one, we're going to be able to articulate what our plans are shortly after we're together. But at the moment, our plan in the preliminary is -- will looking to disclose the future operations and what's in the portfolio, probably the week of CES, which is in the beginning of January.

當然。謝謝大家的提問。第一次見面後，我們很快就能清楚地闡述我們的計畫。但目前，我們的初步計劃是——可能會在 CES 展會期間（1 月初）公佈未來的營運情況和產品組合。

And in terms of the financial modeling and things that you'll do where we're confirming the amount of synergies that we expect to see as the P&L benefit in 2026 and then synergies thereafter. That will be sometime between then and at the worst shortly after we announced the year in earnings. We haven't come to a firm date as of yet. So I can follow up on that.

至於財務建模以及我們將要做的事情，我們將確認我們預期在 2026 年損益表中看到的協同效應金額，以及此後的協同效應。那大概會在那時到最壞的情況——也就是在我們公佈年度獲利報告後不久之間。目前我們還沒有確定具體日期。所以我可以跟進此事。

And your second question on precision marketing. There's a lot of puts and takes, as you said, most of them outside the United States. The one unit that we had particular decline year-over-year is in our Cordera business, which is our consulting business, and it was really mostly related to government work in some of the major city countries in Europe that we saw -- We're addressing ourselves to that.

關於精準行銷，你的第二個問題。正如你所說，有很多買賣交易，其中大部分都發生在美國以外。唯一一個同比明顯下滑的部門是我們的 Cordera 業務，也就是我們的顧問業務，這主要與我們在歐洲一些主要城市國家的政府工作有關——我們正在努力解決這個問題。

The rest of the business is very strong and continues to have a very good pipeline of new business coming through.

公司其他業務表現非常強勁，並且持續擁有非常良好的新業務儲備。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Thank you. John, maybe just to start, I wanted to confirm the organic for the year. I think in your prepared remarks, you said 3% year-to-date growth in line with the outlook. So does that mean you're expecting around 3% for the year? Or should we consider the prior 2.5 to 4.5 is still the outlook?

謝謝。約翰，或許可以先從確認今年的有機產品開始。我認為您在事先準備好的發言稿中提到，今年迄今為止的成長率為 3%，這與預期相符。所以你的意思是說，你預計今年的殖利率在3%左右嗎？或者我們應該認為之前的 2.5 到 4.5 仍然是預期？

I think we're only prepared this afternoon to talk about what our original guidance was and coming in within it. As you might imagine, there's a lot of given activity going on in the background as we get ready for the closing of the Interpublic transaction.

我認為我們今天下午只能談談我們最初的指導方針以及我們將如何執行。正如你所想，在我們準備完成 Interpublic 交易的過程中，幕後有很多工作正在進行中。

So we're probably one week or two off in terms of being analytical and surgical with our operations as we would be if this was a normal calendar. But we're comfortable with our guidance. And both EBITDA, EBIT and revenue.

因此，就分析和精準操作而言，我們可能比正常情況下晚一到兩週。但我們對我們的指導感到滿意。包括 EBITDA、EBIT 和收入。

The other thing to keep in mind, David, we're in a position we always are in October as we look out into the fourth quarter, knowing that there's a meaningful amount of project work available in a typical year. And where we finished Q4 certainly is going to have a lot to do with how much of that our agencies are able to capture, as we go through the next 2.5, 3 months of activity, trying to capture any every project our agencies can execute on.

大衛，還有一點要記住，就像每年十月份展望第四季一樣，我們知道通常會有大量的專案工作可供開展。而我們第四季的最終成績，肯定與我們的代理商能夠承接多少專案有很大關係。在接下來的 2.5 到 3 個月裡，我們將努力承接所有代理商能夠執行的專案。

So not that much visibility on that project work, which tends to potentially get in the range of $200 million to $250 million of potential availability if we got it all. But how we close out the year is always -- that always plays a big part in it.

因此，該計畫的工作進展並不十分明朗，如果我們能夠全部拿下，其潛在可用資金可能在 2 億至 2.5 億美元之間。但是，我們如何結束這一年總是——這始終在其中扮演著重要角色。

Yeah. The other point, please, I didn't bring it up in my prepared remarks, because I don't want to seem like I'm making reasons. If I compare our portfolio as it exists until we close the deal and looked to last year, which was an Olympic in the presidential election. And if I took out and compare like-for-like, without the impact of the presidential election or the Olympics, organic growth in the quarter would be 4% or approximately 4%. So the fundamentals of the business are still very strong.

是的。還有一點，我沒有在準備好的發言稿中提及，因為我不想顯得像是在找理由。如果我把我們目前的投資組合與去年進行比較，直到交易完成，去年既是奧運又是總統選舉。如果剔除總統選舉或奧運的影響，進行同等比較，本季的有機成長率將達到 4% 或約 4%。因此，該業務的基本面依然非常強勁。

That's the only reason. Even articulating is not -- is a reason for why it was 2.6%. But just to show you underlying growth of the company. And amazingly, despite all the predictions, which started after we announced this proposed transaction, we haven't really lost any significant people and we certainly haven't lost mine business, and we continue to win business.

這是唯一的原因。即使是表達能力也不夠——這也是它佔比為 2.6% 的原因。但只是為了向你們展示公司潛在的成長情況。令人驚訝的是，儘管在我們宣布這項擬議交易後出現了各種預測，但我們並沒有真正失去任何重要員工，當然也沒有失去礦業業務，而且我們還在不斷贏得業務。

We'll be able to be even stronger when we're able to function together. So far, we've had to pitch everything kind of independently as if we're still tubed independent companies. But hopefully, that will change on the completion of the deal.

如果我們能夠團結協作，我們將變得更強大。到目前為止，我們必須像其他獨立公司一樣，各自獨立地推銷所有產品。但希望交易完成後，這種情況會有所改變。

Maybe just to that Bulent, I mean I know you can't pitch together, but I have to assume the combination as a consideration in kind of the recent RFPs. So is there interest in clients? What's been sort of the kind of response to what is obviously the combined offering company?

也許只是針對 Bulent，我的意思是，我知道你們不能一起投標，但我不得不假設這種組合是最近 RFP 中考慮的因素之一。那麼，客戶方面有什麼興趣嗎？對於這家顯然是合併後的公司，市場反應如何？

Sure. I mean is that -- excuse me. (technical difficulty) Clients are very positive, the ones that we're engaged with, not just the ones that we're involved with a potential pitch for business, probably the only time we got to indicate was that the direction of a client who -- which is bare, which you want to see us pitch separately. And then at the very end, asked us a few questions or demanded. We answer a few questions, what will look like post the deal.

當然。我的意思是——不好意思。（技術難題）客戶非常積極，我們接觸的客戶，不僅僅是那些我們正在洽談潛在業務的客戶，可能我們唯一一次有機會表明方向，是某個客戶的方向——這很簡略，您希望看到我們單獨進行推介。最後，他問了我們幾個問題或提出了一些要求。我們回答幾個問題，例如交易完成後會是什麼樣子。

So it's all been encouraging and very positive. And just from spending eight months now getting to know the talent and the tools and everything is there, and now it complements what we have. I'm very excited about the possibility of growth.

所以一切都令人鼓舞，非常正面。僅僅花了八個月的時間去了解人才、工具等等，一切都準備就緒，現在它與我們現有的資源相輔相成。我對發展的可能性感到非常興奮。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

Thank you. Good evening. So Media & Advertising continued pretty strong growth in the quarter, I think up over 9% organic. So could you maybe talk about, first, how creative is performing within that? I think earlier it had been a bit of a drag and so just curious if it started to improve in the third quarter.

謝謝。晚安.因此，媒體與廣告業務在本季持續保持強勁成長，我認為有機成長率超過 9%。那麼，您能否先談談，在這種環境下表演的創意體現在哪裡？我覺得前段時間有點拖沓，所以想知道第三季情況是否有所改善。

And then as we get into a world, where it feels like everything is going to be more enabled with AI or generative AI. Can you talk a little bit about what that means for the media and the creative side of the businesses?

然後，隨著我們進入一個萬物似乎都將更依賴人工智慧或生成式人工智慧的世界。您能否談談這對媒體和企業的創意麵意味著什麼？

And then just on synergies, IPG has done a nice job of bringing down costs. I think you've also hinted it upside to synergies. So how are you thinking about the incremental synergies from here versus what you've talked about previously as we get so close to the merger? Thank you.

此外，就協同效應而言，IPG 在降低成本方面做得非常出色。我認為你也暗示了協同效應的正面作用。那麼，隨著合併日期的臨近，您如何看待從現在開始的增量協同效應與您之前討論的內容相比有何不同？謝謝。

At least three questions in there. I'll start to answer two and throw the other one to Paolo. In terms of the creative business versus the media business, the core business I categorize as being stable and the growth is really coming out of the media side of the business without getting more take more analytics than that.

裡面至少有三個問題。我先回答兩個問題，把另一個問題交給保羅。就創意產業與媒體產業而言，我認為核心業務較穩定，成長主要來自媒體業務，無需更多分析即可得出此結論。

In terms of AI and Generative AI, more importantly, I'll throw it over to Paolo, which is quite a bit of real stuff is happening. Go ahead.

至於人工智慧和生成式人工智慧，更重要的是，我會把這個問題交給保羅來回答，因為這方面有許多實際進展。前進。

Sure. Steven, So with respect to Generative AI, it's really affected every facet of our business and because we've integrated it into every part of our workflow. So just to give you some specific examples in one of our most recent wins for a large automotive company, our teams used integrated agents, the agent framework that we talked about in not only this call but in the previous earnings call, throughout the entire pitch process.

當然。史蒂文，就生成式人工智慧而言，它確實影響了我們業務的方方面面，因為我們已經將其融入我們工作流程的每個環節中。舉個具體的例子，在我們最近為一家大型汽車公司贏得的專案之一中，我們的團隊在整個提案過程中使用了整合代理，也就是我們在這次電話會議以及先前的財報電話會議上提到的代理框架。

Which includes consumer research, creative concepting, production and customer journey planning, ultimately enabling our teams to move not just with speed but to develop really a differentiated creative solution. And we have many examples like this within our sports marketing units. We're using agents that are grounded on proprietary data around experiential brand impacts of sporting events concerts and festivals, which is allowing them to really contextualize every concept that they explore for the work they do for clients.

其中包括消費者研究、創意概念、製作和客戶旅程規劃，最終使我們的團隊不僅能夠快速行動，而且能夠開發出真正差異化的創意解決方案。我們的體育行銷部門有很多這樣的例子。我們使用基於體育賽事、音樂會和節日等體驗式品牌影響的專有數據的代理商，這使得他們能夠真正地將他們為客戶所做的工作中探索的每一個概念置於具體的語境中。

We -- our commerce group is using it very effectively the agents and Generative AI, really to these days to review historical price impact on key conversion metrics to anticipate future pricing elasticity. So there are many different ways that we're incorporating AI and Generative AI across the process.

我們—我們的商務團隊目前非常有效地利用代理商和生成式人工智慧來審查歷史價格對關鍵轉換指標的影響，以預測未來的價格彈性。因此，我們正在透過多種不同的方式將人工智慧和生成式人工智慧融入整個流程中。

Another good one is actually around our health group, where they continue to kind of rewrite the way drug launches are being done and the processes within that using an AI-first lens using that generate in agents really at the start of the product development process.

另一個不錯的例子其實是在我們醫療健康領域，他們不斷地以人工智慧為先導，在產品開發過程的最初階段就引入人工智慧，從而改寫藥物上市的方式和相關流程。

So the entire ecosystem, frankly, is changing around the use of AI and Generative AI. We're seeing a lot of third parties starting to adopt a more agent-based approach to ad tech and Martech. And we've been working very closely with a lot of those vendors, the likes of Adobe, the DCT protocol that is being spearheaded by several media organizations.

坦白說，整個生態系統正在圍繞人工智慧和生成式人工智慧的應用而改變。我們看到很多第三方開始採用基於代理商的廣告技術和行銷技術方法。我們一直與許多供應商密切合作，例如 Adob​​e，以及由多家媒體機構主導的 DCT 協議。

We are set up effectively to adopt those frameworks and to really drive the future of what advertising and marketing looks like.

我們已做好充分準備，採用這些框架，真正引領廣告和行銷的未來發展方向。

[Anything on] synergies?

關於協同效應方面有什麼要說的嗎？

Synergies, I'm not prepared to disclose them, but I will tell you that we have clearly identified synergies in excess of what I promised at the time we announced the deal. More to come. I'm sorry.

關於協同效應，我不准備透露，但我可以告訴你們，我們已經明確發現了協同效應，而且遠遠超過了我們在宣布交易時我所承諾的。更多內容敬請期待。對不起。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

Hi, thank you. I actually just wanted to ask about the Walmart OpenAI partnership. Your view on it, the potential implications, especially in relation to Flywheels business around sponsored listings on Amazon then maybe implications on the retail media advertising industry more broadly.

您好，謝謝。我其實只是想問沃爾瑪與 OpenAI 的合作狀況。您對此有何看法？其潛在影響，特別是與 Flywheels 在亞馬遜贊助清單方面的業務相關的影響，以及可能對更廣泛的零售媒體廣告行業的影響。

Yeah, sure. I'm happy to take that. Yes, I can certainly give you -- from a technical lens, I think it helps us Obviously, our role is to help our clients drive sales. And many of those -- the consumers are sitting on other platforms like OpenAI, we're helping to facilitate that.

當然可以。我很樂意接受。是的，我當然可以給你——從技術角度來看，我認為這對我們很有幫助。顯然，我們的職責是幫助客戶提升銷售額。而且很多消費者都使用像 OpenAI 這樣的其他平台，我們正在幫助他們實現這一點。

And working very closely with the likes of open AI and Walmart to understand how do we actually drive the connected tissue in order to get to the ultimate outcome that they're looking for. So ultimately, we see it as a good thing.

我們與 OpenAI 和沃爾瑪等公司密切合作，以了解我們如何真正驅動互聯組織，從而達到他們所尋求的最終結果。所以歸根結底，我們認為這是一件好事。

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

Thank you very much. Good afternoon. Good evening, everyone. Can you provide a bit more color on the rise of the increase, I should say, of third-party costs in Q3, which was faster than in Q2? Is that due to a faster growth in media or maybe within media faster growth in intimal trading?

非常感謝。午安.各位晚上好。您能否更詳細說明一下第三季第三方成本的成長情況，其成長速度比第二季更快？這是由於媒體產業發展速度加快，還是因為媒體內部的內部交易發展速度加快所致？

And then John, I'm just curious at the last -- in the last call, you talked about the fact that there could be some relief on marketing budgets whenever the situation on tariffs becomes clearer. So three months on, I'm just wondering like what's the [latest] there?

約翰，我很好奇，在上次通話中，你談到一旦關稅形勢明朗化，行銷預算可能會得到一些緩解。三個月過去了，我想知道那邊最新的情況如何？

Sure. I'll do the last one first, and then I'll refer to Phil on your formal question. In terms of marketing budgets, have certainly been part of the conversation throughout most of the year. I would say it's more to do with supply chain and tariffs in terms of how companies are approaching what they have to sell in the marketplace. And most of been rather ingenious in terms of working through and with the tariffs that are in place.

當然。我先做最後一個，然後關於你的正式問題，我會請教菲爾。就行銷預算而言，這無疑是今年大部分時間人們討論的話題之一。我認為，這更與供應鏈和關稅有關，關係到企業如何看待他們在市場上銷售的產品。而且大多數人在應對和利用現有關稅方面都相當有創意。

Phil mentioned the stress, I guess, that various automotive companies are facing. That seems to be improving as we get through the balance of the year, but there was a huge pivot on the part of most of them where they were dependent upon getting to electric by 2030. Many of them have changed some of those plans. So they're still somewhat in flux. But that's about it.

我猜菲爾提到了各家汽車公司所面臨的壓力。隨著今年剩餘時間的過去，情況似乎有所改善，但大多數企業都經歷了巨大的轉變，他們原本指望在 2030 年實現電動化。他們中的許多人已經改變了部分計劃。所以它們目前仍處於某種變化之中。僅此而已。

Other than that, it's been pretty much business as usual. The conversations are slightly different, but the outcomes are roughly the same types of budgets and spending. And I'm hopeful that we're going to see, as Phil mentioned, the project or the spending that gets done in the fourth quarter, expecting to -- I see some green shoots in things that we would yet to confirm but clients are talking positively.

除此之外，一切基本上照常進行。雖然對話內容略有不同，但最終結果大致相同，都是預算和支出類型。正如菲爾提到的那樣，我希望我們能在第四季度看到項目或支出的完成，預計——我看到了一些積極的跡象，雖然我們還沒有確認，但客戶的評價都很積極。

So -- that's it. And I'll throw the first question back to Phil.

就這樣。我將第一個問題拋回給菲爾。

Sure. So Media -- median Execution & Support, certainly are the primary drivers of the increase in third-party service costs. Overall, as revenue grows, these types of variable costs typically grow with it. And we're happy to have them as long as it results in revenue growth and profit growth as well as you could see, while organic revenue growth was 2.6% overall, EBITA grew 4.6% and adjusted EPS grew 10%. The media business continues to perform quite well, meeting the needs of our clients across all of our media service offerings.

當然。因此，媒體－媒體執行與支持，無疑是第三方服務成本增加的主要驅動因素。整體而言，隨著收入的成長，這類變動成本通常也會隨之成長。只要能帶來收入成長和利潤成長，我們就樂意接受。正如你所看到的，有機收入整體成長了 2.6%，EBITA 成長了 4.6%，調整後每股盈餘成長了 10%。媒體業務持續表現良好，滿足了客戶在我們所有媒體服務方面的需求。

That certainly they are interested in proprietary media is one, but keep in mind, it's a relatively small proportion of our clients, media plan or our clients' media spend, and there's quite a bit of other media service offerings that drive media growth or our media business as well.

他們當然對專有媒體感興趣，這是一方面，但請記住，這在我們客戶的媒體計劃或客戶的媒體支出中所佔比例相對較小，而且還有很多其他媒體服務產品也在推動媒體增長或我們的媒體業務發展。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

Thanks. John, one for you. I wonder when you take a look at the combined revenue growth into Public and Omnicom versus Publicis in aggregate, where do you think you can close the gap from that combination of -- to where they are today? So what business lines and what place do you see the most opportunity in combination to close that gap in revenues versus where you guys are today?

謝謝。約翰，給你一杯。我想知道，當您查看 Public 和 Omnicom 合併後的收入成長與 Publicis 整體的收入成長相比，您認為如何縮小兩者之間的差距——與它們目前的水平相比？那麼，您認為哪些業務線和領域組合起來最有機會縮小與目前收入水準的差距？

Sure. I mean, I think you'd have to know just from looking from the outside in -- the two companies that are growing are both policies and us, and I expect that to continue as we go forward. I'm not really ready to disclose, what I believe the combined company is going to look like. But if you sit back and with all the effort and things that we've been doing in planning this acquisition and the integration of the two companies.

當然。我的意思是，我覺得你只要從外部觀察就能明白——目前發展壯大的兩家公司分別是政策公司和我們公司，而且我預計這種情況會持續下去。我目前還不方便透露我認為合併後的公司會是什麼樣子。但如果你冷靜下來想想，就會明白我們為規劃這次收購和兩家公司的整合所做的所有努力和工作。

We're able to really focus in on those areas that have -- that are showing the most growth and lead us to a place where we're able to further differentiate ourselves. So that's a battle that I expect to continue kind of every working day from now on with each of us doing whatever we do, and there's certainly enough business for both of us to continue to grow in a very healthy way.

我們能夠真正專注於那些成長最快的領域，並帶領我們走向一個能夠進一步凸顯自身差異化的局面。所以，我預期從現在開始，我們每天都會面臨這樣的競爭，我們各自做自己的事情，而且我們雙方的業務量都足夠大，可以繼續健康發展。

And so I'm not concerned about closing the gap. I mean, as I alluded to earlier, trying to answer another question, if you looked at our portfolio, look at our base and their base from the third quarter of last year, if that's what you're focusing on, that is 90 days.

所以我並不擔心縮小差距。我的意思是，正如我之前提到的，為了回答另一個問題，如果你看一下我們的投資組合，看看我們和他們去年第三季的基數，如果你關注的是這個，那就是 90 天。

Our third quarter last year was improved because of the Olympics and the elections, but they are -- they have been every two years in the case of the Olympics, and every four years in the case of the presidential election. We go through do the analysis simply to make sure that the rest of our business is growing at a pace similar to what you would say is Publicis, right? We're in that range.

去年第三季度，由於奧運和選舉，我們的業績有所改善，但奧運是每兩年一次，總統選舉是每四年一次。我們進行分析只是為了確保我們業務的其他部分以與您所說的陽獅集團類似的速度成長，對吧？我們正處於這個範圍內。

we would have been 4% versus what they claim to be 5%. So in any 90-day period, you can't really call that a difference. But I think you can point to both of us for the last several years have been healthy performance. And I expect us to be able to even accelerate over what we've been able to do in the past because of the improvement and just the composition of the portfolio.

我們原本的佔比是 4%，而不是他們聲稱的 5%。所以在任何 90 天的周期內，你都不能真正稱之為差異。但我認為，可以肯定的是，我們倆在過去幾年都表現出色。而且我預計，由於投資組合的改進和組成，我們甚至能夠比過去更快地取得更大的成就。

Craig Huber, Huber Research.

Craig Huber，Huber Research。

Oh great, thank you. I have a similar question, John, if you could maybe just touch on as you look at the combination of IPG coming up here. Where do you think the three biggest opportunities are for revenue synergies? I mean, in the past, we've talked about media buying, for example, Flywheel Acxiom, but just walk me through with the three biggest opportunities for running things better here on a combined basis.

太好了，謝謝。約翰，我也有類似的問題，如果你在研究即將出現的IPG組合時能不能順便提一下？您認為實現營收綜效的三大最大機會在哪裡？我的意思是，過去我們討論過媒體購買，例如 Flywheel Acxiom，但請你從整體上給我介紹一下，有哪些最大的三個機會可以讓我們更好地運營這裡的事情。

Certainly, well, our media business probably gets to be 50% to 60% bigger than what it is currently. And within that range of activity, there's a great deal of opportunity and we have some really very talented people when you put the talent from both groups together who are developing offerings and products which, on behalf of clients do it better, cheaper and faster. We're also using technology to aid in that effort. That's number one.

當然，我們的媒體業務規模可能會比現在擴大 50% 到 60%。在這活動範圍內，存在著許多機會，當我們把這兩個群體的人才聚集在一起時，我們擁有一些非常有才華的人，他們正在開發產品和服務，代表客戶做得更好、更便宜、更快捷。我們也正在利用科技手段來輔助這項工作。這是第一點。

Our Healthcare portfolio, even though it's had a little bit of a bumpy road, in the less months between, first of all, a lot of prize, which impacted us, which was on us. And then some of the confusion that came out of the change in the administration here in terms of its slight impact or its impact on aspects of PR.

我們的醫療保健投資組合雖然經歷了一些波折，但在短短幾個月內，首先，我們受到了很大的影響，這都是我們自己的責任。然後，由於政府更迭，人們對公關方面的一些影響感到困惑，這種影響微乎其微。

But going forward, we see unbelievably strong assets, which -- when you look at the industry, we punch way above our weight in terms of the people and the offerings and the areas in which we are going to be the leaders in the area of healthcare. And then I'm very encouraged about precision marketing, too.

但展望未來，我們看到了無比強大的資產，當你審視整個產業時，你會發現，無論從人員、產品或我們將在醫療保健領域成為領導者的領域來看，我們都遠遠超過了自身的規模。我也對精準行銷感到非常鼓舞。

We hit a bump in the road with our consulting aspect of it, which we think we see daylight on, and we have action plans to act on -- so those three areas would be -- I see the most growth coming initially as well as the depth of the portfolio and other areas as well and the agility that will bring us in order to respond and change with client needs in general advertising and some other areas.

我們在諮詢業務方面遇到了一些困難，但我們認為現在已經看到了曙光，並且制定了行動計劃——因此，我認為這三個領域——我認為初期增長最快的領域是產品組合的深度和其他領域，以及這將使我們具備的敏捷性，以便我們能夠響應和改變客戶在一般廣告和其他一些領域的需求。

But -- the three, I'd focus on would be media, health and precision.

但是——我會重點關注的三個領域是媒體、健康和精準醫療。

And my second question, if I could, can you just talk a little bit further about the tone of business from your various clients in the US and Europe? has those conversations changed much that versus, say, three months ago or generally, our clients feeling better about the environment out there or worse or about the same?

我的第二個問題是，如果可以的話，您能否再談談您在美國和歐洲的各個客戶的業務氛圍？與三個月前相比，這些對話發生了很大的變化嗎？或者說，我們的客戶對外在環境的感受是變好了、變差了還是差不多？

The conversation touches a lot of new topics, Generative AI, and it's how we're going to use it. And as I mentioned, the automotive industry is -- isn't declining, but they've reached some difficulties on the course of this year. But fundamentally, the proof is in the putting, and the budgets haven't really been slashed or cut. And we're hoping to see that continue because of the -- as Phil mentioned, the fourth quarter level of projects, which clients have to actually release their funding. They have it.

這次談話涉及了很多新主題，例如生成式人工智慧，以及我們將如何使用它。正如我之前提到的，汽車行業並沒有衰落，但今年以來確實遇到了一些困難。但從根本上來說，結果要看實際表現，而且預算並沒有真正被削減或縮減。我們希望這種情況能夠持續下去，因為——正如菲爾所提到的，第四季度的項目數量，客戶實際上需要發放資金。他們有。

It's been approved for most of them in their plans. We're just waiting for confirmation of it in terms of how we bring it over the finish line between now and December 31. So it's not -- I wouldn't say everybody is in a boric mood, but everybody has dealt with most of the challenges, that have been thrown at them this year and people are seeing the sell through to the other side. And we work hand-in-hand with our clients.

他們的計劃中大部分都已獲得批准。我們現在只是在等待確認，看看在12月31日之前，我們如何完成這項工作。所以，雖然我不會說每個人都情緒低落，但每個人都已經應對了今年遇到的大部分挑戰，人們也看到了情況好轉。我們與客戶攜手合作。

And when they're prospering, we prefer when they suffer, we suffer a little bit. But our product is the best, I think, that's out there and wanting to stand by that. I don't know if I fully answered your question, but --

當他們興旺發達時，我們寧願看到他們受苦，我們自己也稍微受點苦。但我認為，我們的產品是市面上最好的，我對此充滿信心。我不知道我是否完全回答了你的問題，但是--

No, that's helpful, John. My last question, different areas I want to ask you. Phil, you know this in particular, I mean, President Trump about four or five weeks ago was out there saying that he wants to give public companies the option to only report earnings twice a year as opposed to 4 times a year quarterly as it's been for decades here and stuff and give companies the option to only report twice here.

不，這很有幫助，約翰。我的最後一個問題，我想問你幾個面向的問題。菲爾，你知道這件事，我的意思是，大約四五週前，川普總統公開表示，他希望讓上市公司可以選擇每年只發布兩次收益報告，而不是像幾十年來那樣每年四次（按季度）發布，並讓公司可以選擇每年只發布兩次收益報告。

What is your thought on that? If the SEC does make that change underneath his directive, would you guys look to change that or not?

你對此有何看法？如果美國證券交易委員會（SEC）真的按照他的指示做出改變，你們會考慮改變嗎？

Sure, Phil will answer that. But for me, personally, I'd love to be under the same pressure as by foreign competitors are in terms of what the reporting economies would be.

當然，菲爾會回答這個問題。但就我個人而言，我非常希望在經濟報告方面也能像外國競爭對手一樣面臨同樣的壓力。

I think, yeah, I think time will tell. We'll see what does it -- doesn't happen. We typically don't like speculating. But as John referenced, the thing that's a little bit unique about our industry, two of what will soon be the three largest players on a global basis are European. And if you take the one or two largest beyond that, there are also international companies that don't report quarterly.

我想，時間會證明一切。我們拭目以待，看看什麼會導致這種情況發生——或者什麼都不會發生。我們通常不喜歡猜測。但正如約翰所提到的，我們這個產業有點獨特的地方在於，即將成為全球三大巨頭的兩家公司都來自歐洲。如果只考慮其中一兩家最大的公司，那麼還有一些國際公司不按季發布財報。

So we'd certainly evaluate it if the rules change and may make things more comparable, if we follow the regime that's currently followed by our largest competitors. But it is speculation. I think the current quarterly reporting has been in place for a long time. People used to it. We're certainly used to it.

因此，如果規則發生變化，我們肯定會進行評估，如果我們遵循目前我們最大的競爭對手所遵循的製度，可能會使情況更具可比性。但這只是猜測。我認為目前的季度報告製度已經實施很久了。人們已經習以為常了。我們當然習以為常了。

It helps our internal processes and controls, not just on the actual reporting process, but also on our forecasting and budgeting process. It's a good discipline to have. But it'd be a nice option to evaluate if it came to that.

它有助於我們的內部流程和控制，不僅包括實際的報告流程，還包括我們的預測和預算流程。養成這種習慣很好。但如果真到了那一步，這倒是一個值得評估的好選擇。

I mean certainly still, I think the sell side and the buy side as well, like the disclosure every quarter and stuff. I'm sure you guys are obviously consider that heavily in your decision, right, if it comes down to it.

我的意思是，當然，我認為賣方和買方也一樣，例如每季的資訊揭露等等。我相信如果最終需要做出決定，你們肯定會把這一點放在心上，對吧。

Yeah, absolutely. Okay, thank you all.

是的，絕對的。好的，謝謝大家。

With no further questions. This does conclude today's conference call. You may now disconnect.

沒有其他問題了。今天的電話會議到此結束。您現在可以斷開連線了。