宏盟集團 (OMC) 2025 Q4 法說會逐字稿

Good afternoon, and welcome, everyone, to the Omnicom fourth quarter and full year 2025 earnings call. Today's conference is being recorded. (Operator Instructions)

下午好，歡迎各位參加 Omnicom 2025 年第四季及全年財報電話會議。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Greg Lundberg, Senior Vice President, Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係資深副總裁格雷格‧倫德伯格。請繼續。

Thank you for joining our fourth quarter and full year 2025 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 that we'll be reviewing today. An archived webcast will be available on today's call concludes.

感謝您參加我們2025年第四季及全年業績電話會議。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。本次電話會議結束後，將提供存檔的網路直播。

Before we start, I would like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we have included at the end of our investor presentation. Certain 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 2025 Form 10-K, which will be filed shortly.

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資料和提交給美國證券交易委員會的文件中，包括我們即將提交的 2025 年 10-K 表格。

During the course of today's call, we will also discuss certain non-GAAP measures. You can find a 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 will 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。本次電話會議將首先由約翰概述我們的業務狀況，然後菲爾將回顧我們的財務表現。在我們發言結束後，我們將開放提問環節。

I will now hand the call over to John.

現在我將把電話交給約翰。

Thank you, Greg, and good afternoon, everyone. Thank you for joining us today. It's been 11 weeks since we closed the acquisition of Interpublic, creating the world's leading marketing and sales company, and I'm extremely encouraged by the momentum we've seen in such a short period of time. Today, I'll start with the progress we have made to position the new Omnicom for sustained growth, and Phil will then cover our fourth quarter and full year 2025 results.

謝謝你，格雷格，大家下午好。感謝您今天蒞臨。距離我們完成對 Interpublic 的收購，創建世界領先的營銷和銷售公司已經過去了 11 週，我對我們在如此短的時間內所取得的進展感到非常鼓舞。今天，我將首先介紹我們在使新的宏盟集團實現持續成長方面取得的進展，然後菲爾將介紹我們 2025 年第四季和全年的業績。

Throughout our year-long approval process, our integration teams created detailed road maps for how we would come together. That preparation allowed us to move more decisively and with strategic clarity on day one. We announced our new Connected Capabilities organization and leadership team, bringing together the exceptional capabilities and talent to address our clients' growth priorities. We reinforced our enterprise-level client strategy through a newly formed Growth & Solutions team to drive new business and expanded our client success leaders group to grow our services to existing clients.

在長達一年的審批過程中，我們的整合團隊制定了詳細的路線圖，規劃我們如何協同合作。充分的準備使我們能夠在第一天就採取更果斷、更具策略性的行動。我們宣布成立新的互聯能力組織和領導團隊，匯集了卓越的能力和人才，以滿足客戶的成長優先事項。我們透過新成立的成長與解決方案團隊加強了企業級客戶策略，以推動新業務發展，並擴大了客戶成功領導團隊，以拓展我們為現有客戶提供的服務。

We formed a combined platform organization and launched the next generation of Omni integrating Acxiom's Real ID, Flywheels Commerce Cloud and Omni's proprietary data as well as strengthening our talent and industry leadership in data, identity and AI. And we began integrating our operations across real estate, IT, shared services and procurement, among others, which will result in significant operational improvements and cost efficiencies.

我們組建了一個聯合平台組織，推出了下一代 Omni，整合了 Acxiom 的 Real ID、Flywheels Commerce Cloud 和 Omni 的專有數據，同時加強了我們在數據、身分和人工智慧領域的人才和行業領導地位。我們開始整合房地產、IT、共享服務和採購等方面的運營，這將帶來顯著的營運改善和成本效益。

Following the acquisitions closed, we began simplifying and realigning our portfolio to position Omnicom for stronger sustainable growth and profitability. Our core focus is to deliver integrated services, connecting media creative content, commerce, consulting, data and technology. These connected capabilities underpinned by Omni bring together high-growth strategic services that drive business outcomes for our clients. As part of our portfolio realignment, we've identified certain smaller markets as well as operations that are not strategic to our business that we plan to sell or exit.

收購完成後，我們開始簡化和調整我們的業務組合，以使宏盟集團能夠實現更強勁的永續成長和獲利能力。我們的核心重點是提供綜合服務，將媒體創意內容、商業、諮詢、數據和技術連結起來。Omni 提供的這些連網功能將高成長策略服務整合在一起，從而為我們的客戶帶來業務成果。作為我們投資組合調整的一部分，我們已經確定了一些規模較小的市場以及對我們的業務沒有戰略意義的業務，我們計劃出售或退出這些市場和業務。

We will move from a majority to a minority-owned position in these smaller markets, which represent approximately $700 million in annual revenue. These markets remain important to many of our clients and through continuous ownership in these agencies, we will provide the same level of service we have in the past. We identified nonstrategic or underperforming operations with approximately $2.5 billion in annual revenue that we plan to sell or exit. We've already sold or exited some of these businesses, representing annual revenue exceeding $800 million. We expect to execute the remaining sales and exits over the next 12 months.

我們將從在這些較小市場中的控股地位轉變為少數股權地位，這些市場每年的收入約為 7 億美元。這些市場對我們的許多客戶仍然很重要，透過繼續持有這些機構的股份，我們將繼續提供與過去相同水準的服務。我們發現了一些非策略性或業績不佳的業務，年收入約為 25 億美元，我們計劃出售或退出這些業務。我們已經出售或退出了其中一些業務，這些業務的年收入超過 8 億美元。我們預計將在未來 12 個月內完成剩餘的銷售和退出。

Our retained portfolio of businesses generated revenue of $23.1 billion for the 12 months ended September 30, 2025. This portfolio positions Omnicom to drive stronger growth and deliver measurable business outcomes for our clients. Our integration planning enabled us to identify significantly greater synergies than we had initially communicated at the announcement of the IPG acquisition. We now expect our annual run rate synergies to double from our initial estimate of $750 million to $1.5 billion over the next 30 months. We expect to achieve $900 million of these savings in 2026.

截至 2025 年 9 月 30 日的 12 個月內，我們保留的業務組合創造了 231 億美元的收入。該投資組合使宏盟集團能夠推動更強勁的成長，並為我們的客戶帶來可衡量的業務成果。我們的整合計劃使我們能夠發現比我們在宣布收購 IPG 時最初所傳達的更大的協同效應。我們現在預計，未來 30 個月內，我們的年度綜效將從最初估計的 7.5 億美元翻一番，達到 15 億美元。我們預計到 2026 年將實現其中 9 億美元的節約。

The key areas for these synergies are as follows: $1 billion from reductions in labor costs through the elimination of duplicative corporate network and operational functions, streamlining our regional country and brand structure, and optimizing utilization by shifting to more unified resourcing model, including accelerating outsourcing and offshoring. Additionally, across every area of our business, we are evaluating and deploying automation and AI to improve how we service our clients and run our operations.

這些協同效應的關鍵領域如下：透過消除重複的企業網路和營運職能，精簡我們的區域國家和品牌結構，並透過轉向更統一的資源模式（包括加速外包和離岸外包）來優化利用率，從而減少 10 億美元的勞動力成本。此外，我們正在業務的各個領域評估和部署自動化和人工智慧，以改善我們服務客戶和營運業務的方式。

$240 million of synergies related to real estate consolidation and $260 million of synergies from G&A, IT, procurement and other operational savings. Finally, as part of our capital allocation strategy, our Board of Directors authorized a $5 billion share repurchase program. And today, we are launching $2.5 billion accelerated share repurchase program. Phil will provide more color on this ASR program during his remarks.

房地產整合帶來​​的綜效達 2.4 億美元，而一般及行政費用、IT、採購和其他營運成本節約帶來的綜效達 2.6 億美元。最後，作為我們資本配置策略的一部分，我們的董事會批准了一項 50 億美元的股票回購計畫。今天，我們啟動了25億美元的加速股票回購計畫。菲爾將在演講中對ASR項目進行更詳細的介紹。

We will also continue our historical use of cash for dividends and acquisitions. In December, we announced an increase to our quarterly dividend to $0.80 per share. Our investments will focus on strategic tuck-in acquisitions and organic growth initiatives to maintain our leading positions in media, content, commerce, consulting, data and AI. As we do this, our capital structure is strong and our liquidity and balance sheet positions us to maintain our investment-grade credit rating.

我們將繼續沿用以往的做法，將現金用於分紅和收購。12 月，我們宣布將季度股息提高至每股 0.80 美元。我們的投資將專注於策略性收購和有機成長計劃，以保持我們在媒體、內容、商業、諮詢、數據和人工智慧領域的領先地位。這樣做，我們的資本結構穩健，流動性和資產負債表狀況良好，使我們能夠維持投資等級信用評級。

Our efforts across these areas are enabling us to move forward, as a company with a clear mission to help our clients drive enterprise growth in this new era of marketing defined by data-led AI transformation. More than ever, we're seeing brands ask for an enterprise-level partner that can orchestrate their marketing investments across platforms and optimize performance across the entire consumer journey from engagement to sales.

我們在這些領域的努力使我們能夠向前邁進，作為一家擁有明確使命的公司，我們致力於幫助客戶在這個由數據驅動的人工智慧轉型定義的新行銷時代推動企業成長。如今，品牌比以往任何時候都更需要企業級合作夥伴，以協調其跨平台的行銷投資，並優化從互動到銷售的整個消費者旅程的績效。

The new Omnicom delivers five competitive advantage directly aligned to what our clients are asking for. We have the world's largest media ecosystem with unparalleled market leverage and intelligence. The deepest bench of award-winning creative talent that fuses human imagination with machine computing to deliver a superior personalized content at scale. Connected commerce that transforms every consumer touch point into a driver of measurable sales growth for our clients. An enterprise transformation consultancy that can reengineer clients' marketing operations for speed, intelligence and growth.

全新的宏盟集團提供五項直接符合顧客需求的競爭優勢。我們擁有全球最大的媒體生態系統，具備無與倫比的市場影響力和洞察力。我們擁有最強大的屢獲殊榮的創意人才團隊，將人類想像與機器運算結合，大規模提供卓越的個人化內容。透過互聯商務，將每個消費者接觸點轉化為推動客戶實現可衡量銷售成長的動力。一家企業轉型顧問公司，能夠重新設計客戶的行銷運營，以提高速度、智慧化和成長。

And a gold standard data and identity solution that gives brands an unparalleled privacy-first understanding of their consumers.

以及一個黃金標準的數據和身分解決方案，使品牌能夠以前所未有的隱私優先方式了解其消費者。

Together, these advantages provide a competitive edge across every dimension of modern marketing and sales and will deliver strategic solutions that address our clients' most important growth priorities. As a nod to our strategic advantages just yesterday, Forrester named Omnicom, a leader in their Commerce Services Wave Evaluation. Omnicom showed a significant lead versus the competition proving that our advantage in connected commerce is differentiated by spanning demand and loyalty across physical stores, online marketplaces and direct-to-consumer experiences. The evaluation noted that clients praised Omnicom's ability to operate as a single agency, providing them with access to a large pool of highly qualified talent.

這些優勢結合起來，能夠在現代行銷和銷售的各個方面提供競爭優勢，並將提供策略解決方案，以滿足客戶最重要的成長優先事項。為了肯定我們的策略優勢，就在昨天，Forrester 將 Omnicom 評為商業服務 Wave Evaluation 的領導者。Omnicom 在競爭中展現出顯著優勢，證明我們在互聯商務方面的優勢在於能夠跨越實體店、線上市場和直接面向消費者的體驗來滿足需求並提升客戶忠誠度。評估報告指出，客戶稱讚宏盟集團能夠作為單一機構運作，使他們能夠接觸到大量高素質人才。

Our strategic advantages are translating into client wins, which is the ultimate validation of what we're building. We've secured new business and extended contracts with leading brands such as American Express, [Bear], BBVA, BNY, [Clarence], Mercedes and [NatWest]. These client wins as well as the significant progress we've made as a new organization in a few short weeks are a direct result of our people's unwavering focus, commitment and exceptional work during this pivotal period. I'm extremely grateful to them for their efforts.

我們的策略優勢正在轉化為客戶的滿意，這是對我們所做一切的最終驗證。我們與美國運通、[Bear]、BBVA、BNY、[Clarence]、梅賽德斯-奔馳等領先品牌達成新的業務合作並延長了合約。[國民威斯敏斯特銀行]這些客戶的成功以及我們作為一個新組織在短短幾週內取得的重大進展，都是我們員工在這個關鍵時期堅定不移的專注、奉獻和卓越工作的直接結果。我非常感謝他們的付出。

Overall, I'm very pleased with how we've executed as the new Omnicom. This momentum positions us for strong growth in the years ahead. I look forward to sharing more about our organization, strategy and financial performance at our Investor Day on Thursday, March 12.

總的來說，我對我們作為新宏盟集團的執行非常滿意。這一發展勢頭將使我們在未來幾年實現強勁成長。我期待在 3 月 12 日星期四的投資者日上與大家分享更多關於我們組織、策略和財務表現的資訊。

With that, I will turn it over to Phil to walk through our quarterly and year-end financial results. Phil?

接下來，我將把發言權交給菲爾，讓他來介紹我們的季度和年度財務表現。菲爾？

Thanks, John. Before reviewing our financial results, please note that our fourth quarter and full year 2025 amounts include Interpublic results for only the month of December 2025. Since John already covered the first few slides, let's now look at an overview of our fourth quarter income statement on Slide 7.

謝謝你，約翰。在查看我們的財務表現之前，請注意，我們 2025 年第四季和全年的金額僅包含 Interpublic 在 2025 年 12 月的業績。由於 John 已經講解了前幾張投影片，現在讓我們來看看第 7 張投影片，了解我們第四季的損益表概覽。

The IPG acquisition closed just before Thanksgiving on November 26, 2025. Upon closing, and as John referred to, we immediately began the implementation of our strategic plan. We have separated the impact of several parts of the plan on this slide. We recorded severance and repositioning costs of $1.1 billion, related to severance, real estate impairment charges and contract exits. We recorded a loss on planned dispositions of $543 million related to businesses that we are in the process of disposing that were recorded at their net realizable value.

IPG 的收購案於 2025 年 11 月 26 日感恩節前夕完成。交易完成後，正如約翰所說，我們立即開始實施我們的策略計劃。我們在這張投影片上分別展示了該計劃幾個部分的影響。我們提列了 11 億美元的遣散費和重新定位成本，其中包括遣散費、房地產減損費用和合約終止費用。我們對正在處置的業務計入了 5.43 億美元的計劃處置損失，這些業務按其淨可變現價值入帳。

And we recorded acquisition-related costs of $187 million related to transaction and integration costs.

我們記錄了與收購相關的成本 1.87 億美元，其中包括交易和整合成本。

Note that this does not include any potential gains on the sale of certain businesses in this group because we are not permitted to record gains on Omnicom assets until the transactions are completed. Additionally, any expected gains on the sale of IPG assets were included in the fair value adjustment recorded on the balance sheet at the closing date.

請注意，這不包括出售集團某些業務可能獲得的任何收益，因為在交易完成之前，我們不允許記錄 Omnicom 資產的收益。此外，出售 IPG 資產的任何預期收益已計入結算日資產負債表上記錄的公允價值調整中。

Excluding these amounts, adjusted operating income or EBIT in Q4 was $876 million, and adjusted EBITA was $929 million and a 16.8% margin, an increase of 10 basis points compared to last year. Net interest expense in the fourth quarter of 2025 increased primarily due to the IPG acquisition and the related exchange of IPG debt into Omnicom debt. Interest income increased slightly in the quarter.

剔除這些金額後，第四季調整後的營業收入或息稅前利潤為 8.76 億美元，調整後的息稅前利潤為 9.29 億美元，利潤率為 16.8%，比去年同期增長了 10 個基點。2025 年第四季淨利息支出增加主要是由於 IPG 收購以及相關的 IPG 債務與 Omnicom 債務的交換。本季度利息收入略有成長。

The tax rate on our non-GAAP adjusted Q4 pretax income was 25.8%, flat with the prior year non-GAAP adjusted tax rate of 26%. Our effective income tax rate on the reported operating loss was 12.7% compared to a more typical reported tax rate of 26.4% in the prior year. The lower tax rate this quarter reflects the impacts of the lower tax benefit associated with the charges I just discussed relating to severance, repositioning, the planned dispositions and the IPG acquisition-related costs some of which are not deductible in certain jurisdictions. For planning purposes, we expect a similar tax rate of 26% for 2026.

我們第四季非GAAP調整後的稅前所得稅率為25.8%，與去年同期非GAAP調整後的稅率為26%持平。我們報告的經營虧損的實際所得稅率為 12.7%，而上一年的典型報告稅率為 26.4%。本季度較低的稅率反映了與遣散費、重新定位、計劃處置和 IPG 收購相關成本相關的稅收優惠減少的影響，其中一些成本在某些司法管轄區是不能扣除的。出於規劃目的，我們預計 2026 年的稅率將與 26% 類似。

Non-GAAP adjusted net income per diluted share of $2.59 was based on weighted average shares outstanding of $233.8 million, which were up from last year due to shares issued for the IPG acquisition. Note, the additional shares issued for the acquisition were outstanding for 1 month. We closed out the year with 313.1 million shares outstanding as of December 31, 2025.

非GAAP調整後每股攤薄淨收益為2.59美元，基於加權平均流通股數2.338億股，較去年有所增加，原因是為收購IPG而發行了股份。請注意，為此次收購而增發的股份已流通1個月。截至 2025 年 12 月 31 日，我們全年流通股數為 3.131 億股。

Let's now move to revenue. Given the size of the acquisition of IPG and the scale of the implementation of our integration strategy across service lines, geographies and our operating platforms as well as our plans to reposition the business through disposing of certain parts of our portfolio. We have not included our usual organic revenue growth metrics in our slide deck. Had we calculated organic growth consistent with our prior practice. Excluding planned dispositions and assets held for sale, organic growth in Q4 2025 would have been approximately 4%.

現在我們來談談收入。鑑於收購 IPG 的規模，以及我們在各個服務線、地理和營運平台上實施整合策略的規模，以及我們透過出售部分資產組合來重新定位業務的計劃。我們的簡報中沒有包含我們通常的有機收入成長指標。如果我們按照之前的做法來計算有機成長。如果排除計劃處置和待售資產，2025 年第四季的有機成長率約為 4%。

Slides 8 and 9 show the breakdown of our revenue by discipline and by major markets. The primary driver of year-on-year growth resulted from the addition of IPG effective December 1. The foreign exchange changes increased our revenue in the quarter by approximately 2% and a little less than 1% for the year. We expect FX will continue to be positive in 2026, and assuming recent FX rates stay the same, will benefit our reported revenue for the year in excess of 2%.

第 8 頁和第 9 頁顯示了我們按業務領域和主要市場劃分的收入明細。推動公司實現年成長的主要因素是 IPG 自 12 月 1 日起併入公司。匯率變動使我們本季的營收成長了約 2%，全年營收成長了略低於 1%。我們預期 2026 年外匯市場將持續保持正向態勢，假設近期的匯率維持不變，這將使我們當年的報告收入增加 2% 以上。

Regarding revenue by discipline, the Media business performed very well in Q4 as did the Experiential business. On the negative side, during the year, our PR business, excluding the acquisition, experienced negative growth due to the challenging prior year comps from national elections in the U.S. Additionally, although small, our Branding & Execution and Support disciplines continue to be challenged in the current environment.

以業務領域劃分的收入來看，媒體業務和體驗式行銷業務在第四季度表現都非常出色。不利的一面是，今年我們的公關業務（不包括收購）由於美國全國大選導致上年同期業績不佳，出現了負增長。此外，儘管規模較小，但我們的品牌推廣與執行以及支援部門在當前環境下仍然面臨挑戰。

As John mentioned, we moved quickly to integrate the IPG businesses into our Connected Capability organization through geographic and brand alignments. Given the scale of these integrations as well as our strategy to reposition the portfolio, we do not plan to include our historical organic growth metric slide in our 2026 quarterly presentations.

正如約翰所提到的那樣，我們透過地理和品牌調整，迅速將IPG業務整合到我們的互聯能力組織中。鑑於這些整合的規模以及我們重新定位投資組合的策略，我們不打算在 2026 年季度報告中納入我們歷史有機成長指標的幻燈片。

With regards to the planned dispositions, approximately 40% of revenue to be disposed of relates to the Execution & Support and Experiential disciplines, and 25% relates to the Advertising group, which is included in the Media & Advertising discipline. The balance of plan is positioned is spread across the rest of our disciplines.

關於計畫處置事項，待處置收入的約 40% 與執行與支援和體驗學科相關，25% 與廣告集團相關，該集團包含在媒體與廣告學科中。計劃的平衡點分散在我們其他各個學科領域。

Regarding revenue by region, our businesses in the U.S. had strong growth, led by Media, as did our European markets and our businesses in the Middle East. Our businesses in France, the Netherlands and China struggled in Q4, and the Latin America market was strong.

按地區劃分的收入方面，我們在美國的各項業務均實現了強勁增長，其中媒體業務表現突出；歐洲市場和中東地區的業務也同樣如此。我們在法國、荷蘭和中國的業務在第四季度表現不佳，而拉丁美洲市場表現強勁。

Slide 10 is our revenue weighted by industry sector. Given these numbers only include 1 month of IPG and our portfolios are very similar. The comparisons to prior periods only show differences of a point or so in a few categories.

第 10 張投影片是我們按行業劃分的加權收入。鑑於這些數字僅包含 IPG 一個月的數據，而且我們的投資組合非常相似。與前期相比，只有少數幾個類別的差異在一個百分點點左右。

Now please turn to Slide 11 for our year-to-date free cash flow summary. The increase relative to last year was driven by the improvement in Omnicom's business over the course of the year, and the addition of IPG in December 2025. Our free cash flow definition excludes changes in operating capital. However, our use of operating capital improved throughout the year, and we were positive for the full year.

現在請翻到第 11 頁，查看我們今年迄今為止的自由現金流匯總。與去年相比的成長主要得益於 Omnicom 業務在年內的改善，以及 2025 年 12 月 IPG 的加入。我們的自由現金流定義不包括營運資本的變動。然而，我們全年的營運資金使用情況有所改善，全年實現了盈利。

You'll note in the reconciliation on Slide 18, the change in operating capital was a positive of approximately $700 million, a significant improvement in the change in operating capital of over $900 million from 2024. Approximately $170 million of that improvement resulted from Omnicom's businesses, excluding IPG. The balance reflected the timing of the IPG closing and positive working capital growth from IPG's businesses in the month of December 2025.

您會在第 18 頁的對帳中註意到，營運資本的變化為正值約 7 億美元，與 2024 年營運資本變動超過 9 億美元相比，這是一個顯著的改善。其中約 1.7 億美元的改善來自 Omnicom 旗下的業務，不包括 IPG。此餘額反映了 IPG 完成交易的時間以及 IPG 各業務在 2025 年 12 月帶來的正向營運資金成長。

For the year-ended 2025, our primary uses of free cash flow included $550 million of cash paid for dividends to common shareholders and another $83 million for dividends to noncontrolling interest shareholders. Dividend payments decreased due to an increase in share repurchases during the quarter. This excludes our recent 15% increase in the quarterly dividend to $0.80 per share, which was declared prior to the closing of the acquisition.

截至 2025 年底，我們自由現金流的主要用途包括向普通股股東支付 5.5 億美元的股息，以及向非控股股東支付 8,300 萬美元的股息。由於本季股票回購增加，股利支付減少。這不包括我們最近將季度股息提高 15% 至每股 0.80 美元，該股息是在收購完成之前宣布的。

Capital expenditures were $150 million, roughly in line with last year. Total net acquisition and disposition payments were actually a source of cash of $914 million. This included $1.1 billion of net cash received from the IPG acquisition, which was partially offset by acquisition-related payments of approximately $186 million, including $117 million of payments for acquisitions of additional noncontrolling interests and payments of contingent purchase price obligations on acquisitions completed in prior periods.

資本支出為 1.5 億美元，與去年大致持平。收購和處置淨付款總額實際上帶來了 9.14 億美元的現金。其中包括從 IPG 收購中獲得的 11 億美元淨現金，但部分被約 1.86 億美元的收購相關付款所抵消，其中包括 1.17 億美元的收購額外非控股權益的付款以及支付以前期間完成的收購的或有購買價款義務的付款。

Finally, our share repurchase activity for the year was $708 million, excluding proceeds from stock plans of $27 million. As of Q3 2025, we had repurchased 312 million shares. And during Q4, we repurchased 396 million. Slide 12 is a summary of our credit, liquidity and debt maturities. At the end of Q4 2025, the book value of our outstanding debt was $9.1 billion.

最後，我們今年的股票回購活動為 7.08 億美元，不包括股票計畫的收益 2,700 萬美元。截至 2025 年第三季度，我們已回購 3.12 億股股票。第四季度，我們回購了 3.96 億股。第 12 頁總結了我們的信貸、流動性和債務到期。截至 2025 年第四季末，我們未償債務的帳面價值為 91 億美元。

Legacy Omnicom debt was flat with last year, but we assumed approximately $3 billion of IPG debt.

Omnicom集團的傳統債務與去年持平，但我們承擔了IPG集團約30億美元的債務。

As you are aware, our $1.4 billion April 2026 notes are now classified as current on our balance sheet. And we will be addressing that maturity in the near term. As John mentioned, our Board approved a $5 billion share repurchase program, including a $2.5 billion accelerated share repurchase plan, which we initiated earlier today. We also plan to repurchase an additional 500 million to 1 billion of shares during the balance of 2026 as part of the share authorization program. As a result, we estimate the reduction to our shares outstanding compared to the balance of shares outstanding at December 31, 2025, of 313.1 million shares will decline by approximately 9% to 11% by the end of 2026, with weighted average shares outstanding for the year estimated to be reduced by approximately 7% to 8%.

如您所知，我們2026年4月到期的14億美元票據現在已在我們的資產負債表上被歸類為流動資產。我們將在近期內解決成熟度問題。正如約翰所提到的，我們的董事會批准了一項 50 億美元的股票回購計劃，其中包括一項 25 億美元的加速股票回購計劃，我們今天早些時候啟動了該計劃。我們也計劃在 2026 年剩餘時間內，根據股份授權計劃，再回購 5 億至 10 億股股份。因此，我們估計，到 2026 年底，與 2025 年 12 月 31 日的流通股餘額 3.131 億股相比，我們的流通股數量將減少約 9% 至 11%，預計當年的加權平均流通股數量將減少約 7% 至 8%。

Net interest expense is expected to increase by approximately $210 million in 2026 compared to 2025. The change is primarily driven by higher interest expense including approximately $125 million from the addition of IPG's long-term debt, including $14 million of noncash interest expense, resulting from the fair value adjustment to IPG's debt recorded as a result of the acquisition. We are also estimating an increase of approximately $50 million to $55 million, resulting from the refinancing of our $1.4 billion bond, which has a book effective interest rate of 4.07%, and which is due in mid-April. And incremental commercial paper borrowings related to our share buyback program, including the ASR.

預計 2026 年淨利息支出將比 2025 年增加約 2.1 億美元。這項變更主要是由於利息支出增加所致，其中包括因 IPG 長期債務的增加而產生的約 1.25 億美元利息支出，以及因收購而對 IPG 債務進行公允價值調整所導致的 1,400 萬美元非現金利息支出。我們也預計，由於對14億美元債券進行再融資，將增加約5,000萬美元至5,500萬美元。該債券帳面有效利率為4.07%，將於4月中旬到期。以及與我們的股票回購計畫相關的增量商業票據借款，包括 ASR。

Together, these items are estimated to increase interest expense by approximately $175 million to $180 million. In addition, interest income on net cash balances is expected to decrease by approximately $30 million, primarily due to lower forecasted short-term interest rates on invested cash. In total, these factors result in a projected increase in net interest expense of approximately $210 million in 2026, compared to Omnicom's prior year 2025 actual amount of $167 million. Please note that the total and net leverage ratios for 2025 reflect the full assumption of IPG's debt but only 1 month of IPG's EBITA. This results in distorted leverage ratios for the period when calculated directly from our reported financials.

據估計，這些項目加起來將使利息支出增加約 1.75 億美元至 1.8 億美元。此外，由於預計投資現金的短期利率下降，淨現金餘額的利息收入預計將減少約 3,000 萬美元。綜合以上因素，預計到 2026 年，淨利息支出將增加約 2.1 億美元，而 Omnicom 上一年（2025 年）的實際金額為 1.67 億美元。請注意，2025 年的總槓桿率和淨槓桿率反映了 IPG 債務的全部承擔，但僅反映了 IPG 1 個月的 EBITA。如果直接根據我們公佈的財務數據計算，則會導致該期間的槓桿率出現扭曲。

However, at December 31, 2025, we were in compliance with the leverage ratio covenant in our credit facility, which makes pro forma adjustments for the acquisition. Comparable calculation of our total debt to pro forma adjusted EBITA and would result in a total leverage ratio of 2.4x for the full year ended December 31, 2025.

然而，截至 2025 年 12 月 31 日，我們符合信貸安排中的槓桿率契約，該契約對收購進行了備考調整。將我們的總債務與備考調整後的 EBITA 進行類似計算，得出截至 2025 年 12 月 31 日止年度的總槓桿率為 2.4 倍。

Lastly, our cash equivalents and short-term investments at the end of the year were $6.9 billion, up $2.5 billion from last year, largely due to the IPG acquisition and the strong performance managing working capital and cash we just discussed. While liquidity also includes an undrawn $3.5 billion revolving credit facility, which backstops our $3 billion U.S. commercial paper program.

最後，截至年底，我們的現金等價物和短期投資為 69 億美元，比去年增加了 25 億美元，這主要歸功於對 IPG 的收購以及我們剛才討論過的在營運資本和現金管理方面的出色表現。此外，流動性還包括一筆尚未提取的 35 億美元循環信貸額度，該額度為我們的 30 億美元美國商業票據計劃提供支持。

Before I hand this call over to Q&A, I would like to take a moment to address the framework for how we plan to forecast for 2026. In the appendix on Slides 22 to 24, we present combined Omnicom and Interpublic income statement data. Based on each company's reported results for the last 12-month period ended September 30, 2025. These are the last 4 quarters in which both of us operated independently. We also use this combined methodology when we announced the transaction in December 2024.

在將本次通話交給問答環節之前，我想花一點時間來談談我們計劃如何預測 2026 年的框架。在附錄投影片 22 至 24 中，我們提供了 Omnicom 和 Interpublic 合併後的損益表資料。根據各公司截至 2025 年 9 月 30 日的過去 12 個月期間公佈的業績。這是我們兩人各自獨立營運的最後四個季度。我們在 2024 年 12 月宣布該交易時也採用了這種綜合方法。

For the LTM September 30, 2025 period, combined revenue was $26.3 billion and combined adjusted EBITA was $4.1 billion. These 2 numbers are very close to published analyst consensus estimates prior to the IPG closing for fiscal year 2025 on a combined basis, because a combined presentation doesn't reflect our planned dispositions, we've used the estimated disposition revenue amounts on Slide 3 to adjust the combined base, which we plan to use for forecasting 2026. The adjusted total EBITA margin for the businesses we plan to dispose of was approximately 10%.

截至 2025 年 9 月 30 日的過去 12 個月期間，合併收入為 263 億美元，合併調整後 EBITA 為 41 億美元。這兩個數字與 IPG 在 2025 財年合併結算前公佈的分析師一致預期非常接近，因為合併後的報表無法反映我們計劃的資產處置，所以我們使用了幻燈片 3 中的估計處置收入金額來調整合併後的基數，我們計劃使用該基數來預測 2026 年。我們計劃出售的業務的調整後總 EBITA 利潤率約為 10%。

Given the IPG acquisition recently closed, we have not yet completed our 2026 planning process. As a result, we will provide additional details on our expectations regarding revenue growth and EBITA growth for 2026 at our Investor Day on March 12.

鑑於 IPG 收購案最近已完成，我們尚未完成 2026 年的規劃流程。因此，我們將在 3 月 12 日的投資者日上提供有關我們對 2026 年收入成長和 EBITA 成長預期的更多細節。

In closing, we've accomplished a lot in the past year to position Omnicom for sustained future growth. As John said, we have great momentum across the company, including revenue initiatives and cost efficiency initiatives. And we are deploying these benefits to the share buyback program announced today. We understand that there is a lot of material to digest. We look forward to updating you on these topics and some new ones at our Investor Day on March 12.

總之，過去一年我們取得了許多成就，為 Omnicom 未來的持續成長奠定了基礎。正如約翰所說，我們公司各方面都發展勢頭強勁，包括收入成長計劃和成本效益計劃。我們將這些優勢應用到今天宣布的股票回購計畫中。我們知道需要消化很多資訊。我們期待在3月12日的投資者日上向您介紹這些主題以及一些新的主題。

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

現在我請接線生開通問答線。謝謝。

(Operator Instructions) Steven Cahall, Wells Fargo.

（操作員說明）史蒂文·卡哈爾，富國銀行。

So it sounds like you're going to talk more about organic growth at the Investor Day in a few weeks. But John, you just -- you've done a ton of work around the operations and bringing the Connected Capability together. I think a much bigger percentage of the business is now Media, and it sounds like it's performing well. So I was wondering if you could give us any sense of what your expectations are in organic growth for the retained business this year? Or if that's a little too specific, maybe you could at least give us a sense of how you would expect the media business to perform this year?

聽起來你們打算在幾週後的投資者日上多談談有機成長。但是約翰，你——你為營運和整合互聯能力做了很多工作。我認為媒體業務現在在公司中所佔的比例要大得多，而且聽起來表現不錯。所以我想知道您能否大致說明一下您對今年留存業務的自然成長有何預期？如果這樣說有點太具體了，至少可以給我們介紹一下您對今年媒體產業表現的預期嗎？

And how big within the overall business, that one is.

而它在整個業務中佔據了多大的地位呢？

And then, Phil, thanks for the color on the margins of the businesses that you are divesting. Is the right way to think about margins for this year that we back out those 10% margins that are being disposed of, and then we kind of layer on the synergy targets net of cost to achieve that you've given, and that's kind of the math that we need to do to think about margins for the next few years? Thank you.

還有，菲爾，感謝你為我們揭示了你正在剝離的業務的邊緣情況。考慮今年利潤率的正確方法是，先扣除那 10% 的利潤率（因為這些利潤率會被放棄），然後加上您給出的扣除成本後的協同效應目標，這就是我們考慮未來幾年利潤率時需要做的計算嗎？謝謝。

Thanks to your question, Steve. We will certainly give you more color on March 12 to the extent that we've done completing our review of the combined companies in the detailed plans. If I was guessing, which I probably shouldn't do, I would think Media going forward, we, I would say, in mid 50% of our revenue, which is a change, it increases that segment of our organization. But that needs to be finalized, which we were doing in the coming weeks.

謝謝你的提問，史蒂夫。我們將在 3 月 12 日向您提供更多細節，屆時我們將完成對合併後公司的詳細計畫審查。如果讓我猜測（我可能不應該這樣做），我認為展望未來，媒體業務將占我們收入的 50% 左右，這是一個變化，它增加了我們組織中的這一部分。但這件事還需要最終敲定，我們將在接下來的幾週內完成這項工作。

Advertising will be, again, same type of caution, but less than -- slightly less than 20% of our total revenue. But as I said, we're working through those areas as we speak. We did get some very early profit plans, but we haven't had the time to go through and interrogate them the way we generally can before we have this call. So that's what we'll be doing in the coming weeks as we prepare for that.

廣告方面，我們仍將保持相同的謹慎態度，但廣告支出將低於——略低於我們總收入的 20%。但正如我所說，我們正在努力解決這些問題。我們確實收到了一些很早期的盈利計劃，但我們還沒有時間像往常一樣在這次電話會議之前仔細研究和審查這些計劃。所以，在接下來的幾周里，我們將為此做準備。

Just to clarify, Steve, that the Media reference, I think, includes what we would consider media-related or connected to media. So that percentage probably includes precision as well as commerce, which is in our Precision Marketing category. So it's the connected media component of the business.

史蒂夫，我澄清一下，我認為「媒體」這個詞指的是與媒體相關或與媒體有關的事物。因此，該百分比可能包括精準行銷和商業行銷，而商業行銷屬於我們的精準行銷類別。所以，這是企業中互聯媒體的部分。

With respect to the second question on margins were '26. Certainly, as I said in my prepared remarks, we'll have some more detail and color on our expectations for '26 at the Investor Day, but I think your assumption is certainly a good one to start with, and then we'll give an update at the meeting in March. Thank you.

關於利潤率的第二個問題，答案是「26」。當然，正如我在準備好的發言稿中所說，我們將在投資者日上提供更多關於我們對 2026 年的預期細節和信息，但我認為您的假設肯定是一個很好的開端，然後我們將在 3 月份的會議上給出最新情況。謝謝。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Hey, thank you, John, I know it's early in the integration, but can you speak a bit more to what the reception has been so far to the combined company offering both from existing clients and recent RFPs. And then for Phil, you mentioned a 4% organic figure for the fourth quarter. Can you just clarify what this specifically refers to? And for the assets, identify for sale exit or moving to minority. Is this all going to assets held for sale immediately?

嘿，謝謝你，約翰。我知道現在還處於整合初期，但你能否再詳細談談合併後的公司產品和服務目前為止的市場反響，包括現有客戶和最近的招標邀請書。然後菲爾，你提到第四季有機成長率為 4%。能具體說明一下這指的是什麼嗎？至於資產，要確定是出售退出還是轉為少數股權持有。這些資產是否會立即全部轉為待售資產？

Or does it get spaced out? And then can you say anything about what the kind of organic growth for some of these agents or what these agencies were in aggregate for what's moving? Thanks.

或者它會被拉長間隔？那麼，您能否談談這些代理商的自然成長情況，或是這些機構整體的發展？謝謝。

I'd say in all the major markets that we operate in, there's been a lot of enthusiasm on the part of the groups that we've combined. And we -- just the attitude and the optimism that is shared all the way down through to our employee base about what position Omnicom now is in what capabilities we have when we join these 2 groups together and the resources that we'll have to pivot and change where necessary and making the correct investments to keep us in a leadership position. So across the board, it's far better than I fully expected because always anticipate that there'll be some negativity, but we haven't seen any of that, any particular place in the group.

我想說，在我們營運的所有主要市場中，我們合併的各個團隊都展現了極大的熱情。我們——從上到下，所有員工都秉持著一種積極樂觀的態度，相信 Omnicom 目前所處的地位，相信當我們把這兩個集團合併在一起時，我們擁有的能力，以及我們將擁有的資源，以便在必要時進行調整和改變，並進行正確的投資，從而保持我們的領導地位。總的來說，情況比我完全預期的要好得多，因為總是會預料到會有一些負面情緒，但我們還沒有看到任何負面情緒，小組中沒有任何特定的地方出現這種情況。

I'll leave the second question to Phil.

第二個問題就留給菲爾回答吧。

Sure. So I'll start with the businesses that we've identified as disposals and assets held for sale. So as you referred to a portion of that, and as was referred to in the slide and then John's prepared remarks, a portion that relates to us intending to move from a majority position to a minority position in certain smaller markets around the world. Those businesses are solid businesses. They service some of our important clients in certain of those markets.

當然。那麼，我將從我們已經確定為待處置資產和持有待售資產的企業開始說起。正如你所提到的其中一部分，以及幻燈片和約翰事先準備好的發言中所提到的，這部分內容與我們打算在世界各地某些較小的市場中從多數股權轉變為少數股權有關。這些企業都是穩健的企業。他們為我們在某些​​市場的重要客戶提供服務。

But we're really taking that action more for simplicity of the organization and managing the organization than underperformance or the businesses are not strategic to where we're headed in the future.

但我們採取這項行動，更多是為了簡化組織和管理組織，而不是因為績效不佳或業務不符合我們未來的策略發展方向。

We just don't need to be in all markets with subsidiaries that come with a lot of compliance requirements and other things. So the organization as a result, will become much more efficient, and we'll still be able to provide the quality service that we need to for our important global clients that might have operations in those markets where we go from a majority to minority.

我們沒必要在所有市場都設立子公司，那會帶來很多合規要求和其他問題。因此，該組織將變得更加高效，我們仍然能夠為我們重要的全球客戶提供我們所需的優質服務，這些客戶可能在我們市場份額從多數變為少數的市場中開展業務。

The rest of the businesses that we've targeted for disposals and/or sales essentially are made up of either nonstrategic businesses or underperforming businesses. And as John had referred to, we've completed about -- we've completed dispositions with about $800 million of revenue to date. And certainly, we're committed to completing those transactions during the next 12 months. And we've made some good headway recently an experiential business within the IPG portfolio, Jack Morton, that sale closed this week. So we've got a good head start on moving forward with the plans as far as assets held for sale go.

我們計劃剝離和/或出售的其他業務，基本上都是非策略性業務或業績不佳的業務。正如約翰所提到的，到目前為止，我們已經完成了約 8 億美元的資產處置。當然，我們承諾在未來 12 個月內完成這些交易。最近，我們在 IPG 旗下的體驗式企業 Jack Morton 的收購方面取得了一些不錯的進展，該收購已於本週完成。因此，就待售資產而言，我們在推進計劃方面已經有了良好的開端。

And we'll give a little more color and a little more update at the Investor Day.

我們將在投資者日上提供更多細節和最新資訊。

As far as organic goes, what we did and what I referred to in my prepared remarks was we did the calculation consistent with how we've always done it with one exception, we excluded the organic growth related to those companies that we intend to dispose of and sell. And as a result of doing that, the calculation yielded a growth rate in the quarter of 4%. I'd say, certainly because those businesses are either a bulk of the businesses are either nonstrategic or underperforming, the organic growth rate related to those businesses is likely lower than what we achieved on the businesses that we intend to invest in going forward for the quarter. But the businesses that are -- where we see the most opportunity, the growth opportunity and the investment opportunity that's what yielded the 4%.

就有機成長而言，我們所做的，也是我在準備好的發言稿中提到的，是按照我們一直以來的方式進行計算，只有一個例外，那就是我們排除了與我們打算處置和出售的那些公司相關的有機增長。這樣做之後，計算結果顯示該季度成長率為 4%。我認為，由於這些業務要么是非戰略性的，要么是業績不佳的，因此，這些業務的有機增長率很可能低於我們本季計劃投資的業務所取得的增長率。但是，我們看到的最大機會、成長機會和投資機會，正是這些機會帶來了 4% 的回報。

Thomas Yeh, Morgan Stanley.

Thomas Yeh，摩根士丹利。

Yeah. Just that was very helpful on the 4% organic growth explanation. Just to put a finer point on that. That also excludes the incoming assets in terms of IPG or is it pro forma for both of them. And if you could just add some color on where you're seeing the areas contributing to that acceleration in growth beyond the upward bias that is being seen from the dispositions, that would be very helpful.

是的。這一點對解釋 4% 的有機成長率非常有幫助。再補充一點。這是否也不包括IPG的新增資產，或者是否包括兩者的預估資產？如果您能補充一些細節，說明除了從傾向性中看到的向上偏差之外，您認為還有哪些領域促成了這種成長加速，那就非常有幫助了。

If you could just repeat the second part of that, Thomas, that would be helpful.

湯瑪斯，如果你能再重複一次第二部分，那就太好了。

Yes. Just in terms of the sequential acceleration beyond what you mentioned as the benefit associated with stripping out the planned dispositions, maybe talking about just particularly areas of strength in terms of media and advertising, like maybe talking about specific segments contribution.

是的。就您提到的與剔除計畫安排相關的益處之外的順序加速而言，也許可以談談媒體和廣告方面的具體優勢領域，例如談談特定細分市場的貢獻。

Do you want to take that one?

你想選那個嗎？

Well, 1 month that we owned IPG was included in the calculation. We weren't committed as we didn't know in September and October. Otherwise, we'd have 12 months of IPG numbers. So it was 12 months of Omnicom and 1 month of IPG. So that's in what became the calculation.

計算中包含了我們擁有IPG的1個月時間。九月和十月的時候，我們因為不知道結果，所以沒有做出承諾。否則，我們將擁有 12 個月的 IPG 數據。所以，Omnicom 為我工作了 12 個月，IPG 為我工作了 1 個月。所以這就是最終的計算方法。

The $2.5 billion in companies that we had that have annual revenue we're a combination of both Omnicom companies. Well, they were primarily, believe it or not, in terms of the revenue side, Omnicom companies. And so the calculation basically excluded the pros and the cons, the pluses and the minuses from that group of companies. And there it turned out there are many things which would have contributed to a higher organic growth calculation and a few that would have taken in the other direction. But it was nothing material in the aggregate.

我們擁有的年收入達 25 億美元的公司，是 Omnicom 旗下兩家公司的總和。信不信由你，從收入來看，它們主要都是宏盟集團旗下的公司。因此，該計算基本上排除了該組公司的優點和缺點、有利因素和不利因素。結果發現，有許多因素會促進有機成長，也有一些因素會起到相反的作用。但總體而言，這無關緊要。

I don't know if you want to add anything, Phil.

菲爾，我不知道你是否還有什麼要補充的。

Yes. No, I think that's accurate. In terms of the other areas where we're focused and where we see the business headed certainly, it's -- yes, in the more strategic areas of media, precision marketing, commerce data and the holistic platform organization. We think there's an awful lot of opportunities for growth in those areas and certainly incorporating our content solution and creative solution into that is a critical part of that solution. So those are the areas that we're certainly most interested in investing and in addition to that, certainly bringing together the Healthcare businesses of both portfolios, we think is going to be a very powerful selling opportunity for us going forward and a growth opportunity for us going forward.

是的。不，我認為這個說法很準確。至於我們關注的其他領域以及我們認為業務發展的方向，當然——在更具策略意義的媒體、精準行銷、商業數據和整體平台組織等領域。我們認為這些領域有很多發展機會，而將我們的內容解決方案和創意解決方案融入其中，無疑是解決方案的關鍵部分。因此，這些是我們最感興趣的投資領域。此外，我們認為將兩個投資組合中的醫療保健業務整合起來，將為我們未來的銷售和成長提供非常強大的機會。

You shouldn't lose sight of the fact that we didn't do this merger. It was an acquisition that we treated as a merger looking at the short term. We were not looking to show them at all. We're looking at strengthening in those areas we think are going to be important to clients well into the future and going to contribute to our income and revenue growth. And so it's all full steam ahead, but nothing was done because we were worried about the calculation of this month or that month in any manner makes shape or form.

你不該忘記，這次合併並非我們促成的。從短期來看，我們把這次收購當成合併。我們根本沒打算讓他們看到。我們正在著眼於加強那些我們認為對客戶在未來很長一段時間內都非常重要，並且將有助於我們收入和利潤成長的領域。所以一切都在全力推進，但我們什麼也沒做，因為我們擔心這個月或那個月的計算會以任何方式成形或形成。

Understood. Thank you.

明白了。謝謝。

Jason, please go ahead.

傑森，請繼續。

Okay. Just had 1 quick -- can you hear me?

好的。剛才快速問了一個問題──你聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Yes, we can hear you Jason.

是的，我們能聽到你說話，傑森。

Okay. Great. I just had 1 clarifying question on the margins on the disposed businesses. Is that on the $2.5 billion? Or is that on the $3.2 billion?

好的。偉大的。我還有一個關於已處置業務利潤率的澄清問題。那是不是包含在25億美元裡？還是那是在32億美元裡？

It's more or less on the $2.5 billion, I think...

我覺得大概在25億美元左右…

Yes.

是的。

And the remaining assets going who are planning to go to a minority on we're still going to collect a very healthy dividend of being a minority owner of those companies.

而那些計劃出售給少數股東的剩餘資產，我們作為這些公司的少數股東，仍然會獲得非常可觀的股利。

I think, Jason, that the margin is the weighted margin from the entire group. So the [3.2]. I think in terms of the pieces, the larger group is probably a little lower than that average margin of 10% and the majority of minority group is probably higher than the average of 10%.

傑森，我認為，這個差額是整個群體加權後的差額。所以[3.2].我認為就各個部分而言，較大的群體可能略低於 10% 的平均差距，而少數群體的多數群體可能高於 10% 的平均差距。

Makes sense. Thank you.

有道理。謝謝。

Nicolas Langlet, BNP Paribas.

Nicolas Langlet，法國巴黎銀行。

Two questions for me, please. First on the Omni platform. So you invent the next generation of Omni platform earlier this year. Could you share first the key feedback you have received from clients far? Second, how the platform distinguish itself compared to peers and -- solutions; and three, whatever the platform is not considered complete or if additional building blocks are still required?

請容許我問兩個問題。率先登陸 Omni 平台。所以，你們在今年稍早發明了下一代 Omni 平台。您能否先分享一下目前為止您從客戶收到的主要回饋？其次，該平台與同類解決方案相比有何獨特之處；第三，如果該平台不完整，或者仍然需要其他構建模組，該平台是否仍被視為完整？

And secondly, on the margin trajectory. So regarding the cost synergies benefits you expect? Do you plan to redeploy a portion of the $1.5 billion cost synergies into growth initiatives we should assume the majority will flow directly for the year. Thank you.

其次，關於邊際軌跡。那麼，您預期在成本綜效方面會有哪些效益呢？您是否計劃將 15 億美元的成本綜效的一部分重新投入到成長計畫中？我們應該假設大部分資金將直接用於今年的發展。謝謝。

I'll ask Paolo to answer the first question. And then we'll tell you how we're going to reinvest.

我請保羅回答第一個問題。然後我們會告訴你們我們將如何進行再投資。

Sure, Nicolas. So with respect to the platform, so far, all of our clients are very excited about the capabilities that is currently available and the new capabilities that we'll be launching, which will incorporate the capabilities across various platforms, including our legacy Omni platform, the legacy IPG [Interact] platform; Flywheel Commerce Cloud, which has already been part of the legacy Omnicom ecosystem. And then, of course, the really exciting part, which is all of this being underpinned by Acxiom and the Axiom ID.

當然可以，尼古拉斯。就平台而言，到目前為止，我們所有的客戶都對目前可用的功能以及我們將要推出的新功能感到非常興奮，這些新功能將整合到各種平台的功能中，包括我們原有的 Omni 平台、原有的 IPG [Interact] 平台；以及已經是原有 Omnicom 生態系統一部分的 Flywheel Commerce Cloud。當然，真正令人興奮的部分是，這一切都由 Acxiom 和 Axiom ID 提供支援。

So the response from existing clients and potential new clients has been overwhelming, to be honest, and everyone is very excited to get their hands on the platform when we formally launch it at the end of Q1. But all of the existing capabilities that the combination of those platforms have today, have been driving outcomes for our clients on both sides of the IPG and Omnicom organizations.

說實話，現有客戶和潛在新客戶的反應非常熱烈，每個人都非常興奮，期待著我們在第一季末正式推出平台時能夠上手使用。但這些平台組合起來所擁有的所有現有功能，已經為IPG和Omnicom兩家機構的客戶帶來了成果。

So the second question regarding margin trajectory. I think certainly, there's going to -- we expect a substantial portion of the '26 benefit to flow through during the calendar year '26, and we'll provide some additional detail at the Investor Day. And when we look out to the total for the 3 years, the expectation of the $1.5 billion of synergies, we're confident that we'll achieve those synergies in terms of achieving the cost reductions associated with them over that period of time. But 3 years is a long time. I think that there's certainly a number of initiatives that we're going to continue to pursue both on the cost front and on the revenue synergy and revenue growth front, and we've been pursuing those and planning for those pre-deal and have accelerated that now that the deal is closed.

那麼第二個問題是關於保證金走勢的。我認為肯定會有——我們預計 2026 年的大部分收益將在 2026 年實現，我們將在投資者日上提供更多細節。當我們展望未來三年，預計可實現 15 億美元的協同效應時，我們有信心在這段時間內實現與此相關的成本削減，從而實現這些協同效應。但三年時間很長。我認為，我們肯定會繼續推進一些舉措，包括成本控制、收入協同效應和收入成長等方面。我們在交易前就一直在推進和規劃這些舉措，現在交易已經完成，我們加快了推進速度。

So it's hard to say exactly how much of that will be reinvested in the business, but certainly, a lot may change over that 3-year period in terms of what's happening in the market, what's happening with technology, what's happening in the industry what's happening with our clients, and what are they most focused on in the future. But certainly, we're going to continue to invest in our platforms and our businesses. And we do expect a substantial portion of the '26 benefit to flow through. And we do also expect to take the cost out in those out years of '27 and '28. And we'll talk a little bit more about it at the March 12 meeting.

因此，很難確切地說其中有多少會再投資於業務，但可以肯定的是，在這 3 年期間，市場、技術、行業、客戶以及他們未來最關注的方面都可能會發生很多變化。但可以肯定的是，我們會繼續投資我們的平台和業務。我們預計 2026 年的大部分收益將會惠及大眾。我們也預計在 2027 年和 2028 年這兩年將成本降低。我們將在3月12日的會議上再詳細討論一下這個問題。

Okay. Thank you.

好的。謝謝。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

I guess I have two quick ones for you, Phil. What is the $3.3 billion of disposals? Did I get that right that half of the revenues are, I guess, honestly, half is legacy IPG. Is that the right way to think about it? To share that?

菲爾，我這裡還有兩個問題想問你。這33億美元的處置款項是什麼？我理解的沒錯吧，一半的收入，說實話，一半都來自IPG的老業務。這種思考方式正確嗎？分享一下？

I think there's certainly a mix. It's both businesses in our portfolio and in IPG's portfolio. In terms of the size of the revenue, as I indicated, there's about 40% of the businesses relate to the execution and support category. That includes the 1 experiential business that was in IPG's portfolio that we've sold. The rest of that component is Omnicom businesses.

我認為肯定存在多種因素混合的情況。這既包括我們投資組合中的企業，也包括 IPG 投資組合中的企業。就收入規模而言，正如我所指出的，約有 40% 的業務與執行和支援類別相關。其中包括我們出售的 IPG 旗下的 1 家體驗式企業。該組成部分的其餘部分是宏盟集團旗下的企業。

And then I mentioned the advertising businesses that are in that group as well, about 25% of the number that's probably distributed across both Omnicom and IPG.

然後我還提到了該群體中的廣告企業，大約佔總數的 25%，這些企業可能分佈在 Omnicom 和 IPG 兩大集團之間。

And the rest of the businesses, I think when you look at them, there's probably maybe it's an equal amount, IPG and an equal amount Omnicom. I think we weren't necessarily focused on whether they were Omnicom business or IPG businesses, we are focused on the strategy ultimately where we wanted to invest and what businesses were underperforming and needed to -- we needed to exit from the portfolio longer term. So I think that gives you a little bit of perspective in terms of the numbers and the split, but it certainly wasn't a focus of ours to determine we're going to exit businesses in the IPG portfolio that we inherited or we're going to focus on reshaping the Omnicom portfolio. It's a combined business.

至於其他企業，我認為當你仔細觀察它們時，可能會發現 IPG 和 Omnicom 的份額大致相當。我認為我們不一定關注它們是 Omnicom 旗下的業務還是 IPG 旗下的業務，我們關注的是最終的投資策略，即我們想投資哪些業務，以及哪些業務表現不佳，需要——從長遠來看，我們需要從投資組合中退出。所以我認為這能讓你對數位和分割情況有一定了解，但我們肯定沒有把重點放在決定是否退出我們繼承的 IPG 投資組合中的業務，或者是否要專注於重塑 Omnicom 投資組合上。這是一家合資企業。

And certainly, we were focused more on the businesses that we're keeping and the investments we were going to make and how we're going to provide for strategic growth going forward, that was first and foremost.

當然，我們更關注的是我們要保留的業務、我們要進行的投資，以及我們將如何為未來的策略成長提供保障，這才是最重要的。

Okay. And my second one, just a housekeeping one. I appreciate Chart #4 in the deck, you gave us all the revenue and disposals. Could you try and help us just to give us a range of what the last 12 months would be if it ended 12/31/25. So $3.1 billion is where you ended September.

好的。我的第二個，只是個家事。我非常欣賞簡報中的圖表 4，它提供了所有收入和支出數據。能否請您幫忙估算一下，如果截止日期是 2025 年 12 月 31 日，那麼過去 12 個月的範圍大概是多少？所以，9 月底的業績是 31 億美元。

But if you knowing what you know if you as a sense of what the range would and what the base would look like exiting '25, so we could help model '26?

但是，如果你了解你所知道的，如果你對 2025 年結束時的範圍和基本面有一定了解，那麼我們就可以幫助模擬 2026 年的情況？

Yes. That approximates what the base would be if we had full year numbers for both IPG and Omnicom. And as I indicated in my prepared remarks, that actually -- it's actually pretty close both in terms of revenue and EBITA when you look at the consensus analyst estimates for calendar year 2025. So even though there is no published set of numbers for Omnicom only for 2025 and IPG for only 2025. Those LTM numbers are very close to what analyst assets were and to what the numbers we believe would have been, except they just haven't been published that way.

是的。如果我們有 IPG 和 Omnicom 的全年數據，那麼這個基數就大致如此了。正如我在準備好的演講稿中指出的那樣，實際上，如果你看一下分析師對 2025 年日曆年的普遍預期，你會發現無論是收入還是 EBITA，兩者實際上都非常接近。因此，儘管目前還沒有公佈 Omnicom 和 IPG 2025 年的業績數據。這些過去 12 個月的數據與分析師的資產數據以及我們認為原本應該達到的數據非常接近，只是這些數據還沒有以這種方式公佈。

I think there'll be a pro forma done in accordance with the pro forma rules in the 10-K, but the pro forma rules are pretty specific in particular. And you need to show the -- or make an estimate of what the acquisition would have been or what the impact would have been on our numbers had the acquisition been completed as of January 1, '24.

我認為會按照 10-K 表格中的格式規則進行格式計算，但格式規則有非常具體的規定。你需要展示——或者估算一下，如果收購在 2024 年 1 月 1 日完成，收購金額會是多少，或者對我們的財務數據會產生什麼影響。

But any and all of those ways, the numbers aren't very different than the combined numbers we've included in the back of this deck. And for our own internal planning purposes and forecasting purposes, that's the baseline that we believe is the most appropriate to use. And that's ultimately how we're going to be looking at the business.

但無論採用哪一種方法，所得數字都與我們在本牌組背面列出的總數字相差不大。就我們內部的規劃和預測而言，我們認為這是最適合的基準。最終，我們將以這種方式看待這項業務。

Okay, and thanks Phil. It's really helpful.

好的，謝謝你，菲爾。這真的很有幫助。

Thank you.

謝謝。

[Tom Nolan] at [SSR]

[湯姆諾蘭][SSR]

Hi. I'm interested in the new corporate operating structure. If you could give a bit more color, please, around the decision to create the new divisions that you announced back at the close of the deal. So consolidating some of the creative agencies, keeping, I think, all the Media agencies separate production unit PR unit, et cetera. Just maybe a little discussion around why you organize things that way. And then the Connected Capability that you're talking about, maybe talk a bit please about what that encompasses.

你好。我對新的公司營運結構很感興趣。請您再詳細解釋一下在交易結束時宣布的創建新部門的決定。因此，我們整合了一些創意機構，我認為，保留所有媒體機構、獨立的製作部門、公關部門等等。或許可以稍微討論一下你為什麼這樣安排事情。還有您提到的互聯功能，能否請您談談它包含哪些內容？

I get that it takes the Omni capabilities set to the Media plan and buying operations, but does that also go into all the other Omnicom divisions that you've now laid out? Thanks.

我明白這需要將 Omni 功能集應用於媒體計劃和購買運營，但這是否也適用於您現在列出的所有其他 Omnicom 部門？謝謝。

Sure. The structure that we concluded on largely was reflective of Omnicom structure prior to the transaction. the media companies, and I don't -- maybe you need to clarify for me whether you're talking about the crafts? Or are you talking about the number of brands that we wound up with?

當然。我們最終確定的架構在很大程度上反映了交易前宏盟集團的架構。媒體公司，我不太明白──或許你需要澄清一下，你指的是手工藝公司嗎？或者您指的是我們最終保留的品牌數量？

Yes. Let me just try and clarify one thing for you, Steve -- based on the terminology. So the connected capability reference is essentially in the -- by the way, I know they called you, Tom, but sorry about that. I just didn't want to -- want to forget. But anyway, the Connected Capability reference is really what we used to refer to as our practice areas and networks.

是的。史蒂夫，讓我試著從術語的角度為你澄清一件事。所以，連接功能參考基本上就在——順便說一句，我知道他們叫你湯姆，但對此感到抱歉。我就是不想——不想忘記。但無論如何，「互聯能力」其實就是我們過去所說的我們的實踐領域和網路。

So the IPG businesses were brought in and integrated into our Omnicom existing structure, as John had said, the connected capability terminology is what was new. We introduced that in the press release upon the closing of the deal.

因此，IPG 的業務被引入並整合到我們 Omnicom 現有的結構中，正如 John 所說，互聯能力術語是新的。我們在交易完成後發布的新聞稿中介紹了這一點。

So certainly, the media business and businesses were integrated into Omnicom Media Group and Omnicom Media Group runs their operation as 1 global group with multiple brands. The brand still exists, but they run the operations as 1 combined coordinated integrated operations. And we brought the IPG businesses into those Connected Capabilities across each of our major disciplines. So Media Omnicom Advertising, Precision Marketing, PR, Healthcare, et cetera. I'm not sure if that clarifies the structure for you, but that is how we kind of look at it.

因此，媒體業務和各個業務部門都整合到了宏盟媒體集團，宏盟媒體集團作為一個擁有多個品牌的全球集團進行營運。該品牌仍然存在，但他們以一個合併協調的一體化營運模式進行運作。我們將 IPG 業務融入我們各個主要領域的互聯能力中。所以媒體 Omnicom 廣告、精準行銷、公關、醫療保健等等。我不確定這樣是否能讓你更清楚地理解結構，但我們就是這樣看待它的。

I don't know what we want to add to that, John.

約翰，我不知道我們還要補充什麼。

That's largely correct. I mean just using Media as an example, where there were 6 brands before the deal, there remains 6 brands. The operations and investments that we make and the type of deals we can accomplish on behalf of our clients. Those have done as 1 group. And then culturally, as you go across the different groups or 6 brands, you'll find differences, which allow us to attract the best and brightest talent into the groups where they're best fit and be in the best position to service our clients.

基本正確。我的意思是，就拿媒體產業來說，交易前有 6 個品牌，交易後仍有 6 個品牌。我們進行的營運和投資，以及我們能夠代表客戶完成的交易類型。他們作為一個團隊完成了這項工作。在文化方面，當你了解不同的團隊或 6 個品牌時，你會發現其中的差異，這使我們能夠吸引最優秀、最聰明的人才加入最適合他們的團隊，從而更好地為我們的客戶服務。

So the other area where there's probably the largest amount of change was in the Media -- excuse me, in the Advertising business, where we went in with global network brands, and we decided that we would be best served by going forward with 30 brands. And those name changes and some other changes in terms of management, but anyone that was contributing rate prior to the deal and still contributing revenue is still working for us. They just met their business card say something different. I don't know if that helps clarify it or not.

因此，另一個變化最大的領域可能是媒體——抱歉，是廣告業，我們最初以全球網路品牌進入該領域，後來我們決定，最好是繼續發展 30 個品牌。名稱有所更改，管理層也進行了一些其他調整，但凡在交易前貢獻費率且仍在貢獻收入的人，都仍然是我們的員工。他們剛見過面，但他們的名片卻寫著截然不同的訊息。我不知道這樣說是否有助於解釋清楚。

That helps both the explanations you gave, both you gave is great. Thank you so much.

這有助於你給出的兩個解釋，你的兩個解釋都很棒。太感謝了。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Great, thank you. I've got a few questions. I'll just do 1 at a time and make it easier I'm looking at your Slide 5 here, where you've talked about you going from $750 million to $1.5 billion of synergies over 30 months or so. The $1 billion number that are labor-related, can you touch on with AI out there, is that capability partly allowing you to take out more heads than you originally were planning? Maybe you can also touch on -- is any of this labor-related sub-billion that you're taking out? Is it people that are -- have any significance people are directly related to the revenues of your company?

太好了，謝謝。我有一些問題。我一次只處理一個，這樣比較容易。我正在看你的第 5 張投影片，你在那裡談到在 30 個月左右的時間裡，你的協同效應從 7.5 億美元增加到 15 億美元。與勞動力相關的10億美元數字，您能否談談人工智慧的發展，它是否在一定程度上讓您能夠裁掉比原計劃更多的人？或許您還可以談談——您從中取出的這筆與勞動力相關的不到十億美元的款項中，是否有任何一部分？是人——這些人對公司的收入有直接影響嗎？

Or are they all back office stuff? Because in the past, you've said it wasn't going to be related to revenue-generating folks. That's my first question.

還是說它們都是後台辦公室相關的工作？因為你過去曾說過，這不會與能帶來收入的人有關。這是我的第一個問題。

Yeah, go ahead.

好的，請便。

So I think the bulk of the labor-related synergies really relates to a number of things. AI is not necessarily the primary driver of how we looked at this. There were certainly some duplication of roles when you bring together 2 public companies, first off, a number of corporate roles both at Omnicom and IPG. Unfortunately, we had to make some difficult decisions because you couldn't keep 2 of everything.

所以我認為，大部分與勞動力相關的協同效應其實與許多方面有關。人工智慧未必是我們看待這個問題的主要驅動因素。將兩家上市公司合併時，肯定會出現一些角色重疊的情況，首先，Omnicom 和 IPG 都有一些公司職位需要合併。很遺憾，我們不得不做出一些艱難的決定，因為每樣東西都不能保留兩份。

So there were certainly some head count reductions related to that. There's also some regional organizations and corporate organizations within the practice areas of Connected Capabilities that were also duplicate roles, which were certainly part of it going into the deal, we expected there would be those areas to focus on. But really, we didn't have a lot of data to do the due diligence on.

因此，肯定有一些人員被裁減了。在互聯能力實踐領域內，還有一些區域組織和企業組織也承擔著重複的角色，這當然是我們在達成交易時就預料到的，我們預計會有這些領域需要重點關注。但實際上，我們並沒有太多數據來進行盡職調查。

And as we plan for the transaction and then executed post close, senior management of both IPG and Omnicom, were involved in making the decision, as John has referred to several times, the goal was to select the best player for the role, not necessarily to have a bias towards only selecting Omnicom folks, and we think we've been successful in achieving that.

在規劃交易和執行交易完成後，IPG 和 Omnicom 的高階管理層都參與了決策，正如 John 多次提到的那樣，目標是為這個職位選擇最合適的人選，而不是偏向於只選擇 Omnicom 的人，我們認為我們已經成功地實現了這個目標。

But there are a number of other areas where we expect the labor synergies come from, which are areas around nearshoring, offshoring, outsourcing the areas of facility management, shared services, technology, et cetera. There are a lot of opportunities certainly for efficiencies that we expect to achieve. We started on a number of these paths prior to the deal, but certainly, coming together with IPG, we're accelerating those efforts in all those areas. And yes, we've accomplished quite a bit to date, and we expect to continue to make progress in those areas over '26 and beyond.

但我們預期勞動力綜效也將來自其他一些領域，例如近岸外包、離岸外包、設施管理外包、共享服務、技術等領域。當然，我們有很多提高效率的機會，我們期望能夠實現這些機會。在達成交易之前，我們已經在許多方面開始了這些努力，但與 IPG 合作後，我們無疑將在所有這些領域加快這些努力。是的，到目前為止我們已經取得了相當大的成就，我們預計在 2026 年及以後將繼續在這些領域取得進展。

And my second question on AI, John, in the past, you've talked about if your clients end up able to get services from you guys, but less time involved because you're using AI out there to save time and money. In the past, you thought that clients most likely take those savings and plow it back into marketing through your company. So the net-net, you would not be a loser at your company with AI out there? Is that still your position?

關於人工智慧，我的第二個問題，約翰，你過去曾談到，如果你們使用人工智慧來節省時間和金錢，客戶最終能否從你們這裡獲得服務，但花費的時間卻更少。過去，你可能會認為客戶很可能會把節省下來的錢重新投入你公司的行銷中。所以總而言之，有了人工智慧，你們公司就不會吃虧吧？你現在的立場依然如此嗎？

Yes. My position evolves every day as generative AI is evolving constantly. The initial -- and I'll ask Paolo to comment on this as well. What we're seeing today are efforts that we're testing with our clients, we're starting to utilize with certain other clients, that are creating tools for our people, which enhances their ability to do their job. That's one category of people.

是的。隨著生成式人工智慧的不斷發展，我的觀點也不斷改變。最初——我也會請保羅對此發表評論。我們今天看到的是我們正在與客戶一起測試、並開始與其他一些客戶一起應用的舉措，這些舉措旨在為我們的員工創建工具，從而增強他們完成工作的能力。這是其中一類人。

There are other categories where we believe there are technologies or we're investing in them, which will allow us to eliminate certain positions that are done kind of manually today, but can be done in an automated fashion with generative AI. And as we build out agentic capabilities and are able to connect the processes with how we interface with clients agentic databases and everything, that will result in further savings. And those are all things we're exploring at the moment.

我們相信，在其他一些領域，已經存在一些技術，或者我們正在投資這些技術，這將使我們能夠消除目前需要人工完成的某些工作，而這些工作可以透過生成式人工智慧以自動化的方式完成。隨著我們不斷增強代理能力，並將流程與我們與客戶代理資料庫等的互動方式連接起來，這將帶來進一步的成本節約。這些都是我們目前正在探索的方向。

Paolo's living this day-to-day, so I'll ask him to add to my comments and what he's saying.

保羅每天都在經歷這一切，所以我會請他補充我的看法以及他的想法。

Sure. Craig. So look, I know the narrative is always about how do we do the same with less. But the reality is, is that what AI and generative is allowing us to do is to do more than we've ever been able to do. And more importantly, it's allowing us to do things that we haven't been able to do in the past.

當然。克雷格。所以你看，我知道大家總是在討論如何用更少的資源做同樣的事情。但現實是，人工智慧和生成技術讓我們能夠做到以前從未做到過的事情。更重要的是，它讓我們能夠做過去無法做到的事情。

So just to give you some specifics around this, historically, creative teams would typically put 2 to 3 different concepts in front of our clients for a specific campaign. The reason is because it takes time, and it takes a lot of effort to actually bring those concepts to life.

為了更具體地說明這一點，從歷史上看，創意團隊通常會為特定的行銷活動向客戶提出 2 到 3 個不同的概念。原因在於，將這些概念付諸實踐需要時間和大量精力。

Today, with the use of the tools that John is talking about with the agentic capabilities that we put in place, our teams can now test concepts can test 50 concepts. More importantly is that they can test them synthetically, so that we can understand what the impact and value of that work could be. We can predict that before we even spend a single dollar on Media. So we have a good sense and confidence level of what the outcome will be with the things that we're putting in front of consumers.

今天，借助約翰所說的工具以及我們部署的代理能力，我們的團隊現在可以測試 50 個概念。更重要的是，他們可以對它們進行合成測試，以便我們了解這項工作的影響和價值。我們甚至可以在媒體上花一分錢之前就預測這一點。因此，我們對推向消費者的產品最終效果有相當的了解和信心。

So I think the ability to do more and the ability to do more with a higher degree of confidence is really what's driving kind of the whole generative AI institution around us. It's not necessarily about how do we reduce the number of people around this. It's really about increasing the impact and output that we're driving for our clients.

所以我認為，能夠做更多的事情，並且能夠更有信心地做更多的事情，這才是真正推動我們周圍整個生成式人工智慧系統發展的動力。問題的關鍵不在於如何減少周遭的人的數量。關鍵在於提高我們為客戶帶來的影響力和產出。

Understood. The other thing there is that we're embracing this. Every employee, every group within the companies. We're not looking it as a threat to our jobs, but embracing it as how we're going to be able to create a better product.

明白了。另一方面，我們正在欣然接受這一點。公司內的每一位員工，每一個團隊。我們並不認為這會對我們的工作構成威脅，而是將其視為創造更好產品的機會。

But John, is it too early to know if you do things more efficiently on the benefit of the client here, those dollars savings here. Is your position still you think your clients will plow that money back into Marketing, et cetera, services through your companies, so you won't be a net loser that's what I'm trying to get to here.

但約翰，現在判斷你提高工作效率是否能為客戶帶來好處，節省資金，是否還為時過早？你仍然認為你的客戶會將這筆錢重新投入到你們公司的行銷等服務中，這樣你們就不會虧損，這就是我想表達的意思。

Yes. No, I can understand that is a conclusion where you can see that is happening. There'll be other clients that we're able to negotiate with as to performance goals and the methodology in which our work as judge are being rewarded will change. And if our ideas generated lots of money, we'll be expecting to get paid for that as well. With all the hype and everything that's out there, and it will continue for a good long time.

是的。不，我能理解這是基於親眼所見的情況所得出的結論。我們會與其他客戶協商績效目標，而我們作為評審的工作獎勵方式也會隨之改變。如果我們的創意能帶來豐厚的利潤，我們也希望獲得相對應的報酬。目前各種炒作和相關資訊鋪天蓋地，這種情況還會持續很長一段時間。

But you gave everybody in the world, the same tools, what differentiates 1 group from another group. It's that intellectual creative capability and the ability to source on a global basis, those most likely to be influenced to buy your product. Right? And what is going to be needed what's going to motivate them to buy.

但你卻給了全世界所有人同樣的工具，而這正是區分不同群體的關鍵。正是這種智力創造力和全球採購能力，最有可能影響那些購買你產品的人。正確的？我們需要什麼？什麼才能激勵他們購買？

We have all those tools and we have them at such a scale that it's going to be very difficult for many competitors to catch up at this point for a good long while. So just think about it. You gave everybody doing your job and everybody you listened to on the song -- call today, and what's going to differentiate one of you from the next one of you. And that's why we're embracing it is we know how good we are and we know how deep our capabilities and skills go. And that's why I think we'll be a winner in all of this.

我們擁有所有這些工具，而且規模如此之大，以至於在相當長的一段時間內，許多競爭對手都很難趕上我們。所以好好想想吧。你把所有參與你工作的人，以及所有你在歌曲中聽取意見的人都考慮進去了——今天打電話，是什麼讓你們彼此區分開來。也因為如此，我們才欣然接受它，因為我們知道自己有多優秀，也知道自己的能力和技能有多深。所以我認為我們最終會取得勝利。

Great, thank you both.

太好了，謝謝你們兩位。

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

今天的問答環節和電話會議到此結束。感謝您的參與。您現在可以斷開連線了。