宏盟集團 (OMC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome you to the Omnicom's first quarter 2026 earnings conference Call. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫 Christa，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Omnicom 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Greg Lundberg, Investor Relations. Please go ahead.

現在我想將會議交給投資人關係部的 Greg Lundberg。請開始。

Thank you for joining our first quarter 2026 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 on today's call concludes.

感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同出席的有董事長暨執行長 John Wren，以及執行副總裁暨財務長 Phil Angelastro。您可在我們的網站 omc.com 上找到新聞稿與簡報，內容涵蓋我們今天將回顧的資訊。待今日電話會議結束後，將提供網路直播的存檔回放。

Before we start, I'd like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we've included at the end of our investor presentation. Certain of the statements made today may constitute forward-looking statements. These represent our present expectations and relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our SEC filings, including our 2025 Form 10-K.

在開始之前，我想提醒各位閱讀我們在投資人簡報末尾所列的前瞻性陳述與非 GAAP 財務及其他資訊。今天所作的部分陳述可能構成前瞻性陳述。這些陳述代表我們目前的預期；可能導致實際結果與預期存在重大差異的相關因素，已列於我們的財報資料以及向 SEC 提交的文件中，包括我們 2025 年 Form 10-K。

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 will open the line for your questions.

在今天的電話會議過程中，我們也將討論若干非 GAAP 指標。您可在簡報資料中找到其與最可比 GAAP 指標之間的調節表。我們將先由 John 概述業務，接著 Phil 將回顧財務結果。在我們的準備發言結束後，將開放線路供各位提問。

I'll now hand the call over to John.

現在我把電話交給 John。

Thank you, Greg, and good afternoon, everyone. Thank you for joining us today. I'm pleased to share highlights from our first quarter as the new Omnicom. Since closing the Interpublic acquisition just before the holidays, we have seen momentum and cohesive growth across the organization. Our steady progress is reflected in our strong financial performance in the first quarter.

謝謝你，Greg，各位下午好。感謝各位今天加入。我很高興分享我們作為「新 Omnicom」的第一季重點。自從在假期前完成對 Interpublic 的收購後，我們看到整個組織呈現動能與一致性的成長。我們在第一季的強勁財務表現，反映了這項穩健進展。

As you will recall from our fourth quarter call and Investor Day, we've strategically repositioned our portfolio for growth. As part of the portfolio realignment, we identified planned asset sales and disposition of businesses with approximately $3.2 billion of annual revenue, of which approximately $1 billion was disposed of in the first quarter. Our plan is to sell or exit the remaining assets in the next several quarters.

各位應該還記得我們在第四季電話會議與投資人日所提到的，我們已策略性地重新定位投資組合以追求成長。作為投資組合調整的一部分，我們已辨識出計畫中的資產出售與業務處分，合計約 32 億美元的年營收，其中約 10 億美元已在第一季完成處分。我們的計畫是在接下來幾個季度出售或退出其餘資產。

To clarify our focus on the operations that will drive growth, we've excluded assets held for sale and planned disposition from our core operations. Revenue from core operations was $5.6 billion in the first quarter which increased $345 million when compared to Q1 2025 revenue from core operations for the combined Omnicom and Interpublic. Organic revenue growth was 3.9%. We also updated our revenue reporting to reflect our integrated operating model, which is central to driving our growth. Phil will walk through the details of our reporting changes in his remarks.

為了更清楚聚焦於將帶動成長的營運，我們已將待售資產與計畫處分項目自核心營運中排除。第一季核心營運營收為 56 億美元，較 2025 年第一季合併後的 Omnicom 與 Interpublic 核心營運營收增加 3.45 億美元。有機營收成長為 3.9%。我們也更新了營收報導方式，以反映我們的整合式營運模式，而這正是推動成長的核心。Phil 將在他的發言中說明報導變更的細節。

One point I wanted to discuss was the increase in EBITDA performance. Our adjusted EBITDA margin increased 240 basis points to 14.8% as compared to the combined operations for Q1 2025. Our non-GAAP adjusted EPS in the quarter, which excludes after-tax cost for repositioning dispositions and acquisition integration expenses and amortization of intangibles was $1.90 per share, an increase of 11.8% and versus Q1 2025. Our solid performance for the quarter was the result of us realigning our portfolio for growth and moving decisively on our integration efforts.

我想討論的一點是 EBITDA 表現的提升。相較於 2025 年第一季的合併營運，我們的調整後 EBITDA 利潤率提高 240 個基點至 14.8%。本季的非 GAAP 調整後每股盈餘（EPS）為每股 1.90 美元，該數字排除稅後的重新定位處分與收購整合費用，以及無形資產攤銷；較 2025 年第一季增加 11.8%。本季的穩健表現，來自於我們為成長而重新調整投資組合，並在整合工作上果斷推進。

By integrating our capabilities upon closing, we merged or sunset more than 20 major agency brands with a long tail of smaller brands. This allowed us to quickly bring together the best talent from across the new Omnicom, combined with our integrated client leaders and new strategy and growth teams, our efforts have translated into new business wins. In the first quarter, these include IBM, GSK, John Deere, Little Caesars, Acadia Pharmaceuticals and Bally's. We're not just winning new clients. We're expanding our relationships with existing ones.

在完成交易後，我們即整合各項能力，合併或逐步關閉（sunset）超過 20 個主要代理商品牌，以及一長串較小的品牌。這使我們能迅速匯聚新 Omnicom 全體中最優秀的人才；再加上我們的整合式客戶領導團隊，以及新的策略與成長團隊，我們的努力已轉化為新業務的勝利。第一季的新案包括 IBM、GSK、John Deere、Little Caesars、Acadia Pharmaceuticals 與 Bally's。我們不僅贏得新客戶，也在擴大與既有客戶的合作關係。

Our integrated approach is making it easier for clients to access all their marketing and sales needs from a single partner. This model has gained traction across a number of our clients, including Clorox, Dyson, Delta, Exxon, Kroger, Merck and Unilever. Our growth from integrated services is helping to diversify our revenue streams and deepen our client relationships, underscoring the strength of our offerings.

我們的整合式方法，讓客戶更容易透過單一合作夥伴取得其所有行銷與銷售需求。此模式已在多位客戶中取得進展，包括 Clorox、Dyson、Delta、Exxon、Kroger、Merck 與 Unilever。整合式服務帶來的成長，有助於分散我們的營收來源並深化客戶關係，凸顯我們產品與服務的實力。

As we discussed at our Investor Day last month, Omni, our AI-enabled intelligent sales and marketing platform is connecting our talent, data and services. We've scaled our next generation of Omni across the entire organization in Q1, putting the latest agentic AI tools in the hands of all of our employees.

如同我們在上個月投資人日所討論的，Omni——我們的 AI 賦能智慧銷售與行銷平台——正在連結我們的人才、數據與服務。我們在第一季已將新一代 Omni 擴展至整個組織，讓所有員工都能使用最新的代理式（agentic）AI 工具。

The new Omni is delivering on multiple fronts, driving stronger media performance, greater addressability and improved measurement increasing speed to activation and enhancing ROI with Acxiom's Real ID, improving performance across retail and commerce channels. and enabling more effective marketing and client outcomes through deeper integrations with partners like Adobe and Amazon.

全新的 Omni 正在多個面向交付成果：推動更強的媒體成效、更高的可定址性（addressability）與更佳的衡量；提升啟動速度並透過 Acxiom 的 Real ID 強化投資報酬率（ROI）；改善零售與商務通路的表現；並透過與 Adobe、Amazon 等合作夥伴更深度的整合，促成更有效的行銷與客戶成果。

We also made significant progress to accelerate collaboration across the group. Throughout the quarter, we continue to move into the hub building locations, deploy common HR and IT platforms and migrate teams to shared workflow systems.

我們也在加速集團內部協作方面取得重大進展。整個季度中，我們持續搬遷至樞紐（hub）辦公大樓據點，部署共通的人資與 IT 平台，並將團隊遷移至共享的工作流程系統。

As we look ahead, we will continue to work towards the initiatives we've communicated in our prior calls, including $900 million in 2026 cost reduction synergies and $1.5 billion by mid-2028. $5 billion in share repurchases over the next 12 months, including a $2.5 billion accelerated share repurchase program currently being executed.

展望未來，我們將持續推進先前電話會議中所溝通的各項計畫，包括：2026 年 9 億美元的成本降低綜效，以及至 2028 年年中累計達 15 億美元；未來 12 個月內進行 50 億美元的庫藏股回購，其中包含目前正在執行的 25 億美元加速股份回購（ASR）計畫。

Through the ASR and open market purchases, we repurchased $2.8 billion of shares through the first quarter. Planned asset sales and dispositions of businesses with approximately $3.2 billion of annual revenue, dispositions with approximately $1 billion in annual revenue have already been completed. We will continue to evaluate our portfolio to ensure we remain positioned for growth.

透過 ASR 與公開市場買回，我們截至第一季已回購 28 億美元的股份。計畫中的資產出售與業務處分合計約 32 億美元年營收，其中約 10 億美元年營收的處分已完成。我們將持續評估投資組合，以確保我們維持有利於成長的定位。

Overall, I'm pleased with how we've executed in the first quarter. Our results clearly demonstrate the significant benefits of the combination for our people, clients and shareholders. While we remain bullish about the combination for the year ahead, we're also mindful of the broader geopolitical environment.

整體而言，我對我們第一季的執行成果感到滿意。我們的結果清楚展現此次合併為我們的員工、客戶與股東帶來的重大效益。雖然我們對未來一年的合併前景仍然樂觀，但也同時留意更廣泛的地緣政治環境。

The ongoing conflict in the Middle East, which represents less than 2.5% of our revenue, continues to create uncertainty in the region and across the world. As always, we are prioritizing the safety of our people in the region and monitoring developments closely so we can adapt quickly to changes that impact our business.

中東地區持續的衝突——該地區營收占比不到 2.5%——仍在當地及全球造成不確定性。一如既往，我們將該地區同仁的安全置於首位，並密切關注事態發展，以便能迅速因應任何影響我們業務的變化。

Before I close, I want to thank every member of the Omnicom team for their outstanding efforts. None of this progress would have been possible without the exceptional commitment and hard work of our people over these past few months.

在結束之前，我要感謝每一位 Omnicom 團隊成員的卓越付出。若沒有過去幾個月大家非凡的投入與辛勤工作，這些進展都不可能實現。

With that, I'll turn it over to Phil to walk through our quarterly financial results.

接下來，我把時間交給 Phil，請他帶各位回顧本季財務結果。

Thanks, John. This is our first quarterly report as the new Omnicom with Interpublic's operations included for the full 90 days of the quarter. We started the year with strong performance in revenue growth and cost reduction, with a meaningful amount of synergies flowing through to EBITDA, while we continue to invest for future growth. We're making significant progress integrating into public operations and positioning our portfolio for growth.

謝謝你，John。這是我們作為新 Omnicom 的第一份季度報告，且本季完整 90 天均納入 Interpublic 的營運。我們以營收成長與成本降低的強勁表現展開新年度，並有相當可觀的綜效反映在 EBITDA 上，同時我們也持續投資以支持未來成長。我們在整合 Interpublic 營運並將投資組合定位於成長方面，正取得顯著進展。

I will start on Slide 3. We know that there are a lot of moving pieces right now and we want to make things easy for you to understand. This slide should help. It presents what we call our core operations. Our core operations are comprised of our operating businesses, excluding dispositions and assets held for sale.

我將從第 3 張投影片開始。我們知道目前有許多變動因素，我們希望讓各位更容易理解。這張投影片應能提供協助。它呈現我們所稱的「核心營運」。核心營運由我們的營運業務構成，但不包含處分項目與待售資產。

To ensure it's clear, our main focus in driving the company forward is on our core operations. As we talked about at Investor Day, our core operations are the result of our ongoing strategic repositioning of the portfolio for growth and reflect our sharpened focus on the highest growing, most connected parts of our business.

為了確保清楚，我們推動公司向前發展的主要重點在於核心營運。如同我們在投資人日所談到的，核心營運是我們持續進行投資組合策略性重新定位以追求成長的結果，並反映我們更聚焦於業務中成長最快、連結性最高的部分。

Business is included in the dispositions and held for sale category will be sold in 2026, and they represented less than 5% of our adjusted operating income in the first quarter. And our only priority regarding these businesses is to complete these disposals in a timely fashion.

納入「處分與待售」類別的業務將於 2026 年出售，且其在第一季所占調整後營業利益不到 5%。而我們對這些業務唯一的優先事項，就是及時完成相關處分。

This slide also presents operating income and EBITDA on a non-GAAP adjusted basis, excluding severance and repositioning costs, loss on dispositions and acquisition integration costs. For comparison purposes on this slide, we've included 2025 prior year combined amounts prepared on a similar basis. As you can see, revenue from core operations grew 6.7% in total.

本投影片亦以非 GAAP 調整後基礎呈現營業利益與 EBITDA，排除資遣與重新定位成本、處分損失以及收購整合成本。為了便於比較，我們在本投影片中納入以相同基礎編製的 2025 年前一年合併金額。如各位所見，核心營運營收總計成長 6.7%。

Adjusted EBITDA grew $180 million or over 27% and adjusted EBITDA margin increased to 14.8% from 12.4%, primarily driven by cost reduction synergies from the acquisition of Interpublic. We are pleased with the strong performance on both revenue and adjusted EBITDA, and we are on track to achieve our operating plans and targets for the year.

調整後 EBITDA 增加 1.80 億美元（超過 27%），調整後 EBITDA 利潤率由 12.4% 提升至 14.8%，主要受惠於收購 Interpublic 所帶來的成本降低綜效。我們對營收與調整後 EBITDA 的強勁表現感到滿意，且我們正按計畫達成今年的營運計畫與目標。

Turning to Slide 4. We present our reported results as we traditionally have as well as the related non-GAAP adjusted amounts. This slide presents our reported results, including all entities, core operations, dispositions that occurred during the quarter with a period that they were part of Omnicom and entities that are classified as held for sale. Since these are reported results, the 2025 presentation reflects the prior year results of Omnicom and does not include in public.

接著看第 4 頁投影片。我們如同以往呈現已報告的結果，以及相關的非 GAAP 調整後金額。本頁呈現我們的已報告結果，包含所有實體、核心營運、於本季發生的處分（在其屬於 Omnicom 期間的期間）以及被分類為待售的實體。由於這些是已報告結果，2025 年的呈現反映的是 Omnicom 的前一年結果，且不包含 Interpublic。

Center column for each period shows the applicable non-GAAP adjustments. In the first quarter of 2026, we recorded integration-related costs of $59 million, which are recorded on the SG&A expense line. We recorded a loss on dispositions of $34 million, and we recorded severance and repositioning costs of $4 million.

各期間的中間欄顯示適用的非 GAAP 調整項目。2026 年第一季，我們認列 5,900 萬美元的整合相關成本，列於 SG&A 費用項下。我們認列 3,400 萬美元的處分損失，並認列 400 萬美元的資遣與重整成本。

When considering the change in operating income on both a reported and adjusted basis, note that it includes $117 million of amortization expense related to the intangible assets acquired from Interpublic, an increase of $96 million compared to 2025. Change in operating income also reflects a $16 million increase in depreciation expense.

在同時考量已報告與調整後基礎的營業利益變動時，請注意其中包含與自 Interpublic 取得之無形資產相關的 1.17 億美元攤銷費用，較 2025 年增加 9,600 萬美元。營業利益的變動亦反映折舊費用增加 1,600 萬美元。

Below operating income, net interest expense increased to $72 million from $29 million in Q1 of 2025, an increase of $43 million, primarily resulting from assuming Interpublic's debt of approximately $3 billion in Q4 2025. Interest expense in Q1 2026 increased by $60 million, primarily from interest expense from Interpublic, which added approximately $47 million, of which $3 million is noncash interest and higher interest expense resulting from refinancing activity completed during the first quarter of 2026, which resulted in approximately $1 billion of incremental long-term debt. Note, Q1 includes 1 month of the incremental interest expense from the new debt issuance.

在營業利益以下，淨利息費用由 2025 年第一季的 2,900 萬美元增加至 7,200 萬美元，增加 4,300 萬美元，主要因 2025 年第四季承接 Interpublic 約 30 億美元的債務所致。2026 年第一季利息費用增加 6,000 萬美元，主要來自 Interpublic 的利息費用，約增加 4,700 萬美元，其中 300 萬美元為非現金利息；以及 2026 年第一季完成的再融資活動導致利息費用上升，該活動帶來約 10 億美元的新增長期債務。請注意，第一季僅包含新發行債務所增加利息費用的 1 個月。

Additionally, interest income increased this quarter by $17 million to $47 million, primarily due to interest income earned on higher average cash balances, including cash acquired with Interpublic. Our adjusted tax rate of 26% was down slightly from 26.7% in 2025. For 2026, we expect our annual tax rate to also be 26%.

此外，本季利息收入增加 1,700 萬美元至 4,700 萬美元，主要因平均現金餘額較高所賺取的利息收入增加，其中包含隨 Interpublic 取得的現金。我們的調整後稅率為 26%，較 2025 年的 26.7% 略降。對 2026 年而言，我們預期全年稅率亦為 26%。

Income from equity investments and noncontrolling interest declined by $4 million in total. Finally, non-GAAP adjusted diluted EPS grew 11.8% to $1.90 from $1.70 last year. Our fully diluted weighted average shares outstanding for Q1 2026 were 299.2 million. Actual shares outstanding at March 31, 2026, were 285.3 million compared to 313.4 million at year-end December 31, 2025, and compared to 196.1 million shares at March 31, 2025. On a year-over-year basis, our share count increased from last year due to shares issued for the Interpublic acquisition, but they also declined as a result of our share repurchase activity, which I will discuss later.

權益法投資收益及非控制權益合計下降 400 萬美元。最後，非 GAAP 調整後稀釋每股盈餘（EPS）年增 11.8%，由去年的 1.70 美元增至 1.90 美元。2026 年第一季完全稀釋加權平均流通股數為 2.992 億股。2026 年 3 月 31 日實際流通股數為 2.853 億股，較 2025 年 12 月 31 日年末的 3.134 億股減少，並與 2025 年 3 月 31 日的 1.961 億股相比。以年對年而言，由於為收購 Interpublic 而發行股份，我們的股數較去年增加，但也因我們的庫藏股回購活動而下降，我稍後會再說明。

Now let's review our business in more detail, beginning with the components of our revenue change on Slide 5. To assist in understanding the drivers of our underlying business, we've included an analysis of our growth, beginning with core operations, which excludes businesses that have been disposed of or classified as held for sale. For the first quarter of 2025 on a combined Omnicom Interpublic basis. Revenue for Q1 2026 increased by 2.7% from positive foreign exchange rate changes and by 3.9% from organic growth.

現在讓我們更詳細檢視業務，先從第 5 頁投影片的營收變動組成開始。為協助理解我們基礎業務的驅動因素，我們納入了成長分析，從核心營運開始，核心營運排除已處分或被分類為待售的業務。以 2025 年第一季 Omnicom 與 Interpublic 合併基礎計算，2026 年第一季營收因外匯匯率變動帶來的正面影響而增加 2.7%，並因有機成長而增加 3.9%。

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 by approximately 1%. Relative to our traditional presentation in this table, there's no role for acquisition and disposition revenue because there were no acquisitions during the quarter and as we have noted, dispositions have been removed from the opening balance of core operations revenue.

我們預期 2026 年外匯仍將維持正面影響。若近期匯率維持不變，預計將使本年度已報告營收受益約 1%。相較於本表的傳統呈現方式，本季沒有併購與處分營收的影響，因為本季沒有收購案，且如我們所述，處分已自核心營運營收的期初餘額中剔除。

Turning to Slide 6, you can see our core operations revenue by discipline. Presentation of our disciplines has been updated from 2025. As we discussed at Investor Day, the strategic reshaping of our portfolio with the Interpublic acquisition will result in a business with more than half of our revenue coming from the faster-growing integrated media business. Integrated Media includes our media, commerce, data, CRM and consulting and content automation businesses. Revenue from our core operations in the first quarter of 2026, for Integrated Media was approximately 52% of our revenues.

接著看第 6 頁投影片，您可以看到按專業領域劃分的核心營運營收。我們對 2025 年以來的領域分類呈現已更新。如同我們在投資人日所討論，透過收購 Interpublic 對投資組合進行策略性重塑，將使我們的業務有超過一半的營收來自成長更快的整合媒體業務。整合媒體包含我們的媒體、商務、數據、CRM 與顧問服務，以及內容自動化業務。2026 年第一季，整合媒體的核心營運營收約占我們營收的 52%。

And for Advertising was 17%, Health, 10%; PR 12% and experiential and other 10%. Q1 revenue growth from core operations was as follows: Integrated Media led the way with very strong growth in the high single digits. ER and Experiential and Other grew in the quarter mid-single digits. Health had positive growth advertising was down in Q1. We're not providing detailed prior year combined revenue balances, organic growth by discipline or region because our integration process is ongoing, and we continue to evaluate the portfolio.

而廣告為 17%，健康 10%；公關（PR）12%，體驗行銷及其他 10%。第一季核心營運營收成長如下：整合媒體表現領先，達到高個位數的強勁成長。PR 與體驗行銷及其他在本季成長為中個位數。健康呈現正成長，廣告在第一季則下滑。由於整合流程仍在進行中，且我們持續評估投資組合，我們不提供前一年合併後的詳細營收餘額、按領域或地區的有機成長。

Slide 7 shows our core operations revenue by region. As we highlighted when we announced the Interpublic acquisition. The transaction gives us greater relative exposure in the US which was 61% of revenues this quarter. Together, the UK.

第 7 頁投影片顯示按地區劃分的核心營運營收。如同我們在宣布收購 Interpublic 時所強調，該交易使我們在美國的相對曝險提高，本季美國占營收 61%。合計而言，英國。

and Europe were 21%, followed by Asia Pacific at 9%. In Q1, revenue growth in the US was strong and delivered mid-single-digit growth. Europe, Latin America and Asia Pacific were also up low single digits. And the UK and Middle East and Africa declined.

以及歐洲合計為 21%，其次為亞太地區 9%。第一季，美國營收成長強勁，達到中個位數成長。歐洲、拉丁美洲與亞太地區亦呈現低個位數成長。英國以及中東與非洲則下滑。

Slide 8 is our revenue weighted by the industry sectors of our clients. Because the first quarter of 2026 reflects a full quarter Interpublic, there are some changes worth noting relative to the prior year Omnicom 2025 amounts. The largest changes were the Pharma & Health and Auto categories. There were small changes to our Other categories, which moved up or down 1 or 2 points with increases in Financial Services, Retail and Services. And decreases in Food & Beverage, Travel & Entertainment and Government.

第 8 頁投影片為按客戶產業別加權的營收。由於 2026 年第一季反映 Interpublic 的完整一季，因此相較於前一年 Omnicom 2025 年的金額，有一些值得注意的變化。最大變動出現在製藥與健康（Pharma & Health）以及汽車（Auto）類別。我們的其他類別亦有小幅變動，上下移動 1 至 2 個百分點，其中金融服務、零售與服務增加；食品與飲料、旅遊與娛樂以及政府則下降。

Now please turn to Slide 9 for our year-to-date free cash flow summary. 70% increase relative to our last year excuse me. The 70% increase relative to last year was driven by the addition of Interpublic and improved performance in Omnicom's business. free cash flow definition excludes changes in operating capital, which is seasonal with the first quarter generally the largest use of cash during the year. There's a reconciliation in the appendix that shows the change in operating capital for the quarter was flat compared to the change from the first quarter of last year.

現在請翻到第 9 頁投影片，查看我們年初至今的自由現金流摘要。相較去年增加 70%——抱歉。相較去年增加 70% 主要由 Interpublic 的併入以及 Omnicom 業務表現改善所帶動。自由現金流的定義排除營運資本變動；營運資本具有季節性，第一季通常是全年現金使用量最大的季度。附錄中有一份調節表，顯示本季營運資本變動與去年第一季的變動相比持平。

For the three months ended March 31, 2025, our primary uses of free cash flow included $252 million of cash paid for dividends to common shareholders and another $12 million for dividends to noncontrolling interest shareholders. Dividend payments increased year-over-year as a result of the shares issued for the Interpublic acquisition and an increase in our quarterly dividend payment. Quarterly dividend payment approximates the combined dividend payments made by Omnicom and Interpublic in Q1 of 2025.

截至 2025 年 3 月 31 日止三個月，我們自由現金流的主要用途包括支付普通股股東股利 2.52 億美元，以及支付非控制權益股東股利 1,200 萬美元。由於為收購 Interpublic 而發行股份，以及我們提高季度股利支付，股利支付金額年對年增加。季度股利支付金額約等同於 2025 年第一季 Omnicom 與 Interpublic 合計的股利支付。

Capital expenditures were $61 million, higher than the prior year due to the Interpublic acquisition, but at the same overall level relative to the size of the business. Total contingent purchase price payments and payments for the acquisitions of noncontrolling interests, were $16 million. Finally, our share repurchase activity for the first quarter was $2.8 billion, excluding proceeds from stock plans of $16 million.

資本支出為 6,100 萬美元，因收購 Interpublic 而高於前一年，但相對於業務規模而言整體水準相當。或有購買價款支付及收購非控制權益的支付合計為 1,600 萬美元。最後，我們第一季的庫藏股回購金額為 28 億美元，不含股票計畫帶來的 1,600 萬美元收入。

The majority of this resulted from our accelerated share repurchase program, which drove a significant reduction in shares outstanding to 285.3 million as of March 31, 2026, a reduction of 28.1 million shares from December 31, 2025. We have significant remaining capacity under our $5 billion total share repurchase plan. And our plan is to complete the $5 billion over the next 12 months or by the end of April 2027.

其中大部分來自我們的加速庫藏股回購計畫，使截至 2026 年 3 月 31 日的流通股數大幅降至 2.853 億股，較 2025 年 12 月 31 日減少 2,810 萬股。我們在總額 50 億美元的庫藏股回購計畫下仍有可觀的剩餘額度。我們的計畫是在未來 12 個月內或於 2027 年 4 月底前完成 50 億美元的回購。

We estimate that relative to our shares outstanding at December 31, 2025, and of 313.4 million shares. We will see our share count decline approximately 11% to 12% by December 31, 2026, and that weighted average shares outstanding for the year will decline approximately 8% to 9%.

我們估計，相較於 2025 年 12 月 31 日的流通股數 3.134 億股，到 2026 年 12 月 31 日，我們的股數將下降約 11% 至 12%，且全年加權平均流通股數將下降約 8% 至 9%。

Slide 10 is a summary of our credit, liquidity and debt maturities. At the end of Q1 2026, our gross long-term debt was $10.2 billion. Since December 31, 2026, (sic - 2025) our debt is approximately $1 billion higher, reflecting the retirement of our $1.4 billion, 3.6% senior notes due April 15, 2026, and the issuance of new senior notes totaling $2.3 billion, including $1.7 billion of US-dollar denominated notes at a weighted average coupon of 4.9% and $600 million of euro-denominated notes at a 3.85% coupon. Maturities range from three years to 10 years, which you can see in the maturity chart on this page. Our next maturity is not until July of 2027.

第10頁是我們信用、流動性與債務到期結構的摘要。截至2026年第一季末，我們的長期總負債為102億美元。自2026年12月31日（更正：2025年）以來，我們的債務約增加10億美元，反映了我們於2026年4月15日到期的14億美元、票息3.6%的優先票據已償還，以及新發行合計23億美元的優先票據，其中包括17億美元以美元計價、加權平均票息4.9%的票據，以及6億美元以歐元計價、票息3.85%的票據。到期期限介於3年至10年，您可在本頁的到期圖表中看到。我們下一筆到期要到2027年7月才會到來。

Net interest expense is expected to increase by approximately $200 million in 2026 compared to 2025. Of this increase, $13 million is noncash interest. The change is primarily driven by higher interest expense from the inclusion of Interpublic's debt, the refinancing I just described as well as interest on incremental commercial paper borrowings of approximately $10 million and lower interest income on cash balances of approximately $20 million primarily due to lower forecasted short-term interest rates on invested cash.

預期2026年的淨利息費用將較2025年增加約2億美元。其中，1,300萬美元為非現金利息。變動主要來自：納入Interpublic債務所帶來的較高利息費用、我剛才描述的再融資，以及新增商業本票借款利息約1,000萬美元；同時，現金餘額的利息收入約減少2,000萬美元，主要因投資現金的短期利率預測較低。

Please note that the total and net leverage ratios on this slide, which compares the last 12 months ended March 31, 2026 and 2025, reflect the full assumption of Interpublic's debt, but only 4 months of Omnicom's EBITDA results, including Interpublic. However, at March 31, 2026, we're in compliance with the leverage ratio covenant in our credit facility, which makes pro forma adjustments to the impact of the acquisition.

請注意，本頁所示的總槓桿與淨槓桿比率（比較截至2026年3月31日與2025年3月31日的過去12個月）反映了對Interpublic債務的全額承擔，但Omnicom的EBITDA結果（包含Interpublic）僅納入4個月。然而，截至2026年3月31日，我們符合信貸融資中的槓桿比率契約要求；該契約會就併購影響進行備考（pro forma）調整。

Calculation of total debt to pro forma adjusted EBITDA, done in accordance with the definition in our credit agreement results in a total leverage ratio of 2.5 times. Cash equivalents and short-term investments at the end of the quarter of $4.3 billion. While liquidity also includes an undrawn $3.5 billion revolving credit facility, which backstops our $3 billion commercial paper program.

依照我們信貸協議中的定義計算「總債務／備考調整後EBITDA」，總槓桿比率為2.5倍。季末現金等價物與短期投資為43億美元。流動性亦包含一筆未動用的35億美元循環信用額度，用以支撐我們30億美元的商業本票計畫。

In closing, we completed our first full quarter as the new Omnicom. Our operations delivered solid top and bottom-line growth. We are realizing significant cost reduction synergies and while investing for future growth. Our balance sheet is strong, and we are deploying capital for the benefit of shareholders in the long run.

最後，我們完成了作為新Omnicom的第一個完整季度。我們的營運在營收與獲利兩端均實現穩健成長。我們在投資未來成長的同時，也正在實現顯著的成本降低協同效益。我們的資產負債表強健，並正為股東的長期利益部署資本。

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

接下來我請接線員開放電話線進行問答。謝謝。

(Operator Instructions)

（接線員指示）

Steven Cahall, Wells Fargo

Steven Cahall，富國銀行

Thank you. First, I was wondering if you could talk a little more about some of the revenue by discipline. So I was just wondering if we could get some underlying trends or even growth rates, especially of what you're seeing in integrated media versus advertising versus health. To kind of understand the trajectories, you talked a lot about those disciplines at the Investor Day would love to understand how they're trending.

謝謝。首先，我想請你們再多談一些按業務領域（discipline）拆分的營收情況。我想了解一些底層趨勢，甚至成長率，特別是你們在整合媒體（integrated media）相較於廣告（advertising）以及健康（health）方面看到的情況。為了理解各自的發展軌跡，你們在投資人日談了很多這些領域，我很想了解它們目前的趨勢。

And then Phil, I was just wondering if you care to provide any additional update to the adjusted EPS growth guidance. I think the prior guidance is double digit. I mean, you said that the share count alone gets you to 8% to 9% this year. So it seems like it's going to be a very, very healthy interpretation of double-digit -- and we saw some of that in the first quarter results. So I was wondering how we can think about maybe some guardrails around where EPS growth can come in for the year.

另外，Phil，我想請問你是否願意就調整後EPS成長指引提供更多更新。我記得先前的指引是雙位數。你也提到僅就股數變化就能讓今年達到8%到9%。所以看起來「雙位數」會是一個非常、非常健康的詮釋——而我們也在第一季結果中看到一些端倪。我想請問我們該如何看待今年EPS成長可能落點的某些界線或範圍（guardrails）。

I'll give some detail and then John can add some color. But as far as disciplines go, as I said in my prepared remarks, Integrated Media certainly led the way in terms of growing high single digits an experiential and other grew mid-single digits health was positive for the year, low single digits and advertising was down. I think there's an awful lot going on as we integrate all these businesses, and we're certainly pleased with our progress to date and the growth to date. But in terms of additional details with specifics -- that's about as specific as we're going to get this early in the year in our first full 90-day quarter.

我先提供一些細節，然後John可以再補充一些觀點。就各業務領域而言，如同我在事先準備的發言中所說，整合媒體的成長確實領先，達到高個位數；體驗行銷（experiential）及其他業務為中個位數成長；健康業務今年為正成長、低個位數；而廣告則下滑。我認為在我們整合這些業務的過程中有很多事情同時在進行，我們對目前的進展與迄今的成長都感到滿意。但就更進一步、帶有具體數字的細節而言——在今年這麼早、而且是我們第一個完整90天季度，我們大概就先到這個程度。

In terms of trends, you want to give some comments, John there?

至於趨勢方面，John，你要不要補充一些評論？

Yeah, Steven, the only thing I would add to what Phil said was -- and I mentioned this in my comments, we remain very healthy in terms of competition in terms of winning our fair share of new business, and that's great, considering bringing two big organizations together in such a very short period of time we're functioning very well. But if there's an underlying trend that's out there, it's really clients, especially with the change in the landscape of the industry, clients are becoming more focused on selecting a single provider to take care of most of their needs.

好的，Steven。我唯一想補充Phil所說的是——我在我的發言中也提到，我們在競爭面仍然非常健康，能夠贏得與我們應有份額相當的新業務，這很棒；考量到我們在非常短的時間內把兩個大型組織整合在一起，我們的運作非常順暢。但如果要說有什麼底層趨勢，那就是客戶——尤其在產業版圖變化之下——正更聚焦於選擇單一供應商來滿足他們大部分的需求。

And we saw during the quarter that we were able to extend the multiyear contracts, quite a number of clients, and that's a focus that we're going to continue to work on as we get further and further into the year. That gives us security and that gives us a better ability to plan as we move forward. And it's our size, it's our influence that is contributing to all this, not to mention -- the state-of-the-art investments we've made in terms of omni and on the AI and the breakthroughs and the contributions we're making there. So that's all I would add to the color that Phil mentioned.

而且我們在本季看到，我們能夠與相當多的客戶延長多年期合約，這也是我們接下來會持續推進的重點，隨著我們在今年走得越來越深，這會帶來安全感，也讓我們在往前規劃時有更好的能見度。我們的規模與影響力正在促成這一切，更不用說——我們在omni、AI等方面所做的最先進投資，以及我們在那裡取得的突破與貢獻。所以我對Phil提到的內容補充的重點大概就是這些。

Yeah, I'll answer the EPS question. So certainly, we're pleased in the first quarter. Diluted EPS grew almost 12%. I think as we go through the rest of the quarters for the year, when we talk about double digit, I think at this point, we'd certainly say we expect probably the quarters as they roll out are going to be higher double digits than the first quarter performance. I think at this point, we're going to leave it at that.

好的，我來回答EPS的問題。我們當然對第一季表現感到滿意，稀釋後EPS成長接近12%。我認為當我們看今年接下來幾個季度，談到雙位數時，就目前而言，我們會說隨著季度推進，後續季度的雙位數成長可能會高於第一季的表現。我們目前就先說到這裡。

But we're certainly pleased with the quarter, and we expect good performance to continue on that front. .

但我們對本季非常滿意，也預期在這方面的良好表現會持續。.

Thank you.

謝謝。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

All right, thank you. John, just with the integration, I wanted to see if you could comment a bit more on Healthcare and PR. I think these were two areas you talked in the past about the scale combining with IPG and the opportunity going forward. So kind of what's been the experience to date? And what are you seeing generally across these disciplines?

好的，謝謝。John，關於整合，我想請你再多評論一下醫療健康（Healthcare）和公關（PR）。我記得你們過去談過，這兩個領域在與IPG結合後的規模，以及未來的機會。所以想了解目前為止的經驗如何？以及你們在這些領域整體上看到了什麼？

And then, Phil, I'll revisit the Investor Day. Also, you guys had provided an expectation of 4% constant currency growth for the core businesses. That was well within to the kind of macro volatility we've seen, but just was curious if there was any update there to give?

另外，Phil，我想回到投資人日。你們當時對核心業務提供了固定匯率（constant currency）4%的成長預期。這在我們看到的宏觀波動之下仍算合理，但我想問是否有任何更新可以分享？

Sure. The health care business, the combination of both the size that IPG had as a business, and we added a business is extraordinary. We clearly have an incredible amount of talent and representation across the whole pharma business. And what leads that lets us attract the best and smartest people and makes us -- every single pharma company has to come and speak to us if they want to do some in terms of their marketing.

當然。醫療健康業務方面，IPG原本的業務規模，加上我們新增的業務，這樣的結合非常驚人。我們顯然在整個製藥產業鏈上擁有極其豐富的人才與布局。這使得我們能吸引最優秀、最聰明的人才，也讓我們——任何一家藥廠若想在行銷上有所作為，都必須來與我們洽談。

In terms of PR, PR is now -- PR is a different type of business. We've been able to continue to grow it. In the past, we've been affected by elections, but any negative news is behind us from '25. And so we have good comps coming forward. And I think the only real comment I made is that I'm happy with the performance of those units as we go forward.

至於公關，公關現在——公關是一種不同型態的業務。我們能夠持續推動其成長。過去我們曾受到選舉的影響，但任何來自2025年的負面因素都已經過去，因此接下來的比較基期（comps）會更有利。我唯一想說的是，隨著我們往前走，我對這些單位的表現感到滿意。

There's a lot of combination there, too. And there's synergies that are going to come out of probably the PR business more than the health care business. But -- so it's all quite positive. It's is a very solid contributor to our overall growth, and we expect it to continue that way.

那裡也有很多整合空間。而且協同效益可能在公關業務上會比在醫療健康業務上更明顯。但——總之整體都相當正面。它是我們整體成長非常穩健的貢獻者，我們也預期會以這種方式持續下去。

Regarding the question on organic growth at Investor Day and the 4% reference. Certainly, as I said in my prepared remarks, we're on track to achieve our operating plans and targets, and that would include the organic growth reference as well. So we're not changing that expectation at this point in time. But we're certainly comfortable with what we said at Investor Day.

關於投資人日提到的有機成長與4%的參考值。當然，正如我在事先準備的發言中所說，我們正按計畫達成營運計畫與目標，其中也包括有機成長的參考。因此，我們目前不會改變這項預期。但我們對投資人日所說的內容仍然相當有信心。

Jason Bazinet, Citigroup.

Jason Bazinet，花旗集團。

Thanks. I just had a handful of questions around the disposed business and core operations. I guess the first one is why did you decide to sort of focus the Street on core operations. Why do you think that's the right way to look at the business?

謝謝。我有幾個關於已處分業務（disposed business）與核心營運的問題。我想第一個是，你們為什麼決定把華爾街的焦點放在核心營運上？你們為什麼認為這是看待這門生意的正確方式？

I'm sorry -- okay -- no, no, you go right ask you questions, I'll write them down, and then I'll try to answer them.

抱歉——好——不，不，你儘管直接問你的問題，我會把它們記下來，然後我會試著回答。

Right? I think and maybe I'm misremembering, you guys gave a rough benchmark of about 10% EBITDA margins for the disposed businesses. And if I'm looking at the Slide 3, which is quite helpful, it looks a bit lower than that. And then third, I was just struck by the disposed businesses, if I'm doing the math right, it looks like they shrank, I don't know, 16% or something like that year-over-year, which is far worse than I would have thought any business would be performing even in that business to put it that way that you might be disposing? So those are my three.

對吧？我想，而且也許我記錯了，你們對已處分業務給了一個大概的基準，約 10% 的 EBITDA 利潤率。而如果我看第 3 頁投影片（很有幫助），看起來比那個數字低一些。第三，我只是注意到已處分業務，如果我算得沒錯，它們看起來年對年縮水了，我不知道，大概 16% 或類似的幅度，這比我原本以為任何業務的表現都要差得多——即便是在你可能要處分的那種業務裡也是如此。所以這就是我的三個問題。

I mean you could repeat that on the last question. You're talking about the performance of the disposed businesses.

我是說，你可以把最後那個問題再說一次。你是在談已處分業務的表現。

Yeah, it's just shrinking much more than I would have thought.

對，就是縮水得比我想像的多很多。

Well, which numbers are you looking at, Jason, because I think -- when you look at the year-over-year -- got it. sorry .

嗯，Jason，你看的是哪些數字？因為我想——當你看年對年——懂了。抱歉。

Sorry. 748 versus 627.

抱歉。748 對 627。

Yeah. So some of those businesses that we're disposing of, we're actually disposed of -- so -- there was a meaningful -- as we said on the year-end call in February, we closed on the sale of an experiential business, Jack Morton kind of the day before February 15. So the first quarter in that example has 1.5 months of their revenue, but it doesn't have the second 1.5 months in the quarter. So the revenues are down because the business was sold. So it isn't a performance, I think it's just a timing of when the dispositions occur.

對。所以我們正在處分的那些業務裡，有一些其實已經處分掉了——所以——如同我們在 2 月的年終電話會議上說的，我們在 2 月 15 日前一天左右完成了一項體驗式業務（Jack Morton）的出售。因此，以那個例子來說，第一季包含了他們 1.5 個月的營收，但同一季並不包含後面 1.5 個月的營收。營收下降是因為該業務已售出。所以我認為那不是經營表現的問題，而只是處分發生時間點的差異。

And Jason, I'm please to ask the question I really am. What we decided when we closed the transaction and looking at and our businesses is which set of businesses that are going to grow -- continue to grow and which are contributing a fair margin for the efforts that we're putting in. And the way we developed the initial list of $3.2 billion of companies that we were going to hold to resell is based upon poor margin performance and maybe unreliable growth.

而且 Jason，我很高興你問這個問題，我真的很高興。我們在完成交易並檢視我們的業務時所做的決定，是辨識哪些業務會成長——持續成長，以及哪些業務在我們投入的努力下能貢獻合理的利潤率。我們最初列出要保留以待轉售的 32 億美元公司清單，是基於利潤率表現不佳，以及可能不可靠的成長。

And then after we went through that filter, the second filter, which was the governing filter was is this necessary for our clients? Is this what our clients are asking for. And we reached the conclusion that no, they weren't. Now there's a number of businesses in there, some of them terribly large, but there's a lot of units because we're spread out throughout the entire world. And what we're doing is we're working to dispose of them.

然後在通過那個篩選後，第二個篩選——也是主導性的篩選——是：這對我們的客戶是否必要？這是不是我們的客戶在要求的？我們得出的結論是，不是。現在那裡面有不少業務，有些規模非常大，但也有很多單位，因為我們遍布全球各地。我們正在做的是推動把它們處分掉。

And if there was another way to get them out of our financial statements we would, but there isn't. We have to -- until we get rid of them, we have to account for them and that's why we decided to put them in the columns that are reflected on Slide 3. And we -- maybe we're being a little optimistic or a nice Investor Day when we said the margins for these businesses are 10%.

如果有其他方式能把它們從我們的財務報表中移除，我們也會這麼做，但沒有。我們必須——在把它們處理掉之前，仍然必須對它們進行會計處理，這也是為什麼我們決定把它們放在第 3 頁投影片所反映的欄位中。而且我們——也許在投資人日說這些業務的利潤率是 10% 時，有點過於樂觀或是對投資人日太友善了。

It turns out that the margins of these businesses are probably not 10% or probably something less -- so the sooner and because -- and what was interesting is coming out of Investor Day, you can see that we had not clearly communicated that this distinction that what we're calling core now are the operations that we're planning to focus on and will contribute to the ongoing growth of Omnicom. And the noncore assets that you see will hopefully disappear as we dispose of them throughout the rest of the year.

結果這些業務的利潤率可能不是 10%，而是可能更低——所以越快越好。並且——有趣的是，從投資人日之後你可以看到，我們並沒有清楚傳達這個區分：我們現在所稱的核心（core），是我們計畫聚焦、並將對 Omnicom 的持續成長做出貢獻的營運；而你看到的非核心資產（noncore）希望會在今年剩餘時間內隨著我們處分而逐步消失。

Yeah, whichis one other piece of input in terms of the margin. Certainly, the margins will likely vary by quarter. So as we get through the year and we get through this process, the historical reference is what we made. The historical reference was about 10% for that group.

對，另外就利潤率再補充一點。當然，利潤率很可能會因季度而異。所以隨著我們走完整年並推進這個流程，歷史參考值就是我們當時所提出的。那個群組的歷史參考值大約是 10%。

We'll see how each of the quarters play out. But certainly, it's a focus of ours to move expeditiously to complete those dispositions.

我們會看看各個季度的結果如何。但可以確定的是，我們的重點之一是加速推進，儘快完成這些處分。

I can't wait for the day that you never have to ask me that question, but I do appreciate you asking it.

我等不及有一天你再也不用問我這個問題，但我也很感謝你提出來。

Thank you.

謝謝。

Tim Nollen, SSR.

Tim Nollen，SSR。

Hi, thanks for taking my question. I've got a couple actually related to really what a lot of people would think of as your core businesses, which are the media planning and buying businesses and then the creative business. On the media planning, John, you made a brief reference to agentic AI.

嗨，謝謝讓我提問。我其實有幾個問題，主要都跟很多人會認為是你們核心業務的部分有關，也就是媒體規劃與採買業務，以及創意業務。先談媒體規劃，John，你簡短提到 agentic AI（代理式 AI）。

And I wonder if you could talk a little bit more about as these LLM come more and more to market and enable direct communication amongst the various parties in the value chain, and as Omnicom is doing a lot of principal media buying itself, can you more directly go to publishers yourselves in ways that you have not before?

我想請你多談一點：隨著這些 LLM 越來越多進入市場，並促成價值鏈中各方之間更直接的溝通，而且 Omnicom 也在自行進行大量的主體（principal）媒體採買，你們是否能以過去做不到的方式，更直接地與出版商對接？

And then on the creative side, I just want to push again why the advertising business was down, and I'm wondering if there might be something of a trade-off with production which I think you hold in your integrated media business, which you said was growing high single digits. Is there maybe a little bit of a trade-off between creative advertising and production?

然後在創意端，我想再追問一次為什麼廣告業務下滑；我在想，是否可能與製作（production）之間存在某種取捨——我認為你們把製作放在整合媒體業務裡，而你們說那塊是高個位數成長。是否在創意廣告與製作之間，存在一些此消彼長？

There's a couple of very interesting questions. I'm going to answer some of them, and then I'm going to refer to Paolo, who leads our AI work to answer some of it too, Tim. Yes, it's interesting that the Quest right now, and I think every major -- there aren't too many major groups that's the major groups that are working on it is looking to have direct -- more direct relationships with the publishers. That is an aim and it's an objective, and it's something actually that we're investing in as we sit here today.

這有幾個非常有意思的問題。我會先回答其中一些，然後我也會請負責我們 AI 工作的 Paolo 來回答一部分，Tim。是的，很有趣的是，目前的趨勢（Quest）——我想每一家主要的——其實主要的集團也不多，正在做這件事的主要集團——都在尋求與出版商建立更直接的關係。這是一個目標，也是我們的方向，而且就我們今天所處的位置而言，這也是我們正在投資的事情。

When you look at -- I'd be dating myself if I went back to the internet days of the '90s, but there's always a messy middle between the client, the advertiser and what they pay for the media and reaching the consumer and a lot of martech and stuff, which becomes exciting for a moment or two and then fades away.

如果回頭談——我這樣說就暴露年紀了——回到 90 年代的網際網路時期，客戶、廣告主支付媒體費用、以及觸達消費者之間，總是存在一個混亂的中間地帶，還有很多 martech 等等，可能一兩個時刻看起來很令人興奮，然後就淡出。

Most of those businesses don't last very long. And there are intermediaries today, the stand between us and the publishers and they take a toll. -- and the toll is paid for by the clients and by the industry itself. So that is something you can continue to ask me about in the future because that is something we're clearly working on.

那些業務大多撐不了太久。而今天確實有中介者，站在我們與出版商之間，他們會抽成——而這個成本最終由客戶以及整個產業來承擔。所以你未來可以繼續問我這件事，因為這確實是我們正在明確推進的方向。

The second part of your question, as -- what happens with the quality and now I'll turn to Paolo of our platform in addition to being a common way for our people to communicate to both the clients and to work in problems and the quality of our data gives us more information data itself doesn't mean too much unless you use it properly. And we have the -- we think the best data at the moment in the industry, and it allows our creative and newly smart thinkers. -- to come up with some really different ideas and explore different opportunities.

你問題的第二部分，關於——品質會如何，以及現在我會把一部分交給 Paolo：我們的平台除了是讓我們的人彼此溝通、也能與客戶溝通的共同方式之外，我們的數據品質也讓我們掌握更多資訊；但數據本身意義不大，除非你能正確使用它。我們認為目前我們擁有業界最好的數據，而這讓我們的創意人員與新一代的聰明思考者——能提出一些真正不同的想法，並探索不同的機會。

Part of the agentic revolution and what's going on, is it reduces the need for what was previously manual work that was -- or semi-manual work that was required to put together Excel spreadsheets and to do a lot of other things. in the simplest terms, and it makes us more productive.

代理式革命（agentic revolution）以及正在發生的事情之一，是它降低了過去需要的人工工作——或半人工工作——例如整理 Excel 試算表以及做很多其他事情。用最簡單的話說，它讓我們更有效率。

And we believe that the contribution that our creative people can make and the contribution that our media cloud size and influence could make will maintain and help grow our profits in certain parts of the business, exceeding any declines that come in because of the automation or efficiencies that we go through. And the quarter proves it. We grew 4%.-- in a complicated world with a company that we've just been together for 90 days.

我們相信，我們創意人員能做出的貢獻，以及我們媒體雲的規模與影響力能帶來的貢獻，將能在業務的某些部分維持並幫助提升我們的利潤，並且超過因自動化或效率提升而可能帶來的任何下滑。而本季就證明了這點。我們成長了 4%——在一個複雜的世界裡，而且我們這家公司才合在一起 90 天。

I don't know, Paolo, if you want to add anything to-

我不知道，Paolo，你要不要補充一些——

Sure. Tim, I can address the agentic media buying. So as we mentioned in Investor Day, Omnicom is really leading the charge from our perspective on agentic media and the agentic media ecosystem. We're first to market with things like which is a protocol that's being defined and being evolved around agentic media buying. What I also mentioned in Investor Day that we had already tested the pipes and being able to have money flow through to actually buy inventory available on certain publishers.

當然。Tim，我可以回應代理式媒體採買。正如我們在投資人日提到的，從我們的角度來看，Omnicom 正在引領代理式媒體以及代理式媒體生態系的推進。我們率先把一些東西推向市場，例如一個正在被定義並持續演進、圍繞代理式媒體採買的協議（protocol）。我在投資人日也提到，我們已經測試過管道，能讓資金流動，實際去購買某些出版商可提供的庫存。

Since then, we've actually executed real media buys for several clients using our agent framework doing agent to agent buying, which is all in service to shortening the media supply chain, as John articulated. How do we get -- drive higher value for our clients deliver a greater amount of working media dollars for our clients and ultimately making the entire process more efficient and effective.

從那之後，我們其實已經用我們的代理框架，為多位客戶執行了真實的媒體採買，進行 agent-to-agent 的採買；這一切都是為了縮短媒體供應鏈，正如 John 所闡述的。我們要如何——為客戶創造更高價值，讓客戶有更多可用於投放的有效媒體預算（working media dollars），並最終讓整個流程更有效率、也更有效果。

That's really helpful.

這真的很有幫助。

Got a go ahead, Yes.

已經獲得同意了，是的。

And if you have a follow-up for Paolo or-

如果你有要追問 Paolo 的問題或—

Yes. Can I just ask a follow-up in, which is I wonder everything you're saying makes sense. I wonder what happens to your pricing models and your ability to price for your services in a world where, as you said, probably the media supply chain is shortening. I mean are you in a position of strength to leverage to gain better pricing terms for your clients and to -- I mean, so far, we seem to be doing well for yourselves as well.

是的。我可以再追問一下嗎？我覺得你說的都很有道理。我想知道，在你所說的媒體供應鏈可能正在縮短的世界裡，你們的定價模型以及為服務定價的能力會發生什麼變化？我的意思是，你們是否處於有利地位，可以運用槓桿為客戶爭取更好的定價條件，並且——我的意思是，到目前為止，看起來你們自己也做得不錯。

Yeah, The whole environment expands, Tim -- and we will be rewarded as a result of that. And when we're talking about taking out in effect is the lower cost type of efforts, which contributes to our revenue. And increasingly, we're moving towards performance. That's a change -- it's ongoing, nothing is overnight, even I don't know everybody likes everything to be overnight, and it's not overnight. And the higher quality people with a higher-quality approaches and reaching more customers and selling more product and building better brands.

是的。整個環境在擴大，Tim——而我們也會因此得到回報。當我們談到實際上要剔除的是低成本類型的工作，這些工作也會對我們的營收有所貢獻。而且我們正愈來愈朝向以績效為導向。這是一個變化——正在進行中，沒有任何事情是一夕之間完成的；即使我知道大家都希望一切立刻發生，但它不會一夜之間完成。更高品質的人才、以更高品質的方法，觸及更多客戶、賣出更多產品、打造更好的品牌。

That's where we sit. That's where our clients trust us. That's why they buy our products. And as a result, we will get paid a very fair price the efforts that we put in because we've made these investments. I don't know if-

這就是我們所處的位置。這也是客戶信任我們的原因，也是他們購買我們產品的原因。因此，因為我們做了這些投資，我們投入的努力將會獲得非常公平的報酬。我不知道是否—

Yeah, In terms -- just to close out on the production question. Relative to our $23 billion annual base, -- it's not -- it's just not a substantial component in terms of dollar value. The key to the portion of the business that's in integrated media is the intelligent content automation business, which is closely integrated with media and our platform. So that's what we were distinguishing at Investor Day.

是的。就——只是把製作（production）那個問題做個收尾。相對於我們每年 230 億美元的基礎規模——它並不是——就美元價值而言，它不是一個重大的組成部分。整合媒體（integrated media）那部分業務的關鍵在於智慧內容自動化（intelligent content automation）業務，它與媒體以及我們的平台緊密整合。所以這就是我們在投資人日所做的區分。

Okay, that's all very helpful. Thanks.

好的，這些都非常有幫助。謝謝。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

Thanks. I have one for John and Paolo and one for Phil. John, I've got date myself, I am on into public bought Acxiom. I asked you about that strategy by Acxiom, and it wasn't the right time for you to buy it. Now it's the second bullet point on the momentum of your company. So what have you found 4 months into 1 Acxiom?

謝謝。我有一個問題要問 John 和 Paolo，另一個要問 Phil。John，我得暴露一下年紀：我在 Acxiom 上市時就買了它。我當時問過你 Acxiom 的那個策略，而那時對你來說買它不是合適的時機。現在它成了你們公司動能的第二個要點。所以在收購 Acxiom 的 4 個月（進行到第 1 階段）裡，你們發現了什麼？

How has the integration help you? And how does that give you an edge for maybe where the asset was used previously at IPG. And then Phil, on Page 14, thanks for all the color. But would you ever put out or pro forma operating expense detail, so we actually build models that work on a pro forma basis on a core basis, too, on the cost side? Thanks.

整合如何幫助你們？以及這如何讓你們在競爭上取得優勢——相較於該資產先前在 IPG 被使用的方式？另外 Phil，關於第 14 頁，謝謝你提供的所有細節。不過你們是否會公布、或提供一份備考（pro forma）的營業費用明細，讓我們也能在備考、核心（core）口徑下建立可用的模型，尤其是在成本端？謝謝。

I can't go back completely to 2018. And remember everything I was thinking, although I'm accused of remembering every number that I see. At Acxiom, I think Interpublic at the time paid $2 million -- $2 billion for the company. Five years later, I paid $9 billion for all of Interpublic. So I think my waiting paid off from an economic point of view.

我沒辦法完全回到 2018 年，並記得我當時所有的想法——雖然大家都說我會記得我看到的每一個數字。關於 Acxiom，我記得 Interpublic 當時支付了 20 億美元——20 億美元買下那家公司。五年後，我用 90 億美元買下整個 Interpublic。所以從經濟角度來看，我的等待是有回報的。

And -- but most importantly is that -- and this was true then, and it's certainly true now is the quality and the fidelity of the data that Acxiom gathers has not changed in that five, seven -year period. they because they work principally for regulated industries in the finance sector in the pharma sector, their data is not as haphazard consumer data can be. And it has to have fidelity because there's a lot of laws and regulations that go around it. And so we're able to ingest and use this to develop our Acxiom customer ID methodology.

而且——但更重要的是——當時如此，現在更是如此：Acxiom 蒐集的資料品質與精準度（fidelity）在那五到七年的期間並沒有改變。因為他們主要服務於受監管產業，例如金融領域與製藥領域，他們的資料不像消費者資料那樣可能較為零散。資料必須具備高精準度，因為周邊有大量法律與監管要求。因此我們能夠匯入並使用這些資料，來發展我們的 Acxiom Customer ID 方法論。

And I'll let Paolo even comment a little bit on that. And it's been a real contributor to our overall efforts. Now if I want to be really fair, we probably weren't ready for it in 2018, but we're certainly ready for it when we bought it now.

我也讓 Paolo 補充評論一下。而這確實對我們整體工作做出了很大貢獻。若要非常公平地說，2018 年我們可能還沒準備好，但現在收購時我們肯定已經準備好了。

Yeah. I would add to that, Michael, that especially now with kind of the proliferation of artificial intelligence and more specifically, generative AI and how we've incorporated it into almost every facet of the marketing life cycle -- the ability for us to actually drive value from that data is greater now than it's ever been. And it is exponentially more powerful for our clients.

是的。我會補充一點，Michael，特別是現在隨著人工智慧的普及——更具體地說是生成式 AI——以及我們如何把它融入行銷生命週期的幾乎每一個環節，我們實際上從這些資料中驅動價值的能力，比以往任何時候都更強。而對我們的客戶而言，其威力是指數級地更大。

So just on the specific question that you asked, Michael, given the size of the acquisition not every number of schedule related to the prior year data is perfectly comparable. -- certainly, we understand and we're working towards that. We're happy to take any follow-up questions that you have on the detail, certainly offline, no problem.

就你提出的具體問題而言，Michael，鑑於這次收購的規模，並非所有與前一年資料相關的附表數字都能做到完全可比——我們當然理解，也正在朝這個方向努力。我們也很樂意就你需要的細節接受任何後續提問，私下再談也完全沒問題。

Thanks, Phil. Thanks, guys.

謝謝，Phil。謝謝各位。

Sure.

當然。

Adrien de Saint Hilaire, Bank of America.

Adrien de Saint Hilaire，美國銀行。

Yes, good evening from London. Thank you for taking the questions, please two of them. Do you have any better visibility on how much proceeds you think you're going to get from the planned disposals? I can see you've fetched $152 million in Q1, but interested in your views for the year?

是的，從倫敦向各位問好。謝謝你們接受提問，我有兩個問題。對於計畫中的資產處分，你們對可能取得多少處分收入（proceeds）是否有更好的能見度？我看到你們在第一季取得了 1.52 億美元，但想了解你們對全年看法？

And then maybe for John, in terms of new business, one of your peers seems to have a bit of a revival of late. I'm just wondering if you're seeing a bit of a change in the pricing dynamics? Are you seeing potentially any pricing pressure around those pitches, more so than usual? I understand there's always a bit of price pressure around those. Thank you very much.

然後可能問 John：在新業務方面，你們的一位同業最近似乎有些復甦。我想知道你們是否看到定價動態有些變化？在那些提案競標（pitches）中，你們是否看到比平常更大的定價壓力？我理解那些通常都會有一些價格壓力。非常感謝。

Sure. With respect to -- your first question we -- restate it for me, please, Adrien just so I answer it properly.

好的。關於——你的第一個問題，我們——請你再重述一次，Adrien，這樣我才能正確回答。

I think it's visibility on the product.

我想是關於處分收入的能見度。

Yes. On the proceeds yes-

是的。關於處分收入，是—

Yeah, On the proceeds, yes, yes. No. As you saw, if you look at our cash flow, even money made on the sale of.

是的，關於處分收入，是的，是的。不——如你所見，如果你看我們的現金流，甚至出售所獲得的資金也——

Principally Jack Morton.

主要是 Jack Morton。

Principally, Jack Morton. And there's a number of companies that we expect to receive proceeds from the sale of a significant number of those units that were holding in that bucket -- there's some that are just disposables that does things that we have to go through the process because -- they are really low growth.

主要是 Jack Morton。而且我們預期，從我們放在那個「桶子」裡持有的那些單位中，有相當一部分在出售後會帶來處分收入——其中也有一些只是可處分資產，做的是我們必須走完流程的事情，因為——它們的成長性真的很低。

They've been around for a long time, but they happen to be in some instances in countries where the exercise of going through and shutting them down or paying out proper severance and things to people cost us money. We've accrued for the downside as best we could. And so we're looking to sell and generate positive cash flow. But I don't think it's going to add to net income for the year so much as it is it will generate additional cash.

它們存在很久了，但有些情況下位於某些國家，在那裡要走完關閉流程、或支付適當的資遣費等，反而會讓我們花錢。我們已盡可能就下行風險提列了準備。因此我們希望透過出售來產生正向現金流。但我不認為它會在今年對淨利有太大貢獻，更多是會帶來額外現金。

Certainly, we have an expectation, but it's really very difficult to estimate what those proceeds are going to be. And we certainly don't want to give you any inaccurate expectations regarding what they're going to be when those deals happen and the proceeds come in, we're certainly going to keep you updated and let me know.

當然，我們有一個預期，但要估算那些處分收入會是多少其實非常困難。我們也不希望在交易發生、款項入帳之前，給你任何不精確的預期。當那些交易完成、處分收入進來時，我們一定會持續向你更新並告知。

Yes. Adrien, after listening to me for years, as I said earlier to our question, I'd love to see these things off of my P&L and not talk about it anymore. But that's not going to make me give them away either. So we're pretty confident that over the next several quarters, we can get through most of them. And we have teams doing this and outsiders.

是的。Adrien，你聽我講了很多年了——就像我先前回答問題時說的，我很希望把這些東西從我的損益表（P&L）上移除，然後不要再談它。但這也不代表我會把它們白送出去。所以我們相當有信心在接下來幾個季度內能處理掉大部分。我們有內部團隊，也有外部人士在做這件事。

We are focused on new business and growing our business and getting the teams that we brought together functioning in a proper way. So that's why we even call them core assets. That's where most of our focus is. There's a bunch of accountants running around trying to sell these things. And what was the second question?

我們的重點在新業務、在成長我們的業務，以及讓我們整合在一起的團隊以正確的方式運作。所以我們才把它們稱為核心資產（core assets）。我們大部分的注意力都在那裡。有一群會計人員到處跑著想把這些東西賣掉。第二個問題是什麼？

Yes, it's on the new business and competitive-

是的，是關於新業務與競爭—

Competitive pricing. And I certainly know the ones you're talking about, there's been two or three. Everyone strikes me as if I've just been defeated because I hate losing. And some of it has to do with competitive pricing, but we win more than our fair share. and we'll continue to win more than our fair share.

競爭性定價。我當然知道你指的是哪些，最近有兩三個。每次都讓我覺得好像我被打敗了，因為我討厭輸。有一部分確實與競爭性定價有關，但我們贏得的案子比我們「應得的份額」還多，而且我們會繼續贏得比我們應得的份額更多。

And every loss, there's no such things coming in a second. Believe me, I do a root cause analysis, why we lost it to try to cure for the next opportunity that we have. So yes, we lost but not much, and I'm not happy about it.

而且每一次輸掉——不存在什麼「第二名」這回事。相信我，我都會做根因分析（root cause analysis），找出我們為什麼輸，並在下一次機會來臨時加以修正。所以是的，我們有輸，但不多，而我對此並不滿意。

Understood. Thank you so much, guys.

了解。非常感謝，各位。

Thank you.

謝謝。

And that concludes our question-and-answer session. And that does conclude today's call. Thank you all for your participation, and you may now disconnect

以上為問答環節。今天的電話會議也到此結束。感謝各位參與，現在可以掛線。