Stagwell Inc (STGW) 2023 Q3 法說會逐字稿

Good morning from Stagwell's offices in Miami, Florida, and welcome to Stagwell Inc.'s Earnings Webcast for Q3 2023. My name is Ben Allanson, and I lead the Investor Relations function here at Stagwell.

佛羅裡達州邁阿密的 Stagwell 辦公室早安，歡迎收看 Stagwell Inc. 2023 年第三季的收益網絡廣播。我叫 Ben Allanson，負責 Stagwell 的投資者關係職能部門。

With me today are Mark Penn, Stagwell's Chairman and Chief Executive Officer; and Frank Lanuto, the Chief Financial Officer.

今天與我在一起的有 Stagwell 董事長兼執行長 Mark Penn；和首席財務官弗蘭克·拉努托。

Mark will provide a business update, and Frank will share our financial review. After the prepared remarks, we will open the floor for Q&A. You are welcome to submit questions through the chat function.

馬克將提供業務更新，弗蘭克將分享我們的財務審查。準備好的發言結束後，我們將開始問答環節。歡迎您透過聊天功能提出問題。

Before we begin, I'd like to remind you that the following remarks include forward-looking statements and non-GAAP financial data. Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation and the company's SEC filings. Please refer to our website, stagwellglobal.com/investor, for an investor presentation and additional resources. This morning's press release and slide deck provide definitions, explanations and reconciliations of non-GAAP financial data.

在開始之前，我想提醒您，以下評論包括前瞻性陳述和非公認會計準則財務資料。有關公司的前瞻性陳述，包括與盈利指引相關的陳述，受到我們的盈利發布、幻燈片演示和公司向 SEC 文件中提及的不確定性和風險因素的影響。請造訪我們的網站 stagwellglobal.com/investor，以了解投資者介紹和其他資源。今天早上的新聞稿和幻燈片提供了非公認會計準則財務數據的定義、解釋和調節。

And with that, I'd like to turn the call over to our Chairman and CEO, Mark Penn.

接下來，我想將電話轉給我們的董事長兼執行長馬克‧佩恩 (Mark Penn)。

Thank you, Ben, and thank you to everyone joining us for our earnings call.

謝謝本，也謝謝大家參加我們的財報電話會議。

Our company is emerging from a more challenging economic environment this year, stronger and more nimble than ever, and poised to return to growth. This quarter demonstrates that we have our costs under control as we invest in expanding our digital and global footprint.

我們公司今年正擺脫更具挑戰性的經濟環境，比以往任何時候都更強大、更靈活，並準備恢復成長。本季表明，隨著我們投資擴大數位化和全球足跡，我們的成本得到了控制。

2023 threw a number of curve balls at us, tech companies that engaged in mass firings and cutbacks, which adversely affected our digital transformation business, a banking crisis that knocked out the First Republic Bank, a significant client. A B2B recession as clients held back marketing and digital projects, fearing a recession that was always around the corner, rising interest rates and auto strike that froze auto marketing, and a writer strike in Hollywood that downed our entertainment research business.

2023 年給我們這些科技公司帶來了一系列的麻煩，這些公司進行了大規模的裁員和裁員，這對我們的數位轉型業務產生了不利影響，一場銀行業危機導致我們的重要客戶第一共和銀行破產。由於客戶擔心經濟衰退即將來臨，B2B 經濟衰退，利率上升和汽車罷工凍結了汽車行銷，好萊塢作家罷工導致我們的娛樂研究業務下降。

Throughout this, we stayed on our mission, bringing costs in line, installing central data and information systems, expanding our presence and footprint in the industry, winning new business, and now, just about all of those negative factors are in retreat, and we've returned to earning over $100 million of EBITDA a quarter, even in a low point of the political cycle.

在整個過程中，我們始終堅持我們的使命，控製成本，安裝中央數據和資訊系統，擴大我們在行業中的影響力和足跡，贏得新業務，現在，幾乎所有這些負面因素都在消退，我們即使在政治週期的低點，每季的EBITDA 收入也已恢復到超過1 億美元。

As we head into the end of the year, we believe we've reached a key inflection point for our business, and we expect to return to modest net growth, excluding advocacy in the fourth quarter and stronger growth in Q1 2024. We've already returned to growth in most areas of the business.

隨著年底的臨近，我們相信我們的業務已經達到了一個關鍵拐點，我們預計將恢復適度的淨增長（不包括第四季度的宣傳和 2024 年第一季的強勁增長）。大多數業務領域已經恢復增長。

2024 offers a significant number of tailwinds that allow me to call a bottom here. First and foremost, we will have trimmed our cost to be well positioned to hold and expand our target 20%-plus margin next year.

2024 年將帶來大量有利因素，讓我可以在此稱之為底部。首先也是最重要的是，我們將削減成本，以便能夠維持並擴大明年 20% 以上利潤率的目標。

Tech companies are coming back and starting to spend again. AI offers a whole new class of digital transformation work. We have the engineers to implement. Fear of recession seems to be easing in favor of a soft landing. The political season will be a record one. The strikes are all ending and digital spending, ad spending is expected to grow.

科技公司正在捲土重來並再次開始支出。人工智慧提供了全新的數位轉型工作。我們有工程師來實施。對經濟衰退的擔憂似乎正在緩解，有利於軟著陸。本次政治季將創歷史新高。罷工全部結束，數位支出、廣告支出預計將成長。

Since our last earnings call, we've made significant progress to manage our costs and to advance our long-term strategy. We cut a further $34 million of annualized costs from the business as we rightsize our staffing cost structure as we look ahead to 2024, and announced the divestiture of ConcentricLife to Accenture for $245 million in cash.

自上次財報電話會議以來，我們在管理成本和推動長期策略方面取得了重大進展。展望 2024 年，我們透過調整員工成本結構，進一步削減了 3,400 萬美元的年度業務成本，並宣布以 2.45 億美元現金將 ConcentricLife 剝離給埃森哲。

We also accelerated digital services through acquisitions, including Left Field Labs, a cutting-edge digital transformation company, leveraging AI and AR to create truly innovative digital customer experiences. And Movers+Shakers, a disruptive creative agency reknown for its social and emerging platform capabilities.

我們也透過收購加速數位服務，包括收購尖端數位轉型公司 Left Field Labs，利用 AI 和 AR 創造真正創新的數位客戶體驗。 Movers+Shakers 是一家顛覆性創意機構，以其社交和新興平台能力而聞名。

Turning to our results. Stagwell posted third quarter net revenue of $535 million down 3.8% from the prior year. We saw continued momentum in performance media, and the Stagwell Marketing Cloud, with both posting double-digit net revenue growth year-over-year, and we returned to positive net revenue growth in our creativity and communications capability this quarter. Strong performance in these businesses was offset by challenges in digital transformation and consumer insights, particularly our entertainment research firm.

轉向我們的結果。 Stagwell 公佈第三季淨收入為 5.35 億美元，較上年同期下降 3.8%。我們看到績效媒體和 Stagwell 行銷雲的持續成長勢頭，兩者均實現了兩位數的年淨收入成長，並且本季我們的創造力和溝通能力恢復了正的淨收入成長。這些業務的強勁表現被數位轉型和消費者洞察方面的挑戰所抵消，尤其是我們的娛樂研究公司。

Perhaps most importantly, we continue to deliver strong net new business, capturing more than $81 million in the third quarter, maintaining our strong momentum from the second. Our net new business figure of $155 million is a company record for back-to-back quarters. Clients leaving us, is down to a record low of $7 million. So our client base is expanding, setting us up well for an economic recovery.

也許最重要的是，我們繼續提供強勁的淨新業務，第三季營收超過 8,100 萬美元，保持了第二季的強勁勢頭。我們的淨新業務數字為 1.55 億美元，創下了公司連續幾季的記錄。離開我們的客戶數量降至 700 萬美元，創歷史新低。因此，我們的客戶群正在擴大，為我們的經濟復甦奠定了良好的基礎。

The orientation of our business towards our largest, most impactful relationships continued in the third quarter. Our top 100 customers grew 18% year-over-year, with 3 customers exceeding $50 million of annual spend in the last 12 months. International also continues to be a real bright spot for our business as net revenue grew overall, 25% in the third quarter. Organic net revenue from our international business was 15%, led by outsized growth of 14% in Asia and 16% in EMEA. This performance speaks to the benefit of continuing to diversify our business internationally, a core tenet of our overall growth strategy.

第三季度，我們的業務繼續以最大、最有影響力的關係為導向。我們的前 100 名客戶年增 18%，其中 3 位客戶在過去 12 個月內的年度支出超過 5,000 萬美元。國際業務也持續成為我們業務的真正亮點，第三季淨收入整體成長 25%。我們國際業務的有機淨收入為 15%，其中亞洲成長 14%，歐洲、中東和非洲成長 16%。這項績效說明了繼續實現國際業務多元化的好處，這是我們整體成長策略的核心原則。

In the last few weeks, we've added to our affiliate network, partnering with Markus Agency in Vietnam, and Clarita in Brazil, allowing us to expand our reach in these regions. We also, earlier this year, acquired Huskies, an Irish digital agency and are exploring further acquisitions that will expand our reach in Latin America, Europe and the Mid East.

在過去的幾周里，我們增加了我們的聯盟網絡，與越南的 Markus Agency 和巴西的 Clarita 合作，使我們能夠擴大在這些地區的影響力。今年早些時候，我們還收購了愛爾蘭數位代理商 Huskies，並正在探索進一步的收購，以擴大我們在拉丁美洲、歐洲和中東的影響力。

Our adjusted EBITDA came in at $102 million, more than $10 million sequential improvement over the second quarter, and representing a margin of 19%, a 210 basis point improvement over the second quarter, and a 520 basis point improvement since Q1. This is a direct result of the actions we have taken to rightsize our staffing levels, steps that have led to an $82 million annualized reduction in staffing costs. Our staff costs as a percentage of net revenue currently stand at 63.4%, a 360 basis point improvement since the end of the first quarter.

我們調整後的 EBITDA 為 1.02 億美元，比第二季連續改善超過 1,000 萬美元，利潤率為 19%，比第二季改善 210 個基點，自第一季以來改善 520 個基點。這是我們為調整人員配備水準而採取的行動的直接結果，這些措施已導致每年減少 8,200 萬美元的人員​​成本。目前，我們的員工成本佔淨收入的比例為 63.4%，較第一季末提高了 360 個基點。

As we've trimmed our costs, we have continued to invest in key growth areas. The Stagwell Marketing Cloud is one such area, and our EBITDA would be higher if not for the $8 million OpEx investment we made in the area during the quarter. We posted $0.18 of adjusted earnings per share during the quarter, a 13% improvement sequentially. Stagwell now expects to generate $390 million to $410 million of adjusted EBITDA in 2023. This should translate into about $0.73 to $0.78 of adjusted EPS. We expect overall organic net revenue growth to be about negative 4%, excluding advocacy. Organic net revenue growth is expected to be about negative 2.5%.

在削減成本的同時，我們繼續投資於關鍵成長領域。 Stagwell 行銷雲就是這樣一個領域，如果不是我們本季在該領域進行的 800 萬美元營運支出投資，我們的 EBITDA 將會更高。本季調整後每股收益為 0.18 美元，季增 13%。 Stagwell 目前預計 2023 年調整後 EBITDA 為 3.9 億至 4.1 億美元。這應轉化為調整後每股收益約 0.73 至 0.78 美元。我們預計，不包括宣傳在內，整體有機淨收入成長約為負 4%。有機淨收入成長預計約為負 2.5%。

Given the litany of events occurring this year, this temporary retrenchment is a testament to the resilience of the business and its ability to meet its long-term growth targets. Our agencies continue to be recognized for their market transforming work.

鑑於今年發生的一系列事件，這次臨時裁員證明了該業務的彈性及其實現長期成長目標的能力。我們的機構繼續因其市場轉型工作而受到認可。

Just last month, Colle McVoy was recognized as the midsized agency of the year, and GALE, our business consultancy, crowned the #1 fastest-growing large agency, both by Adweek. Additionally, Code and Theory, our leading digital transformation agency, won a highly coveted Fast Company Innovation by Design Award, for its brand and technical work for YETI.

就在上個月，Colle McVoy 被《廣告週刊》評為年度中型代理商，而我們的商業顧問公司 GALE 則被評為成長最快的大型代理商第一名。此外，我們領先的數位轉型機構 Code and Theory 因其為 YETI 所做的品牌和技術工作而贏得了備受矚目的快速公司設計創新獎。

If 2023 has been a year of efficiency for the tech companies, we believe that 2024 will be a year of competition for them. The last few years have seen the biggest tech companies move from their previously defined areas of strength, to compete directly against each other in areas like the cloud enterprise, productivity products, hardware and AI, which has brought another area of competition, which these companies will have to address.

如果說 2023 年對科技公司來說是高效率的一年，那麼我們相信 2024 年對它們來說將是競爭的一年。過去幾年，最大的科技公司從先前定義的優勢領域轉向雲端企業、生產力產品、硬體和人工智慧等領域，相互直接競爭，這帶來了另一個競爭領域，這些公司將不得不解決。

We believe this will lead to a significant increase in digital transformation spending. Our expertise in delivering AI-enabled marketing and enterprise transformation positions us extremely well to capitalize on this long-term tailwind. We've already done award-winning work with generative AI and audience development at Code and Theory for Tipico, a European sports betting giant, and are also helping the publisher, [Ringier], build the Newsroom of the Future with AI.

我們相信這將導致數位轉型支出大幅增加。我們在提供人工智慧行銷和企業轉型方面的專業知識使我們能夠很好地利用這一長期優勢。我們已經為歐洲體育博彩巨頭 Tipico 在 Code and Theory 上完成了生成式 AI 和受眾開發方面的獲獎工作，並且還在幫助出版商 [Ringier] 用 AI 打造未來的新聞編輯室。

Additionally, we've recently signed a large office retailer into our enterprise AI solution in the Stagwell Marketing Cloud called the PrivateGPT. The strikes in Hollywood, which affected our consumer insights and strategy capability dragging it down 9% in the third quarter are almost over, and we expect this business to return to normal levels by Q4 and next year.

此外，我們最近也與一家大型辦公零售商簽署了 Stagwell Marketing Cloud 中名為 PrivateGPT 的企業 AI 解決方案。好萊塢的罷工影響了我們的消費者洞察和策略能力，導致第三季下降9%，我們預計該業務將在第四季和明年恢復到正常水平。

Digital transformation, excluding advocacy, was down 17% in the third quarter, but all signs point to a return to both sequential and year-over-year net revenue growth in the fourth quarter.

不包括宣傳在內的數位轉型在第三季下降了 17%，但所有跡像都表明第四季淨收入將恢復連續成長和年成長。

We continue to examine our portfolio in the best ways to deploy capital. Yesterday, we announced the closing of a transaction to sell ConcentricLife, a prescription drug marketing agency, to Accenture. Stagwell has an amazing track record of acquiring businesses and driving meaningful improvement in revenue and profitability. This fact was reflected in the $245 million selling price, which represented a 4 to 5x return on our initial investment in the business.

我們繼續以部署資本的最佳方式審視我們的投資組合。昨天，我們宣布完成將處方藥行銷機構 ConcentricLife 出售給埃森哲的交易。斯塔格韋爾在收購企業以及推動收入和盈利能力的有意義的提高方面有著驚人的記錄。這一事實反映在 2.45 億美元的售價中，這相當於我們對該業務初始投資的 4 至 5 倍回報。

In the transactions we have completed or expect to complete this year, we will replace by year's end, all of the divested revenue and EBITDA for a cash outlay of less than 1/5 of that sales price, giving us the ability to use the additional capital to accelerate growth over the next few years, while prudently managing our balance sheet and deploying targeted share repurchases against the $155 million remaining in our authorized buyback.

在我們今年已完成或預計完成的交易中，我們將在年底之前將所有剝離的收入和 EBITDA 替換為低於銷售價格 1/5 的現金支出，使我們能夠使用額外的資金資本以加速未來幾年的成長，同時審慎管理我們的資產負債表，並針對我們授權回購中剩餘的1.55 億美元進行有針對性的股票回購。

We've developed not only one of the world's top tech-infused marketing service companies, but we have also created a great platform for acquisition and growth of such firms. The double-digit EBITDA ratio of this asset, which no analyst in my recollection in over 50 such meetings even asked about, is representative of the value of many of our portfolio companies, totaling billions of dollars which should command an even higher value when brought together at scale, as we do at Stagwell.

我們不僅發展了世界頂尖的技術行銷服務公司之一，而且還為此類公司的收購和發展創造了一個良好的平台。該資產的兩位數 EBITDA 比率代表了我們許多投資組合公司的價值，總計數十億美元，在我的記憶中，在 50 多次此類會議中，沒有任何分析師詢問過該資產的價值。大規模地合作，就像我們在Stagwell 所做的那樣。

Our goal is to fine-tune our portfolio by paring back on noncore assets and investing in AI and global expansion to get to scale in all of our services. There's one other noncore asset, which we're actively exploring divesting at this time, which we expect will yield the transaction about half the size of ConcentricLife by the end of the year.

我們的目標是透過削減非核心資產、投資人工智慧和全球擴張來調整我們的投資組合，以擴大我們所有服務的規模。我們目前正在積極探索剝離另一項非核心資產，預計到今年年底，這筆交易的交易規模將達到 ConcentricLife 一半左右。

Additionally, on the M&A front, we recently announced the acquisition of Left Field Labs, which will form a critical part of our strategy to lead the AI transformation of marketing. Left Field has built a track record of designing experiences and products never imagined before, and adds end-to-end services encompassing strategic innovation, user experience design, adept prototyping and cutting-edge technological engineering.

此外，在併購方面，我們最近宣布收購 Left Field Labs，這將成為我們引領行銷人工智慧轉型策略的重要組成部分。 Left Field 建立了前所未有的設計經驗和產品記錄，並增加了涵蓋策略創新、使用者體驗設計、熟練原型設計和尖端技術工程的端到端服務。

We have also acquired Movers+Shakers, crowned by Adweek as the world's best agency on TikTok. Movers joins to supercharge our ability to connect brands to culture and resonate with Gen Z and millennial consumers. They boast particular strength in mainstream social and emerging digital platforms, which will be complementary to the Constellation Network.

我們還收購了 Movers+Shakers，該公司被 Adweek 評為 TikTok 上全球最佳代理商。 Movers 的加入將增強我們將品牌與文化聯繫起來並與 Z 世代和千禧世代消費者產生共鳴的能力。他們在主流社交和新興數位平台上擁有獨特的優勢，這將與星座網路形成互補。

The Stagwell Marketing Cloud remains a major investment focus for us. This is the second quarter we've broken out financials for the business, and the first time that we've reported it as a stand-alone capability.

Stagwell 行銷雲仍然是我們的主要投資重點。這是我們第二季公佈該業務的財務數據，也是我們第一次將其作為獨立功能進行報告。

For the third quarter, the reported SMC revenue growth of 20% year-over-year with an annualized run rate of just under $200 million. We're staying ahead of the AI transformation of marketing with product innovation and partnerships, senior leaders from across our digital shops and creative firms are collaborating to devise a Stagwell-level service offering on AI, we'll begin to pitch to clients next year.

據報道，第三季 SMC 營收年增 20%，年化運作率略低於 2 億美元。我們透過產品創新和合作夥伴關係保持在行銷人工智慧轉型的領先地位，來自我們數位商店和創意公司的高級領導正在合作設計 Stagwell 級別的人工智慧服務產品，我們將於明年開始向客戶推銷。

In the meantime, SMC is forging ahead with AI advancements. We've added AI-powered influencer marketing and media monitoring to profit, and launched Harris Quest, an integrated suite of self-service AI-enabled research tools for modern marketers. We also expect to announce shortly a partnership with a major cloud provider that will offer marketing -- and developing a marketing development boost to our cloud products.

與此同時，SMC 正在推動人工智慧的進步。我們增加了人工智慧影響者行銷和媒體監控以實現盈利，並推出了 Harris Quest，這是一套為現代行銷人員提供的自助式人工智慧研究工具整合套件。我們也預計很快就會宣布與一家主要的雲端供應商建立合作夥伴關係，該供應商將提供行銷服務，並為我們的雲端產品開發行銷發展動力。

Finally, we continue to explore options to augment our media studio within SMC, including working with or acquiring a DSP, as we identify ways to compete for a wide range of large and small clients for programmatic media.

最後，我們將繼續探索增強 SMC 內媒體工作室的選項，包括與 DSP 合作或收購 DSP，同時確定如何爭取廣泛的大型和小型客戶的程式化媒體競爭。

As 2023 draws to a close, I wanted to reiterate our confidence, that the top line challenges that have pressured our business this year are beginning to abate. We expect to see a return to net revenue growth, excluding advocacy in the fourth quarter, as customers in the technology and media sectors begin to resume their activities, and as customers start to refocus on digital transformation. 2024 promises to be a big year for Stagwell, driven by this spending turnaround among tech customers and on digital transformation, as well as tailwinds from what we expect to be a record-breaking political cycle and continued growth in our Marketing Cloud products.

隨著 2023 年即將結束，我想重申我們的信心，今年給我們業務帶來壓力的頂線挑戰正在開始減輕。隨著科技和媒體產業的客戶開始恢復其活動，以及客戶開始重新關注數位轉型，我們預計第四季淨收入將恢復成長（不包括宣傳）。 2024 年對 Stagwell 來說將是重要的一年，這得益於科技客戶和數位轉型支出的轉變，以及我們預期破紀錄的政治週期和行銷雲端產品持續成長的推動力。

As I said last quarter, with growing large company relationships, strong new business momentum, a commitment to managing costs and investment in leading tech products, Stagwell remains strongly positioned to benefit from the long-term growth in digital marketing, and in particular, the next revolution of AI-based digital transformation in the space.

正如我上季度所說，隨著大公司關係的不斷發展、強勁的新業務勢頭、對管理成本和對領先技術產品的投資的承諾，Stagwell 仍然處於有利地位，可以從數位行銷的長期成長中受益，特別是該領域基於人工智慧的數位轉型的下一場革命。

Now I'd like to hand it over to Frank Lanuto, our Chief Financial Officer, to walk you through some of our financial results in more detail.

現在我想將其交給我們的財務長 Frank Lanuto，讓您更詳細地了解我們的一些財務表現。

Thank you, Mark. Good morning, everyone, and thank you for joining us to discuss our third quarter results. (Operator Instructions).

謝謝你，馬克。大家早安，感謝您加入我們討論我們的第三季業績。 （操作員說明）。

In Q3, we continue to make progress improving our operating performance across the business. Revenues were stronger in international markets, as well as our media and data, and creative and communications capabilities, which returned to growth despite the ongoing headwinds in the U.S., our largest market.

第三季度，我們繼續在改善整個業務的營運績效方面取得進展。國際市場的收入以及我們的媒體和數據以及創意和通訊能力均表現強勁，儘管我們最大的市場美國持續面臨阻力，但這些能力仍恢復成長。

We also continued to improve operating efficiency and margins with further cost savings in compensation, real estate and the consolidation of back office operations. As a result, reported revenue for Q3 was $618 million, a decline of 7% as compared to the same period in the prior year.

我們也持續提高營運效率和利潤，進一步節省薪資、房地產和後台營運整合的成本。因此，第三季報告營收為 6.18 億美元，較上年同期下降 7%。

Net revenue, excluding pass-through costs, declined 3.8% year-over-year to $535 million. Organic net revenue declined 6.8%. Excluding advocacy, Organic net revenue declined 4.6% for the period. Breaking down net revenue by geography, we continue to see strong performance in our international markets. Overall, organic net revenue increased 15% internationally, led by EMEA, which increased 16% and followed closely by APAC, which grew 14%. In the U.S. where macroeconomic headwinds, tech company restructurings and labor strikes, and the entertainment and auto industries persisted, organic net revenue declined 9.9%.

淨收入（不包括轉嫁成本）年減 3.8%，至 5.35 億美元。有機淨收入下降 6.8%。不包括宣傳，該期間有機淨收入下降 4.6%。按地域劃分淨收入，我們持續看到國際市場的強勁表現。總體而言，國際有機淨收入成長了 15%，其中歐洲、中東和非洲地區成長 16%，亞太地區緊隨其後，成長 14%。在美國，宏觀經濟逆風、科技公司重組和工人罷工以及娛樂和汽車行業持續存在，有機淨收入下降了 9.9%。

Despite macro conditions, many of our largest customers continue to demonstrate resilience. In the third quarter, our top 100 customers, representing approximately 48% of net revenue grew 18% year-over-year. Although budgets have been compressed to a greater extent by smaller clients, many of our larger clients have continued to invest in marketing spend, supported by the strength of the U.S. consumer.

儘管宏觀形勢嚴峻，我們的許多最大客戶仍然表現出韌性。第三季度，我們的前 100 名客戶（約佔淨收入的 48%）年增 18%。儘管小客戶在更大程度上壓縮了預算，但在美國消費者實力的支持下，我們的許多大客戶仍在繼續投資於行銷支出。

Now turning to revenue by capability. We have now expanded our reporting to include the Stagwell Marketing Cloud Group as a new separate capability. For historical like-for-like comparability, please reference the historical core metrics document on the Stagwell Investor website.

現在轉向按能力劃分的收入。我們現在擴大了報告範圍，將 Stagwell Marketing Cloud Group 作為新的獨立功能納入其中。有關歷史同類可比性，請參考 Stagwell Investor 網站上的歷史核心指標文件。

Digital transformation delivered $126 million of net revenue in Q3, a decline of 20% compared to last year. Excluding advocacy, which is in an off-election cycle year, the decline was 17%.

第三季數位轉型帶來淨收入 1.26 億美元，較去年下降 20%。不計入非選舉週期年份的宣傳活動，降幅為 17%。

As I mentioned previously, challenging macroeconomic conditions continue to weigh on the capability as customers chose to delay the start of business transformation projects. From an industry perspective, financials, health care and technology experienced the principal reductions in budgets.

正如我之前提到的，由於客戶選擇推遲業務轉型專案的啟動，充滿挑戰的宏觀經濟條件繼續對產能造成壓力。從產業角度來看，金融、醫療保健和科技領域的預算減少最多。

Financials were impacted by the banking turmoil earlier in the year, while the health care decline was largely driven by the lapping of the end of the pandemic, which saw some customers in the medical testing and diagnostic space pull back. Consumer Insights and strategy reported $46 million in net revenue, a decline of 9% year-over-year. Much of the weakness was attributable to the lingering effects of the writer and actor strikes in the second and third quarters. Excluding the temporary impact on our Entertainment Research business, our Consumer Insights business grew 4%.

金融業受到今年稍早銀行業動盪的影響，而醫療保健產業的下滑主要是由於疫情結束導致醫療檢測和診斷領域的一些客戶減少。消費者洞察和策略報告淨收入 4,600 萬美元，年減 9%。疲軟的主要原因是第二季和第三季編劇和演員罷工的揮之不去的影響。排除對娛樂研究業務的暫時影響，我們的消費者洞察業務成長了 4%。

Performance Media and data reported $72 million in net revenue, an increase of 11% year-over-year. The strong growth was driven by increased spend in the transportation and travel vertical, which continues to recover from the pandemic. Performance Media has been a standout performer in 2023, despite a challenging macro environment, posting positive year-over-year growth each quarter.

Performance Media 和數據報告淨收入 7,200 萬美元，年增 11%。強勁成長是由運輸和旅行垂直領域的支出增加所推動的，該行業繼續從大流行中復甦。儘管宏觀環境充滿挑戰，Performance Media 在 2023 年仍然表現出色，每個季度都實現了同比積極增長。

Creativity and Communications delivered $244 million in net revenue in the third quarter, a year-over-year increase of $1 million. Excluding advocacy, net revenue increased $6 million or 3%. This marks a return to positive growth for the capability, and continues a trend of sequential improvement throughout 2023.

創意與傳播第三季淨收入為 2.44 億美元，年增 100 萬美元。不包括宣傳，淨收入增加了 600 萬美元，即 3%。這標誌著該能力恢復正成長，並在 2023 年繼續保持連續改善的趨勢。

Stagwell Marketing Cloud Group delivered more than $47 million in net revenue in the third quarter, representing a 20% increase over the prior comparable period. $36 million of this net revenue came from our Advanced Media Platforms Group, and approximately $11 million was derived from our software platform products.

Stagwell Marketing Cloud Group 第三季淨收入超過 4,700 萬美元，較上年同期成長 20%。其中 3,600 萬美元的淨收入來自我們的高級媒體平台集團，約 1,100 萬美元來自我們的軟體平台產品。

In the third quarter, we ramped up our investment spending in the Stagwell Marketing Cloud by $6.4 million over the prior year period, as we drive to deliver a suite of self-service products to our clients, enabling them to perform a host of marketing communication activities in-house.

第三季度，我們在 Stagwell 行銷雲上的投資支出比去年同期增加了 640 萬美元，因為我們致力於向客戶提供一套自助服務產品，使他們能夠進行大量的行銷傳播內部活動。

Now moving to operating expenses and profitability. We have continued to take decisive action to manage costs as the pressures we have previously discussed persisted. Our actions have enabled us to drive our Q3 adjusted EBITDA margins to approximately 19%, back in line with our targeted range of 19% to 20%.

現在轉向營運費用和獲利能力。由於我們之前討論的壓力持續存在，我們繼續採取果斷行動來管理成本。我們的行動使我們能夠將第三季調整後的 EBITDA 利潤率提高至約 19%，回到我們 19% 至 20% 的目標範圍。

I wanted to take a moment to discuss the more impactful items here. Staffing, our greatest single cost, was the primary focus of our effort. Beginning in Q1, we took steps to reduce our staffing costs as a percentage of net revenue. We have now successfully reduced the staff cost ratio to 63.4% from 67% at the end of the first quarter, an improvement of 360 basis points.

我想花點時間討論這裡更有影響力的項目。人員配備是我們最大的單一成本，也是我們努力的主要焦點。從第一季開始，我們採取措施降低員工成本佔淨收入的百分比。目前，我們已成功將員工成本率從第一季末的67%降至63.4%，降低了360個基點。

As previously announced, we took action to eliminate $48 million of annualized staffing costs in the first half of the year. Since July, we have taken further actions, amounting to an additional $34 million of annualized savings, bringing our total annualized cost savings to $82 million. Our head count is now about 7% lower than at the beginning of the year. We will continue to monitor our staffing levels to ensure a strong finish to '23. We continue to make good progress towards realizing the $30 million of annualized cost savings from synergies announced at the time of the merger.

正如先前所宣布的，我們在上半年採取了行動，消除了 4800 萬美元的年度員工成本。自 7 月以來，我們採取了進一步的行動，每年節省了 3,400 萬美元，使我們的年化成本節省總額達到 8,200 萬美元。目前我們的員工人數比年初減少了約 7%。我們將繼續監控我們的人員配備水平，以確保 23 年取得圓滿成功。我們繼續取得良好進展，透過合併時宣布的綜效實現每年 3000 萬美元的成本節省。

With the implementation of our global ERP and HR systems nearly complete, in Q3, we began to consolidate our agency's finance organizations to our shared services platform. Based on actions taken thus far, more than $1 million of annualized savings is anticipated. We expect to continue implementing this consolidation across our remaining brands leading to further cost savings.

隨著我們的全球 ERP 和 HR 系統的實施接近完成，我們在第三季開始將我們機構的財務組織整合到我們的共享服務平台上。根據迄今為止的行動，預計每年可節省超過 100 萬美元。我們希望繼續在我們的剩餘品牌中實施這種整合，從而進一步節省成本。

As part of our plan to consolidate our real estate footprint, to reduce costs and increase collaboration, we have realized more than $2.5 million of annualized savings this year to date, led by consolidation efforts in both London and New York. As a result, we delivered $102 million of adjusted EBITDA in the quarter, representing a 19% adjusted EBITDA-to-net revenue margin and paving the way to restoring our adjusted EBITDA margin, to 19% (inaudible) in line with our previous comments.

作為我們整合房地產業務、降低成本和加強合作計劃的一部分，今年迄今為止，在倫敦和紐約的整合努力的帶動下，我們已實現了超過 250 萬美元的年度節省。因此，我們在本季實現了1.02 億美元的調整後EBITDA，相當於調整後EBITDA 與淨收入利潤率的19%，並為將調整後EBITDA 利潤率恢復至19%（聽不清楚）與我們之前的評論一致鋪平了道路。

As I previously noted, despite the tough macro environment, we have increased amount of ad spending in the cloud by $6.4 million year-over-year. Adjusting for this strategic investment, our adjusted EBITDA margin would have increased by an additional 140 basis points to 20.4%.

正如我之前指出的，儘管宏觀環境嚴峻，我們的雲端廣告支出仍比去年同期增加了 640 萬美元。根據這項策略投資進行調整，我們調整後的 EBITDA 利潤率將額外增加 140 個基點，達到 20.4%。

Now moving to the balance sheet. We continue to take actions to improve the strength of the long-term financial position. Starting with deferred acquisition consideration, we reduced obligations by approximately $28 million from year-end, to $134 million at the end of Q3. We expect to further reduce debt by $32 million in Q4. Excluding the impact of our recently announced Left Field Labs acquisition, the year-end debt balance would be below $100 million as we previously communicated.

現在轉向資產負債表。我們繼續採取行動提高長期財務狀況的實力。從遞延收購考慮開始，我們的債務比年底減少了約 2,800 萬美元，到第三季末減少到 1.34 億美元。我們預計第四季將進一步減少債務 3,200 萬美元。排除我們最近宣布收購 Left Field Labs 的影響，我們之前溝通過的年末債務餘額將低於 1 億美元。

We also acquired 586,000 shares during the quarter, at an average price of $4.72 per share for approximately $2.8 million. This brings our total buyback activity to date, inclusive of the AlpInvest transaction announced on our first quarter call, to approximately $193 million, representing 30 million shares at an average price of $6.42. Our existing buyback authorization still has approximately $155 million in the remaining availability.

我們也在本季收購了 586,000 股股票，平均價格為每股 4.72 美元，價值約 280 萬美元。這使得我們迄今為止的回購活動總額（包括第一季電話會議上宣布的 AlpInvest 交易）達到約 1.93 億美元，相當於 3,000 萬股，平均價格為 6.42 美元。我們現有的回購授權仍有約 1.55 億美元的剩餘可用空間。

CapEx for the quarter was $8 million, in line with our stated target of 1% to 1.5% of net revenue. As a result, we ended the quarter with cash of $99 million, and drawings under our revolver of $412 million. Our leverage was 3.64x as of the quarter end, largely driven by the increase in the revolver balance used to finance our share repurchase from AlpInvest earlier this year.

本季的資本支出為 800 萬美元，符合我們設定的佔淨收入 1% 至 1.5% 的目標。結果，本季結束時，我們的現金為 9,900 萬美元，循環提款為 4.12 億美元。截至本季末，我們的槓桿率為 3.64 倍，這主要是由於今年稍早用於為我們從 AlpInvest 回購股票提供資金的循環餘額增加所致。

The ConcentricLife disposition discussed by Mark earlier, will have an immediate favorable impact on leverage and will bolster the seasonal fourth quarter positive cash trends of our business. Importantly, it will help us to significantly reduce our year-end net debt position to help us achieve our stated goal of reducing net leverage down to 2x over the medium term. It will also support our ability to pursue strategic acquisitions and investments in line with our growth strategy.

馬克早些時候討論的 ConcentricLife 處置將對槓桿產生直接的有利影響，並將支持我們業務第四季的季節性積極現金趨勢。重要的是，它將幫助我們大幅降低年終淨債務頭寸，從而幫助我們實現在中期內將淨槓桿率降低至 2 倍的既定目標。它還將支持我們根據我們的成長策略進行策略性收購和投資的能力。

And finally, moving to guidance. In light of prevailing conditions, we are revising our full year guidance as follows. Organic net revenue is now expected to decline about 4% for the full year. Organic net revenue, excluding advocacy, is now expected to decline about 2.5% for the full year. Adjusted EBITDA is expected to be between $390 million and $410 million. And we expect to deliver 40% to 50% free cash flow conversion. And finally, adjusted earnings per share is expected to be between $0.73 and $0.78.

最後，轉向指導。根據當前情況，我們將對全年指引進行以下修改。目前預計全年有機淨收入將下降約 4%。目前預計全年有機淨收入（不包括宣傳）將下降約 2.5%。調整後 EBITDA 預計在 3.9 億美元至 4.1 億美元之間。我們預計將實現 40% 至 50% 的自由現金流轉換。最後，調整後每股收益預計在 0.73 美元至 0.78 美元之間。

That concludes our prepared remarks for this morning. I will now turn the call back over to Ben Allanson to open the Q&A portion of the call. Thank you.

我們今天早上準備好的演講到此結束。我現在將把電話轉回給 Ben Allanson，以開始電話的問答部分。謝謝。

Thank you, Frank. (Operator Instructions) We're going to start with a couple of questions looking ahead. We're going to start off with a question from Jason Kreyer at Craig-Hallum.

謝謝你，弗蘭克。 （操作員說明）我們將從幾個展望未來的問題開始。我們將從 Craig-Hallum 的 Jason Kreyer 提出的問題開始。

What gives you confidence that digital transformation will rebound in the fourth quarter and into 2024?

是什麼讓您相信數位轉型將在第四季乃至 2024 年反彈？

We've been looking very carefully at those couple of big companies that declared a year of efficiency. And what we're seeing now is that they're reissuing for the first time, pitches, contracts. And so we're seeing those come in now and landing on the desk of our digital transformation agencies. Plus a lot of them have been holding back while they plan for what kind of AI products that they're going to produce for consumers, and we see that as kind of a next wave coming in next year. But our confidence is primarily based on the checks of what are the RFPs that are coming in and where they're from.

我們一直在非常仔細地研究那些宣布效率一年的大公司。我們現在看到的是他們第一次重新發布提案、合約。因此，我們現在看到這些產品出現並出現在我們數位轉型機構的辦公桌上。另外，他們中的許多人在計劃為消費者生產什麼樣的人工智慧產品時一直猶豫不決，我們認為這將是明年即將到來的下一波浪潮。但我們的信心主要基於對收到的 RFP 內容及其來源的檢查。

Perhaps just following up on that and a question from Mark Zgutowicz at Benchmark, about tech investments and rebounds from tech customers. What are some of those signs that we're seeing that gives us confidence in that?

也許只是跟進 Benchmark 的 Mark Zgutowicz 提出的關於科技投資和科技客戶反彈的問題。我們看到的哪些跡象讓我們對此充滿信心？

Again, I think you saw the tech companies having gone through the year of efficiency, produced pretty strong earnings. You see, as I said before, I think they're going to have to compete now much more in the cloud and in AI products because no one owns those lanes.

再說一次，我認為你看到科技公司經歷了效率提升的一年，產生了相當強勁的收益。你看，正如我之前所說，我認為他們現在必須在雲端和人工智慧產品方面進行更多競爭，因為沒有人擁有這些通道。

And again, I think thirdly, some of the companies that adopted as a strategy of pullback and cuts, now has the new employees back in place, now have reoriented their mission, and now we saw one company that cut back from $24 million, $25 million to almost 0, and we see the RFPs flowing again, really as of this month.

第三，我認為，一些採取撤退和削減策略的公司現在已經讓新員工重新就位，現在已經重新調整了他們的使命，現在我們看到一家公司從 2400 萬美元削減了 25 美元。百萬到幾乎為零，我們看到RFP 再次流動，實際上從本月開始。

Okay. Sort of just continuing on kind of the look forward a little bit, Steve Cahall from Wells Fargo. Can you talk about the trends in creative and how you're managing through some of that?

好的。來自富國銀行的史蒂夫·卡霍爾（Steve Cahall）有點繼續展望未來。您能談談創意趨勢以及您是如何應對其中一些趨勢的嗎？

Sure. Look, I think interestingly, creative in some sense, is coming back. People are more interested than ever in the Super Bowl and in great creative expression.

當然。有趣的是，我認為，某種意義上的創造力正在回歸。人們比以往任何時候都對超級盃和偉大的創意表達更感興趣。

I think what you saw with our purchase of Movers+Shakers, is that we're also cognizant that people want more and more online creativity across social media and that a lot of cost-effective marketing is there. And that's where we're really bolstering, particularly TikTok, would be the fastest growing advertising medium around.

我認為您在我們購買 Movers+Shakers 時看到的是，我們也認識到人們希望透過社群媒體獲得越來越多的線上創造力，並且存在大量具有成本效益的行銷。這就是我們真正支持的領域，尤其是 TikTok，它將成為成長最快的廣告媒體。

Obviously, some strong net new business trends in the quarter and actually over the course of the last 12 months. Ben Swinburne over at Morgan Stanley has just asked, can you talk about the pace at which you expect some of that net new business to translate into revenues?

顯然，本季以及過去 12 個月的過程中出現了一些強勁的淨新業務趨勢。摩根士丹利的本·斯威本 (Ben Swinburne) 剛剛問，您能談談您預計部分淨新業務轉化為收入的速度嗎？

Sure. I think that people now are getting online with it. I certainly see these contracts that we're winning coming online by the beginning of the year for sure. Some of them will start in this quarter, which gives us some enhanced confidence about the quarter itself. But we do see the last 3, 4 months of new business piling up into a strong next year, which is why I feel as strongly as I do about Q1 2024.

當然。我認為人們現在正在用它上網。我當然看到我們贏得的這些合約肯定會在今年年初上線。其中一些將在本季度開始，這增強了我們對本季本身的信心。但我們確實看到過去 3、4 個月的新業務不斷累積，明年將變得強勁，這就是為什麼我對 2024 年第一季的感受和我一樣強烈。

Look, these are -- when you look at these new business numbers, these are unprecedented scopes of wins on a consistent back-to-back basis. When you look at some of the areas here that we've returned to growth, you look at Research minus Entertainment, you look at Performance Media, you look at Creativity and Communications and we look on top of that, this kind of new business -- showing our position in the business. Add to that digital and add to the -- sorry, rather political and add to that return to really the single area that has been a big drag this year, digital transformation. That's how these things come together.

看，當你查看這些新的業務數據時，你會發現這些都是在連續的背靠背基礎上取得的前所未有的勝利。當你看到我們已經恢復增長的一些領域時，你看看研究減去娛樂，你看看表演媒體，你看看創造力和傳播，我們最重要的是，這種新業務 - - 展示我們在行業中的地位。再加上數位化，還有——抱歉，這是政治性的，再加上數位轉型，今年一直是個很大的拖累。這就是這些事情如何結合在一起的。

Shifting a little bit to M&A and particularly some questions around the ConcentricLife deal that we announced last week, and closed yesterday. It was helpful, this is a question from Barton Crockett at Rosenblatt. It was helpfully accretive, and the timing is good given current pressures across your company. You say you're looking at other potential divestments. Can you provide some more color on that potential?

稍微轉向併購，特別是有關我們上週宣布並於昨天完成的 ConcentricLife 交易的一些問題。這很有幫助，這是羅森布拉特的巴頓克羅克特提出的問題。這是有益的增值，而且考慮到您公司目前面臨的壓力，時機也很好。你說你正在考慮其他潛在的撤資。您能提供更多關於這種潛力的資訊嗎？

I think that we're looking at probably one more asset, about half the size. It will equally be something that nobody ever asked me about in any of the calls. So I think that they'll be generally surprised -- again, the value under our hood is really quite tremendous. And our ability then to restore and even take a sale in these double-digit multiples, you have to take a look at the concentric of 18 multiple, our ability then to buy stuff at 5, 6, 7 multiples and then grow them is really how tremendous value is built in our assets and should be built in our stock and outside value appreciation.

我認為我們可能正在考慮另一項資產，規模約為一半。同樣，在任何電話中都沒有人問過我這個問題。所以我認為他們通常會感到驚訝——再說一次，我們背後的價值確實是相當巨大的。然後我們有能力恢復甚至以這些兩位數倍數進行銷售，你必須看看 18 倍數的同心圓，我們然後以 5、6、7 倍數購買東西然後增長它們的能力確實是我們的資產創造了巨大的價值，並且應該透過我們的股票和外部價值增值來創造巨大的價值。

Geographic expansion has obviously been a key tenet of the M&A approach. Brett Feldman here at Goldman asks, getting scale in international markets seems like a key way you can position Stagwell to win larger contracts with your largest customers. What do you see is the most effective path to expanding your presence outside the U.S., both organically and inorganically?

地域擴張顯然是併購方法的關鍵原則。高盛的布雷特費爾德曼 (Brett Feldman) 問道，在國際市場上擴大規模似乎是讓斯塔格韋爾與最大客戶贏得更大合約的關鍵途徑。您認為以有機和無機方式擴大美國境外業務的最有效途徑是什麼？

Well, the first thing that we did was really to bring together the existing assets that we have in these regions. They had been really quite scattered. So you really kind of see the double-digit growth in Asia after we brought all of our agencies together in Singapore headquarters and put an infrastructure in.

嗯，我們做的第一件事就是整合我們在這些地區擁有的現有資產。他們真的很分散。因此，在我們將所有機構集中在新加坡總部並建立基礎設施後，您確實可以看到亞洲實現了兩位數的成長。

In Europe, in January, almost all our European agencies in London will all come together into a physical facility, work together, and then you see the same kind of EMEA growth where they're able to kind of show the true scale of operations there. We found that's the first path to double-digit growth and really to take existing assets that we're not seeing growth to really turn them into double-digit growers.

在歐洲，一月份，我們在倫敦的幾乎所有歐洲機構都將聚集到一個實體設施中，一起工作，然後你會看到歐洲、中東和非洲地區同樣的成長，他們能夠展示那裡的真實營運規模。我們發現，這是實現兩位數成長的第一條途徑，並且真正將我們沒有看到成長的現有資產真正轉變為兩位數成長者。

I think in terms of investment, we're still looking at Latin America. The Mid-East is in a bit more turmoil at the moment, but we'd like to beef up in those 2 regions to be -- to have a better positioning for large global contracts. By the way, just to go back to an earlier question, we are seeing a very strong pitch season here in the fourth quarter.

我認為在投資方面，我們仍然關注拉丁美洲。目前中東局勢更加動盪，但我們希望加強這兩個地區的實力，以便為大型全球合約提供更好的定位。順便說一句，回到之前的問題，我們在第四季度看到了一個非常強勁的投球賽季。

Maybe just one final question on political, before we hand over to Frank for a couple of questions on the financials. But question from Jeff Van Sinderen over at B. Riley. What are the early reason and magnitude and possible timing of advocacy revenue contribution as we enter the year leading up to the presidential election?

也許只是最後一個關於政治的問題，然後我們請法蘭克回答幾個關於財務的問題。但來自 B. Riley 的 Jeff Van Sinderen 提出了問題。當我們進入總統選舉前的一年時，宣傳收入貢獻的早期原因、規模和可能的時間是什麼？

Well, I think all reads are that this is the -- going to be the biggest spending election in history, exceeding $12 billion of expenditures.

嗯，我認為所有的讀物都認為這將是歷史上最大的支出選舉，支出超過 120 億美元。

I think the timing is a little less clear because we don't know what's going to happen in terms of how much activity they'll be in primary fights. Looks like there isn't really a Democratic primary fight, so that will push some of their spending later. Looks like there may or may not be a Republican fight, we'll really find that out as these contests start to happen in Iowa and New Hampshire.

我認為時間安排不太明確，因為我們不知道他們在初選比賽中會進行多少活動。看來民主黨並沒有真正的初選鬥爭，因此這將推動他們稍後的一些支出。看起來共和黨可能會或可能不會發生戰鬥，當這些比賽開始在愛荷華州和新罕布夏州舉行時，我們就會真正發現這一點。

So I think it -- we know that the Crescendo is going to be hit, the closer you get to the election. We don't know how much of it will come in first versus second quarter depending upon how the primary season works its way out.

所以我認為──我們知道距離選舉越近，漸強就會受到打擊。我們不知道第一季和第二季會有多少，這取決於初選的進展。

Maybe just a quick question for Frank here, and this is looking at our free cash flow conversion, a question from an investor, just saying what was the driver of the change in conversion from the 55% and the mid-point previously down to 45%.

也許只是弗蘭克的一個簡單問題，這是一個投資者提出的問題，看看我們的自由現金流轉換，只是說轉換率從之前的 55% 和中點下降到 45% 的驅動因素是什麼%。

Yes, certainly. I think it's 2 things. One, it's interest, both a function of higher rates throughout and raising rates throughout 2023. And also the higher average outstanding balance. We financed the acquisition of a larger share purchase, but this was more of a onetime event. So it's a temporary condition and that should bring interest down in 2024 is our expectation.

是的，當然了。我認為這是兩件事。一是利息，既是整個利率上升和 2023 年升息的函數，也是平均未償餘額上升的函數。我們出資收購了更大的股份，但這更多的是一次性事件。因此，這是暫時的情況，我們預計 2024 年利息應該會下降。

And then second, we see potentially just some lighter prepayments perhaps in Q4. And I think that's all it is.

其次，我們可能會看到第四季的預付款可能會減少。我認為僅此而已。

Great. I think we're coming to a close here, but we have one question on a slightly lighter note, are the blue shirts, the new Stagwell uniform?

偉大的。我想我們即將結束，但我們有一個稍微輕鬆一點的問題，藍色襯衫是新的鹿特威制服嗎？

They were my uniform at Microsoft, and they're the uniform at -- here at Stagwell.

這是我在微軟的製服，也是在史塔格韋爾的製服。

Good stuff. Well, that brings our third quarter earnings call to a close. If you have any questions, please do feel free to reach out to the IR team over here at Stagwell, and we look forward to chatting to you early next year for our fourth quarter.

好東西。好吧，我們的第三季財報電話會議到此結束。如果您有任何疑問，請隨時聯繫 Stagwell 的 IR 團隊，我們期待明年初與您討論我們的第四季。