Q4 2023 Interpublic Group of Co Inc Earnings Call

February 8, 2024

Operator: Good morning, and welcome to the Interpublic Group fourth quarter and full year 2023 conference call. All parties are in a listen only mode until the question and answer portion.

Good morning, and welcome to the Interpublic group fourth quarter and full year 2023 conference call. All parties are in a listen only mode until the question and answer portion at that time, if you would like to ask a question.

Operator: At that time, if you would like to ask a question, you may press star one. This conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations. Sir, you may begin.

You May press Star one.

This conference is being recorded if you have any objections you may disconnect at this time.

I would now like to introduce Mr. Jerry <unk> Senior Vice President of Investor Relations, Sir you may begin.

Jerry: Good morning, Thank you for joining us. This morning, we are joined by our CEO Felipe Rykowski and by Ellen Johnson our CFO.

Jerry Leshne: Good morning. Thank you for joining us. This morning, we are joined by our CEO, Philippe Krakowsky, and by Ellen Johnson, our CFO. We have posted our earnings release and our slide presentation on our website, interpublic.com. We will begin with prepared remarks to be followed by Q&A. We plan to conclude before market open at 9:30AM Eastern Time. During this call, we will refer to forward-looking statements about our company. These are subject to the uncertainties in the cautionary statement that are included in our earnings release and the slide presentation. These are further detailed in our 10-Q, 10-K, and other filings with the SEC. We will also refer to certain non-GAAP measures. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance.

Jerome J. Leshne: Good morning. Thank you for joining us. This morning we are joined by our CEO, Philippe Krakowski, and by Ellen Johnson, our CFO. We have posted our earnings release and our slide presentation on our website, interpublic.com. We will begin with prepared remarks to be followed by Q&A, and we plan to conclude before the market opens at 9.30. During this call, we will refer to forward-looking statements about our business, which are subject to the uncertainties in the cautionary statement that are included in our earnings and the slide presentation.

We have posted our earnings release, and our slide presentation on our website Interpublic Dot com.

Jerry: We will begin with prepared remarks to be followed by Q&A.

Jerry: Plan to conclude before market open at 930 eastern time.

Jerry: This call we will refer to forward looking statements about our company. These are subject to the uncertainties in the cautionary statement that are included in our earnings release and the slide presentation.

Jerome J. Leshne: These are further detailed in our 10-Q, 10-K, and other filings with ESG. We will also refer to certain non-GAAP measures. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. At this point, it is my pleasure to turn things over to Philippe Picasso. Thank you, Jerry.

Jerry: These are further detailed in our 10-Q10-K and other filings with the SEC.

Jerry: We will also refer to certain non-GAAP measures. We believe that these measures provide useful supplemental data that while not a substitute for GAAP measures allow for greater transparency in the review of our financial and operational performance.

Jerry Leshne: At this point, it is my pleasure to turn things over to Philippe Krakowsky.

At this point, it is my pleasure to turn things over to Philippe Krakowsky.

Jerry: At this point it is my pleasure to turn things over to Felipe Krakowski.

Philippe Krakowsky: Thank you, Jerry. Thank you all for joining us this morning. As usual, I'm going to start with a high-level view of our performance in the quarter and for the full year, as well as our outlook for the year ahead. Ellen will then provide additional detail, and I'll conclude with updates on key developments at the agency to be followed by Q&A. We're pleased to share a fourth quarter highlighted by our strongest growth of the year, which exceeded expectations during our seasonally largest quarter. Organic growth in the quarter was 1.7% on top of 3.8% a year ago. Underneath that number, the quarter continued to reflect the cross currents at work in the economy at large and within our portfolio of services and our client roster.

Felipe Krakowski: Thank you Gerry Thank you all for joining us this morning.

Philippe Krakowski: Thank you all for joining us this morning. As usual, I'm going to start with a high-level view of our performance in the quarter and for the full year, as well as our outlook for the year ahead. Alan will then provide additional detail, and I'll conclude with updates on key developments. This is to be followed by Q&A.

As usual I'm going to start with a high level view of our performance in the quarter and for the full year.

Felipe Krakowski: As well as our outlook for the year ahead.

Felipe Krakowski: Allan will then provide additional detail and I'll conclude with updates on key developments if the agencies to be followed by Q&A.

Philippe Krakowski: We're pleased to share a fourth quarter highlighted by our strongest growth of the year, which exceeded expectations during our seasonally largest quarter. Organic growth in the quarter was 1.7%, on top of 3.8% a year ago. Underneath that number, the quarter continued to reflect the cross currents at work in the economy at large and within our portfolio of services and our client roster. Those include the headwinds that we've called out and discussed throughout the year.

Felipe Krakowski: We're pleased to share our fourth quarter highlighted by our strongest growth of the year, which exceeded expectations during our seasonally largest quarter.

Felipe Krakowski: Organic growth in the quarter was one 7%.

Felipe Krakowski: On top of three 8% a year ago.

Felipe Krakowski: Underneath that number the quarter continued to reflect the crosscurrents at work and the economy at large and within our portfolio of services and our client roster.

Philippe Krakowsky: Those include the headwinds that we've called out and discussed throughout the year, most notably the austerity among clients in the tech and telecom sector, which was evident across our competitive set, and the challenges faced by our digital specialist agencies. These factors continue to weigh significantly on our overall growth. In October, we also called out the impact of the tragic developments in the Middle East. First and foremost, it needs to be said that the war and geopolitical turmoil continue to put huge numbers of people in Israel, Gaza, and increasingly across the region in harm's way, and that includes many of our colleagues. Understandably, this has also had an impact on economic activity in that part of the world and therefore in our results. Notwithstanding those factors, our growth in Q4 showed acceleration from earlier in the year. New business wins onboarded in steadily greater size.

Those include the headwinds that we've called out and discussed throughout the year, most notably the austerity among clients in the tech and telecom sector, which was evident across our competitive set, and the challenges faced by our digital specialist agencies. These factors continue to weigh significantly on our overall growth. In October, we also called out the impact of the tragic developments in the Middle East. First and foremost, it needs to be said that the war and geopolitical turmoil continue to put huge numbers of people in Israel, Gaza, and increasingly across the region in harm's way, and that includes many of our colleagues. Understandably, this has also had an impact on economic activity in that part of the world and therefore in our results. Notwithstanding those factors, our growth in Q4 showed acceleration from earlier in the year. New business wins onboarded in steadily greater size.

Felipe Krakowski: Those include the headwinds that we've called out and discussed throughout the year.

Philippe Krakowski: Most notably, the austerity among clients in the tech and telecom sector, which was evident across our competitive set, and the challenges faced by our digital specialist agencies. These factors continue to weigh significantly on our overall growth. In October, we also discussed the impact of the tragic developments in the Middle East. First and foremost, it needs to be said that the war and geopolitical turmoil continue to put huge numbers of people in Israel, Gaza, and increasingly across the region in harm's way, and that includes many of our colleagues.

Felipe Krakowski: Notably the austerity among clients in the tech and telecom sector, which was evident across our competitive set.

Felipe Krakowski: And the challenges faced by our digital specialist agencies.

Felipe Krakowski: These factors continue to weigh significantly on our overall growth.

Felipe Krakowski: In October we also called out the impact of the tragic developments in the middle East.

Felipe Krakowski: First and foremost it needs to be said that the war and geopolitical turmoil continue to put huge numbers of people in Israel, Gaza and increasingly across the region in harm's way and that includes many of our colleagues.

Philippe Krakowski: Understandably, this has also had an impact on economic activity in that part of the world and, therefore, on our results. However, notwithstanding those factors, our growth in Q4 showed acceleration from earlier in the year. New Business Wins Unboarded at Steadily Greater Size. And here it's also worth noting sustained strong performance in media, which was our growth leader throughout 2023, and Stronger Growth in the Healthcare Sector as well. Are U.S. organic revenue performance improved from Q3 into Q4? And the overall sequential improvement was helped also by our European and Latin American markets, and both of those regions had strong performance in the fourth quarter a year ago. We saw solid levels of variable year and client investment, or the so-called fourth quarter project spend. Given that the macroeconomic backdrop remains somewhat cautious, this seems to have largely been a function of seasonal activity in the... Growth in the fourth quarter brings our organic revenue change for the full year 2023 to a decrease of 10 basis points, that follows on strong 7% growth organically in 2020. Looking at sectors, performance was mixed in Q4.

Felipe Krakowski: Understandably. This has also had an impact on economic activity in that part of the world and therefore in our results.

Felipe Krakowski: Notwithstanding those factors our growth in Q4 showed acceleration from earlier in the year.

Felipe Krakowski: New business wins on board it is steadily greater size.

Philippe Krakowsky: Here, it's also worth noting sustained strong performance in media, which was our growth leader throughout 2023, and stronger growth in the healthcare sector as well. Our US organic revenue performance improved from Q3 into Q4, and the overall sequential improvement was helped also by our European and Latin American markets, and both of those regions compounded strong performance in the fourth quarter a year ago. We saw solid levels of variable year-end client investment, or the so-called fourth quarter project spend. Given that the macroeconomic backdrop remains somewhat cautious, this seems to have largely been a function of seasonal activity in the quarter. Growth in the fourth quarter brings our organic revenue change for the full year 2023 to a decrease of 10 basis points. That follows on strong 7% growth organically in 2022. Looking at sectors, performance was mixed in Q4.

Here, it's also worth noting sustained strong performance in media, which was our growth leader throughout 2023, and stronger growth in the healthcare sector as well. Our US organic revenue performance improved from Q3 into Q4, and the overall sequential improvement was helped also by our European and Latin American markets, and both of those regions compounded strong performance in the fourth quarter a year ago. We saw solid levels of variable year-end client investment, or the so-called fourth quarter project spend. Given that the macroeconomic backdrop remains somewhat cautious, this seems to have largely been a function of seasonal activity in the quarter. Growth in the fourth quarter brings our organic revenue change for the full year 2023 to a decrease of 10 basis points. That follows on strong 7% growth organically in 2022. Looking at sectors, performance was mixed in Q4.

Felipe Krakowski: And here, it's also worth noting sustained strong performance in media, which was our growth leader throughout 2023.

Felipe Krakowski: Stronger growth in the health care sector as well.

Felipe Krakowski: Our U S organic revenue performance improved from Q3 into Q4.

Felipe Krakowski: And the overall sequential improvement was helped also by our European and Latin American markets.

Felipe Krakowski: And both of those regions compounded strong performance in the fourth quarter a year ago.

Felipe Krakowski: We saw solid levels of variable year end client investment or.

Felipe Krakowski: Or the so called fourth quarter project spend.

Felipe Krakowski: Given that the macroeconomic backdrop remain somewhat cautious this seems to have largely been a function of seasonal activity in the quarter.

Felipe Krakowski: Growth in the four quarter brings our organic revenue change for the full year 2023, good decrease of 10 basis points.

Felipe Krakowski: That follows on strong 7% growth organically in 2022.

Felipe Krakowski: Looking at sectors performance was mixed in Q4.

Philippe Krakowsky: Six of our eight client sectors saw revenue increases. Growth was led by clients in the healthcare sector, as mentioned earlier, followed by the consumer goods and food and beverage sectors. Auto and transportation was down slightly, though against double-digit growth in Q4 2022. Between budget reductions and lost assignments, our tech and telecom sector weighed on our consolidated organic growth by approximately -2.5% in the quarter. Each of our operating segments grew organically during the quarter. In media, data, and engagement solutions, organic growth was 1.1%, led by continuing very strong growth at IPG Media Brands. Decreases at our digital specialists weighed significantly on the segment. Our integrated advertising and creativity-led solution segment grew 2% organically, paced by strong growth at IPG Health and FCB, partially offset by some of our more traditional offerings. Our segment of specialized communications and experiential solutions grew 2.9% organically in the quarter.

Six of our eight client sectors saw revenue increases. Growth was led by clients in the healthcare sector, as mentioned earlier, followed by the consumer goods and food and beverage sectors. Auto and transportation was down slightly, though against double-digit growth in Q4 2022. Between budget reductions and lost assignments, our tech and telecom sector weighed on our consolidated organic growth by approximately -2.5% in the quarter. Each of our operating segments grew organically during the quarter. In media, data, and engagement solutions, organic growth was 1.1%, led by continuing very strong growth at IPG Media Brands. Decreases at our digital specialists weighed significantly on the segment. Our integrated advertising and creativity-led solution segment grew 2% organically, paced by strong growth at IPG Health and FCB, partially offset by some of our more traditional offerings. Our segment of specialized communications and experiential solutions grew 2.9% organically in the quarter.

Philippe Krakowski: Six of our eight client sectors saw revenue increases. Growth was led by clients in the healthcare sector, as mentioned earlier, followed by the consumer goods and food and beverage sectors. Auto and transportation was down slightly, though against double-digit growth in Q4 2022 between Budget Reductions and Lost Assignments.

Felipe Krakowski: Six of our eight client sectors saw revenue increases.

Felipe Krakowski: Growth was led by clients in the health care sector as mentioned earlier, followed by the consumer goods and food and beverage sectors.

Felipe Krakowski: Auto and transportation was down slightly so against double digit growth in Q4 2022.

Felipe Krakowski: Between budget reductions in lost assignments.

Philippe Krakowski: Our tech and telecom sector weighed on our consolidated organic growth by approximately negative 2.5% in the quarter. However, each of our operating segments grew organically during the quarter, in Media, Data, and Engagement Solutions. Organic growth was 1.1%, led by continuing very strong growth at IPG Media Brands; decreases at our digital specialists weighed significantly on the second. Our integrated advertising and creativity-led solutions segment grew 2% organically, paced by strong growth at IPG Health and FCB, partially offset by some of our more traditional. Our segment of specialized communications and experiential solutions grew 2.9% organically in the quarter. We saw balanced growth across the full range of disciplines, including public relations, experiential, and SportsMarket.

Felipe Krakowski: Our tech and telecom sector weighed on our consolidated organic growth.

Felipe Krakowski: By approximately negative two 5% in the quarter.

Felipe Krakowski: Each of our operating segments grew organically during the quarter.

Felipe Krakowski: In media data and engagement solutions.

Felipe Krakowski: Organic growth was one 1%.

Felipe Krakowski: Led by continuing very strong growth at IPG media brands.

Felipe Krakowski: Decreases at our digital specialists weighed significantly on this segment.

Felipe Krakowski: Our integrated advertising and creativity led solutions segment grew 2% organically.

Felipe Krakowski: Paced by strong growth at IPG health and FCB.

Felipe Krakowski: Partially offset by some of our more traditional offerings.

Felipe Krakowski: Our segment of specialized communications experiential solutions grew two 9% organically in the quarter.

Philippe Krakowsky: We saw balanced growth across the full range of disciplines, including public relations, experiential, and sports marketing. Turning to profitability and expenses in the quarter, our teams continued to excel operationally. We effectively used the levers of our flexible business model to navigate a complicated economic environment and a challenging year while simultaneously investing in the growth of our most modern and sophisticated capabilities. The result is the strong fourth quarter and full-year margin performance we are reporting today. Adjusted EBITDA margin on net revenue was 24.3% in the quarter, an increase of 200 basis points from a year ago. We drove operating leverage on our expense for base payroll, benefits, and tax, our performance-based incentive compensation, and our expense for occupancy.

We saw balanced growth across the full range of disciplines, including public relations, experiential, and sports marketing. Turning to profitability and expenses in the quarter, our teams continued to excel operationally. We effectively used the levers of our flexible business model to navigate a complicated economic environment and a challenging year while simultaneously investing in the growth of our most modern and sophisticated capabilities. The result is the strong fourth quarter and full-year margin performance we are reporting today. Adjusted EBITDA margin on net revenue was 24.3% in the quarter, an increase of 200 basis points from a year ago. We drove operating leverage on our expense for base payroll, benefits, and tax, our performance-based incentive compensation, and our expense for occupancy.

Felipe Krakowski: We saw balanced growth across the full range of disciplines, including public relations.

Felipe Krakowski: Spirit, Anshul and sports marketing.

Philippe Krakowski: Turning to profitability and expenses in the quarter, our team has continued to excel operationally. We effectively use the levers of our flexible business model to navigate a complicated economic environment and a challenging year while simultaneously investing in the growth of our most modern and sophisticated capability. The result is the strong fourth quarter and full year margin performance we are reporting today, an adjusted EBITDA margin on net revenue of 24.3% in the quarter, an increase of 200 basis points from a year ago. We drove operating leverage on our expense for base payroll, benefits, and tax, our performance-based incentive compensation, and our expense for occupancy. With that performance, Foyer's margin was 16.7%, which delivers against the target we set at the beginning of 2023 and further consolidates significant margin improvement over the recent past. Fourth quarter net income as reported was $463.2 million. Our adjusted EBITDA was $628.5 million, an increase of 11% from a year ago. Fourth quarter diluted earnings per share was $1.21 as reported and $1.18 as adjusted for intangibles, amortization, and the non-operating impact of the disposition of small, non-strategic businesses. Pool Year Adjusted Diluted EPS was $2.99.

Felipe Krakowski: Turning to profitability and expenses in the quarter, our teams continued to excel operationally.

Felipe Krakowski: We effectively used the leaders of our flexible business model to navigate a complicated economic environment and a challenging year.

Felipe Krakowski: While simultaneously investing in the growth of our most modern and sophisticated capabilities.

Felipe Krakowski: The result of the strong fourth quarter and full year margin performance, we are reporting today.

Felipe Krakowski: Adjusted EBITDA margin on net revenue was 24, 3% in the quarter, an increase of 200 basis points from a year ago.

Felipe Krakowski: We drove up rate operating leverage on our expense for base payroll benefits and tax are performance based incentive compensation and our expense for occupancy.

Philippe Krakowsky: With that performance, full-year margin was 16.7%, which delivers against the target we set at the beginning of 2023 and further consolidates significant margin improvement over the recent past. Fourth quarter net income, as reported, was $463.2 million. Our adjusted EBITDA was $628.5 million, an increase of 11% from a year ago. Fourth quarter diluted earnings per share was $1.21 as reported and $1.18 as adjusted for intangibles amortization and the non-operating impact of the disposition of small non-strategic businesses. Full-year adjusted diluted EPS was $2.99. As an important reminder, our EPS in the year's second quarter, both as reported and adjusted, included the benefit of $0.17 per share related to the resolution of routine federal income tax audits of previous years for which we did not adjust. During the quarter, our share repurchases totaled $131 million, which brought our share repurchases in 2023 to $350 million.

With that performance, full-year margin was 16.7%, which delivers against the target we set at the beginning of 2023 and further consolidates significant margin improvement over the recent past. Fourth quarter net income, as reported, was $463.2 million. Our adjusted EBITDA was $628.5 million, an increase of 11% from a year ago. Fourth quarter diluted earnings per share was $1.21 as reported and $1.18 as adjusted for intangibles amortization and the non-operating impact of the disposition of small non-strategic businesses. Full-year adjusted diluted EPS was $2.99. As an important reminder, our EPS in the year's second quarter, both as reported and adjusted, included the benefit of $0.17 per share related to the resolution of routine federal income tax audits of previous years for which we did not adjust. During the quarter, our share repurchases totaled $131 million, which brought our share repurchases in 2023 to $350 million.

Felipe Krakowski: With that performance full year margin was 16, 7%, which delivers against the target we set at the beginning of 2023.

Felipe Krakowski: And further consolidate significant margin improvement over the recent past.

Felipe Krakowski: Fourth quarter net income as reported was $463 $2 million.

Felipe Krakowski: Our adjusted EBITDA was $628 $5 million, an increase of 11% from a year ago.

Felipe Krakowski: Fourth quarter diluted earnings per share was $1 21 sets as reported and $1.18 as adjusted for intangibles amortization and the non operating impact of the disposition of small non strategic businesses.

Felipe Krakowski: Full year adjusted diluted EPS was $2.99.

Philippe Krakowski: And as an important reminder, our EPS in the year's second quarter, both as reported and adjusted, included the benefit of $0.17 per share related to the resolution of routine federal income tax audits of previous years for which we did not adjust. During the quarter, our share repurchases totaled $131 million, which brought our share repurchases in 2023 to $350 million. Over the course of the year, total capital returns to shareholders between dividends and share repurchase were $829 million, as you've seen today, given the continued confidence of our board in our operating strength and financial position, as well as our long-term strategic trajectory. We once again raised IPG's quarterly dividend by 6% to $0.33 per share.

Felipe Krakowski: And as an important reminder, our EPS in the year second quarter, both as reported and adjusted included the benefit of <unk> 17 per share related to the resolution of routine federal income tax audits of previous years for which we did not adjust.

Felipe Krakowski: During the quarter, our share repurchases totaled $131 million, which brought our share repurchases in 2000 $23 million to $350 million.

Philippe Krakowsky: Over the course of the year, total capital returns to shareholders between dividends and share repurchase were $829 million. As you've seen today, given the continued confidence of our board in our operating strength and financial position, as well as our long-term strategic trajectory, we once again raised IPG's quarterly dividend by 6% to $0.33 per share. This marks our 12th consecutive year of increased dividends, and our board also authorized an additional $320 million of share repurchase on top of the $80 million remaining on our previous authorization. Turning our discussion to 2024, we continue to see economic and geopolitical uncertainty inform many of our clients' thinking. Despite signs that the consumer economy is improving, there remains a disparity of views regarding overall macro growth prospects. This is leading to some client conservatism, largely consistent with what we noted over much of the past year.

Over the course of the year, total capital returns to shareholders between dividends and share repurchase were $829 million. As you've seen today, given the continued confidence of our board in our operating strength and financial position, as well as our long-term strategic trajectory, we once again raised IPG's quarterly dividend by 6% to $0.33 per share. This marks our 12th consecutive year of increased dividends, and our board also authorized an additional $320 million of share repurchase on top of the $80 million remaining on our previous authorization. Turning our discussion to 2024, we continue to see economic and geopolitical uncertainty inform many of our clients' thinking. Despite signs that the consumer economy is improving, there remains a disparity of views regarding overall macro growth prospects. This is leading to some client conservatism, largely consistent with what we noted over much of the past year.

Felipe Krakowski: Over the course of the year total capital returns to shareholders between dividends and share repurchase were $829 million.

Felipe Krakowski: As you've seen today.

Felipe Krakowski: Given the continued confidence of our board and our operating strength and financial position.

Felipe Krakowski: As well as our long term strategic trajectory.

Felipe Krakowski: We once again raised ipg's quarterly dividend by 6% to 33 per share.

Philippe Krakowski: This marks our 12th consecutive year of increased dividends, and our board also authorized an additional $320 million of share repurchase, on top of the $80 million remaining on our previous authorization. Turning our discussion to 2024.

Felipe Krakowski: This marked our 12th consecutive year of increased dividends.

Felipe Krakowski: Our board also authorized an additional $320 million of share repurchase.

Felipe Krakowski: On top of the $80 million remaining on our previous authorization.

Felipe Krakowski: Turning our discussion to 2024.

Felipe Krakowski: We continue to see economic and geopolitical uncertainty informed many of our clients thinking.

Philippe Krakowski: We continue to see economic and geopolitical uncertainty inform many of our clients' thinking. Despite signs that the consumer economy is improving, there remains a disparity of views regarding overall macro growth. This is leading to some client conservatism, largely consistent with what we noted over much of the past year. We're seeing a measure of quarter to quarter stability in the tech and telco sectors. As discussed previously, budget reductions in our major technology industry clients have been a consequence of broader enterprise cost-cutting programs within those companies. And while it's still not possible to predict the timing of a significant upturn in tech spending and marketing activity, we've noted a more recent stabilization in that trend. However, a return to growth for us in this sector has not been factored into our plan for 2025.

Felipe Krakowski: Despite signs that the consumer economy is improving there remains a disparity of views regarding overall macro growth prospects.

Felipe Krakowski: This is leading to some client conservatism largely consistent with what we noted over much of the past year.

Philippe Krakowsky: We're seeing a measure of quarter-to-quarter stability in the tech and telco sector. Previously discussed, budget reductions in our major technology industry clients have been a consequence of broader enterprise cost-cutting programs within those companies. While it's still not possible to call the timing of a significant upturn in tech spending and marketing activity, we've noted a more recent stabilization in that spend. However, a return to growth for us in this sector has not been factored into our plan for 2024. With respect to our specialty digital offerings, we've taken several steps to strengthen their performance. This includes new leadership, co-location of global headquarters in a common innovation hub, as well as comprehensively lowering and aligning their operating cost base in line with revenue. We continue to focus on a broad range of strategic as well as market-facing solutions over the near term.

We're seeing a measure of quarter-to-quarter stability in the tech and telco sector. Previously discussed, budget reductions in our major technology industry clients have been a consequence of broader enterprise cost-cutting programs within those companies. While it's still not possible to call the timing of a significant upturn in tech spending and marketing activity, we've noted a more recent stabilization in that spend. However, a return to growth for us in this sector has not been factored into our plan for 2024. With respect to our specialty digital offerings, we've taken several steps to strengthen their performance. This includes new leadership, co-location of global headquarters in a common innovation hub, as well as comprehensively lowering and aligning their operating cost base in line with revenue. We continue to focus on a broad range of strategic as well as market-facing solutions over the near term.

Felipe Krakowski: We're seeing a measure of a quarter to quarter stability in the tech and telecom sector.

Felipe Krakowski: Previously discussed budget reductions at our major technology industry clients have been a consequence of broader enterprise cost cutting programs.

Felipe Krakowski: Within those companies.

Felipe Krakowski: And while it's still not possible to call the timing of it.

Felipe Krakowski: A significant upturn in tech spending in marketing activity. We've noted a more recent stabilization in that spend.

Felipe Krakowski: However, our return to growth for us in this sector has not been factored into our plan for 2024.

Philippe Krakowski: With respect to our specialty digital offerings, we've taken several steps to strengthen their performance, including new leadership. Co-location of Global Headquarters and a Common Innovation Hub, as well as comprehensively lowering and aligning their operating cost base in line with revenue. We continue to focus on a broad range of strategic as well as market-facing solutions over the near term. That includes M&A to address the need for greater scale and digital transformation. As we look ahead,

Felipe Krakowski: With respect to where especially digital offerings, we've taken several steps to strengthen their performance.

Felipe Krakowski: This includes new leadership.

Felipe Krakowski: Co location of global headquarters in a common innovation hub.

Felipe Krakowski: As well as comprehensively lowering and aligning their operating cost base in line with revenue.

Felipe Krakowski: We continue to focus on a broad range of strategic as well as market facing solutions over the near term.

Felipe Krakowski: And that includes M&A to address the need for greater scale in digital transformation.

Philippe Krakowsky: That includes M&A to address the need for greater scale and digital transformation. As we look ahead, we remain confident in the fundamental strengths of our company. We're focused on building on significant new business success during the past year, as well as on our longer-term record of growth. We also anticipate that the strongest and most consistent growth areas of our business, such as our data and tech-driven media offering, healthcare marketing expertise, PR, and experiential marketing capabilities, will continue to perform well in the year ahead. In addition, our proven operational discipline will stay in effect. The net of these moving parts, with certain areas of very strong performance within the portfolio, continued client caution, and a focus on addressing challenges in some of our legacy and digital specialists, leads us to an expected organic net revenue growth for 2024 in a range of 1% to 2%.

That includes M&A to address the need for greater scale and digital transformation. As we look ahead, we remain confident in the fundamental strengths of our company. We're focused on building on significant new business success during the past year, as well as on our longer-term record of growth. We also anticipate that the strongest and most consistent growth areas of our business, such as our data and tech-driven media offering, healthcare marketing expertise, PR, and experiential marketing capabilities, will continue to perform well in the year ahead. In addition, our proven operational discipline will stay in effect. The net of these moving parts, with certain areas of very strong performance within the portfolio, continued client caution, and a focus on addressing challenges in some of our legacy and digital specialists, leads us to an expected organic net revenue growth for 2024 in a range of 1% to 2%.

Felipe Krakowski: As we look ahead.

Philippe Krakowski: We remain confident in the fundamental strengths of our company. We're focused on building on significant new business success during the past year, as well as on our longer-term record of growth. We also anticipate that the strongest and most consistent growth areas of our business, which is our data and tech-driven media offering, Healthcare Marketing Expertise.

Felipe Krakowski: <unk> confident in the fundamental strengths of our company.

Felipe Krakowski: We're focused on building on significant new business success during the past year as well as on our longer term record of growth.

Felipe Krakowski: We also anticipate that the strongest and most consistent growth areas of our business.

Felipe Krakowski: Such as our data and tech driven media offering.

Felipe Krakowski: Health care marketing expertise.

Philippe Krakowski: PR and Experiential Marketing Capabilities will continue to perform well in the year ahead. In addition, our proven operational discipline will stay in effect, the net of these moving parts, with certain areas of very strong performance within the portfolio. Continued Client Caution and a focus on addressing challenges in some of our legacy digital specialties leads us to an expected organic net revenue growth for 2024 in a range of one to two percent. At that level of growth, we expect 2024 full-year adjusted EBITDA margin of 16.6%. This reflects a number of investments, including in further development of our contemporary addressable capabilities, which are the data-powered tools that inform and drive integration and decision-making across IPG Retail Media.

Felipe Krakowski: PR and experiential marketing capabilities will continue to perform well in the year ahead.

Felipe Krakowski: In addition, our proven operational discipline will stay in effect.

Felipe Krakowski: The net of these moving parts.

Felipe Krakowski: Certain areas of very strong performance within the portfolio.

Felipe Krakowski: Continued client caution and a focus on addressing challenges in some of our legacy digital specialists.

Felipe Krakowski: Leads us to an expected organic net revenue growth for 2024, and a range of 1% to 2%.

Philippe Krakowsky: At that level of growth, we expect 2024 full-year adjusted EBITDA margin of 16.6%. This reflects a number of investments, including in further development of our contemporary addressable capabilities, such as the data-powered tools that inform and drive integration and decision-making across IPG, retail media, artificial intelligence, as well as building new buying models within media brands. We'll also continue to focus on streamlining operations and processes across the group. We're confident that our investment in growth, combined with continued operational excellence on the part of our teams, means that our margins will resume their upward trajectory over the years ahead, consistent with our record in this area. In 2024, delivering on our goals, along with integrating our services in ways that help clients build their business and their brands, will be essential in creating value for all of our stakeholders.

At that level of growth, we expect 2024 full-year adjusted EBITDA margin of 16.6%. This reflects a number of investments, including in further development of our contemporary addressable capabilities, such as the data-powered tools that inform and drive integration and decision-making across IPG, retail media, artificial intelligence, as well as building new buying models within media brands. We'll also continue to focus on streamlining operations and processes across the group. We're confident that our investment in growth, combined with continued operational excellence on the part of our teams, means that our margins will resume their upward trajectory over the years ahead, consistent with our record in this area. In 2024, delivering on our goals, along with integrating our services in ways that help clients build their business and their brands, will be essential in creating value for all of our stakeholders.

Felipe Krakowski: At that level of growth.

Felipe Krakowski: Expect 'twenty 'twenty four for year adjusted EBIT margin of 16, 6%.

Felipe Krakowski: This reflects a number of investments.

Felipe Krakowski: Including in further development of our contemporary addressable capabilities.

Felipe Krakowski: This is the data powered tools and inform and drive integration and decision making.

Felipe Krakowski: Cross Eyed P G.

Felipe Krakowski: Retail media.

Felipe Krakowski: Artificial intelligence.

Philippe Krakowski: Artificial Intelligence, as well as building new buying models with InMedia. We'll also continue to focus on streamlining operations and processes across the group. We're confident that our investment in growth, combined with continued operational excellence on the part of our team, means that our margins will resume their upward trajectory over the years ahead, consistent with our record in this area. In 2024, delivering on our goals, along with integrating our services in ways that help clients build their business and their brand, will be essential in creating value for all of our students. At this point, I'll hand things over to Ellen for a Thank you. I hope that everyone is well.

Felipe Krakowski: As well as building new buying models within media brands.

Felipe Krakowski: We will also continue to focus on streamlining operations and processes across the group.

Felipe Krakowski: We're confident that our investment in growth.

Felipe Krakowski: Combined with continued operational excellence on the part of our teams.

Felipe Krakowski: It means that our margins will resume their upward trajectory over the years ahead.

Felipe Krakowski: Consistent with our record in this area.

Felipe Krakowski: In 2020 for delivery.

Felipe Krakowski: Delivering on our goals along with integrating our services in ways that help clients build their business and their brands.

Felipe Krakowski: Will be essential in creating value for all of our stakeholders.

Philippe Krakowsky: At this point, I'll hand things over to Ellen for a more in-depth view of our results.

At this point, I'll hand things over to Ellen for a more in-depth view of our results.

Felipe Krakowski: At this point I'll hand things over to Alan for a more in depth view of our results.

Ellen Johnson: Thank you. I hope that everyone is well. As a reminder, my remarks will track to the presentation slides that accompany our webcast. Beginning on slide two of the presentation, fourth quarter net revenue increased 1.4% from a year ago, with organic growth of 1.7%. That brings our organic revenue decrease for the year to 10 basis points. Our four-year cumulative growth rate is 13.9%, which is through the volatility of the COVID period and now, hopefully, the post-COVID period. Adjusted EBITDA in the quarter was $628.5 million, and margin on net revenue was 24.3%. Our diluted earnings per share in the quarter was $1.21 as reported and $1.18 as adjusted to exclude the amortization of acquired intangibles, a non-operating gain from the sales of few non-strategic businesses.

Alan: Thank you and I hope that everyone is well.

Ellen Johnson: As a reminder, my remarks will track to the presentation slides that accompany our webcast, beginning on slide two of the presentation. Fourth quarter net revenue increased 1.4% from a year ago, with organic growth of 1.7%. That brings our organic revenue decrease for the year to 10 basis points. Our four-year cumulative growth rate is 13.9 percent, which is through the volatility of the COVID period and now, hopefully, the post-COVID period. Adopted EBITDA in the quarter is $628.5 million, and Margin on Net Revenue is 24.3%. Our diluted earnings per share in the quarter was $1.21 as reported and $1.18 as adjusted, to exclude the amortization of acquired intangibles, a non-operating gain from the sale of a few non-strategic businesses.

Alan: As a reminder, my remarks will track the presentation slides that accompany our webcast.

Alan: Beginning on slide two of the presentation.

Alan: Fourth quarter net revenue increased one 4% from a year ago.

Alan: Organic growth of one 7%.

Alan: That brings our organic revenue decrease for the year to 10 basis points.

Alan: Our four year cumulative growth rate is 13, 9%.

Alan: Through the volatility of the Covid period, and now hopefully the post Covid period.

Alan: Adjusted EBITDA in the quarter with $628 $5.

Alan: Margin on that revenue is 24, 3%.

Alan: Our diluted earnings per share in the quarter with $1.21 as they bought it.

Alan: And the dollar <unk> as adjusted.

Alan: Excluding amortization of acquired intangible.

Alan: Non operating gain on the sale of a few non strategic businesses.

Alan: Our adjusted diluted EPS was $2 99 for the full year, but that includes the benefit of 17 cents per share in the second quarter related to the resolution.

Ellen Johnson: Our adjusted diluted EPS was $2.99 for the full year, but that includes the benefit of $0.17 per share in Q2 related to the resolution of routine federal income tax audits of previous years, for which we are not permitted to adjust. We concluded the year in a strong financial position, with $2.39 billion of cash on the balance sheet and with 1.8 times gross financial debt to EBITDA, as defined in our credit facility. The latter metric includes our double carry of $250 million of gross debt due to having pre-funded our upcoming April maturity. We repurchased 4.3 million shares in Q4, bringing our full-year repurchases to 10.4 million shares, which returned a total of $350 million to our shareholders in 2023.

Our adjusted diluted EPS was $2.99 for the full year, but that includes the benefit of $0.17 per share in Q2 related to the resolution of routine federal income tax audits of previous years, for which we are not permitted to adjust. We concluded the year in a strong financial position, with $2.39 billion of cash on the balance sheet and with 1.8 times gross financial debt to EBITDA, as defined in our credit facility. The latter metric includes our double carry of $250 million of gross debt due to having pre-funded our upcoming April maturity. We repurchased 4.3 million shares in Q4, bringing our full-year repurchases to 10.4 million shares, which returned a total of $350 million to our shareholders in 2023.

Ellen Johnson: Our adjusted diluted EPS was $2.99 for the full year, but that includes the benefit of $0.17 per share in the second quarter related to the resolution of routine federal income tax audits of previous years for which we are not permitted to adjust. We concluded the year in a strong financial position with $2.39 billion of cash on the balance sheet and 1.8 times gross financial debt to EVTA, as defined in our credit facility. The latter metric includes our double carry of $250 million of gross debt due to having pre-funded our upcoming April maturity.

Alan: <unk> federal income tax audits of previous years, which we are not permitted to reach out.

Alan: We concluded the year with strong financial position with 2.39 billion of cash on the balances.

Alan: One eight times gross financial debt to EBITDA as defined in our credit facility.

Alan: The latter metric includes our double carry of $250 million gross debt due to having pre funded our upcoming April maturity.

Ellen Johnson: We repurchased 4.3 million shares in the fourth quarter, bringing our full-year repurchases to 10.4 million shares, which returned a total of $350 million to our shareholders in 2023. Our board increased our quarterly dividends by 6% to $0.337 and authorized another $320 million repurchase program, in addition to the $80 million remaining under our prior authorization. Turning to slide three, you'll see our P&L for the quarter. I'll cover revenue and operating expenses in detail in the slides that follow. Turning to the fourth quarter and school year revenue on slide four, our net revenue in the quarter was $2.59 billion, an increase of 1.4% from a year ago. Compared to Q422, the impact of the change in exchange rates was positive 50 basis points, and net Dispositions were 80 basis points.

Alan: We repurchased four 3 million shares in the fourth quarter, bringing our full year repurchases to $10 4 million shares.

Alan: With returned a total of $350 million to our shareholders in 2023.

Ellen Johnson: Our board increased our quarterly dividend by 6% to $0.33 and authorized another $320 million repurchase program, in addition to the $80 million remaining under our prior authorization. Turning to slide three, you'll see our P&L for the quarter. I'll cover revenue and operating expenses in detail in the slides that follow. Turning to the fourth quarter and full-year revenue on slide four, our net revenue in the quarter was $2.59 billion, an increase of 1.4% from a year ago. Compared to Q4 2022, the impact of the change in exchange rates was positive 50 basis points. Net dispositions were 80 basis points. Our organic net revenue increase was 1.7%, which brings us to a slight organic decrease for the full year of 10 basis points. Further down the slide, we break out our segment net revenue performance.

Our board increased our quarterly dividend by 6% to $0.33 and authorized another $320 million repurchase program, in addition to the $80 million remaining under our prior authorization. Turning to slide three, you'll see our P&L for the quarter. I'll cover revenue and operating expenses in detail in the slides that follow. Turning to the fourth quarter and full-year revenue on slide four, our net revenue in the quarter was $2.59 billion, an increase of 1.4% from a year ago. Compared to Q4 2022, the impact of the change in exchange rates was positive 50 basis points. Net dispositions were 80 basis points. Our organic net revenue increase was 1.7%, which brings us to a slight organic decrease for the full year of 10 basis points. Further down the slide, we break out our segment net revenue performance.

Alan: Our board increased our quarterly dividend by 6% to 33000.

Alan: And authorized another $320 million repurchase program.

Alan: In addition to the $80 million remaining under our prior authorization.

Alan: Turning to slide three you'll see our P&L for the quarter I'll cover revenue and operating expenses in detail in the slides that follow.

Alan: Turning to the fourth quarter.

Alan: Revenue on slide four.

Alan: Our net revenue in the quarter to five 9 billion, an increase of one 4% from a year.

Alan: Compared to Q4 'twenty two the impact of the change in exchange rate was positive 50 basis points.

Alan: Net disposition or 80 basis points.

Ellen Johnson: Our organic net revenue increase is 1.7%, which brings us to a slight organic decrease for the full year of 10 basis points. Further down the slide, we break out our segment net revenue performance. Our Media, Data, and Engagement Solutions segment, Root 1.1% organic, on top of 5.2% in the fourth quarter of 2022. The quarter was driven by strong growth at IBG Mediabrands, on top of double-digit growth a year ago. Our challenges at our specialty digital agencies continue to significantly weigh on our overall segment growth. The organic decrease in this segment was 10 basis points for the full year.

Alan: Our organic net revenue increased one, 7%, which brings us to a slight organic decrease for the full year of 10 basis points.

Alan: Further down the slide we break out our segment net revenue performance.

Ellen Johnson: Our media data and engagement solution segment grew 1.1% organically, on top of 5.2% in the fourth quarter of 2022. The quarter was driven by strong growth at IPG Media Brands, on top of double-digit growth a year ago. Our challenges are specialty digital agencies continue to significantly weigh on our overall segment growth. The organic decrease of this segment was 10 basis points for the full year. Organic growth at our integrated advertising and creativity-led solution segment was 2%, which is on top of 2.2% a year ago. Our growth in the quarter was led by IPG Health and FCB, partially offset by some of our more traditional offerings. For the year, the segment decreased 1.7% organically after 6.2% growth in 2022. At our specialized communications and experiential solution segment, organic growth was 2.9%, on top of 3.6% a year ago.

Our media data and engagement solution segment grew 1.1% organically, on top of 5.2% in the fourth quarter of 2022. The quarter was driven by strong growth at IPG Media Brands, on top of double-digit growth a year ago. Our challenges are specialty digital agencies continue to significantly weigh on our overall segment growth. The organic decrease of this segment was 10 basis points for the full year. Organic growth at our integrated advertising and creativity-led solution segment was 2%, which is on top of 2.2% a year ago. Our growth in the quarter was led by IPG Health and FCB, partially offset by some of our more traditional offerings. For the year, the segment decreased 1.7% organically after 6.2% growth in 2022. At our specialized communications and experiential solution segment, organic growth was 2.9%, on top of 3.6% a year ago.

Alan: Our media data and engagement solutions segment.

Alan: One 1% organically.

Alan: On top of five 2% in the fourth quarter of 2022.

Alan: The quarter was driven by strong growth IPG media brands on top of double digit growth a year ago.

Alan: Our challenges are specialty digital agencies.

Alan: You need a significantly way overall segment growth.

Alan: The organic decrease of this segment was 10 basis points for the full year.

Ellen Johnson: Organic growth at our Integrated Advertising and Creativity-Led Solutions segment was 2%, which is on top of 2.2% a year ago. Our growth in the Quarter was led by IBG Health and FCB, partially offset by some of our more traditional offerings. For the year, the segment decreased 1.7% organically after 6.2% growth in 2022.

Alan: Organic growth at our integrated advertising and creativity led solutions segment with 2%, which is on top of two 2% a year ago.

Alan: Our growth in the quarter led by IPG health FCB, partially offset by some of our more traditional offerings.

Alan: For the year segment decreased one 7% organically after a six 2% growth in 2022.

Ellen Johnson: At our specialized communications and experiential solution segment, organic growth was 2.9%, on top of 3.6% a year ago. It grew across all major segment disciplines, including Public Relations, Experiential, and Sports Markets. For the year, the SE&E segment grew 4.1% organically, compounding 8.6% organic growth in 2022.

Alan: And our specialized communications ex Brentsville Felicia segment organic growth was two 9% on top of three 6% a year ago.

Ellen Johnson: We had growth across all major segment disciplines: public relations, experiential, and sports marketing. For the year, the SV&E segment grew 4.1% organically, compounding 8.6% organic growth in 2022. Moving on to slide five, our revenue growth by region in the quarter. The US, which was 62% of our fourth quarter net revenue, grew organically by 10 basis points. We had notably strong growth at IPG Health, IPG Media Brands, and FCB. These increases and others were largely offset by decreases at our digital specialist agencies and by the loss of a client in the telecom sector at McCann. In addition, the impact of macro uncertainty was felt broadly across our more traditional consumer-facing offering. International markets were 38% of our net revenue in the quarter, an increase of 4.3% organically, which is on top of 6.1% in the fourth quarter of 2022.

We had growth across all major segment disciplines: public relations, experiential, and sports marketing. For the year, the SV&E segment grew 4.1% organically, compounding 8.6% organic growth in 2022. Moving on to slide five, our revenue growth by region in the quarter. The US, which was 62% of our fourth quarter net revenue, grew organically by 10 basis points. We had notably strong growth at IPG Health, IPG Media Brands, and FCB. These increases and others were largely offset by decreases at our digital specialist agencies and by the loss of a client in the telecom sector at McCann. In addition, the impact of macro uncertainty was felt broadly across our more traditional consumer-facing offering. International markets were 38% of our net revenue in the quarter, an increase of 4.3% organically, which is on top of 6.1% in the fourth quarter of 2022.

Alan: We had growth across all major segment discipline.

Alan: Public relations exponential and sports marketing.

Alan: For the year the FC any segment grew four 1% organically.

Alan: Eight 6% organic growth in 2022.

Alan: Moving on to slide five revenue by region in the quarter.

Ellen Johnson: Moving on to slide five, revenue growth by region in the quarter. CUS, which was 62% of our fourth quarter net revenue, grew organically by 10 bases. We have notably strong growth at IBG Health, IBG Media Brands, and FCB. However, these increases and others were largely offset by decreases at our digital specialist agencies and by the loss of a client in the telecom sector at McCann. In addition, the impact of macrouncertainty was felt broadly across a more traditional consumer-facing offering, international markets with 38% of our net revenue in the quarter and increased 4.3% organically, which is on top of 6.1% in the fourth quarter of 2022, in the UK, which is 8% of our net revenue in the quarter. Organic growth was 40 basis points.

Alan: You 60.

Alan: 62% of our fourth quarter net revenue grew organically by 10 basis points.

Alan: We had notably strong growth at IPG.

Alan: C media brands and FCB.

Alan: These increases and others were largely offset by decreases at our digital specialist agencies and by the loss of a client in the telecom sector at Mccann.

Alan: In addition, the impact of macro uncertainty with felt broadly across our more traditional consumer facing offerings.

Alan: Okay.

Alan: International markets with 38% of our net revenue in the quarter and increased four 3% organically.

Alan: On top of six 1% in the fourth quarter of 2022.

Ellen Johnson: In the UK, which was 8% of our net revenue in the quarter, organic growth was 40 basis points. We had very strong growth with clients in the automotive and retail sectors. Those increases were largely offset by decreased revenue in the tech, telecom, and healthcare sectors. Continental Europe was 10% of our net revenue in the quarter and grew 11.7% organically, on top of 5.7% a year ago. We grew across most national markets and had notably strong performances by IPG Media Brands and McCann. We saw strong growth in consumer, food and beverage, and healthcare sectors. In Asia-Pac, which was 8% of net revenue, our organic decrease was 1.5%, while we had strong growth in India and Australia that was more than offset by decreases in Japan and China. In LATAM, we grew 15% organically in the quarter, on top of 5.8% a year ago.

In the UK, which was 8% of our net revenue in the quarter, organic growth was 40 basis points. We had very strong growth with clients in the automotive and retail sectors. Those increases were largely offset by decreased revenue in the tech, telecom, and healthcare sectors. Continental Europe was 10% of our net revenue in the quarter and grew 11.7% organically, on top of 5.7% a year ago. We grew across most national markets and had notably strong performances by IPG Media Brands and McCann. We saw strong growth in consumer, food and beverage, and healthcare sectors. In Asia-Pac, which was 8% of net revenue, our organic decrease was 1.5%, while we had strong growth in India and Australia that was more than offset by decreases in Japan and China. In LATAM, we grew 15% organically in the quarter, on top of 5.8% a year ago.

Alan: And the U K, which is 8% of our net revenue in the quarter.

Alan: Ganic growth was 40 basis points.

Ellen Johnson: We had very strong growth with clients in the automotive and retail sectors, but those increases were largely offset by decreased revenue in the tech and telecom and health care sectors. Continental Europe with 10% of our net revenue in the quarter, and Group 11.7% organic, on top of 5.7% a year. We grew across most national markets and had notably strong performances by IPG Media Brands and McCann. We saw strong growth in the consumer, food, and beverage, and healthcare sectors. In Asia-Pac, which is 8% of net revenue, our organic decrease was 1.5%, while we had strong growth in India and Australia that was more than offset by decreases in Japan and China.

Alan: Very strong growth with clients in the automotive retail sector.

Alan: Those increases were largely offset by decreased revenue in the tech and telecom and healthcare sector.

Alan: Continental Europe with 10% of our net revenues in the quarter.

Alan: Grew 11, 7% organically and <unk>.

Alan: A five 7% a year ago.

Alan: We grew across most national markets and had notably strong performances by IPG media brands and Mccann.

Alan: We saw strong growth in consumer food and beverage and health care sector.

Alan: In Asia Pac, which is 8% of net revenue organic decrease was one 5%.

Alan: While we had strong growth in India, and Australia that was more than offset by decreases in Japan and China.

Alan: In Latam, we grew 15% organically in the quarter.

Ellen Johnson: And last time, we grew 15% organically in the quarter, on top of 5.8% a year ago. Our growth was across all major national markets, with notable strengths in Mexico, Brazil, and Argentina. Last time, with 6% of our net revenue in the quarter. Our other international markets groups, which consist of Canada, the Middle East, and Africa, decreased 1.4% organically, against 6.9% growth a year ago. This performance was due to a double-

Alan: On top of five 8% a year ago.

Ellen Johnson: Our growth was across all major national markets, with notable strengths in Mexico, Brazil, and Argentina. LATAM was 6% of our net revenue in the quarter. Our other international markets group, which consists of Canada, the Middle East, and Africa, decreased 1.4% organically, against 6.9% growth a year ago. Performance was due to a double-digit decrease in Israel. Other international markets were 6% of our net revenue in the quarter. Moving on to slide six and operating expenses in the quarter. Our fully adjusted EBITDA margin in the quarter was 24.3%, compared to 22.3% in 2022, an increase of 200 basis points. Underneath that improvement, our ratio of total salaries and related expenses as a percentage of net revenue was 59.4%, compared with 61% in last year's fourth quarter. We had leverage on our expense for base payroll benefits and tax, and on our expense for performance-based incentive compensation.

Our growth was across all major national markets, with notable strengths in Mexico, Brazil, and Argentina. LATAM was 6% of our net revenue in the quarter. Our other international markets group, which consists of Canada, the Middle East, and Africa, decreased 1.4% organically, against 6.9% growth a year ago. Performance was due to a double-digit decrease in Israel. Other international markets were 6% of our net revenue in the quarter. Moving on to slide six and operating expenses in the quarter. Our fully adjusted EBITDA margin in the quarter was 24.3%, compared to 22.3% in 2022, an increase of 200 basis points. Underneath that improvement, our ratio of total salaries and related expenses as a percentage of net revenue was 59.4%, compared with 61% in last year's fourth quarter. We had leverage on our expense for base payroll benefits and tax, and on our expense for performance-based incentive compensation.

Alan: Our growth was across all major national markets with notable strength, Mexico, Brazil and Argentina.

Alan: Latam was 6% of our net revenue in the quarter.

Alan: Our other international markets group.

Alan: Canada, the middle Eastern Africa decreased one 4% organically.

Alan: Six 9% growth here that.

Alan: Performance was due to a double digit decrease in Israel.

Ellen Johnson: Other international markets with 6% for our net revenue in the quarter. Moving on to slide six, our fully adjusted EBITDA margin in the quarter was 24.3%, compared to 22.3% in 2022, an increase of 200 basis points.

Alan: Other international markets, it's 6% of our net revenue in the quarter.

Alan: Moving on to slide six and operating expenses in the quarter.

Alan: Affiliate adjusted EBIT da margin in the quarter was 24, 3%.

Alan: Compared to 22, 3% in 2022, an increase of 200 basis points.

Alan: Underneath that improvement our ratio of total salaries and related expenses as a percentage of net revenue.

Ellen Johnson: Underneath that improvement, our ratio of total salaries and related expenses as a percentage of net revenue was 59.4%, compared to 61% in last year's fourth quarter. We have leveraged our expense for base, payroll, benefits, and tax and on our expense for performance-based incentive compensation. We ended the year with a headcount of 57,400 compared with 58,400 a year ago, a decrease of 1.7%

Alan: Nine 4%.

Alan: Compared with the 1% in last year's fourth quarter.

Alan: We get leverage on our expense for base payroll benefits and tax.

Alan: Other expense for performance based incentive compensation.

Alan: We ended the year with a head count of 57400 <unk>.

Ellen Johnson: We ended the year with a headcount of 57,400, compared with 58,400 a year ago, a decrease of 1.7%. Our office and other direct expense increased as a percent of net revenue by 10 basis points to 13.6%. Occupancy expense decreased as a percent of net revenue, while all other office and other direct expense increased, mainly due to investments in the branding and positioning of our media offerings, and in cloud computing technology. Our SG&A expense was 0.9% of net revenue, a decrease of 30 basis points. Turning to slide seven, we present detail on adjustments to our reported fourth quarter results in order to give you better transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EBITDA and our adjusted diluted EPS.

We ended the year with a headcount of 57,400, compared with 58,400 a year ago, a decrease of 1.7%. Our office and other direct expense increased as a percent of net revenue by 10 basis points to 13.6%. Occupancy expense decreased as a percent of net revenue, while all other office and other direct expense increased, mainly due to investments in the branding and positioning of our media offerings, and in cloud computing technology. Our SG&A expense was 0.9% of net revenue, a decrease of 30 basis points. Turning to slide seven, we present detail on adjustments to our reported fourth quarter results in order to give you better transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EBITDA and our adjusted diluted EPS.

Alan: Paired with 58400, a year ago, a decrease of one 7%.

Alan: Our office and other direct expense.

Ellen Johnson: Our office and other direct expense increased as a percent of net revenue by 10 basis points to 13.6%. Occupancy expense decreased as a percent of net revenue, while all other office and other direct expenses increased, mainly due to investments in the branding and positioning of our media offerings and in cloud computing technology. Our SG&A expense was 0.9% of net revenue, a decrease of 30 basis points.

Alan: Increase as a percent of net revenue by 10 basis points to 13, 6%.

Alan: Occupancy expense decreased as a percent of net revenue, while all other office and other direct expense increase.

Alan: Mainly due to investments in the branding and positioning of our media offerings and in cloud computing technology.

Alan: Our SG&A expense was <unk>, 9% of net revenue.

Alan: Rates of 30 basis points.

Alan: Turning to slide seven we present detail on adjustments to our reported fourth quarter results in order to give you better transparency and a picture of comparable performance.

Ellen Johnson: Turning to website 7, we present detailed unadjustments to our reported fourth-quarter results in order to give you better transparency and a picture of comparable performance. This begins on the left-hand side with our reported results and steps through to adjusted EVTA and our adjusted diluted EPS. Our expense for the amortization of acquired intangibles in the second column was $20.9 million. The small adjustments to previous restructuring actions were $0.8 million.

Alan: This begins on the left hand side with our reported results.

Alan: Step three to adjusted EBITDA and our adjusted diluted EPS.

Ellen Johnson: Our expense for the amortization of acquired intangibles in the second column was $20.9 million. The small adjustments to previous restructuring actions were $0.8 million. Below operating expenses, our net gain from the sales of non-strategic businesses was $36.8 million and $29.4 million after tax, which is shown in column four. At the foot of the slide, you can see the after-tax impact for diluted share of each of these adjustments, which bridges fourth quarter diluted EPS, as reported, at $1.21, with adjusted earnings of $1.18 per diluted share. Slide eight similarly depicts adjustments for the full year, again for continuity and comparability. Our amortization expense was $84 million. Dispositions over the course of the year resulted in the net gain of $16.4 million and $13 million after tax.

Our expense for the amortization of acquired intangibles in the second column was $20.9 million. The small adjustments to previous restructuring actions were $0.8 million. Below operating expenses, our net gain from the sales of non-strategic businesses was $36.8 million and $29.4 million after tax, which is shown in column four. At the foot of the slide, you can see the after-tax impact for diluted share of each of these adjustments, which bridges fourth quarter diluted EPS, as reported, at $1.21, with adjusted earnings of $1.18 per diluted share. Slide eight similarly depicts adjustments for the full year, again for continuity and comparability. Our amortization expense was $84 million. Dispositions over the course of the year resulted in the net gain of $16.4 million and $13 million after tax.

Alan: Our expense for the amortization of acquired intangibles and the second com with $20 9 million.

Alan: The small adjustments to previous restructuring actions with <unk> 8 million.

Ellen Johnson: Below operating expenses, a net gain from the sale of non-strategic businesses was $36.8 million and $29.4 million after tax, which is shown in column four. At the foot of the slide, you can see the after-tax impact contributed share of each of these adjustments, which bridges fourth quarter diluted EPS as reported at $1.21 to adjusted earnings of $1.18 per diluted share. Slide 8, similarly, depicts the adjustments for the full year, again for continuity and comparability. Our amortization expense was $84 million.

Alan: Hello operating expenses, our net gain from the sales of non strategic businesses with $36 8 million and $29 $4 million after tax which is shown in comscore.

Alan: That's just part of the slide you can see the after tax impact, which is new this share of each of these adjustments.

Alan: Which purchased fourth quarter diluted EPS.

Alan: As reported on $1.21 adjusted earnings of $1 18 per diluted share.

Alan: Slide eight similarly depicts the adjustments for the full year.

Speaker Change: Yeah, and it's for continuity and comparability.

Alan: Our amortization expense was $84 million.

Ellen Johnson: Dispositions over the course of the year resulted in a net gain of $16.4 million and $13 million after tax. The result is a full year adjusted EBITDA of $1.57 billion and adjusted diluted EPS of $2.99, including again $0.17 from our tax item earlier in the year. Our adjusted effective tax rate for the full year was 20.6%, so that includes the $64.2 million tax benefit in our second quarter. On slide nine, we turn to cash flow for the full year. Cash from operations was $554.7 million and was $1.23 billion before the changes in working capital. As we have pointed out in the past, working capital is volatile. Over the last five years, we have generated a total of $738 million from changes in working capital.

Alan: This positions over the course of the year resulted in the next game of $16 4 million and $13 million after tax.

Ellen Johnson: The result is a full-year adjusted EBITDA of $1.57 billion and adjusted diluted EPS of $2.99, including, again, $0.17 from our tax item earlier in the year. Our adjusted effective tax rate for the full year was 20.6%, and that includes the $64.2 million tax benefit in our Q2. On slide 9, we turn to cash flow for the full year. Cash from operations was $554.7 million and was $1.23 billion before the changes in working capital. As we have pointed out in the past, working capital is volatile. Over the last 5 years, we have generated a total of $738 million from changes in working capital. It's worth highlighting that our operating cash flow also includes a contribution of $46 million to our UK pension fund in the Q4 in order to de-risk and close out our obligations to the fund.

The result is a full-year adjusted EBITDA of $1.57 billion and adjusted diluted EPS of $2.99, including, again, $0.17 from our tax item earlier in the year. Our adjusted effective tax rate for the full year was 20.6%, and that includes the $64.2 million tax benefit in our Q2. On slide 9, we turn to cash flow for the full year. Cash from operations was $554.7 million and was $1.23 billion before the changes in working capital. As we have pointed out in the past, working capital is volatile. Over the last 5 years, we have generated a total of $738 million from changes in working capital. It's worth highlighting that our operating cash flow also includes a contribution of $46 million to our UK pension fund in the Q4 in order to de-risk and close out our obligations to the fund.

Alan: The result is a full year adjusted EBIT da a 1.57 billion and adjusted diluted EPS of $2.99, including again 17 cents from our tax items earlier in the year.

Alan: Our adjusted effective tax rate for the full year was 26%.

Alan: That concludes the $64 2 million tax benefit in our second quarter.

Alan: On slide nine we turn to cash flow for the full year.

Alan: Cash from operations was $554 7 million and was 123 billion before the changes in working capital.

Alan: As we have pointed out in the past working capital is volatile.

Alan: Over the last five years, we've generated a total of $738 million from changes in working capital.

Ellen Johnson: It's worth highlighting that our operating cash flow also includes a contribution of $46 million to our UK Pension Fund in the fourth quarter in order to de-risk and close out our obligations to the Fund. We are taking advantage of the interest rate environment to secure a buy-in with a third party under terms that are attractive and will both ensure benefits for our plan participants and put the UK plan on course for a buyout. The buyout will transfer IPG's obligations and commitments to the third party, thereby eliminating IPG's future risk. We anticipate the required process will be completed within 10 to 18 months. At that time, we estimate we would incur a non-tax charge in the range of $180 to $200 million, net of tax, representing the end of our involvement with the plan.

Alan: It's worth highlighting that our operating cash flow also includes a contribution of $46 million to our U K pension fund in the fourth quarter in order to Derisk and close out our obligations to the fund.

Ellen Johnson: We are taking advantage of the interest rate environment to secure a buy-in with a third party under terms that are attractive and will both ensure benefits for our planned participants and put the UK plan on course for a buy-out. The buy-out will transfer IPG's obligations and commitments to the third party, thereby eliminating IPG's future risk. We anticipate the required process will be completed in 10 to 18 months. At that time, we estimate we would incur a non-cash charge in the range of $180 to 200 million net of tax, representing the end of our involvement with the plan. Our investing activities used $85.4 million that mainly reflects CapEx of $179.3 million, offset by cash proceeds of $58.7 million from the sale of non-strategic businesses, and $35.1 million of net proceeds from investments.

We are taking advantage of the interest rate environment to secure a buy-in with a third party under terms that are attractive and will both ensure benefits for our planned participants and put the UK plan on course for a buy-out. The buy-out will transfer IPG's obligations and commitments to the third party, thereby eliminating IPG's future risk. We anticipate the required process will be completed in 10 to 18 months. At that time, we estimate we would incur a non-cash charge in the range of $180 to 200 million net of tax, representing the end of our involvement with the plan. Our investing activities used $85.4 million that mainly reflects CapEx of $179.3 million, offset by cash proceeds of $58.7 million from the sale of non-strategic businesses, and $35.1 million of net proceeds from investments.

Alan: We are taking advantage of the interest rate environment to secure our buying with a third party.

Alan: Under terms that are attractive and we'll both inshore benefits for our planned participants and put the UK plan on course for a buy outs.

Alan: Buyout will transfer ipg's obligations and commitments to the third party, thereby eliminating ipg's featurette.

Alan: We anticipate a required process will be completed and turned to 18 months.

Alan: At that time, we estimate we will incur a noncash charge in the range of 180 to 200 million net of tax representing the end our involvement with the plan.

Alan: Our investing activities used $85 4 million that mainly reflects capex of $179 3 million offset by cash proceeds of $58 7 million from the sale of nonstrategic businesses.

Ellen Johnson: Our investing activities used $85.4 million, which mainly reflects CapEx of $179.3 million, offset by cash proceeds of $58.7 million from the sale of non-strategic businesses and $35.1 million of net proceeds from investments. Our financing activities used $634.3 million, which was mainly dividends on our common stock and repurchases of our shares, partially offset by the $296.3 million we raised through the issuance of new debt to pre Our net decrease in cash for the year is $158 million.

Alan: And $35 1 million of net proceeds from investment.

Alan: Our financing activities.

Ellen Johnson: Our financing activities used $634.3 million, which is mainly dividends on our common stock and repurchases of our shares, partially offset by the $296.3 million we raised through the issuance of new debt to pre-fund our upcoming April maturity. Our net decrease in cash for the year was $158 million. Slide 10 is the current portion of our balance sheet. We ended the year with $2.39 billion of cash and equivalent. Slide 11 depicts the maturities of our outstanding debt and our diversified maturity schedule. Total debt at year-end was $3.2 billion, including the upcoming $250 million maturity. Thereafter, our next scheduled maturity is not until 2028. In summary, on slide 12, our financial discipline continues. Our balance sheet and liquidity give us a strong foundation to build on for success. And with that, I'll turn it back to Philippe. Thanks, Ellen.

Our financing activities used $634.3 million, which is mainly dividends on our common stock and repurchases of our shares, partially offset by the $296.3 million we raised through the issuance of new debt to pre-fund our upcoming April maturity. Our net decrease in cash for the year was $158 million. Slide 10 is the current portion of our balance sheet. We ended the year with $2.39 billion of cash and equivalent. Slide 11 depicts the maturities of our outstanding debt and our diversified maturity schedule. Total debt at year-end was $3.2 billion, including the upcoming $250 million maturity. Thereafter, our next scheduled maturity is not until 2028. In summary, on slide 12, our financial discipline continues. Our balance sheet and liquidity give us a strong foundation to build on for success. And with that, I'll turn it back to Philippe.

Alan: <unk> hundred $34 3 million, which is mainly dividends on our common stock and repurchases of our shares.

Alan: Partially offset by the $296 3 million.

Alan: Raised through the issuance of new debt to pre fund.

Alan: Our upcoming April maturity.

Alan: Our net decrease in cash for the year It was 158 million.

Alan: Yeah.

Ellen Johnson: Slide 10 is the current portion of our balance. We ended the year with $2.39 billion of cash. Slide 11 depicts the maturities of our outstanding debt and our diversified maturity schedule. Total debt at year-end was $3.2 billion, including the upcoming $250 million maturity.

Alan: Slide 10 is the current portion of our balance sheet.

Alan: <unk> ended the year with $2, three 9 billion of cash and equivalents.

Alan: Slide 11 depicts the maturities of our outstanding debt and our diversified maturity schedule.

Alan: Total debt at year end was $3 2 billion, including upcoming $250 million maturity.

Ellen Johnson: Thereafter, our next scheduled maturity is not until 2028. In summary, on slide 12, our financial discipline continues. Our balance sheets and liquidity give us a strong foundation to build on for success. And with that, I'll turn it back to Felice.

Alan: Thereafter, our next scheduled maturity is not until 2028.

Alan: In summary on slide 12, our financial discipline continues.

Alan: Our balance sheet and liquidity give us a strong foundation to build on for success.

Alan: And with that I'll turn it back to Felipe.

Philippe Krakowski: Thanks, Ellen. During the course of 2023, both our industry and our company faced an elevated degree of volatility. And while the top line improved measurably through the fourth quarter, for the year, we did not perform up to our expectations or the standards we set over the long term. We've covered the ins and outs of this performance as it relates to our asset and client mix. To address the needs of modern marketers in recent years, you've seen us create centralized skill sets and resources in areas such as audience definition and identity resolution, and more recently, Commerce and Production. We're connecting more of our traditional offerings to these capabilities in order to activate these services fully across the group. During 2023, we also brought in a number of key functional leaders at the corporate group level.

Philippe Krakowsky: Thanks, Ellen. During the course of 2023, both our industry and our company faced an elevated degree of volatility. While the top line improved measurably through the fourth quarter, for the year, we did not perform up to our expectations or the standards we set over the long term. We've covered the ins and outs of this performance as it relates to our asset and client mix. To address the needs of modern marketers in recent years, you've seen us create centralized skill sets and resources in areas such as audience definition and identity resolution, and more recently, commerce and production. We're connecting more of our traditional offerings to these capabilities, and in order to activate these services fully across the group, during 2023, we also brought in a number of key functional leaders at the corporate group level.

Felipe: Thanks Ellen.

Ellen Johnson: During the course of 2023, both our industry and our company faced an elevated degree of volatility. While the top line improved measurably through the fourth quarter, for the year, we did not perform up to our expectations or the standards we set over the long term. We've covered the ins and outs of this performance as it relates to our asset and client mix. To address the needs of modern marketers in recent years, you've seen us create centralized skill sets and resources in areas such as audience definition and identity resolution, and more recently, commerce and production. We're connecting more of our traditional offerings to these capabilities, and in order to activate these services fully across the group, during 2023, we also brought in a number of key functional leaders at the corporate group level.

Alan: During the course of 2023.

Felipe: Our industry and our company faced an elevated degree of volatility.

Felipe: And while the topline improved measurably through the fourth quarter for the year, we did not perform up to our expectations.

Felipe: Or the standards, we set over the long term.

Felipe: We've covered the ins and outs of this performance as it relates to our asset and client mix.

Felipe: To address the needs of modern marketers in recent years, you've seen us create centralized skill sets and resources.

Felipe: In area, such as audience definition and identity resolution.

Felipe: And more recently commerce in production.

Felipe: We're connecting more of our traditional offerings to these capabilities.

Felipe: And in order to activate these services fully across the group.

Felipe: During 2023, we also brought in a number of key functional leaders at the corporate group level.

Ellen Johnson: Our strategy, talent, and culture continue to drive innovation, creativity, and integrated services, which come together in ways that help our clients succeed. Another key to our long-term growth has been our expertise in first-party data management and accountable marketing solutions. These continue to be areas of core relevance to marketers looking to build their brands and simultaneously deliver business outcomes in an increasingly digital economy. More recently, we have focused on four strategic areas to further our data and technology strategy. First is a suite of identity resolution tools built by Acxiom to help clients navigate a cookieless world. Second, our unified retail media network solution at IPG Media Brands, which ensures brands have a holistic view of their performance across the fast-growth ecosystem of retail platforms.

Our strategy, talent, and culture continue to drive innovation, creativity, and integrated services, which come together in ways that help our clients succeed. Another key to our long-term growth has been our expertise in first-party data management and accountable marketing solutions. These continue to be areas of core relevance to marketers looking to build their brands and simultaneously deliver business outcomes in an increasingly digital economy. More recently, we have focused on four strategic areas to further our data and technology strategy. First is a suite of identity resolution tools built by Acxiom to help clients navigate a cookieless world. Second, our unified retail media network solution at IPG Media Brands, which ensures brands have a holistic view of their performance across the fast-growth ecosystem of retail platforms.

Felipe: Our strategy talent and culture continue to drive innovation creativity, and integrated services, which come together in ways that help our clients succeed.

Philippe Krakowski: Our strategy, talent, and culture continue to drive innovation, creativity, and integrated services, which come together in ways that help our clients succeed. Another key to our long-term growth has been our expertise in first-party data management and accountable marketing solutions. These continue to be areas of core relevance to marketers looking to build their brands and simultaneously deliver business outcomes, and increasingly in the Digital Economy. More recently, we have focused on four strategic areas to further our data and technology strategy. First is a suite of identity resolution tools built by Axiom to help clients navigate a cookie-less world.

Felipe: Another key to our long term growth has been our expertise and first party data management and accountable marketing solutions.

Felipe: These continue to be areas of core relevance to marketers looking to build their brands and simultaneously deliver business outcomes.

Felipe: Increasingly digital economy.

Felipe: More recently, we have focused on four strategic areas to further our data and technology strategy.

Felipe: First is a suite of identity resolution tools built by axiom to.

Felipe: To help clients navigate a cookie less world.

Philippe Krakowski: Second, our Unified Retail Media Network Solution and IPG Media, which ensures brands have a holistic view of their performance across the fast-growing ecosystem of retail platforms. This, in turn, integrates with our commerce offerings across the company, which extend to all core marketing functions, whether that's media. And fourth, our investment in performance marketing at Kineso, moving powerful addressable solutions closer to our end users, which is helping brands follow the movement of customers throughout their purchasing journey and then activate accordingly. Analytics teams, as well as modeling and decisioning tools, are core to all these efforts. These are also areas where we continue to make investments in artificial intelligence. It's important to note that AI is not new.

Felipe: Second our unified retail media network solution in IPG media brands.

Felipe: Which ensures brands have a holistic view of their performance.

Felipe: Across the SaaS growth ecosystem of retail platforms.

Ellen Johnson: This, in turn, integrates with our commerce offerings across the company, which extend to all core marketing functions, whether that's media, creative, experiential, or earned impressions and PR. And fourth, our investment in performance marketing at Kinesso, moving powerful, addressable solutions closer to our end users, which is helping brands follow the movement of customers throughout their purchasing journey and then activate accordingly. Analytics teams, as well as modeling and decisioning tools, are core to all these efforts. These are also areas where we continue to make investments in Artificial Intelligence. It's important to note that AI is not new. Machine learning has been an ongoing part of our media and data business for many years. Combined with the latest advances in generative AI, we're now adding the same level of intelligence to the creation of personalized content across the marketing spectrum.

This, in turn, integrates with our commerce offerings across the company, which extend to all core marketing functions, whether that's media, creative, experiential, or earned impressions and PR. And fourth, our investment in performance marketing at Kinesso, moving powerful, addressable solutions closer to our end users, which is helping brands follow the movement of customers throughout their purchasing journey and then activate accordingly. Analytics teams, as well as modeling and decisioning tools, are core to all these efforts. These are also areas where we continue to make investments in Artificial Intelligence. It's important to note that AI is not new. Machine learning has been an ongoing part of our media and data business for many years. Combined with the latest advances in generative AI, we're now adding the same level of intelligence to the creation of personalized content across the marketing spectrum.

Felipe: This in turn integrates with our commerce offerings across the company, which extend to all core marketing functions, whether that's media.

Felipe: <unk> experiential or earned impressions and PR.

Felipe: And fourth our investment in performance marketing that connects though.

Felipe: Moving powerful addressable solutions closer to our end users.

Felipe: Which is helping brands follow the movement of customers throughout their purchasing journey and then activate accordingly.

Felipe: Analytics teams as well as modeling and Decisioning tools are core to all of these efforts.

Felipe: These are also areas, where we continue to make investments in artificial intelligence.

Felipe: It's important to note that AI is not new.

Philippe Krakowski: Machine learning has been an ongoing part of our media and data business for many years, combined with the latest advances in generative AI. We're now adding the same level of intelligence to the creation of personalized content across marketing. We believe our current and prospective investment in AI continues to be at rates commensurate with competitors, relative to the scale of our respective organizations. IPG has enterprise-level agreements in place with a range of key AI vendors, including Amazon, Adobe, Microsoft, Google, Getty, and OpenAI, as well as with innovative and emerging partners in the space. Programs with these leading technology partners have resulted in products that are already being used by markets, including at Media IPG Media Brands also launched a new AI chat assistant to optimize internal workplace productivity and enhance employee work styles through the use of Gen AI.

Felipe: Machine learning has been an ongoing part of our media and data business for many years.

Felipe: Combined with the latest advances in generative AI, we're now adding the same level of intelligence for the creation of personalized content across the marketing spectrum.

Ellen Johnson: We believe our current and prospective investment in AI continues to be at rates commensurate with competitors relative to the scale of our respective organizations. IPG has enterprise-level agreements in place with a range of key AI vendors, including Amazon, Adobe, Microsoft, Google, Getty, and OpenAI, as well as with innovative and emerging partners in the space. Our programs with these leading technology partners have resulted in products that are already being used by marketers, including at media brands, where our client-facing Brand Voice and Brand Portrait capabilities help us activate campaigns on behalf of clients. IPG Media Brands also launched a new AI chat assistant to optimize internal workplace productivity and enhance employee work styles through the use of GenAI. At Huge, clients are using the agency's AI-powered Culture Decoder and Creative Capital Index tools to help clients on their transformation journeys.

We believe our current and prospective investment in AI continues to be at rates commensurate with competitors relative to the scale of our respective organizations. IPG has enterprise-level agreements in place with a range of key AI vendors, including Amazon, Adobe, Microsoft, Google, Getty, and OpenAI, as well as with innovative and emerging partners in the space. Our programs with these leading technology partners have resulted in products that are already being used by marketers, including at media brands, where our client-facing Brand Voice and Brand Portrait capabilities help us activate campaigns on behalf of clients. IPG Media Brands also launched a new AI chat assistant to optimize internal workplace productivity and enhance employee work styles through the use of GenAI. At Huge, clients are using the agency's AI-powered Culture Decoder and Creative Capital Index tools to help clients on their transformation journeys.

Felipe: We believe our current and prospective investment in AI continues to be at rates commensurate with competitors.

Felipe: Relative to the scale of our respective organizations.

Felipe: IPG has enterprise level agreements in place with a range of key vendors, including Amazon Adobe, Microsoft Google Getty and open AI.

Felipe: As well as with innovative and emerging partners in this space.

Felipe: Our programs with these leading technology partners have resulted in products that are already being used by marketers.

Felipe: Including at media brands, where our client facing brand voice and brand portrait capabilities help us activate campaigns on behalf of clients.

Felipe: Yeah.

Felipe: IPG media brands also launched a new AI chat assistant to optimize internal workplace productivity and enhance employee work styles through the use of Jennie O.

Philippe Krakowski: At Huge, clients are using the agency's ad-powered culture decoder and creative capital index tools to help clients on their transformation journeys. And RGA is using GenAI across practice areas that include creative concepting, research, and analytics. Weber Shandwick has a group called the AI Accelerator; it's both a team and a product set that helps our clients with technical and cultural issues related to generative AI, training marketers on the technology, and ensuring that they're using the tools as effectively and ethically as possible across a number of markets, both domestically and internationally, and with clients in a range of industries.

Felipe: A huge clients are using the agencies add powered culture decoder and creative capital index tools to help clients on their transformation journey.

Ellen Johnson: RGA is using GenAI across practice areas that include creative concepting, research, and analytics. Weber Shandwick has a group called the AI Accelerator. It's both a team and a product set that help our clients with technical and cultural issues related to generative AI, training marketers on the technology, and ensuring that they're using the tools as effectively and ethically as possible. Across a number of markets, both domestically and internationally, and with clients in a range of industries, we are in market with campaigns that feature thousands of variations of content, all made possible by this expanding use of GenAI and enabling our capabilities with the technology. Now, as I mentioned earlier, we've also enhanced our senior team at IPG to ensure that our centralized resources in key areas like audience and identity, commerce, and production are being used across the group.

RGA is using GenAI across practice areas that include creative concepting, research, and analytics. Weber Shandwick has a group called the AI Accelerator. It's both a team and a product set that help our clients with technical and cultural issues related to generative AI, training marketers on the technology, and ensuring that they're using the tools as effectively and ethically as possible. Across a number of markets, both domestically and internationally, and with clients in a range of industries, we are in market with campaigns that feature thousands of variations of content, all made possible by this expanding use of GenAI and enabling our capabilities with the technology. Now, as I mentioned earlier, we've also enhanced our senior team at IPG to ensure that our centralized resources in key areas like audience and identity, commerce, and production are being used across the group.

Felipe: <unk> is using journey across practice areas that include creative concept, Inc research and analytics.

Felipe: Weber Shandwick as a group called the AI accelerator into both the team and a product set that.

Felipe: Help our clients with technical and cultural issues related to Jennifer degenerative AI <unk>.

Felipe: Training marketers on the technology and ensuring that they are using the tools as effectively an ethically as possible.

Felipe: Across a number of markets, both domestically and internationally.

Felipe: With clients in a range of industries, we are in market with campaigns that feature thousands.

Philippe Krakowski: We are in the market with campaigns that feature thousands of variations of content, all made possible by this expanding use of Gen-AI and enabling our capabilities with the technology. As I mentioned earlier, we've also enhanced our senior team at IPG to ensure that our centralized resources in key areas like audience and identity, commerce, and production are being used across the group. And this includes a chief client and business officer who will drive collaboration and integrated service delivery for our clients; and a chief commerce strategy officer who is connecting existing channel and platform expertise across the portfolio.

Felipe: Oh variations.

Felipe: Content all made possible by this expanding use of <unk> and.

Felipe: Enabling our capabilities with the technology.

Felipe: As I mentioned earlier, we've also enhanced our senior team at IPG to ensure that our centralized resources.

Felipe: In key areas like audience and identity Commerce and production are being used across the group.

Ellen Johnson: And this includes a Chief Client and Business Officer who will drive collaboration and integrated service delivery for our clients, a Chief Commerce Strategy Officer who is connecting existing channel and platform expertise across the portfolio, and the Chief Solutions Architect who's orchestrating our approach to marketing tech solutions that combine data and platform capabilities with partners such as Adobe and Salesforce. And just this week, we announced that one of the industry's top creative leaders will come across and join the team at IPG to focus on championing talent and delivering innovative ideas and creative platforms across the company. I'll turn now briefly to the highlights of agency-level performance in Q4. As mentioned, media brands performed well, closing out another very strong year.

And this includes a Chief Client and Business Officer who will drive collaboration and integrated service delivery for our clients, a Chief Commerce Strategy Officer who is connecting existing channel and platform expertise across the portfolio, and the Chief Solutions Architect who's orchestrating our approach to marketing tech solutions that combine data and platform capabilities with partners such as Adobe and Salesforce. And just this week, we announced that one of the industry's top creative leaders will come across and join the team at IPG to focus on championing talent and delivering innovative ideas and creative platforms across the company. I'll turn now briefly to the highlights of agency-level performance in Q4. As mentioned, media brands performed well, closing out another very strong year.

Felipe: And this includes the chief client and business Officer, who will drive collaboration and integrated service delivery for our clients shift.

Felipe: <unk> Commerce strategy officer, who is connecting.

Felipe: The existing channel and platform expertise across the portfolio.

Philippe Krakowski: The Chief Solutions Architect, who's orchestrating our approach to marketing tech solutions that combine data and platform capabilities with partners such as Adobe and Salesforce. And just this week, we announced that one of the industry's top creative leaders will come across and join the team at IPG to focus on championing talent and delivering innovative ideas and creative platforms across the company. I'll turn now briefly to the highlights of agency-level performance in Q4. As mentioned, media brands performed well, closing out another very strong year. And a noteworthy development was the announcement that IPG Media Brands and Amazon Ads had entered into a three-year agreement to help brands reach audiences through Prime Video Ads. This has made us the first holding company to partner with Amazon Ads on this exciting new offering, which we believe will be significant in the evolution of the media market.

Felipe: The chief solutions architect whose.

Felipe: Who is orchestrating our approach to <unk>.

Felipe: Marketing Tech solutions that combine data and platform capabilities with partners, such as Adobe and Salesforce.

Felipe: And just this week, we announced that one of the industry's top creative leaders.

Felipe: We'll come across and joined the team at IPG to focusing on champion talent and delivering innovative ideas and creative platforms across the company.

Felipe: I'll turn now briefly to the highlights of agency level performance in Q4.

Felipe: As mentioned media brands performed well closing out another very strong year in <unk>.

Ellen Johnson: A noteworthy development was the announcement that IPG Media Brands and Amazon Ads had entered into a three-year agreement to help brands reach audiences through Prime Video Ads. This made us the first holding company to partner with Amazon Ads on this exciting new offering, which we believe will be significant in the evolution of the media marketplace. The recently streamlined and integrated Kinesso offering had a standout quarter, and MediaPost named it Media Agency of the Year for 2023. At FCB we saw a global win with Boeing in partnership with FCB, as well as the promotion of two internal leaders to be both the global and US CEO. Initiative was named Media Network of the Year by the Festival of Media for North America and won that same honor for the sixth consecutive year in Latin America.

A noteworthy development was the announcement that IPG Media Brands and Amazon Ads had entered into a three-year agreement to help brands reach audiences through Prime Video Ads. This made us the first holding company to partner with Amazon Ads on this exciting new offering, which we believe will be significant in the evolution of the media marketplace. The recently streamlined and integrated Kinesso offering had a standout quarter, and MediaPost named it Media Agency of the Year for 2023. At FCB we saw a global win with Boeing in partnership with FCB, as well as the promotion of two internal leaders to be both the global and US CEO. Initiative was named Media Network of the Year by the Festival of Media for North America and won that same honor for the sixth consecutive year in Latin America.

Felipe: Noteworthy development was the announcement that IPG media brands and Amazon and had entered into a three year agreement to help brands reach audiences through Prime video ads has made us the first holding company to partner with Amazon ads on this exciting new offering, which we believe will be significant in the evolution of the media marketplace.

Philippe Krakowski: The recently streamlined and integrated Kineso offering was a standout quarter, and Media Post named it Media Agency of the Year for 2023. At UM, we saw a global win with Boeing in partnership with FCB, as well as the promotion of two internal leaders to be both the global and US CEO. An initiative named Media Network of the Year by the Festival of Media in North America and won that same honor for the sixth consecutive year in Latin America.

Felipe: The recently streamlined and integrated <unk> offering had a standout quarter in media post named it media agency of the year for 2023.

Felipe: At U M. We saw global win with Boeing in partnership with FCB.

Felipe: As well as the promotion of two internal leaders.

Felipe: To be both the global and U S C E O.

Felipe: An initiative was named media network of the year by the festival of media in North America, and one that same honor for the sixth consecutive year in Latin America.

Ellen Johnson: At Acxiom, on the platform side, the company was spotlighted as an identity and onboarding leader in Snowflake's marketing data stack report. Acxiom has also launched a new data offering in the healthcare space, and the Acxiom Health data set is going to enable our healthcare clients to significantly increase campaign conversions and improve the success of display and video advertising. As we've mentioned, IPG Health had a strong quarter, leveraging tailwinds from both new business wins and its long-standing leadership in the category. In terms of industry recognition, the unit dominated at the Medical Marketing and Media Awards, being named Network of the Year for the second consecutive year. FCB's performance was strong, as it has been consistently over the course of 2023. Clorox consolidated all of its US creative duties with the agency during Q4.

At Acxiom, on the platform side, the company was spotlighted as an identity and onboarding leader in Snowflake's marketing data stack report. Acxiom has also launched a new data offering in the healthcare space, and the Acxiom Health data set is going to enable our healthcare clients to significantly increase campaign conversions and improve the success of display and video advertising. As we've mentioned, IPG Health had a strong quarter, leveraging tailwinds from both new business wins and its long-standing leadership in the category. In terms of industry recognition, the unit dominated at the Medical Marketing and Media Awards, being named Network of the Year for the second consecutive year. FCB's performance was strong, as it has been consistently over the course of 2023. Clorox consolidated all of its US creative duties with the agency during Q4.

Felipe: At axiom on the platform side, the company was spotlighted as an identity and Onboarding leader in snowflakes.

Philippe Krakowski: On the platform side, Axiom was spotlighted as an identity and onboarding leader in Snowflake's Marketing Data Stack Report. Axiom has also launched a new data offering in the healthcare space, and the Axiom Health dataset is going to enable our healthcare clients to significantly increase campaign conversions and improve the success of display and video advertising. As we've mentioned, IPG Health had a strong quarter, leveraging tailwinds from both new business wins and its longstanding leadership in the category. And in terms of industry recognition, the unit dominated at the Medical Marketing and Media Awards, being named Network of the Year for the second consecutive year. FCB's performance was strong, as it has consistently been over the course of 2023. Clorox consolidated all of its U.S. creative duties with the agency during Q4.

Felipe: Marketing data stack report.

Felipe: Axiom has also launched a new data offerings in the healthcare space and the axiom health dataset.

Felipe: Table, our health care clients to significantly increase campaign conversions and improve the success of display and video advertising.

Felipe: As we've mentioned IPG health had a strong quarter.

Felipe: Leveraging tailwind from both new business wins and its long standing leadership in the category.

Felipe: Terms of industry recognition.

Felipe: Unit dominated at the medical marketing and media awards being named network of the year for the second consecutive year.

Felipe: FCB performance was strong as it has been consistently over the course of 2023 Clorox consolidated all of its U S. Creative duties with the agency during Q4.

Philippe Krakowski: And at year-end, the network continued to garner top industry accolades creatively, with Global Network of the Year honors at the one show, and similar honors for its North America operation and its earned and experiential agencies. Momentum Worldwide became the first agency to secure AI patents that fused machine learning and AI to create smarter and more targeted experiences for consumers, and Octagon brought on a range of new clients in the fourth quarter, notably Subway, as well as significantly expanding its work with clients such as Snickers and the Premier League. Our PR network showed solid growth during the quarter. We saw this across geographies. The healthcare sector was a strong contributor, driven by a key AOR appointment at Walgreens and a new assignment with existing client Vertex. Weber won AOR duties for Eventbrite and also created the biggest earned media campaign ever on the part of Kelenova, one of our important clients, as part of their college football bowl sponsorship. And Golan was appointed to lead Fidelity's USPR efforts, including external newsroom operations, earned media relations, crisis management, as well as content and measurement on the ESG front.

Ellen Johnson: At year-end, the network continued to garner top industry accolades creatively with Global Network of the Year honors at the One Show and similar honors for its North America operations. In our earned and experiential agencies, Momentum Worldwide became the first agency to secure AI patents that fuse machine learning and AI to create smarter and more targeted experiences for consumers. Octagon brought on a range of new clients in the fourth quarter, notably Subway, as well as significantly expanding its work with clients such as Snickers and the Premier League. Our PR network showed solid growth during the quarter. We saw this across geographies. The healthcare sector was a strong contributor, driven by a key AOR appointment at Walgreens and new assignment with existing client Vertex.

At year-end, the network continued to garner top industry accolades creatively with Global Network of the Year honors at the One Show and similar honors for its North America operations. In our earned and experiential agencies, Momentum Worldwide became the first agency to secure AI patents that fuse machine learning and AI to create smarter and more targeted experiences for consumers. Octagon brought on a range of new clients in the fourth quarter, notably Subway, as well as significantly expanding its work with clients such as Snickers and the Premier League. Our PR network showed solid growth during the quarter. We saw this across geographies. The healthcare sector was a strong contributor, driven by a key AOR appointment at Walgreens and new assignment with existing client Vertex.

Felipe: At year end the network continued to garner top industry accolades creatively with global network of the year on or is it the one show similar honors.

Felipe:

Felipe: Sure its North America operations.

Felipe: The earned an experiential agencies.

Felipe: Momentum worldwide became the first agency to secure AI patents that fuse.

Felipe: Machine learning and AI to create smarter and more targeted experiences for consumers.

Felipe: And octagon brought on a range of new clients in the fourth quarter, notably subway dwell is significantly expanding its work with clients such as snickers in the Premier League.

Felipe: Our PR network showed solid growth during the quarter.

Felipe: We saw this across geographies the health care sector was a strong contributor driven by.

Felipe: A key area of our appointment at Walgreens, and new assignment with existing client vertex.

Ellen Johnson: Weber won AOR duties for Eventbrite and also created the biggest earned media campaign ever on the part of Kellanova, one of our important clients, as part of their college football bowl sponsorship. Golin was appointed to lead Fidelity's US PR efforts, including external newsroom operations, earned media relations, crisis management, as well as content and measurement. On the ESG front, we announced our inclusion on three key corporate ratings: the Dow Jones Sustainability Index for North America, the Human Rights Campaign's Corporate Equality Index, and a Best Place to Work on the Disability Equality Index. We see earning recognition from these leading organizations as further validation of our efforts to create a fair and inclusive culture across the organization.

Weber won AOR duties for Eventbrite and also created the biggest earned media campaign ever on the part of Kellanova, one of our important clients, as part of their college football bowl sponsorship. Golin was appointed to lead Fidelity's US PR efforts, including external newsroom operations, earned media relations, crisis management, as well as content and measurement. On the ESG front, we announced our inclusion on three key corporate ratings: the Dow Jones Sustainability Index for North America, the Human Rights Campaign's Corporate Equality Index, and a Best Place to Work on the Disability Equality Index. We see earning recognition from these leading organizations as further validation of our efforts to create a fair and inclusive culture across the organization.

Felipe: However, one AOR duties for Eventbrite.

Felipe: And also created the biggest or a media campaign ever on the protocol and Novo one of our important clients as part of their college football Bowl sponsorship.

Felipe: And Golan was appointed to lead Fidelity's U S. P. Our efforts.

Felipe: Including external newsroom operations for our media relations.

Felipe: Crisis management, as well as content and measurement.

Felipe: On the ESG front.

Felipe: We announced our inclusion in three key corporate ratings.

Philippe Krakowski: We announced our inclusion in three key corporate ratings. The Dow Jones Sustainability Index for North America. The Human Rights Campaign's Corporate Equality Index and A Best Place to Work on the Disability Equality Index. We see earning recognition from these leading organizations as further validation of our efforts to create a fair and inclusive culture across the organization. Stepping back, I think we know that the world in which we live is increasingly digital, and more than ever, clients need help from us in using audience-led thinking, powered by data and AI, to solve a widening set of business problems and opportunities. As always, we're going to continue to invest behind the growth. Businesses by Developing Our Own People and Continuing to Differentiate Our Office. This includes investment in upskilling, training, and recruitment, particularly around AI, but also marketing platforms and cloud computing.

Felipe: The Dow Jones sustainability index for North America.

Felipe: The human rights campaign's corporate equality index, and a best place to work on.

Felipe: On the disability equality index.

Felipe: We see earning recognition from these leading organizations as further validation of our efforts to create a fair an inclusive culture across the organization.

Ellen Johnson: Now, stepping back, I think we know that the world in which we live is increasingly digital, that more than ever, clients need help from us in using audience-led thinking powered by data and AI to solve for a widening set of business problems and opportunities. As always, we're going to continue to invest behind the growth of businesses by developing our own people and continuing to differentiate our offerings. This includes investment in upskilling, training, and recruitment, particularly around AI, but also marketing platforms and cloud computing. Our plans also include a disciplined approach to M&A, which will focus on opportunities that are consistent with strategic growth areas, notably increasing our scale and capabilities in digital transformation and our total commerce offerings.

Now, stepping back, I think we know that the world in which we live is increasingly digital, that more than ever, clients need help from us in using audience-led thinking powered by data and AI to solve for a widening set of business problems and opportunities. As always, we're going to continue to invest behind the growth of businesses by developing our own people and continuing to differentiate our offerings. This includes investment in upskilling, training, and recruitment, particularly around AI, but also marketing platforms and cloud computing. Our plans also include a disciplined approach to M&A, which will focus on opportunities that are consistent with strategic growth areas, notably increasing our scale and capabilities in digital transformation and our total commerce offerings.

Felipe: Stepping back I think we know that the world in which we live is increasingly digital.

Felipe: More than ever clients need help from us and using audience led thinking powered by data and AI to solve for a widening set of business problems and opportunities.

Felipe: As always we're going to continue to invest behind the growth.

Felipe: Businesses by developing our own people and continuing to differentiate our offerings.

Felipe: This includes investment in Upskilling training and recruitment, particularly around AI.

Felipe: It also marketing platforms and cloud computing.

Felipe: Our plans also include a disciplined approach to M&A.

Philippe Krakowski: Our plans also include a disciplined approach to M&A, which will focus on opportunities that are consistent with strategic growth areas, notably increasing our scale and capabilities in digital transformation and our total commerce. As stated earlier, despite the continued uncertainty we're seeing in some key client sectors, we are targeting growth in 2024 in the range of one to two percent. Consistent with that level of growth and the investment needs that we've discussed with you this morning, we foresee an adjusted EBITDA margin of 16.6%. Based on our long-term track record, we're confident that margins will resume their upward trajectory in the years ahead. Of course, another key area of value creation remains a very strong balance sheet and liquidity.

Felipe: Which will focus on opportunities that are consistent with strategic growth areas.

Felipe: Notably, increasing our scale and capabilities in digital transformation and.

Felipe: And our total commerce offerings.

Felipe: As stated earlier.

Ellen Johnson: As stated earlier, despite the continued uncertainty we're seeing in some key client sectors, we are targeting growth in 2024 in the range of 1% to 2%. Consistent with that level of growth and the investment needs that we've discussed with you this morning, we foresee an adjusted EBITDA margin of 16.6%. Based on our long-term track record, we're confident that margins will resume their upward trajectory in the years ahead. Of course, another key area of value creation remains a very strong balance sheet and liquidity, and our ongoing commitment to capital returns is evident in the actions announced by our board today, which also speak to confidence in our strategic trajectory and our future prospects. Now, that commitment to capital returns is in addition to meeting the M&A priorities mentioned earlier.

As stated earlier, despite the continued uncertainty we're seeing in some key client sectors, we are targeting growth in 2024 in the range of 1% to 2%. Consistent with that level of growth and the investment needs that we've discussed with you this morning, we foresee an adjusted EBITDA margin of 16.6%. Based on our long-term track record, we're confident that margins will resume their upward trajectory in the years ahead. Of course, another key area of value creation remains a very strong balance sheet and liquidity, and our ongoing commitment to capital returns is evident in the actions announced by our board today, which also speak to confidence in our strategic trajectory and our future prospects. Now, that commitment to capital returns is in addition to meeting the M&A priorities mentioned earlier.

Felipe: The continued uncertainty we're seeing in some marquee client sectors, we are targeting growth in 2024 in the range of 1% to 2%.

Felipe: Consistent with that level of growth.

Felipe: And the investment needs that we've discussed with you this morning.

Felipe: We foresee adjusted EBITA margin was 16, 6%.

Felipe: Based on our long term track record, we're confident that margins will resume their upward trajectory in the years ahead.

Felipe: Of course.

Felipe: Another key area of value creation remains a very strong balance sheet and liquidity and.

Philippe Krakowski: And our ongoing commitment to capital returns is evident in the actions announced by our board today, which also speak to confidence in our strategic trajectory and our future prospects. Now that commitment to capital returns is in addition to meeting the M&A priorities mentioned earlier. I would just like to close by thanking our clients, our people around the world, and, of course, those of you on this call for your continued interest and support. And with that, let's open the floor to your questions. Thank you. To ask a question, please press star 1, unmute your phone, and record your name clearly. If you need to withdraw your question, press star 2.

Felipe: And our ongoing commitment to capital returns as evident in the actions announced by our board today, which also speaks to confidence in our strategic trajectory and our future prospects.

Felipe: That commitment to capital returns is in addition to meeting the M&A priorities mentioned earlier.

Ellen Johnson: So I would just like to close by thanking our clients, our people around the world, of course, those for you on this call for your continued interest and support. And with that, let's open the floor to your questions. Thank you. To ask a question, please press star one, unmute your phone, and record your name clearly. If you need to withdraw your question, press star two. Again, to ask a question, please press star one. One moment for the first question. Our first question is from Adrien de Saint-Hilaire with Bank of America. You may go ahead. Yes. Good morning, everyone. Thanks for taking those questions. I've got a couple, if you don't mind. First of all, Philippe and Ellen, can you help us with the cadence of growth that you expect for 2024?

So I would just like to close by thanking our clients, our people around the world, of course, those for you on this call for your continued interest and support. And with that, let's open the floor to your questions.

Felipe: Well, we'd just like to close by thanking our clients our people around the world of course those for you on this call for your continued interest and support and with that let's open the floor to your questions.

Operator: Thank you. To ask a question, please press star one, unmute your phone, and record your name clearly. If you need to withdraw your question, press star two. Again, to ask a question, please press star one. One moment for the first question. Our first question is from Adrien de Saint-Hilaire with Bank of America. You may go ahead.

Speaker Change: Thank you to ask a question. Please press star one on mute your phone and record your name clearly if you'd need to withdraw your question Press Star two.

Speaker Change: Again to ask a question. Please press star one one moment for the first question.

Operator: Again, to ask a question, please press star 1. One moment for the first question. Our first question is from Adrien De St. Hilaire with Bank of America. You may go ahead. Yes, good morning, everyone. Thanks for taking those questions. I've got a couple if you don't mind.

Speaker Change: Our first question is from Adrienne de Saint Hilaire with Bank of America. You May go ahead.

Adrien de Saint Hilaire: Yes. Good morning, everyone. Thanks for taking those questions. I've got a couple, if you don't mind. First of all, Philippe and Ellen, can you help us with the cadence of growth that you expect for 2024? Some of your competitors have been talking about Q1 being in line with the full year. Some others have talked about the year being more second-half weighted. Where do you check out? And the second question is, what impact from net new business are you assuming in the 1% to 2%? Because on the one hand, you've had some decent success, of course, with GEICO, Pfizer, but then you have some other accounts which are under review, like Amazon, some others like GM, which may be under review. So curious if you've assumed any benefits or any loss or something neutral in there. Thank you very much.

Speaker Change: Yes, good morning, everyone. Thanks for taking those questions.

Speaker Change: A couple if you don't mind.

Speaker Change: First of all Philip and Alan can you help us.

Speaker Change: With the cadence of growth that you expect for 2020 for some of your competitors have been talking about.

Ellen Johnson: Some of your competitors have been talking about Q1 being in line with the full year. Some others have talked about the year being more second-half weighted. Where do you check out? And the second question is, what impact from net new business are you assuming in the 1% to 2%? Because on the one hand, you've had some decent success, of course, with GEICO, Pfizer, but then you have some other accounts which are under review, like Amazon, some others like GM, which may be under review. So curious if you've assumed any benefits or any loss or something neutral in there. Thank you very much. Oh yeah, thank you for the question. You know what I'll try to do is just unpack and give you the component parts of that 1% to 2%.

Adrien de Saint Hilaire: First of all, Philippe Nollen, can you help us with the cadence of growth that you expect for 2024? Some of your competitors have been talking about it, so I will watch. And the second question is, what impact from Net-U-Business are you assuming in the 1-2%? On the one hand, you've had some decent success, of course, with GEICO and Pfizer, but then you have some other accounts which are under review, like Amazon, some others like GM, which may be under review, assuming any benefits or any loss or something neutral in there. Thank you very much. Yeah, thank you for the question. You know what? I'll try to do it just right.

Speaker Change: Q1 being in line with our full year, some others have talked about the year being more second half weighted where do you shake out.

Speaker Change: And the second question is what.

Speaker Change: What impact from net new business are you assuming in the 1% to 2% because on the one hand, you've heard some some decent success of course with Geico Pfizer, but then you have some other accounts, which are under review would like Amazon and some others like Jim which may be under review. So curious if you assumed any benefits or any loss or something unusual in there.

Speaker Change: Thank you very much.

Philippe Krakowsky: Oh yeah, thank you for the question. You know what I'll try to do is just unpack and give you the component parts of that 1% to 2%.

Speaker Change: Yeah. Thank you for the question you know what I'll try to do is just.

Speaker Change: Unpack and give you the component parts of that 1% to 2%.

Ellen Johnson: I think I would sort of be two ways to consider it, whether you think mix and/or balance of assets in the group, right? So relative size of maybe some of the most traditional, those more traditional assets. We've talked about the impact that the digital agencies, though a small part of revenue, are having to our overall growth. But what we factored into our thinking was strong continued performance from segments of the portfolio that have either more precision or more accountability or technical expertise baked in. So clearly, media, long the leader, a creative top and bottom line, healthcare, and then marketing services like experiential and earned for any number of reasons I think are very relevant and making an impact with clients given how hard it is to connect with consumers.

I think I would sort of be two ways to consider it, whether you think mix and/or balance of assets in the group, right? So relative size of maybe some of the most traditional, those more traditional assets. We've talked about the impact that the digital agencies, though a small part of revenue, are having to our overall growth. But what we factored into our thinking was strong continued performance from segments of the portfolio that have either more precision or more accountability or technical expertise baked in. So clearly, media, long the leader, a creative top and bottom line, healthcare, and then marketing services like experiential and earned for any number of reasons I think are very relevant and making an impact with clients given how hard it is to connect with consumers.

Philippe Krakowski: Unpack and give you the component parts of that one to two percent; I think that would be two ways to consider it, whether you think mix and or balance of assets in the group. So, relative size of maybe some of the most traditional, those more traditional assets. We've talked about the impact that the digital agencies, though a small part of revenue, are having on our overall growth. But what we factored into our thinking was strong continued performance from segments of the portfolio that have either more precision or more accountability or technical expertise baked in. So, clearly, you know, media along with the leader, a creative top and bottom line, health care, and then marketing services like experiential and earned, for any number of reasons, I think are very relevant and making an impact with clients given how hard it is to connect with consumers. We factored in the expectation that tech and telco will continue to pressure growth, less so than last year. And that's, as we said, stabilization, broadly speaking, among that client set. But for us, clearly, you know, we're carrying a sizable loss in telco that will be felt through most of the year.

Speaker Change: I would sort of be two ways to consider it.

Speaker Change: Whether you think you know mix and or balance of assets in the group.

Speaker Change: Alright, so relative size of maybe some of the most traditional more traditional assets, we've talked about the impact that.

Speaker Change: The digital agencies, though a small part of revenue, we're having to our overall growth.

Speaker Change: But what we've factored into our thinking was strong continued performance from segments of the portfolio.

Speaker Change: That have either more precision or more accountability or technical expertise baked in so clearly you know media longer leader accretive top and bottom line health care.

Speaker Change: And then marketing services like experiential and earn.

Speaker Change: For any number of reasons I think are very relevant and.

Speaker Change: Making an impact with clients given how hard it is to connect with consumers.

Ellen Johnson: We factored in the expectation that tech and telco will continue to pressure growth less so than last year. And that's, as we said, stabilization, broadly speaking, among that client set. But for us, clearly, we're carrying a sizable loss in telco that will be felt through most of the year. On the digital specialists, I think the plan has similar expectations. They do lean more heavily into the tech space. But as I also mentioned, I think we're thinking a lot about whether we've got the scale there that we require specifically around skill sets like digital transformation. So not likely positive, but less of a drag than last year.

We factored in the expectation that tech and telco will continue to pressure growth less so than last year. And that's, as we said, stabilization, broadly speaking, among that client set. But for us, clearly, we're carrying a sizable loss in telco that will be felt through most of the year. On the digital specialists, I think the plan has similar expectations. They do lean more heavily into the tech space. But as I also mentioned, I think we're thinking a lot about whether we've got the scale there that we require specifically around skill sets like digital transformation. So not likely positive, but less of a drag than last year.

Speaker Change: We've factored in the expectation that tech and telco will continue to pressure growth.

Speaker Change: Less so than last year.

Speaker Change: And that's as we said stabilization broadly speaking.

Speaker Change: Among that client set but for us clearly we're carrying.

Speaker Change: Sizable loss in telco that will be felt through most of the year.

Philippe Krakowski: On the digital specialists, I think the plan has similar expectations. They do lean more heavily into the tech space, but as I also mentioned, I think we're thinking a lot about whether we've got the scale there that we require, you know, specifically around skill sets like digital transformation. So not likely positive, but less of a drag than last year. And then with respect to new business... As you said, we had quite a number of large wins, some of which we began to feel the benefit of in the back half of the previous year and more so in Q4. Regrettably, we then had two sizable losses, different flavors, different reasons behind that, but we're going to basically be carrying the headwinds of both those losses all year this year. So if we think about, you know, new business as we head into the year for the totality of 23, that's taken a lot of the wind out of ourselves. So we figure we're, broadly speaking, flat.

Speaker Change: On the digital specialists I think the plan has similar expectations.

Speaker Change: They do lean more heavily into the.

Speaker Change: The tech space, but as I also mentioned I think we're thinking a lot about whether we've got the scale there that we require.

Speaker Change: Specifically around skill sets like digital transformation.

Speaker Change: So not likely positive, but less of a drag than last year, and then with respect to new business.

Ellen Johnson: Then with respect to new business, as you said, we had quite a number of large wins, some of which we began to feel the benefit of in the back half of last year and more so in Q4. Regrettably, we then had two sizable losses, different flavors, different reasons behind that. We're going to basically be carrying the headwinds of both those losses all year this year. If we think about new business as we head into the year for the totality of 2023, that's taken a lot of the wind out of our sails. We figure we're, broadly speaking, flat. Those are all the moving parts. I mean, I don't know that, Ellen, if there's anything to add.

Then with respect to new business, as you said, we had quite a number of large wins, some of which we began to feel the benefit of in the back half of last year and more so in Q4. Regrettably, we then had two sizable losses, different flavors, different reasons behind that. We're going to basically be carrying the headwinds of both those losses all year this year. If we think about new business as we head into the year for the totality of 2023, that's taken a lot of the wind out of our sails. We figure we're, broadly speaking, flat. Those are all the moving parts. I mean, I don't know that, Ellen, if there's anything to add.

Speaker Change:

Speaker Change: As you said, we had quite a number of large wins some of which we began to feel the.

Speaker Change: The benefit of in the back half of last year and more so in Q4 Regrettably. We then had two sizable losses.

Speaker Change: Different flavors different reasons behind that but we're going to basically be carrying the headwinds in both of those losses.

Speaker Change: All year. This year. So if we think about new business as we head into the year for the totality of 'twenty three that's taken a lot of the wind out of our sales. So we figure were.

Speaker Change: Broadly speaking flat.

Philippe Krakowski: And those are all the moving parts. I mean, I don't know that, Ellen, if there's anything to add. And we don't usually walk folks through the phasing of the quarter, but hopefully, that, and point by point, all of the ways that we got to how we see 24 and what informs that range that we're guiding. So, thank you, Philippe. Very clear. Thank you. Our next question is from David Karnovsky with J.P. Morgan. Please go ahead.

Speaker Change: And those are all the moving parts.

Speaker Change: I mean, I don't know that Ellen if there's anything to add we don't usually.

Ellen Johnson: We don't usually sort of walk folks through the phasing of the quarter, but hopefully that is point by point all of the ways that we got to how we see 2024 and what informs that range that we're guiding to. Very comprehensive. No, thank you, Philippe. Very clear. Thank you. Our next question is from David Karnovsky with JPMorgan. You may go ahead. All right. Thanks. Maybe to follow up on a prior one, Philippe, you noted stabilization broadly for tech. There's only been one. I'm sorry, you're following up on a prior question. You're the second question. Well, I'll follow up on the first part of the prior question. You noted stabilization broadly for tech and telecom outside of the new business impact. I just wanted to see if you could expand on what you're seeing in the vertical right now.

We don't usually sort of walk folks through the phasing of the quarter, but hopefully that is point by point all of the ways that we got to how we see 2024 and what informs that range that we're guiding to. Very comprehensive.

Ellen Johnson: Sort of what folks through the phasing of of the quarter, but that hopefully that.

Speaker Change: Is.

Ellen Johnson: Point by point all of the ways that we got to how we see 24 and what informs that range that we're guiding to.

Ellen Johnson: Very comprehensive.

Adrien de Saint Hilaire: No, thank you, Philippe. Very clear.

Ellen Johnson: Thank you for the very clear.

Ellen Johnson: Yeah.

Operator: Thank you. Our next question is from David Karnovsky with JPMorgan. You may go ahead.

Speaker Change: Thank you. Our next question is from David Karnofsky with Jpmorgan you May go ahead.

David Karnovsky: All right, thanks. Maybe to follow up on a prior one, Philippe, you noted stabilization broadly for tech- There's only been one. So you're following up on a prior question; you're the second question. Well, I'll follow up on the first part of the prior question. You noted stabilization broadly for Teca Telecom outside of the new business impact. I just wanted to see if you could expand on what you're seeing in the vertical right now. Are there any kind of renewed indications of project burger brand spend?

Operator: All right. Thanks. Maybe to follow up on a prior one, Philippe, you noted stabilization broadly for tech. There's only been one. I'm sorry, you're following up on a prior question. You're the second question. Well, I'll follow up on the first part of the prior question. You noted stabilization broadly for tech and telecom outside of the new business impact. I just wanted to see if you could expand on what you're seeing in the vertical right now.

David Karnofsky: Alright, Thanks, maybe to follow up on a prior one Felipe you noted stabilization broadly protect there's only been one.

David Karnofsky: Yeah.

David Karnofsky: So following up on a prior question you. The second question well a follow up on the first part of the prior question.

David Karnofsky: You noted a stabilization broadly for tech and telecom outside of the new business impact I just wanted to see if you could expand on what youre seeing in the vertical right. Now are there any kind of renewed indications of a project Burger brand spend and then on margins in the past you've spoken to the company's ability to expand <unk>.

Ellen Johnson: Are there any kind of renewed indications of project work or brand spend? And then on margins, in the past, you've spoken to the company's ability to expand profitability in almost any environment. And I think we can appreciate there are unique factors in 2024, like incentives, resetting, or investment in certain areas. But I wanted to get you to speak a little bit longer term. And would you expect to kind of continue to convert organic growth into margin gains as you have in the past? Thanks. Absolutely. Well, look, I don't think any of us is the way in which we demonstrated in 2023 that you can run a business this scale and this complexity and see margin improvement notwithstanding no growth is not our any number of us have talked about it over time.

Are there any kind of renewed indications of project work or brand spend? And then on margins, in the past, you've spoken to the company's ability to expand profitability in almost any environment. And I think we can appreciate there are unique factors in 2024, like incentives, resetting, or investment in certain areas. But I wanted to get you to speak a little bit longer term. And would you expect to kind of continue to convert organic growth into margin gains as you have in the past? Thanks.

David Karnovsky: And then on margins, you know, in the past, you've spoken to the company's ability to expand profitability in almost any environment. And I think we can appreciate there are unique factors in 24 like incentives resetting or investment in certain areas. But I wanted to get you to speak a little bit longer term. And would you expect to kind of continue to convert organic growth into margin gains as you have in the past? Absolutely not.

David Karnofsky: <unk> ability in almost any environment and I think we can appreciate your unique factors in 'twenty four like incentives reset any more investment in certain areas, but I wanted to get you to speak a little bit longer term and would you expect to kind of continue to convert organic growth in the margin gains as you as you have in the past thanks.

Philippe Krakowsky: Absolutely. Well, look, I don't think any of us is the way in which we demonstrated in 2023 that you can run a business this scale and this complexity and see margin improvement notwithstanding no growth is not our any number of us have talked about it over time.

David Karnofsky: Absolutely.

Philippe Krakowski: Well, look, I don't think any of us is, you know, the way we demonstrated in 23 that you can run a business this scale and this complexity and see margin improvement, notwithstanding no growth, is not our, you know, any number of us have talked about it over time, and we've always said that the flexible cost model does give us the ability to do that. Looking forward, I think that we tried to call out for you where we see the need for, and we're pretty specific about, areas where there'll be organic investment in the business. And I think that's part of why we're essentially in a sort of flat-ish, downtrend-based point in terms of where the margin target is. But nothing has changed in the underlying way of growth we are accustomed to.

Speaker Change: Well look I don't think any of US is our you know the way in which we demonstrated in 2003 that you can run a business. This scale and this complexity and see margin improvement notwithstanding no growth is not or you know any number.

Speaker Change: If I sort of talked about it over time, and we've always said that the flexible cost model does does give us the ability to do that.

Ellen Johnson: And we've always said that the flexible cost model does give us the ability to do that. Looking forward, I think that we tried to call out for you where we see the need for, and we're pretty specific about areas where there'll be organic investment in the business. And I think that's part of why we're essentially in a sort of flat-ish down 10 basis points in terms of where the margin target is. But nothing has changed that in the underlying with growth, we convert to improvement in margin. And then, as you know as well, there's the degree to which we're going to continue to think about and look at our own processes and re-engineering our business. AI will actually play a part in that as well.

And we've always said that the flexible cost model does give us the ability to do that. Looking forward, I think that we tried to call out for you where we see the need for, and we're pretty specific about areas where there'll be organic investment in the business. And I think that's part of why we're essentially in a sort of flat-ish down 10 basis points in terms of where the margin target is. But nothing has changed that in the underlying with growth, we convert to improvement in margin. And then, as you know as well, there's the degree to which we're going to continue to think about and look at our own processes and re-engineering our business. AI will actually play a part in that as well.

Speaker Change: Looking forward I think that we tried to call out for you, where we see the need for and we're pretty specific about areas where there'll be.

Speaker Change:

Speaker Change: Organic investment in the business.

Speaker Change: And I think that that's part of why we're essentially in a sort of flat ish down 10 basis points in terms of where the margin target is.

Speaker Change: But nothing has changed in the underlying.

Philippe Krakowski: ,......

David Karnofsky: With growth, we convert to <unk>.

Philippe Krakowski: , improvement in margin. And then, as you know, as well, there's the degree to which we're going to continue to think about and look at our own processes and re-engineer our business. AI will actually play a part in that as well.

David Karnofsky:

David Karnofsky: Improvement in margin and then as you know as well there is the degree to which we're going to continue to think about and look at our own processes and re engineering, our business and I will actually play a part in that as well.

Ellen Johnson: It's not a 2024 event, but the additional dimension to our media offering, so media buying model that kind of adds the ability to take that principle to generate efficiency, because I think we've been a media buyer that where value has been about effectiveness. I think there'll be opportunity there. So I would not conclude that this year is indicative. I think we tried to be as clear as we could in the prepared remarks that we still see upside on the margin. Oh, and then the first part and the first part of your question, again, I think what we shared in the past is that it did feel to us as if during the fourth quarter, tech and telco was stabilizing. And I would say that that's still the case. It doesn't feel like we're seeing meaningful upside there.

It's not a 2024 event, but the additional dimension to our media offering, so media buying model that kind of adds the ability to take that principle to generate efficiency, because I think we've been a media buyer that where value has been about effectiveness. I think there'll be opportunity there. So I would not conclude that this year is indicative. I think we tried to be as clear as we could in the prepared remarks that we still see upside on the margin. Oh, and then the first part and the first part of your question, again, I think what we shared in the past is that it did feel to us as if during the fourth quarter, tech and telco was stabilizing. And I would say that that's still the case. It doesn't feel like we're seeing meaningful upside there.

David Karnofsky: It's not a 24 event.

Philippe Krakowski: It's not a 24-hour event, but the additional dimension to our media offerings, so the media buying model that kind of adds the ability to take that principle to generate efficiency because I think we've been a media buyer where value has been about effectiveness. I think there'll be opportunity there. So I would not conclude that this year is indicative. I think we tried to be as clear as we could in the prepared remarks that we still see upside on the margins. Oh, and then the first part and the first part of your question, I don't again. I think what we shared in the past is that it did feel to us as if, during the fourth quarter. Tech and Telco was stabilizing. And I would say that that's still the case. It doesn't feel like we're seeing meaningful, you know, upside there.

David Karnofsky: But the additional dimension to our to our media.

David Karnofsky: Offerings so.

David Karnofsky: Media buying model that.

David Karnofsky: Add the ability to.

David Karnofsky: Take that principle to generate efficiency, because I think we've been a media buyer where value has been about <unk>.

David Karnofsky: Effectiveness I think there'll be there'll be opportunity there. So I would I would not conclude that no.

Ellen Johnson: This year is indicative I think we tried to be as clear as we could in the prepared remarks, yeah. There, we still see upside on the margin.

Philippe Krakowski: And then the first part and the first part of your question.

David Karnofsky: I don't again, I think what we shared in the past is that if it did feel to us as if.

David Karnofsky: During the fourth quarter Tech.

Philippe Krakowski: Tech and telco was was stabilizing and I would say that that's that's still the case, where it doesn't feel like we are.

You're now seeing meaningful.

Philippe Krakowski: You know upside there too.

Philippe Krakowski: And to Adrien's question, you know, we've not factored that into our thinking for 24. Thank you. Thank you. The next question is from Tim Nollen with Macquarie. You may go ahead. Hi, thanks very much.

Ellen Johnson: And to Adrien's question, we've not factored that into our thinking for 2024. Thank you. Thank you. Thank you. The next question is from Tim Nollen with Macquarie. You may go ahead. Hi. Thanks very much. Philippe, I'd just like to ask about some of the reorganizations that you've done. You've had some management turnover. You've had some account losses. But I'm focused actually on the data and media segment. And you mentioned Kinesso in your prepared remarks. Just wondering if you could help us understand how that data and media organization is more simplified, how it presumably should be better, can help clients drive better returns on spending, hopefully win some more business. And relatedly, I think you mentioned also in your prepared remarks about focusing some M&A activity on scale and digital transformation activities.

And to Adrien's question, we've not factored that into our thinking for 2024.

Last question no, we've not factored that into our thinking for 2004.

David Karnovsky: Thank you.

Thank you thank.

Philippe Krakowsky: Thank you.

Tim Nollen: Thank you.

Operator: Thank you. The next question is from Tim Nollen with Macquarie. You may go ahead.

Tim Nollen: Thank you. The next question is from Tim Nolan with Macquarie You May go ahead.

Tim Nollen: Hi. Thanks very much. Philippe, I'd just like to ask about some of the reorganizations that you've done. You've had some management turnover. You've had some account losses. But I'm focused actually on the data and media segment. And you mentioned Kinesso in your prepared remarks. Just wondering if you could help us understand how that data and media organization is more simplified, how it presumably should be better, can help clients drive better returns on spending, hopefully win some more business. And relatedly, I think you mentioned also in your prepared remarks about focusing some M&A activity on scale and digital transformation activities.

Tim Nollen: Hi, Thanks, very much Philip I'd, just like to ask about.

Tim Nollen: Philippe, I'd just like to ask about some of the reorganizations that you've done. You've had some management turnover. You've had some account losses.

Tim Nollen: Some of the reorganizations that you've done you've had some management turnover, where you've had some account losses.

Tim Nollen: But I'm focused on the data and media segment, and you mentioned Canesto in your prepared remarks. Just wondering if you could help us understand how that data and media organization is more simplified, how it presumably should be better, can help clients drive better returns on spending, and hopefully win some more business. And relatedly, I think you mentioned in your prepared remarks about focusing some M&A activity on scale and digital transformation activities. I wonder if that's a particular call-out, and if there's anything more to add to that, or if this is just kind of a standard thing that you would be investing in. That's both good questions.

Tim Nollen: I'm focused actually on the data and media segment and you mentioned connect so in your prepared remarks, just wondering if you could help us understand.

Tim Nollen: How that data.

David Karnofsky: Data and media organization is more simplified how it presumably should be better can help clients drive better returns on spending hopefully win some more business and Relatedly I think you mentioned also in your prepared remarks about.

Tim Nollen: Focusing some M&A activity on scale and digital transformation activities I Wonder if that's a particular call out or just and if there's anything more to add to that or if this is just kind of a standard thing that you'd be investing in.

Ellen Johnson: I wonder if that's a particular callout or just, and if there's anything more to add to that, or if this is just kind of a standard thing that you would be investing in. That's both good questions. I mean, the Kinesso decision was sort of an evolution. I think you know us and have followed us long enough to know that post-Acxiom, we built an engineering capability that allowed the data to be accessed by and put to use again by as many of our agencies as possible, concentration still being largely our media business. That then led to the creation of an addressable unit. What we were observing there was just that there started to be a bit too much complexity. There were just too many places that you had to stop along the way to get that kind of work done.

I wonder if that's a particular callout or just, and if there's anything more to add to that, or if this is just kind of a standard thing that you would be investing in.

Philippe Krakowsky: That's both good questions. I mean, the Kinesso decision was sort of an evolution. I think you know us and have followed us long enough to know that post-Acxiom, we built an engineering capability that allowed the data to be accessed by and put to use again by as many of our agencies as possible, concentration still being largely our media business. That then led to the creation of an addressable unit. What we were observing there was just that there started to be a bit too much complexity. There were just too many places that you had to stop along the way to get that kind of work done.

Tim Nollen: That's.

Tim Nollen: Both good questions.

David Karnofsky: I mean, the connect so decision was sort of an evolution I think you know us and have followed us long enough to know that post axiom we've built.

Philippe Krakowski: I mean, the Knesset decision was sort of an evolution. I think you know us and have followed us long enough to know that, post-Axiom, we built engineering capability that allowed the data to be accessed by and put to use again by as many of our agencies as possible, concentration still being largely our media business. That then led to the creation of an addressable unit. And what we were observing there was just that there started to be..., you know, a bit too much complexity. There were just too many places that you had to stop along the way to get that kind of work done.

Philippe Krakowski: Engineering capability that.

Philippe Krakowski: Allowed the data to be accessed by and put to use you know again by.

David Karnofsky: As many of our agencies as possible concentration still being largely.

Philippe Krakowski: Our media business that then led to the creation of an addressable unit and and what we were observing there was just that theyre starting to be.

Philippe Krakowski: A bit too much complexity they were just too many.

David Karnofsky: Places that you had to stop along the way to to get that kind of work done. So we have both recombined in integrated what was matter kind connect so you know reprise all of those units performance.

Philippe Krakowski: So we have both recombined and integrated what was MatterKind and Kineso, you know, reprise all of those units, performance, kind of holistic addressable, and then the folks who build the tech that drives that into one unit. We've also aligned that with media brands. And as I mentioned, their performance was actually very strong last year, specifically calling it out for the quarter.

Ellen Johnson: So we have both recombined and integrated what was Matterkind, Kinesso, Reprise, all of those units, performance, kind of holistic addressable, and then the folks who build the tech that drives that into one unit. We've also aligned that into Media Brands. And as I mentioned, their performance was actually very strong last year, specifically called it out for the quarter. And it's just meant just a more streamlined way to get all the way through that value chain. And we still have work to do to activate Acxiom across more of the group. So I think that'll also help because likely that that'll become the tech node from which we do that for the entirety of IPG.

So we have both recombined and integrated what was Matterkind, Kinesso, Reprise, all of those units, performance, kind of holistic addressable, and then the folks who build the tech that drives that into one unit. We've also aligned that into Media Brands. And as I mentioned, their performance was actually very strong last year, specifically called it out for the quarter. And it's just meant just a more streamlined way to get all the way through that value chain. And we still have work to do to activate Acxiom across more of the group. So I think that'll also help because likely that that'll become the tech node from which we do that for the entirety of IPG.

Philippe Krakowski: Kind of holistic addressable and then and then the folks who build the tech that drives that into one unit. We also have a line that into media brands and as I mentioned there the performance was actually very strong.

Philippe Krakowski: Last year, specifically called it out for the quarter.

Philippe Krakowski: And it's just meant a more streamlined way to get all the way through that value chain. And we still have work to do to activate Axiom across more of the group, but I think that will also help because, likely, that will become the tech node from which we do that for the entirety of IPG. And the second question you asked, I think, goes to... When I, you know, look at or where we look at what we've run into with very, very, with premium, Digital agencies that are in the portfolio that have been very, very strong performers for many years. There is a sense that coming out of the pandemic, scale in that space matters, and you're sort of looking at where some of that business is going and the nature of how a lot of those RFPs come across. And so I think it's an area we're interested in and would have been interested regardless, but it's definitely an area of particular focus at the moment. Okay, thanks a lot. No worries. Thank you.

Philippe Krakowski: And it's just meant.

Felice: Just a more streamlined way to get.

Philippe Krakowski: All the way through that value chain.

Philippe Krakowski: And you know, we still have work to do to activate axiom across more of the group.

Philippe Krakowski: I think that will also help because it's likely that that will become the the tech node from which we do that for the entirety of of IPG.

Philippe Krakowski:

Ellen Johnson: The second question you asked, I think, goes to when I look at or where we look at what we've run into with premium digital agencies that are in the portfolio that for many years were very strong performers: a sense that coming out of pandemic, scale in that space matters. You're sort of looking at where some of that business is going and the nature of how a lot of those RFPs come across. So I think it's an area we're interested in and would have been interested regardless, but it's definitely an area of particular focus at the moment. Okay. Thanks a lot. No worries. Thank you. Thank you. The next question is from Stephen Cahill with Wells Fargo. You may go ahead. Thank you.

The second question you asked, I think, goes to when I look at or where we look at what we've run into with premium digital agencies that are in the portfolio that for many years were very strong performers: a sense that coming out of pandemic, scale in that space matters. You're sort of looking at where some of that business is going and the nature of how a lot of those RFPs come across. So I think it's an area we're interested in and would have been interested regardless, but it's definitely an area of particular focus at the moment.

Philippe Krakowski: And the second question you asked I think goes to.

Philippe Krakowski: When I.

Philippe Krakowski: You know look at or where we look at what we've run into with <unk>.

Philippe Krakowski: Very very with premium.

Philippe Krakowski: Digital agencies that are in the portfolio that for many years were very very strong performers is a sense that coming out of pandemic scale in that space matters.

Philippe Krakowski: And you're sort of looking at where some of that business is growing and the nature of how a lot of a lot of those are.

Philippe Krakowski: Rfps come across and so I think it's an area. We were interested in and would have been interested regardless, but it's definitely an area of particular focus at the moment.

Tim Nollen: Okay. Thanks a lot.

Speaker Change: Okay. Thanks, a lot.

Philippe Krakowsky: No worries. Thank you.

Speaker Change: Thank you.

Operator: Thank you. The next question is from Steven Cahall with Wells Fargo. You may go ahead.

Philippe Krakowski: Thank you. The next question is from Steven Cahall with Wells Fargo. You May go ahead.

Steven Cahall: Thank you. The next question is from Steven Cahall with Wells Fargo. Please go ahead.

Steven Cahall: Thank you.

Steven Cahall: Thank you. So, you know, we've seen from one of your peers that media has been strong and accelerating, and creativity has been softer. I think you've called out some similar trends with creative a bit softer and media brands performing well. I'm just wondering, as you speak to clients, do you think that this change in the way that advertising is evolving means that brands are going to increasingly shift dollars into paid media and take dollars out of creative? Is that a long-term change for the industry? And if so, what does it mean for Interpublic?

Steven Cahall: Thank you. So you know we've we've seen at one of your peers that media has been strong and accelerating in creative has been softer I think you've called out some similar trends with creative a bit softer and media brands performing well I'm just wondering as you speak to clients do you think that this change in the way that advertise.

Ellen Johnson: So we've seen at one of your peers that media has been strong and accelerating, and creative has been softer. I think you've called out some similar trends with creative a bit softer and media brands performing well. I'm just wondering, as you speak to clients, do you think that this change in the way that advertising is evolving means that brands are going to increasingly shift dollars into paid media and take dollars out of creative? Is that a long-term change to the industry? And if so, what does it mean for Interpublic? And then just to pick up on the margin topic, so I think it was about eight years ago, every agency had to invest in capabilities like programmatic. And it did take some margin expansion out of the industry kind of until about the COVID era.

So we've seen at one of your peers that media has been strong and accelerating, and creative has been softer. I think you've called out some similar trends with creative a bit softer and media brands performing well. I'm just wondering, as you speak to clients, do you think that this change in the way that advertising is evolving means that brands are going to increasingly shift dollars into paid media and take dollars out of creative? Is that a long-term change to the industry? And if so, what does it mean for Interpublic? And then just to pick up on the margin topic, so I think it was about eight years ago, every agency had to invest in capabilities like programmatic. And it did take some margin expansion out of the industry kind of until about the COVID era.

Steven Cahall: <unk> is evolving means that brands are going to increasingly shift dollars into.

Steven Cahall: Paid media and take dollars out of creative is that a is that a long term change to the industry and if so what does it mean for interpublic and then just to pick up on the margin topic.

Philippe Krakowski: And then just to pick up on the margin topic. So, you know, I think it was about eight years ago that every agency had to invest in capabilities like programmatic. And it did take some margin expansion out of the industry kind of until about the COVID era. And I think now we're seeing some of that in both media and AI. So how do you think about this investment cycle in terms of how long it might last before that longer-term margin expansion plan comes back? Thank you.

Philippe Krakowski: I think it was about eight years ago every agency had to invest in capabilities like programmatic and it did take some margin expansion out of the industry kind of until about the Covid era and I think now we're seeing some of that in both media and AI. So how do you think about this investment cycle in terms of how long it might.

Ellen Johnson: And I think now we're seeing some of that in both media and AI. So how do you think about this investment cycle in terms of how long it might last before that longer-term margin expansion plan comes back? Thank you. That's a lot into very quick questions. So I guess on the latter, I would say to you that obviously, if you look at our margins four years ago today, five years ago today. So I think that the AI piece, well, to begin with, it will likely be helpful from a margin perspective. But I think that you have to kind of unpack the spend. There's been a lot of noise around who's spending what or what those commitments are. And I'm not sure that even for the folks who put some numbers out there, it's necessarily been apples to apples.

And I think now we're seeing some of that in both media and AI. So how do you think about this investment cycle in terms of how long it might last before that longer-term margin expansion plan comes back? Thank you.

Philippe Krakowski: Last before that longer term margin expansion plan comes back. Thank you.

Philippe Krakowsky: That's a lot into very quick questions. So I guess on the latter, I would say to you that obviously, if you look at our margins four years ago today, five years ago today. So I think that the AI piece, well, to begin with, it will likely be helpful from a margin perspective. But I think that you have to kind of unpack the spend. There's been a lot of noise around who's spending what or what those commitments are. And I'm not sure that even for the folks who put some numbers out there, it's necessarily been apples to apples.

Philippe Krakowski: That's a lot into very quick questions, so I guess on the latter, I would say to you that, obviously, if you look at our margins four years ago, today, five years ago, today, I think that the AI piece, Well, to begin with, it will likely be helpful from a margin perspective, but I think that you have to kind of unpack the spend. There's been a lot of noise around, you know, who's spending what or what those commitments are, and I'm not sure that, you know, even for the folks who put some numbers out there, it's necessarily been apples to apples, but, you know, from where we sit, I think the investments across the group that would classify as AI-related are quite significant, you know. You know, if we look at 24...

Speaker Change: It's a lot in two very quick questions. So I guess on the ladder.

Philippe Krakowski: I would say to you that you know obviously.

Philippe Krakowski: Look at our margins for years ago today, five years ago today, So I.

Philippe Krakowski: I think that the AI piece.

Philippe Krakowski: Well to begin with it it will likely.

Philippe Krakowski: You know be helpful from a from a margin perspective, but I think that you have to kind of unpack the spend that theres been a lot of.

Philippe Krakowski: No noise around.

Philippe Krakowski: You know who's spending what are what those commitments are and I'm not sure that.

Philippe Krakowski: Even for the folks who put some numbers out there it's necessarily been apples to apples, but you know I think from where we sit you know the investments across the group that would classify as AI related.

Ellen Johnson: But I think from where we sit, the investments across the group that would classify as AI-related are quite significant. So if we look at 2024, assume that that number is in the $80 million range, and barring. And that is tech, software, including licenses and the partnerships, many of which I called out to you. And then development, which can happen in-house, and then a great deal of training that is required. And so AI has been a part of the business for many years, particularly on the data, on the media, and the sort of more tech-leaning offerings. So the spend has been growing over time. And that 2024 number I throw out there is not all incremental, right? You think about the annual budgets we've got for tech, for development, for training. Portion of that, now an increased portion of that is going to be directed to AI.

But I think from where we sit, the investments across the group that would classify as AI-related are quite significant. So if we look at 2024, assume that that number is in the $80 million range, and barring. And that is tech, software, including licenses and the partnerships, many of which I called out to you. And then development, which can happen in-house, and then a great deal of training that is required. And so AI has been a part of the business for many years, particularly on the data, on the media, and the sort of more tech-leaning offerings. So the spend has been growing over time. And that 2024 number I throw out there is not all incremental, right?

Philippe Krakowski:

Philippe Krakowski: Are quite significant.

Philippe Krakowski: So.

Philippe Krakowski: If we look at 'twenty four assume that that number is $80 million range and Barry.

Philippe Krakowski: Assume that that number is... $80 million dollars, range and variance. And that is technology. Software, including, you know, the licenses and the partnerships, many of which I called out to you. And then development, which can happen in-house, and then a great deal of training that is required. And so, you know, AI has been a part of the business for many years, particularly in data, on the media, sort of more tech-leading offerings. So the spend has been growing over time, and that 24 number I throw out there is not all incremental, right? Think about the annual budgets we've got for tech, for development, and for training.

Philippe Krakowski: And that is tech.

Philippe Krakowski: Software.

Philippe Krakowski: Including licensing.

Philippe Krakowski: The licenses and the partnerships many of which I called out to you.

Philippe Krakowski: And then development, which can happen in house and then a great deal of training that is required and so.

Philippe Krakowski: <unk> been a part of the business for many years, particularly the data on the media sort of more tech leading offerings. So the spend has been growing.

Philippe Krakowski: Over time in that 24 number I throw out there is not all incremental right.

You think about the annual budgets we've got for tech, for development, for training. Portion of that, now an increased portion of that is going to be directed to AI.

Philippe Krakowski: About the annual budgets, we've got for tech for development for training.

Philippe Krakowski: A portion of that, now an increased portion of that, is going to be directed to AI as we rethink the core components of our business. Ellen talks a lot about how we are kind of looking for more efficient processes. We're gonna basically, I think, fund that incremental spend internally. So I don't know that I would conclude that it's gonna be a significant drain on our profitability prospects. And I'm thinking about programmatic, you know, did that happen faster?

Philippe Krakowski: <unk> of that now an increased portion of that is gonna be directed to AI and.

Ellen Johnson: As we rethink core components of our business, Ellen talks a lot about how we are kind of looking for more efficient processes. We're going to basically, I think, fund that incremental spend internally. So I don't know that I would conclude that it's going to be a significant drain on our profitability prospects. I'm thinking about programmatic. Did that happen faster? I mean, AI has definitely been part of the business for a while or certain parts of AI. Then the first question, I would say it's not a trend that we haven't observed for some time. So I would say that on the creative side of the business, things have become, in many cases, more project-driven than a very, very kind of traditional model that would have existed years ago around kind of AOR.

As we rethink core components of our business, Ellen talks a lot about how we are kind of looking for more efficient processes. We're going to basically, I think, fund that incremental spend internally. So I don't know that I would conclude that it's going to be a significant drain on our profitability prospects. I'm thinking about programmatic. Did that happen faster? I mean, AI has definitely been part of the business for a while or certain parts of AI. Then the first question, I would say it's not a trend that we haven't observed for some time. So I would say that on the creative side of the business, things have become, in many cases, more project-driven than a very, very kind of traditional model that would have existed years ago around kind of AOR.

Philippe Krakowski: As we.

Philippe Krakowski: Rethink core components of our business Ellen talks a lot about how we are kind of.

Philippe Krakowski: Looking for more efficient processes.

Philippe Krakowski: We're gonna have basically I think fun that incremental spend internally. So I don't know that I would conclude that it's going to be a significant drain.

Philippe Krakowski: On.

Philippe Krakowski: On our profitability prospects and I'm thinking about programmatic.

Philippe Krakowski: Did that happen faster.

Philippe Krakowski: I mean, AI has definitely been part of the business for a while, or, you know, certain parts of AI. And then the first question, I would say: It's not a trend that we haven't observed for some time.

Philippe Krakowski: There is definitely been part of the business for a while or certain parts of that.

Philippe Krakowski: And then the first question.

Philippe Krakowski: I'd say.

Philippe Krakowski: It's it's not a trend that we haven't observed for some time.

Philippe Krakowski: So I would say that on the creative side of the business, things have become, you know, in many cases, more project-driven than a very, very, you know, kind of traditional model that would have existed years ago around AOR. And there's still significant value in creativity, but I think you wanna focus on where you've got very, very strong players in that space. And I think, you know, as you called out, many of the large holding companies are heavily invested in some of those traditional assets. And so in a fragmented media ecosystem. Creative ideas matter a lot. Um, I look at the success we're having with FCB, which is a, you know, traditional agency, but it's a very forward-thinking management team, and they have figured out a way to plug into the data layer for insights and to get very precise in setting goals for what they're trying to accomplish with their clients. And then it's integrated with other disciplines, in their case, very strong production.

Philippe Krakowski: So I would say that on.

Philippe Krakowski: On the creative side of the business things that become.

Philippe Krakowski: In many cases more project driven than a very very you know kind of traditional model that would have existed years ago around kind of a R and there's still significant value in creativity, but I think you want to.

Ellen Johnson: There's still significant value in creativity, but I think you want to focus on where you've got very, very strong players in that space. I think, as you called out, many of the large holding companies index heavily into some of those traditional assets. So in a fragmented media ecosystem, creative ideas matter a lot. I look at the success we're having with FCB, which is a traditional agency, but it's a very forward-thinking management team, and they have figured out a way to plug into the data layer for insights and to get very precise in setting goals for what they're trying to accomplish with their clients. Then it's integrated with other disciplines. In their case, very strong production. So if you've got great content and it's part of a bigger system, and then you've got smart delivery, that works pretty well.

There's still significant value in creativity, but I think you want to focus on where you've got very, very strong players in that space. I think, as you called out, many of the large holding companies index heavily into some of those traditional assets. So in a fragmented media ecosystem, creative ideas matter a lot. I look at the success we're having with FCB, which is a traditional agency, but it's a very forward-thinking management team, and they have figured out a way to plug into the data layer for insights and to get very precise in setting goals for what they're trying to accomplish with their clients. Then it's integrated with other disciplines. In their case, very strong production. So if you've got great content and it's part of a bigger system, and then you've got smart delivery, that works pretty well.

Philippe Krakowski: Focus on where you've got very very strong players in that space.

Philippe Krakowski: As you called out many of the large holding companies.

Philippe Krakowski: Index heavily into some of those traditional assets and so in a in a fragmented media ecosystem.

Philippe Krakowski: Creative ideas matter a lot.

Philippe Krakowski:

Philippe Krakowski: I look at the success, we're having with FCB, which is which is a.

Philippe Krakowski: Traditional agency, but it's a very forward thinking management team and they have figured out a way to plug into the data layer for insights.

Philippe Krakowski: And to get very precise in setting goals for.

Philippe Krakowski: What they're trying to accomplish with.

Philippe Krakowski: Their clients and then its integrated with other disciplines in their case very strong production.

Philippe Krakowski: So if you've got great content, and it's part of a bigger system, and then you've got smart delivery, that works pretty well. So I think these days, clients want both. They're sort of asking for brands and performance, which doesn't quite get to the question that you asked or the suggestion, which is, you know, is there a point at which people abandon that? Because I think that's a dangerous thing as well. Thank you. The worst. Thank you.

Philippe Krakowski: So if you've got great content and it's part of a bigger system and then you've got smart delivery that works that works pretty well. So I think these days clients want both their sort of asking for.

Ellen Johnson: So I think these days, clients want both. They're sort of asking for brand and performance, which doesn't quite get to the question that you asked or the suggestion, which is, is there a point at which people abandon that? Because I think that's a dangerous thing as well. Thank you. No worries. Thank you. Thank you. Our next question is from Julien Roch with Barclays. You may go ahead. Yes. Thank you for fitting me in three minutes before open. Hello, Philippe and Owen. One question. Omnicom's guided to 3.5 to 5, Publicis's 4 to 5, you 1 to 2. So let's call that a 3-point difference. Can you unpack that difference between the digital specialists, those tech and telco, net account wins, and anything else I did not think about?

So I think these days, clients want both. They're sort of asking for brand and performance, which doesn't quite get to the question that you asked or the suggestion, which is, is there a point at which people abandon that? Because I think that's a dangerous thing as well.

Philippe Krakowski: Brand and performance.

Philippe Krakowski: Which doesn't quite get to the.

Philippe Krakowski: Question that you asked was a suggestion, which as you know is there a point at which people abandoning that because I think that's a that's a dangerous thing as well.

Steven Cahall: Thank you.

Speaker Change: Thank you.

Philippe Krakowsky: No worries. Thank you.

Julien Roch: Thank you. Our next question is from Julien Roch with Barclays. You may go ahead. Yes, thank you for fitting me in three minutes before opening. Hello Philippe, hello Hélène.

Speaker Change: No worries thank you.

Operator: Thank you. Our next question is from Julien Roch with Barclays. You may go ahead.

Philippe Krakowski: Thank you. Our next question is from Julien Roch with Barclays. You May go ahead.

Julien Roch: Yes. Thank you for fitting me in three minutes before open. Hello, Philippe and Owen. One question. Omnicom's guided to 3.5 to 5, Publicis's 4 to 5, you 1 to 2. So let's call that a 3-point difference. Can you unpack that difference between the digital specialists, those tech and telco, net account wins, and anything else I did not think about?

Julien Roch: Yes. Thank you for fitting me in three minutes before open.

Julien Roch: So flipping them then.

Julien Roch: One question, Omnicom is guided to three and a half to five, Publicis four to five, you one to two, so let's call that a three points difference. Can you unpack that difference between the digital specialist Vos, tech, and telco, net account wins, and anything else I did not think about? So you say flat on account wins, but Publicis and Omnicom would benefit from account wins, so I don't know, 50 basis points, 100 basis points on that, but what about the drag from digital specialist exposure to tech and anything else I didn't think about?

Julien Roch: One question Omnicom's guided to swing after five could we see four to five you one to two so let's call. It three points difference can you unpack that difference between the digital especially those taking.

Julien Roch: Second telco net account wins and as she also did not think about so you say flat one account wins, but publicis and omnicom would benefit from account wins. So I don't know 50, but I just want everybody to spend on that.

Ellen Johnson: So you say flat on account wins, but Publicis and Omnicom would benefit from account wins. So I don't know, 50 basis points, 100 basis points on that. But what about the drag from digital specialist exposure to tech and anything else I didn't think about? Thank you. I can't tell you what is in their numbers. And obviously, we're comparing things that are not exactly alike based on the accounting. I think the media buying capability that we're talking about, adding may also account for some of that delta. But if I look at the entirety of 2023, I can tell you that tech and telco cost us 2.2% of organic growth. And the digital specialists cost us about 1.2%. And if you deduplicate that so that you're not double counting, that cost us 3 percentage points of growth.

So you say flat on account wins, but Publicis and Omnicom would benefit from account wins. So I don't know, 50 basis points, 100 basis points on that. But what about the drag from digital specialist exposure to tech and anything else I didn't think about? Thank you.

Julien Roch: What about the drag from digital especially is fixed.

Julien Roch: And have you seen yes, I didn't think about that.

Philippe Krakowski: I can't tell you what is in their numbers, and obviously, we're comparing things that are not exactly alike based on the accounting. I think the media buying capability that we're talking about adding may also account for some of that delta, but if I look at the entirety of 23, I can tell you that, You know, tech and telco cost us 2.2% of Organic Growth, and digital. Specialists cost us about 1.2, and if you deduplicate that so that you're not double counting, that cost us three percentage points of growth. Right, but again, I can't go into what is in their numbers, and I don't think that they're exactly comparable.

Philippe Krakowsky: I can't tell you what is in their numbers. And obviously, we're comparing things that are not exactly alike based on the accounting. I think the media buying capability that we're talking about, adding may also account for some of that delta. But if I look at the entirety of 2023, I can tell you that tech and telco cost us 2.2% of organic growth. And the digital specialists cost us about 1.2%. And if you deduplicate that so that you're not double counting, that cost us 3 percentage points of growth.

Speaker Change: Thank you.

Julien Roch: Can't tell you what is in their numbers and obviously, we're comparing things that are not exactly like based on the accounting.

Philippe Krakowski: <unk>.

Philippe Krakowski: I think the the the media buying capability that we're talking about adding may also accounted for some of that delta, but if I look at the entirety of 'twenty three.

Philippe Krakowski: I can tell you that the tech and telco cost us two 2%.

Philippe Krakowski: Of organic growth.

Philippe Krakowski: And the digital special this cost us about 1.2, and if you do you duplicate that so that you're not double counting that cost was three percentage points of growth.

Philippe Krakowski: Yeah.

Ellen Johnson: So again, I can't go into what is in their numbers, and I don't think that they're exactly comparable. I took to the point of the very first question. I wanted to be very sort of direct and transparent and pull apart for you all how we built our view to the year. And then to your question, I think that is it like-for-like is a question. We have a terrific media offering, but in a world where perhaps a different approach and a focus on efficiency means that there's an opportunity there for us because that may be part of the gap. And then hopefully, the numbers I just shared with you fill the rest of the gap. Okay. All right. Thank you. Thank you. Thank you. And that was our last question. I'll now turn it back to Philippe for any final thoughts. Thank you. Well, thank you, Sue.

So again, I can't go into what is in their numbers, and I don't think that they're exactly comparable. I took to the point of the very first question. I wanted to be very sort of direct and transparent and pull apart for you all how we built our view to the year. And then to your question, I think that is it like-for-like is a question. We have a terrific media offering, but in a world where perhaps a different approach and a focus on efficiency means that there's an opportunity there for us because that may be part of the gap. And then hopefully, the numbers I just shared with you fill the rest of the gap.

Philippe Krakowski: Right. So again I cant go into what is in their numbers and I don't think that they're exactly comparable.

Philippe Krakowski: I took, you know, to the point of the very first question. I wanted to be very direct and transparent and pull apart for you all how we built our view of the year. And then to your question, I think that, "Is it like for like?" is a question. We have a terrific media offering, but in this world we are, perhaps a different approach and a focus on efficiency means that there's an opportunity there for us, because that may be part of the gap, and then hopefully, the numbers I just shared with you fill the rest of the gap.

Philippe Krakowski: I took you know to the point of the very first question I wanted to be very direct and transparent and pull apart for you all how we built our view to the year and then to your question I think that.

Philippe Krakowski: Is it like for like has a question.

Philippe Krakowski: We have a terrific media offering but.

Philippe Krakowski: World, where you know.

Philippe Krakowski: Perhaps a different.

Philippe Krakowski: Approach and a N a and a focus on efficiency means that there's an opportunity there for us because that may be part of the gap and then hopefully the numbers I just shared with you fill the rest of the gap.

Julien Roch: Okay. All right. Thank you.

Philippe Krakowski: All right. Thank you. And that was our last question. I'll now turn it back to Philippe for any final thoughts. Well, thank you. Very well, thank you, Sue. Thank you all for your time. We will stay focused on the work that needs to get done here because, you know, to the point of a number of the questions, we definitely have to get back to things that have been the norm for us for a long time, and I think this is going to be a year where we can finish some of the transformations that are required to do that. So I appreciate the interest in the time. Thank you, and this concludes today's conference. You may disconnect at this time.

Speaker Change: Alright, thank you.

Philippe Krakowsky: Thank you.

Speaker Change: Thank you.

Operator: Thank you. And that was our last question. I'll now turn it back to Philippe for any final thoughts.

Philippe Krakowski: And that was our last question and I'll now turn it back to Felipe for any final thoughts.

Philippe Krakowsky: Thank you. Well, thank you, Sue. Thank you all for your time. We will stay focused on the work that needs to get done here because, to the point of a number of the questions, we definitely have to get back to things that have been the norm for us for a long time. I think this is going to be a year where we can finish some of the transformations that are required to do that. Appreciate the interest and the time.

Philippe Krakowski: Thank you well thank you Sue.

Ellen Johnson: Thank you all for your time. We will stay focused on the work that needs to get done here because, to the point of a number of the questions, we definitely have to get back to things that have been the norm for us for a long time. I think this is going to be a year where we can finish some of the transformations that are required to do that. Appreciate the interest and the time. Thank you. This concludes today's conference. You may disconnect at this time.

Speaker Change: Thank you all for your time and.

Philippe Krakowski: We will we will stay focused on the work that needs to get done here because you know to the point of a number of the questions we definitely have to.

Philippe Krakowski: Get back to things that have been the norm for us for a long time and I think this is gonna be a year, where we can.

Philippe Krakowski: Finished some of the transformations that are required to do that so I appreciate the interest and the time.

Philippe Krakowski: Yeah.

Operator: Thank you. This concludes today's conference. You may disconnect at this time.

Philippe Krakowski: Thank you and this concludes today's conference you may disconnect at this time.

Q4 2023 Interpublic Group of Co Inc Earnings Call

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