Publicis Groupe S.A. (PUB) Earnings Call Transcript & Summary

Thanks, Arthur. So at Publicis, we've been working with AI for more than a decade. In that time, at Publicis Sapient, our experience has spanned across all layers of the AI stack. First, we work with NVIDIA designing the actual chips that were used to train ChatGPT. Next, for so many of the Fortune 500 companies, we build and integrate their data systems to be ready. Also, we've been building and deploying AI applications for ourselves and for our clients in so many industries from machine learning-based programs for banks helping in areas like fraud and anomaly detection to telcos for AI-assisted customer service and promotions, travel and hospitality companies on AI-driven guest recommendations, retailers on efficient delivery and route mapping, AI pricing and merchandising content and with agricultural companies to use vision for plant and crop care. AI capabilities have helped us rethink how software is built. We use GenAI tools to help developers create architectures, execute agile increment plans and increase coder efficiency by up to 40%. And critically, as I'll share in a moment, these capabilities we built in-house provide us with the tools and assets to deliver AI faster and better. This is a level that most of our tech competitors can't match. And no holding companies are even in this conversation. So as a testament to these successes, we're proud to have been recognized last year by HFS Horizons as a market leader in generative AI in what was the first competitive review of professional services firms in the space. IDC has since also recognized our deep capabilities in driving business transformation with generative AI for our clients. This extensive experience has given us profound insights and the context needed to understand that to make AI work, you need a strong foundational core that supports the enterprise. This core must unify the organization's data, making it not only accessible but standardized. It requires a set of standards-based clear ethics and protections against bias like Carla said. It requires compartmentalization of data to ensure people or AI agents have access to only the information they should have access to, ensuring client confidentiality of IP. And most importantly, it requires a common set of AI services that empowers the whole organization that effortlessly build and innovate in this incredible space rather than constantly reinventing the wheel, doing mundane stuff. To power our transformation to an intelligent system, we've decided to build this core for Publicis. This is something that only we can uniquely build for ourselves, allowing us the benefit of being the users and the creators of our AI future. We call this CoreAI. So as Arthur said, this is an engineering view of CoreAI, talking about how it will include all of our systems, Marcel and also support new capabilities and functions as we continue to evolve. CoreAI is based on the work that Publicis has been doing for almost 2 years on its Bodhi platform. Bodhi is a set of patterns, frameworks, tools, code libraries that accelerate our development of AI applications. common services and APIs make development more efficient. It contains prebuilt capabilities for natural language processing, computer vision, semantic search and knowledge graph creation and management. It contains a language model hub that manages access to multiple language models, both large language models, small language models, internally built models and those from external partners. CoreAI contains more than 100 trained micro agents capable of autonomously performing tasks across Publicis systems and common external services. Further, CoreAI is being trained on the work of our 45,000 engineers and data scientists to build models around our data assets. But let me give you a simpler view of CoreAI. Fundamentally, it's got 3 key layers. I'm going to start with the data layer at the bottom and work my way up. At the heart of CoreAI is all of Publicis Groupe's knowledge. This is the structured and unstructured data we've created since the world turned digital. Structured data stored in transactional systems that are highly organized, clearly defined, searchable and easily understood by machines is at the heart of Publicis' data business. Our structured data spans more than 1 trillion consumer data points from Epsilon and includes our industry-specific data, our bid stream data, asset performance data for media, pricing intelligence as well as data from many, many more sources. Unstructured data, outside of these transactional systems, spanning documents, video images, rich media actually makes up the vast bulk of not only Publicis' but any organization's data. It's where the huge amount of our knowledge is stored. It includes nearly 0.5 billion lines of code we've written over 35 years at Sapient. It includes all of our RFP and proposal information across assets we've created for our creative and media clients like content matrices and media plans, plus all of the documents and assets within Marcel are hub for daily interactions for all of our people sharing and collaborating every single day. Publicis' CoreAI models will be trained on all of this data we uniquely possess putting all of our knowledge at the disposal of every one of us. Now let me ask Sam to show some of this unique data that we have powering CoreAI. Sam?

What makes CoreAI different than what other companies can build? All agencies already have access of marketing content and performance data, and they're definitely using this to train AI. Some agencies might even claim, they see more of the marketplace given their size, and they're going to use this to advantage their AI. All agencies are definitely going to claim that they can see billions of IDs around the world. But they may see these IDs, they do not own them, and that is not enough. Only Publicis has Epsilon, the strongest identity graph in the United States, United Kingdom and across France. We've also partnered to create the strongest identity offer in China, and we own Retargetly, which is the best identity graph across 11 different countries in Latin America. Publicis has the strongest signals of 2.3 billion people around the globe. We know who they are, where they are. And because we own this data, we have the clearest line of sight into the thousands of attributes that describe these people. We know with confidence what they like, what they watch, what they read, what they buy, where and when they shop. We've taken this highest fidelity consumer understanding, and we've connected it with our own enterprise intelligence. Our line of sight into over 650 billion impression bids across video, digital and commerce platforms every single day, and the trillions of marketing data records we have that show what has worked and what hasn't before. We have this across TV and billboards but also digital, social platforms and the rest of the Internet. This connected marketing data asset alone is unmatched in the holding company landscape. But there's one more thing, only Publicis has 35 years of business transformation and software expertise with Sapient. So again, why is CoreAI different from what other holding companies can build? We are an organization that's expert in building AI not just in licensing it. We've connected the best marketing data assets with the strongest business transformation experience. So with CoreAI, we now have the intelligence that connects consumer understanding and marketing performance to business outcomes. Now back to Nigel to talk about the rest of the CoreAI.

Thanks, Sam. The next level in CoreAI is a group-wide enterprise taxonomy that our AI solutions will use in conjunction with all our knowledge assets. This taxonomy is like scaffolding, which CoreAI will use to understand our business, providing a unified view of all of this data we have, standardizing terminology and semantics across various data sets, and we'll integrate all of these things together. The taxonomy will be critical in allowing the AI to learn of the interconnection between our assets. It allows us to use retrieval augmentation generation or RAG techniques better as we connect our unique data sets on the fly with large language models to provide context on specific results to users or agent interactions, reinforcement learning, which will tighten the taxonomy in real time as our people interact with the system and provide feedback on how information is categorized and tagged. The standards embedded in this layer will allow us to ensure that confidential or sensitive information is never used inappropriately and used by only those who have authorized access to that information. Finally, CoreAI contains our proprietary tools for AI application development, integration and reusable AI code, patterns and libraries from Bodhi. This common foundation means that we can integrate the tools that we need in support of our people's work and needs seamlessly. We'll also plug in the best models and tools from our partners, including Adobe, Google, Microsoft, OpenAI, Meta and many others, depending on the specific tasks our people have to perform. Common services and APIs will make development more efficient. Our core integrates access to multiple language models, both large and small, internally built and from external partners, allowing both agents and end users to dynamically tap into the best models for the task at hand. Now over to you, Arthur.

Wow. That was heavy. Nigel, thank you very much. As you can see, we spent time getting into the CoreAI to make sure that you have really an engineer view out of that because it's something serious, something that is real and something that would make a big difference. Now let's see how we connect into our key business pillar to deliver further growth for our clients. In the next 20 minutes, we're going to go faster now, Dave will tell you how we will drive media effectiveness. Carla, how it will allow us to drive personalization at scale. Nigel, how it will allow us to deliver software even faster. And finally, Carla will come back to explain how it will boost our operation for our people. I love when you talk about operation, Carla. It's going to be awesome. So let's start with Sam again. He will share how the CoreAI can deliver better insights and truly transform our people into intelligence partners. Come on, Sam.

Thank you, Arthur. . So what do we mean by an intelligence partner? Imagine if your marketing agency always had all of the data needed to answer your exact question completely and quickly. They could pinpoint the sources of business volume, anticipate consumer demand, calibrate your plans to your own business signals and optimize your investment to your outcomes. Imagine now that your agency starts to anticipate your questions, giving you intelligence before you even asked. They'd always be learning and always optimizing. An intelligence partner is an analyst, a strategist and a marketer all at once. With CoreAI powering our insight capabilities, we are supercharging all of our teams to be intelligence partners. We will be faster. Every Publicis analyst will deliver the highest fidelity insights, processing trillions of business and marketing data points quicker than before. We will be more accurate. Every Publicis strategist will convert insights into the highest propensity audiences and platforms that will drive the growth we're looking for with the strongest confidence to your business outcomes. And we will do things that we've never done before. Every Publicis planner will create infinite amounts of personalized content, optimized for production and distribution at scale. Let's start with a concrete example, looking at automotive, an industry that we all know is going through historic changes. With high expenses, low supply, cumbersome dealer networks and tight competition, our marketing needs to move cars and we need to do so quickly. In this example, our client's goal is to sell 40,000 electric vehicle SUVs this year. The first task of any team is to understand category and brand, headwinds and opportunities. Our strategy teams upload briefs for CoreAI to process and analyze. Now we immediately highlight what is most important in that brief, automatically generating relevant data and research like competitor moves, market trends and customer motivations, all derived from the highest fidelity assets and marketing data. This work used to take us weeks and now it's only taking a second. Instead of having teams of data scientists working to clean and then to harmonize and then to analyze data over the course of weeks, our strategists immediately respond with clear analysis of the opportunity and way forward. This is the power of CoreAI, processing trillions of data points to deliver business-ready intelligence across the company. We are also strengthening the accuracy of our work with CoreAI. Our teams need to precisely identify sources of volume and demand for this SUV. Now thousands of Publicis strategists can work like they are data scientists. They are instantaneously building rich consumer profiles with Epsilon's leading consumer data enriched with auto buyer and vehicle detail, with an accurate and precise picture into consumer's on and off-line behaviors, their attitudes, motivations and their life stage events, every single one of our strategies is built with the strongest data foundation. It's also every marketer's dream to respond to business challenges as quickly as they come. What once felt like this dream, we can now make a reality. With CoreAI, we can anticipate replan and optimize now in real time. In our auto example, our client's business is now forecasting low supply, and we are immediately signaled of upcoming vehicle shortages in key markets. We need to redraw our growth segments and do so quickly focusing on the markets that will have cars on lots next month. Our new consumer audience strategy and personalized plans are ready in just minutes. This is what it means to be an intelligence partner. Now Dave will show us how CoreAI will help drive media effectiveness.

Thanks, Sam. We've all seen how CoreAI accelerates our ability to pinpoint consumers that will drive business volume. So how does CoreAI advance media strategy and activation? We will be faster. Every Publicis platform expert will launch campaigns immediately with operational excellence, ensuring we're in market before our competitors. We'll be more accurate. Every Publicis analyst will intuitively optimize campaigns to outcomes quickly, holding marketing budgets accountable to business outcomes. We will do things that have never been done before. Every Publicis planner will now deliver limitless planning and those versions of personalized media plans recalibrated for business signals and performance outcomes. Let's go to the demo. Armed with CoreAI, our planners begin to calibrate a media investment strategy to deliver the vehicle sales goals in the client brief. Our planner uses a chat function to enter a series of prompts asking point of questions like how much investment is needed to move 40,000 SUVs this year or where will we have cars on a lot next month? With the connected intelligence of CoreAI, we process trillions of data points that compare our new audience strategy to historical performance and marketplace opportunities that exist. Our planner instantly generates media plans across paid and owned channels. We've accelerated tactical weeks of planning into mere moments with CoreAI. And we don't have to sacrifice accuracy for this speed. With our investment strategy now set, we set campaigns live with CoreAI. We traffic and launch assets through automated QA and tagging cutting weeks of manual work down to minutes. We prevent errors and time loss, getting us to the market faster than all of our competitors. With CoreAI, we'll be more accurate. With the campaign now live, we use CoreAI to guide optimizations. Our analysts immediately process trillions of rows of business and media performance data calibrating investment decisions and bid strategies to meaningful outcomes every moment of the campaign. And we can do things that have never been done before. Now CoreAI's intelligence shares an alert mid-campaign that shows information on national and state level offers for electrical vehicle buyers. With CoreAI, we immediately tailored new plans and messages in real time to launch search, social and e-mail campaigns with a new personalized offer. We coordinate these adjustments to paid and owned channels simultaneously, wasting no budget or time as we drive qualified customers to dealers, which have inventory in stock. Throughout this campaign, CoreAI is continuously improving. We calculate, process and respond immediately to pacing signals to drive better outcomes. More importantly, we maintain complete confidentiality at every step. With secure sandboxes, controlled access and clear audit protocols, we ensure complete compliance for all of our clients. In sum, the real business value here is our connected intelligence. All audience and campaign performance data is pushed out to every member of the agency team, wherever they sit around the globe as well as the client's brand and marketing organizations. We have the data we need in decision time and we're advancing our intelligence for the future. Now on to Carla who'll tell us more about creating and producing. Thanks.

Thanks, Dave. Now let's see how we can leverage all of this intelligence on the sources of business volume to power personalization at scale with the speed and precision of AI. What does this really mean for our clients? Well, Guess what, we're going to be faster. Our creative teams will collaborate more seamlessly, accelerating the creative process with brand-safe AI of GenCanvas. We're going to be more precise. Our producers will rapidly produce content personalized for micro audiences and fit for platforms using AI-assisted production tools. We're going to do things we've never done before. Our content strategists will test and optimize campaign assets in real time rooted in outcomes performance data. Let's take a look at the CPG industry and see how we can leverage all of this intelligence on the sources of business volume to power personalization at scale with the speed and precision of AI? With rapidly shifting consumer preferences, CPG companies have to not only produce engaging content, they need to produce it at a massive scale and for very localized audiences, ultimately targeting an audience of individuals. In this brief example, we'll be looking at a heritage cookie brand, guess which, one that's looking to reengage their older audience through a packaging rebrand and a new campaign launch, all while protecting their core target. To answer this brief, our creative and production teams will use our CoreAI and creative capabilities to unlock new understanding, explore and develop diverse concepts, rapidly creating personalized content that will resonate with consumers, driving consideration and purchase. Let's enter the workspace of a Creative Director at Publicis as he's working on a campaign for our client's heritage cookie brand. Within the project tab, he has all that he needs at his fingertips, the creative briefs, audience insights and big ideas for the brand's relaunch. Now with CoreAI, he has direct access to our growth and core audience segment insights understanding their behaviors and interest as he develops concepts. With our CoreAI and creative capabilities, he has all of the incredible visuals, concepts and tag lines from yesterday as well as access to GenAI-enabled tools to accelerate his creativity. Within GenCanvas, instead of sending versions back and forth as they do today, our creative teams collaborate in real time. They use image, tone and video generators to breathe life into brand personas and iterate brand and product content that will resonate most with our audiences. Next, with these new tools, production leads can leverage AI to automatically create content matrices based on tactical plans as well as past client campaign and industry knowledge for efficient planning for production. All the iterations needed to launch a campaign are laid out, reducing days of work to seconds. Now instead of painstakingly recreating templates and layouts, the production team lets AI do the heavy lifting. This frees up time to dive headfirst into crafting innovative and eye-catching campaigns, all while maintaining full creative control and customization. AI-designed templating tools empower them to design with agility, drawing inspiration from historical insights and audience data so they can focus on creating resonating and impactful work. When satisfied with master assets, the production team can go from 1 asset to 1,000 versions in minutes instead of weeks, automating asset variations for different platforms, languages, contacts and specs powered by market-leading and brand-compliant adaptation and versioning tools. This is something we could only dream about in the past. All the while they are still in the driver seat to review, modify and enhance assets for target audiences, translations or even replacements of the product with the best fit recommendation for audience and channel. With all these assets watermark reviewed and tagged, the team is empowered to manage the scale of content like never before. With AI, our teams will continuously test, learn and optimize campaign assets, building intelligence for campaign optimization and future planning. Now that was all about the creative and production engine. Now let me show you how AI effects super shoots and development for personalization in the real world. This year, after a record year in 2023, we decided to personally thank each of our 100,000 people for their incredible effort, personalization at scale inside. Let's take a look at how we did it. [Presentation]

That was super cool, right? I hope you find that as amazing as our people did. Now let's go back to the technology part of our business. Let's see how we use CoreAI to boost our digital transformation operations and deliver software even faster. Today, engineers make up close to 40% of Publicis Groupe employees, building software that powers cutting-edge digital transformations for our clients and internal teams. We're going to supercharge these teams, help them innovate and build using CoreAI and our software capabilities. We'll be faster. Our engineers will be able to move from idea to live at speed with AI tools, helping them code, work upstream in the engineering process, creating new architectures, test cases and documentation, with AI ensuring that they don't sacrifice quality or security for speed, we'll be more accurate. Our teams will build better personalized digital experiences linked to behavioral insights and audience data, ensuring higher engagement and conversion rates. But most importantly, we'll do things we've never been able to do before. AI will work with our engineers like a virtual team member, helping them architect digital solutions and learn to adopt new technologies, allowing our people to grow and adapt in ways that was simply not possible before at scale. Let me show you how. CoreAI and our software capabilities will help us develop better software using the case of a travel client looking to implement an integrated loyalty program into a new channel. As the engineer opens the system, he finds stories that a Scrum master, working with CoreAI has assigned to him based on his profile and skills. Now instead of having to read through pages and pages of documentation for those of you who code, the engineer now starts chatting with CoreAI. Through simple conversational interface, he works with the system to review the requirements and validate the estimates of each story. CoreAI gives the engineer a virtual twin who can help develop a plan and address and set due dates for each story. The AI suggest that he starts on the architecture story based on the potential dependency graph of all the stories assigned to him. A CoreAI agent generates a relevant sample architecture to start from based on similar work we've done in the past and the architecture standards of this project. Something like this has just never been possible. It also highlights appropriate starter kits and accelerators specific to the platform and requirements of the story. We've already deployed an alpha of this capability, and it can reduce the time to do these tasks by up to 40%. CoreAI now creates the initial documents and helps schedule a review board to review the architecture, all from within the chat instead of having to search outlook calendars for available time. The architecture story is mark closed with real-time tracking data added to Jira. He moves on to the next story, and CoreAI gives the engineer a better insight into the outcomes needed to implement the service for a loyalty points-based reservation systems. Ready to code, he uses CoreAI to plug in his IDE to implement the story. CoreAI explains the broad concepts embedded in the code and the engineer leverages CoreAI for suggestions, best practices, reusable code, enterprise common libraries, accelerating the development time, but also ensuring the code meets quality standards. He creates cloud deployment scripts using AI and leverages plug-ins to deploy these features to the cloud. With support from CoreAI, he's ahead of schedule, and the due dates and all the other dependent stories are automatically updated, giving the broader team a clear view of his timeline. So you see how CoreAI and our software capabilities make our engineers faster. But much of our vision is to truly change how engineers work in ways that were never possible before. Finally, let me hand back to Carla, who's going to show us how we'll use CoreAI to boost operations and client management. Carla?

Thanks, Nigel. A little bit about operations. I want to talk a little about how AI will help all 100,000 of us at Publicis Groupe stay more productive and connected. We expect that its impact will be far reaching in how we run our business. We're going to be faster by simplifying our internal processes and letting CoreAI handle the tedious and routine back-office tasks. All our talent will save valuable time to focus on high-impact work. We're going to be more accurate. I'll take one example here of how our sales and client leads will be able to understand their client better and generate winning proposals faster by using CoreAI to leverage our collective knowledge. And to keep confidentiality, we'll show it being used for an imaginary theme park provider, Wonderful Parks. As for what's never been done before, trust me, once we find it, we'll deploy it in service of efficiency, effectiveness and performance. Let's take a look at this demo. As soon as our group client lead receives an RFP, she now has instant access to insights and knowledge to plan a better response. She uploads the RFP into the system and powered by our insight capabilities, she receives market analysis, competitor comparisons and other insights to help her get smart on the client. Now using a simple chat interface, she can learn about prior work we've done with the client across the group and access summaries of recent projects, leveraging data from CoreAI. She can also dive deeper into market and expert insights getting smarter with the help of AI and learning about recent events and announcements from Wonderful Parks. No longer relying on just who she knows, CoreAI now assist her in assembling a team, and the group client lead is simply able to ask the system to identify potential team members based on expertise, availability, flag any potential client conflicts all without having to e-mail dozens of people. Now she's not slowed down by having to wait for responses from everyone. What used to take a week is reduced to minutes as the system helps to easily generate an initial draft response with pre-populated answers to repetitive parts of RFPs and relevant Publicis's case studies allowing her to focus on applying her unique insights that will make the proposal magic. Being able to create the bulk of the RFP response at the snap of the finger is something we have all dreamed up before, but now it will be a reality. With automated assistance, she can manage all the details of the RFP response through the interface, including exploring pricing guidance and tailoring content to match what she thinks will resonate most with the client. The system will even pre-fill standard RFP questionnaires. All she has to do is review and approve. With CoreAI, she has tapped into the knowledge of all of Publicis Groupe before she even convenes proposal team and gets them ready to nail the pitch. Back to you, Arthur.

Carla, you have massively improved your operational experience.

I know.

Awesome. Thank you, guys. We are roughly on time. We are actually very on time if I look at timing. So we have gone through CoreAI and showed you how the potential it has to create for our client growth when you connect it with our core capabilities. But at Publicis, we know that we have the greatest impact when we connect all of these capabilities that you see here together at the service of our client transformation. Nigel will now briefly talk to you about what we call the unified experience that I mentioned earlier that will connect these capabilities in a seamless and collaborative way for our teams and for our clients to accelerate even further the Power of One. Nigel, over to you.

Great. Thanks, Arthur. So let's take an example. A strategist will now better understand the customer audience through an agent responsible for creating the voice of a customer that the agent itself is relying on micro agents that can autonomously cull through social media and community site posts to gather the right insights. Our media planners will build on that audience information and use it to create AI-assisted media campaigns while in parallel, our creatives are building data informed personalized assets and optimizing on the basis of media performance that flows back into the system. Our teams will feel seamless as we make it even easier to create incredible outputs for client in our Power of One model. Our teams will be able to move fluidly between these capabilities and maintain a consistent understanding of audiences, assets, campaigns, thanks to this unified experience. So what happens next? A team led by Publicis Sapient, Epsilon, and many others across the Groupe are already at work, building the initial proof of concepts, AI models and MVPs. Across the first half of this year, that work will begin to roll out to select users for testing and feedback. And that feedback will drive iterative releases, which will add more functionality. At VivaTech, we will show the first MVPs in the second half of 2024. Our plan is to start the Groupe-wide rollout of this functionality, building towards a vision that we have shared with you here today. We'll continue to iterate listening to feedback and ensuring we pair the best tools available in the market with our own capabilities. Let's be clear, this isn't something that's going to happen overnight. It's a powerful proposition that will fundamentally change the way we do business every single day for our people and for our clients. Over to you, Arthur.

Thank you, Nigel. Okay. Now we are moving to the money chart. For investors that have been looking since the beginning, you went through the strategy, you went through the engineering part, that was pretty heavy, we went through 5 cases. And now let me tell you a word about how we plan to invest in the future we will actually invest EUR 300 million over the next 3 years, all out of our P&L. For 2024 alone, we anticipate an investment of EUR 100 million that will be split 50-50, half on people through upskilling, training and also recruitment, half on technology, through licenses, IT software and cloud infrastructure. This EUR 300 million plan will be fully financed by efficiencies generated by the Groupe's agile structure that you know, but also by Marcel. This means that while increasing our competitiveness, this investment will have no dilutive impact on our operating margin in 2024 and will be slightly accretive from 2025. Voila, we are coming at the end of this presentation. Our journey from a holding company to a platform has not been easy, but it definitely paid off. As you have seen again today with our organic growth in 2023, outperforming our industry for the fourth year in a row. This profound transformation now positions us to push the boundaries even further by putting CoreAI at the heart of our organization and truly becoming an intelligent system companies. Leveraging AI will definitely make our people more efficient and increase our productivity. But this is not what matters the most. What matters the most is that by shifting to an intelligent system company, it will allow our people to do things tomorrow that no one can do today as you have seen in the example that Carla, Sam, Dave and Nigel shared with you. And let's be clear, we will be the only ones able to do those things tomorrow thanks to the transformation we went through. No one has the breath, the accuracy and the reach of our proprietary data. No one has been dramatically transforming their model to get to a single structure. And no one made the kind of investment we did with Publicis Sapient and Epsilon to put at the heart of our model 45,000 engineers, consultants and data analysts. Just because we are the only one who can do it doesn't mean that we will get it all right. Actually, AI needs experimentation. And some of these things we just show you will be wrong at first, but we will learn and we will fix them. By starting first with a unique model built over the last decade, we are confident that we can leapfrog the market once again and continue not only to deliver the best margin in the industry, but also to keep growing faster than our peers in the years to come. As you may know, at least if you're French, Publicis was found in 1926 by Marcel Bleustein Blanchet. Marcel used to say, "In reality, it is not creativity that evolves: It stays the same. It is everything else that grows around it." This is exactly what we have done in the last decade mostly under the leadership of Maurice Levy. We have grown and transformed everything around creativity for almost 100 years now. And as we are about to enter into our next century in 2026, hopefully, you have seen today that our commitment to lead the change in our industry for the benefit of our people and our clients is stronger than ever. Thank you for listening and see you in May at VivaTech.