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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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|||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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☒ | Accelerated Filer | ☐ | |||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company |
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Emerging Growth Company |
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Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements (Unaudited) |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Revenue before billable expenses | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Billable expenses |
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Total revenue |
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|||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Salaries and related expenses |
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Office and other direct expenses |
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Billable expenses |
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|||||||||||||||||||
Cost of services
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|||||||||||||||||||
Selling, general and administrative expenses |
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|||||||||||||||||||
Depreciation and amortization |
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|||||||||||||||||||
Restructuring charges |
|
(
|
|
(
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|||||||||||||||||||
Total operating expenses |
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|||||||||||||||||||
OPERATING INCOME |
|
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|||||||||||||||||||
EXPENSES AND OTHER INCOME: | |||||||||||||||||||||||
Interest expense |
(
|
(
|
(
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(
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|||||||||||||||||||
Interest income |
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|||||||||||||||||||
Other expense, net |
(
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(
|
(
|
(
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|||||||||||||||||||
Total (expenses) and other income |
(
|
(
|
(
|
(
|
|||||||||||||||||||
INCOME BEFORE INCOME TAXES |
|
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|||||||||||||||||||
Provision for income taxes |
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|||||||||||||||||||
INCOME OF CONSOLIDATED COMPANIES |
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|||||||||||||||||||
Equity in net (loss) income of unconsolidated affiliates |
(
|
|
(
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|||||||||||||||||||
NET INCOME |
|
|
|
|
|||||||||||||||||||
Net income attributable to non-controlling interests |
(
|
(
|
(
|
(
|
|||||||||||||||||||
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||
Basic | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Diluted | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
Basic |
|
|
|
|
|||||||||||||||||||
Diluted |
|
|
|
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
NET INCOME | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||
Foreign currency translation adjustments |
(
|
|
(
|
|
|||||||||||||||||||
Reclassification adjustments recognized in net income |
|
|
|
|
|||||||||||||||||||
(
|
|
(
|
|
||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Changes in fair value of derivative instruments |
|
|
|
|
|||||||||||||||||||
Recognition of previously unrealized net gain in net income |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Income tax effect |
|
(
|
|
|
|||||||||||||||||||
(
|
|
(
|
|
||||||||||||||||||||
Defined benefit pension and other postretirement plans: | |||||||||||||||||||||||
Net actuarial (loss) gain for the period |
(
|
|
|
|
|||||||||||||||||||
Amortization of unrecognized losses, transition obligation and prior service cost included in net income |
|
|
|
|
|||||||||||||||||||
Settlement losses included in net income |
(
|
|
(
|
|
|||||||||||||||||||
Other |
|
|
|
|
|||||||||||||||||||
Income tax effect |
(
|
(
|
(
|
(
|
|||||||||||||||||||
|
|
|
|
||||||||||||||||||||
Other comprehensive (loss) income, net of tax |
(
|
|
(
|
|
|||||||||||||||||||
TOTAL COMPREHENSIVE INCOME |
|
|
|
|
|||||||||||||||||||
Less: comprehensive income attributable to non-controlling interests |
|
|
|
|
|||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO IPG | $ |
|
$ |
|
$ |
|
$ |
|
June 30,
2024 |
December 31,
2023 |
||||||||||
ASSETS: | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Accounts receivable, net of allowance of $43.8 and $46.4, respectively |
|
|
|||||||||
Accounts receivable, billable to clients |
|
|
|||||||||
Prepaid expenses |
|
|
|||||||||
Assets held for sale |
|
|
|||||||||
Other current assets |
|
|
|||||||||
Total current assets |
|
|
|||||||||
Property and equipment, net of accumulated depreciation and amortization of $1,278.9 and $1,224.9, respectively |
|
|
|||||||||
Deferred income taxes |
|
|
|||||||||
Goodwill |
|
|
|||||||||
Other intangible assets |
|
|
|||||||||
Operating lease right-of-use assets |
|
|
|||||||||
Other non-current assets |
|
|
|||||||||
TOTAL ASSETS | $ |
|
$ |
|
|||||||
LIABILITIES: | |||||||||||
Accounts payable | $ |
|
$ |
|
|||||||
Accrued liabilities |
|
|
|||||||||
Contract liabilities |
|
|
|||||||||
Short-term borrowings |
|
|
|||||||||
Current portion of long-term debt |
|
|
|||||||||
Current portion of operating leases |
|
|
|||||||||
Liabilities held for sale |
|
|
|||||||||
Total current liabilities |
|
|
|||||||||
Long-term debt |
|
|
|||||||||
Non-current operating leases |
|
|
|||||||||
Deferred compensation |
|
|
|||||||||
Other non-current liabilities |
|
|
|||||||||
TOTAL LIABILITIES |
|
|
|||||||||
Redeemable non-controlling interests (see Note 5) |
|
|
|||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock |
|
|
|||||||||
Additional paid-in capital |
|
|
|||||||||
Retained earnings |
|
|
|||||||||
Accumulated other comprehensive loss, net of tax |
(
|
(
|
|||||||||
|
|
||||||||||
Less: Treasury stock |
|
|
|||||||||
Total IPG stockholders’ equity |
|
|
|||||||||
Non-controlling interests |
|
|
|||||||||
TOTAL STOCKHOLDERS’ EQUITY |
|
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ |
|
$ |
|
Six months ended
June 30, |
|||||||||||
|
2024 | 2023 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ |
|
$ |
|
|||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Deferred income tax |
(
|
(
|
|||||||||
Net amortization of bond discounts and deferred financing costs |
|
|
|||||||||
Net losses on sales of businesses |
|
|
|||||||||
Provision for uncollectible receivables |
|
|
|||||||||
Amortization of restricted stock and other non-cash compensation |
|
|
|||||||||
Depreciation and amortization |
|
|
|||||||||
Other |
|
|
|||||||||
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash: | |||||||||||
Accounts receivable |
|
|
|||||||||
Accounts receivable, billable to clients |
|
(
|
|||||||||
Prepaid expenses |
(
|
(
|
|||||||||
Other current assets |
|
|
|||||||||
Accounts payable |
(
|
(
|
|||||||||
Accrued liabilities |
(
|
(
|
|||||||||
Contract liabilities |
(
|
|
|||||||||
Other non-current assets and liabilities |
(
|
(
|
|||||||||
Net cash used in operating activities |
(
|
(
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures |
(
|
(
|
|||||||||
Net proceeds from sale of businesses, net of cash sold |
(
|
|
|||||||||
Purchase of short-term marketable securities |
(
|
(
|
|||||||||
Acquisitions, net of cash acquired |
|
(
|
|||||||||
Net proceeds from investments |
|
|
|||||||||
Other investing activities |
|
|
|||||||||
Net cash used in investing activities |
(
|
(
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Common stock dividends |
(
|
(
|
|||||||||
Repayment of long-term debt |
(
|
(
|
|||||||||
Repurchases of common stock |
(
|
(
|
|||||||||
Net decrease in short-term borrowings |
(
|
(
|
|||||||||
Tax payments for employee shares withheld |
(
|
(
|
|||||||||
Distributions to non-controlling interests |
(
|
(
|
|||||||||
Acquisition-related payments |
(
|
(
|
|||||||||
Proceeds from long-term debt |
|
|
|||||||||
Other financing activities |
(
|
(
|
|||||||||
Net cash used in financing activities |
(
|
(
|
|||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
(
|
(
|
|||||||||
Net decrease in cash, cash equivalents and restricted cash |
(
|
(
|
|||||||||
Cash, cash equivalents and restricted cash at beginning of period |
|
|
|||||||||
Cash, cash equivalents and restricted cash at end of period | $ |
|
$ |
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss, Net of Tax |
Treasury
Stock |
Total IPG
Stockholders’ Equity |
Non-controlling
Interests |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.33 per share) |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes |
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
(
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2024 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss, Net of Tax |
Treasury
Stock |
Total IPG
Stockholders’ Equity |
Non-controlling
Interests |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.66 per share) |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes |
(
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
(
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2024 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss, Net of Tax |
Treasury
Stock |
Total IPG
Stockholders’ Equity |
Non-controlling
Interests |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.31 per share) |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes |
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Common Stock |
Additional
Paid-In Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss, Net of Tax |
Treasury
Stock |
Total IPG
Stockholders’ Equity |
Non-controlling
Interests |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) |
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.62 per share) |
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes |
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||
Other |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
Total revenue: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International: | |||||||||||||||||||||||
United Kingdom |
|
|
|
|
|||||||||||||||||||
Continental Europe |
|
|
|
|
|||||||||||||||||||
Asia Pacific |
|
|
|
|
|||||||||||||||||||
Latin America |
|
|
|
|
|||||||||||||||||||
Other |
|
|
|
|
|||||||||||||||||||
Total International |
|
|
|
|
|||||||||||||||||||
Total Consolidated | $ |
|
$ |
|
$ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
Revenue before billable expenses: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International: | |||||||||||||||||||||||
United Kingdom |
|
|
|
|
|||||||||||||||||||
Continental Europe |
|
|
|
|
|||||||||||||||||||
Asia Pacific |
|
|
|
|
|||||||||||||||||||
Latin America |
|
|
|
|
|||||||||||||||||||
Other |
|
|
|
|
|||||||||||||||||||
Total International |
|
|
|
|
|||||||||||||||||||
Total Consolidated | $ |
|
$ |
|
$ |
|
$ |
|
MD&E |
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||||||||
Total revenue: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total MD&E | $ |
|
$ |
|
$ |
|
$ |
|
IA&C |
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||||||||
Total revenue: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total IA&C | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total IA&C | $ |
|
$ |
|
$ |
|
$ |
|
SC&E |
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||||||||
Total revenue: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total SC&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
International |
|
|
|
|
|||||||||||||||||||
Total SC&E | $ |
|
$ |
|
$ |
|
$ |
|
June 30,
2024 |
December 31,
2023 |
||||||||||
Accounts receivable, net of allowance of $43.8 and $46.4, respectively | $ |
|
$ |
|
|||||||
Accounts receivable, billable to clients |
|
|
|||||||||
Contract assets |
|
|
|||||||||
Contract liabilities (deferred revenue) |
|
|
Effective
Interest Rate |
June 30,
2024 |
December 31,
2023 |
|||||||||||||||
4.200% Senior Notes due 2024 |
|
$ |
|
$ |
|
||||||||||||
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $0.8 and $1.9, respectively) |
|
|
|
||||||||||||||
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $2.4 and $3.5, respectively) |
|
|
|
||||||||||||||
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.6 and $3.1, respectively) |
|
|
|
||||||||||||||
5.375% Senior Notes due 2033 (less unamortized discount and issuance costs of $3.4 and $2.9, respectively) |
|
|
|
||||||||||||||
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $4.8, respectively) |
|
|
|
||||||||||||||
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.5, respectively) |
|
|
|
||||||||||||||
Other notes payable and finance leases |
|
|
|||||||||||||||
Total long-term debt |
|
|
|||||||||||||||
Less: current portion |
|
|
|||||||||||||||
Long-term debt, excluding current portion | $ |
|
$ |
|
Three Months Ended June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income available to IPG common stockholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average number of common shares outstanding - basic |
|
|
|
|
|||||||||||||||||||
Dilutive effect of stock options and restricted shares |
|
|
|
|
|||||||||||||||||||
Weighted-average number of common shares outstanding - diluted |
|
|
|
|
|||||||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||
Basic | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Diluted | $ |
|
$ |
|
$ |
|
$ |
|
June 30,
2024 |
December 31,
2023 |
||||||||||
Salaries, benefits and related expenses | $ |
|
$ |
|
|||||||
Interest |
|
|
|||||||||
Income taxes payable |
|
|
|||||||||
Office and related expenses |
|
|
|||||||||
Acquisition obligations |
|
|
|||||||||
Restructuring charges |
|
|
|||||||||
Other |
|
|
|||||||||
Total accrued liabilities | $ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net gains/(losses) on sales of businesses | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
Other |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Total other expense, net | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Six months ended
June 30, |
|||||||||||
2024 | 2023 | ||||||||||
Number of shares repurchased |
|
|
|||||||||
Aggregate cost, including fees
1
|
$ |
|
$ |
|
|||||||
Average price per share, including fees | $ |
|
$ |
|
Six months ended
June 30, |
|||||||||||
2024 | 2023 | ||||||||||
Balance at beginning of period | $ |
|
$ |
|
|||||||
Change in related non-controlling interests balance |
|
(
|
|||||||||
Changes in redemption value of redeemable non-controlling interests: | |||||||||||
Additions |
|
|
|||||||||
Redemptions and other
|
(
|
(
|
|||||||||
Redemption value adjustments |
|
|
|||||||||
Currency translation adjustments
|
(
|
|
|||||||||
Balance at end of period | $ |
|
$ |
|
MD&E | IA&C | SC&E | Total | ||||||||||||||||||||
Balance at December 31, 2023 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Goodwill Reallocation |
|
(
|
|
|
|||||||||||||||||||
Balance at January 1, 2024 |
|
|
|
|
|||||||||||||||||||
(Dispositions)/Acquisitions
|
|
(
|
|
(
|
|||||||||||||||||||
Foreign Currency and Other |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Balance at June 30, 2024 | $ |
|
$ |
|
$ |
|
$ |
|
Awards |
Weighted-average
grant-date fair value (per award) |
||||||||||
Restricted stock (units) |
|
$ |
|
||||||||
Performance-based stock (shares) |
|
$ |
|
||||||||
Cash-settled awards
|
|
$ |
|
||||||||
Total stock-based compensation awards |
|
Foreign Currency
Translation Adjustments |
Derivative
Instruments |
Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||
Other comprehensive (loss) income before reclassifications
|
(
|
|
|
(
|
|||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax |
|
(
|
|
|
|||||||||||||||||||||||||
Balance as of June 30, 2024 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
Foreign Currency
Translation Adjustments |
Derivative
Instruments |
Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||||||
Balance as of December 31, 2022 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
Other comprehensive income before reclassifications
|
|
|
|
|
|||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax |
|
(
|
|
|
|||||||||||||||||||
Balance as of June 30, 2023 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
Three months ended
June 30, |
Six months ended
June 30, |
Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | $ |
|
$ |
|
$ |
|
$ |
|
Other expense, net | ||||||||||||||||||||
Net gain on derivative instruments
|
(
|
(
|
(
|
(
|
Other expense, net, Interest expense
|
||||||||||||||||||||||||
Amortization of defined benefit pension and postretirement plan items |
|
|
|
|
Other expense, net | ||||||||||||||||||||||||
Tax effect |
(
|
(
|
(
|
(
|
Provision for income taxes | ||||||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ |
|
$ |
|
$ |
|
$ |
|
Domestic Pension Plan | Foreign Pension Plans | Domestic Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
Settlements |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Unrecognized actuarial losses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net periodic cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Domestic Pension Plan | Foreign Pension Plans | Domestic Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
Settlements |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Unrecognized actuarial losses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net periodic cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Total revenue: | |||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Restructuring
1
:
|
|||||||||||||||||||||||
MD&E | $ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
(
|
|
|
|||||||||||||||||||
Corporate and Other |
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
Segment EBITA
2
:
|
|||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
|||||||||||||||||||
Corporate and Other |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Amortization of acquired intangibles: | |||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
|||||||||||||||||||
Corporate and Other |
|
|
|
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Depreciation and amortization
3
:
|
|||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
|||||||||||||||||||
Corporate and Other |
|
|
|
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
MD&E | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C |
|
|
|
|
|||||||||||||||||||
SC&E |
|
|
|
|
Corporate and Other |
|
|
|
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
June 30,
2024 |
December 31,
2023 |
||||||||||
Total assets: | |||||||||||
MD&E | $ |
|
$ |
|
|||||||
IA&C |
|
|
|||||||||
SC&E |
|
|
|||||||||
Corporate and Other |
|
|
|||||||||
Total | $ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
MD&E EBITA | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
IA&C EBITA |
|
|
|
|
|||||||||||||||||||
SC&E EBITA |
|
|
|
|
|||||||||||||||||||
Corporate and Other EBITA |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Less: consolidated amortization of acquired intangibles |
|
|
|
|
|||||||||||||||||||
Operating income |
|
|
|
|
|||||||||||||||||||
Total (expenses) and other income |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Income before income taxes | $ |
|
$ |
|
$ |
|
$ |
|
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
June 30, 2024 | Balance Sheet Classification | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
Cash and cash equivalents | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Contingent acquisition obligations
1
|
$ |
|
$ |
|
$ |
|
$ |
|
Accrued liabilities and Other non-current liabilities | ||||||||||||||||||||
December 31, 2023 | Balance Sheet Classification | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
Cash and cash equivalents | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Contingent acquisition obligations
1
|
$ |
|
$ |
|
$ |
|
$ |
|
Accrued liabilities and Other non-current liabilities |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
Statement of Operations Data | 2024 | 2023 |
% Increase/
(Decrease) |
2024 | 2023 |
% Increase/
(Decrease) |
|||||||||||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||||||||||||||
Revenue before billable expenses | $ | 2,327.1 | $ | 2,328.5 | (0.1) | % | $ | 4,510.0 | $ | 4,505.4 | 0.1 | % | |||||||||||||||||||||||
Billable expenses | 382.9 | 338.0 | 13.3 | % | 695.9 | 682.1 | 2.0 | % | |||||||||||||||||||||||||||
Total revenue | $ | 2,710.0 | $ | 2,666.5 | 1.6 | % | $ | 5,205.9 | $ | 5,187.5 | 0.4 | % | |||||||||||||||||||||||
OPERATING INCOME | $ | 318.2 | $ | 310.7 | 2.4 | % | $ | 502.4 | $ | 499.0 | 0.7 | % | |||||||||||||||||||||||
Adjusted EBITA
1
|
$ | 338.6 | $ | 331.9 | 2.0 | % | $ | 543.5 | $ | 541.1 | 0.4 | % | |||||||||||||||||||||||
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $ | 214.5 | $ | 265.5 | $ | 324.9 | $ | 391.5 | |||||||||||||||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.57 | $ | 0.69 | $ | 0.86 | $ | 1.01 | |||||||||||||||||||||||||||
Diluted | $ | 0.57 | $ | 0.68 | $ | 0.86 | $ | 1.01 | |||||||||||||||||||||||||||
Operating Ratios | |||||||||||||||||||||||||||||||||||
Organic change in revenue before billable expenses | 1.7 | % | (1.7) | % | 1.5 | % | (0.9) | % | |||||||||||||||||||||||||||
Operating margin on revenue before billable expenses | 13.7 | % | 13.3 | % | 11.1 | % | 11.1 | % | |||||||||||||||||||||||||||
Operating margin on total revenue | 11.7 | % | 11.7 | % | 9.7 | % | 9.6 | % | |||||||||||||||||||||||||||
Adjusted EBITA margin on revenue before billable expenses
1
|
14.6 | % | 14.3 | % | 12.1 | % | 12.0 | % | |||||||||||||||||||||||||||
Expenses as a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Salaries and related expenses | 66.9 | % | 68.7 | % | 69.4 | % | 70.5 | % | |||||||||||||||||||||||||||
Office and other direct expenses | 15.4 | % | 14.6 | % | 15.1 | % | 14.9 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 1.2 | % | 0.6 | % | 1.5 | % | 0.6 | % | |||||||||||||||||||||||||||
Depreciation and amortization | 2.8 | % | 2.9 | % | 2.9 | % | 3.0 | % | |||||||||||||||||||||||||||
Restructuring charges
2
|
0.0 | % | (0.1) | % | 0.0 | % | 0.0 | % | |||||||||||||||||||||||||||
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Three months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,328.5 | $ | (12.7) | $ | (28.9) | $ | 40.2 | $ | 2,327.1 | 1.7 | % | (0.1) | % | |||||||||||||||||||||||||||
Domestic | 1,531.8 | — | (25.9) | 19.6 | 1,525.5 | 1.3 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
International | 796.7 | (12.7) | (3.0) | 20.6 | 801.6 | 2.6 | % | 0.6 | % | ||||||||||||||||||||||||||||||||
United Kingdom | 184.9 | 2.5 | — | 6.3 | 193.7 | 3.4 | % | 4.8 | % | ||||||||||||||||||||||||||||||||
Continental Europe | 192.5 | (2.5) | (3.0) | 12.2 | 199.2 | 6.3 | % | 3.5 | % | ||||||||||||||||||||||||||||||||
Asia Pacific | 177.3 | (5.8) | — | (4.2) | 167.3 | (2.4) | % | (5.6) | % | ||||||||||||||||||||||||||||||||
Latin America | 102.4 | (4.4) | — | 4.2 | 102.2 | 4.1 | % | (0.2) | % | ||||||||||||||||||||||||||||||||
Other | 139.6 | (2.5) | — | 2.1 | 139.2 | 1.5 | % | (0.3) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Six months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Six months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 4,505.4 | $ | (11.1) | $ | (52.3) | $ | 68.0 | $ | 4,510.0 | 1.5 | % | 0.1 | % | |||||||||||||||||||||||||||
Domestic | 3,002.4 | — | (51.8) | 51.2 | 3,001.8 | 1.7 | % | — | % | ||||||||||||||||||||||||||||||||
International | 1,503.0 | (11.1) | (0.5) | 16.8 | 1,508.2 | 1.1 | % | 0.3 | % | ||||||||||||||||||||||||||||||||
United Kingdom | 355.1 | 9.9 | — | 6.7 | 371.7 | 1.9 | % | 4.7 | % | ||||||||||||||||||||||||||||||||
Continental Europe | 356.2 | (1.3) | (3.0) | 26.8 | 378.7 | 7.5 | % | 6.3 | % | ||||||||||||||||||||||||||||||||
Asia Pacific | 336.5 | (11.8) | 2.5 | (17.1) | 310.1 | (5.1) | % | (7.8) | % | ||||||||||||||||||||||||||||||||
Latin America | 187.1 | (4.5) | — | 6.7 | 189.3 | 3.6 | % | 1.2 | % | ||||||||||||||||||||||||||||||||
Other | 268.1 | (3.4) | — | (6.3) | 258.4 | (2.3) | % | (3.6) | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 |
% Increase/
(Decrease) |
2024 | 2023 |
% Increase/
(Decrease) |
||||||||||||||||||||||||||||||
Salaries and related expenses | $ | 1,557.6 | $ | 1,598.6 | (2.6) | % | $ | 3,130.4 | $ | 3,175.9 | (1.4) | % | |||||||||||||||||||||||
As a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Salaries and related expenses | 66.9 | % | 68.7 | % | 69.4 | % | 70.5 | % | |||||||||||||||||||||||||||
Base salaries, benefits and tax | 57.8 | % | 59.4 | % | 60.3 | % | 61.6 | % | |||||||||||||||||||||||||||
Incentive expense | 3.5 | % | 3.4 | % | 3.1 | % | 3.0 | % | |||||||||||||||||||||||||||
Severance expense | 1.5 | % | 1.7 | % | 1.8 | % | 1.6 | % | |||||||||||||||||||||||||||
Temporary help | 3.0 | % | 3.2 | % | 3.2 | % | 3.3 | % | |||||||||||||||||||||||||||
All other salaries and related expenses | 1.1 | % | 1.0 | % | 1.0 | % | 1.0 | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 |
% Increase/
(Decrease) |
2024 | 2023 |
% Increase/
(Decrease) |
||||||||||||||||||||||||||||||
Office and other direct expenses | $ | 358.4 | $ | 340.5 | 5.3 | % | $ | 680.5 | $ | 670.8 | 1.4 | % | |||||||||||||||||||||||
As a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Office and other direct expenses | 15.4 | % | 14.6 | % | 15.1 | % | 14.9 | % | |||||||||||||||||||||||||||
Occupancy expense
|
4.1 | % | 4.2 | % | 4.2 | % | 4.3 | % | |||||||||||||||||||||||||||
All other office and other direct expenses
1
|
11.3 | % | 10.4 | % | 10.9 | % | 10.6 | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cash interest on debt obligations | $ | (56.8) | $ | (54.6) | $ | (119.3) | $ | (103.6) | |||||||||||||||
Non-cash interest | (1.1) | (1.2) | (1.4) | (1.9) | |||||||||||||||||||
Interest expense | (57.9) | (55.8) | (120.7) | (105.5) | |||||||||||||||||||
Interest income | 36.6 | 28.1 | 85.3 | 62.2 | |||||||||||||||||||
Net interest expense | (21.3) | (27.7) | (35.4) | (43.3) | |||||||||||||||||||
Other expense, net | (1.2) | (4.4) | (10.7) | (11.1) | |||||||||||||||||||
Total (expenses) and other income | $ | (22.5) | $ | (32.1) | $ | (46.1) | $ | (54.4) |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net gains/(losses) on sales of businesses | $ | 2.1 | $ | (2.6) | $ | (4.7) | $ | (6.8) | |||||||||||||||
Other | (3.3) | (1.8) | (6.0) | (4.3) | |||||||||||||||||||
Total other expense, net | $ | (1.2) | $ | (4.4) | $ | (10.7) | $ | (11.1) |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
INCOME BEFORE INCOME TAXES | $ | 295.7 | $ | 278.6 | $ | 456.3 | $ | 444.6 | |||||||||||||||
Provision for income taxes | $ | 75.6 | $ | 10.6 | $ | 122.9 | $ | 44.4 |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Three months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,060.9 | $ | (5.7) | $ | — | $ | 8.3 | $ | 1,063.5 | 0.8 | % | 0.2 | % | |||||||||||||||||||||||||||
Domestic | 672.4 | — | — | 5.4 | 677.8 | 0.8 | % | 0.8 | % | ||||||||||||||||||||||||||||||||
International | 388.5 | (5.7) | — | 2.9 | 385.7 | 0.7 | % | (0.7) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Six months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Six months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,026.8 | $ | (5.6) | $ | — | $ | 3.6 | $ | 2,024.8 | 0.2 | % | (0.1) | % | |||||||||||||||||||||||||||
Domestic | 1,309.7 | — | — | 1.6 | 1,311.3 | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||
International | 717.1 | (5.6) | — | 2.0 | 713.5 | 0.3 | % | (0.5) | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Segment EBITA | $ | 181.4 | $ | 144.6 | 25.4 | % | $ | 274.6 | $ | 224.4 | 22.4 | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses | 17.1 | % | 13.6 | % | 13.6 | % | 11.1 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Three months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 908.3 | $ | (6.2) | $ | (19.4) | $ | 27.4 | $ | 910.1 | 3.0 | % | 0.2 | % | |||||||||||||||||||||||||||
Domestic | 607.4 | — | (19.3) | 11.2 | 599.3 | 1.8 | % | (1.3) | % | ||||||||||||||||||||||||||||||||
International | 300.9 | (6.2) | (0.1) | 16.2 | 310.8 | 5.4 | % | 3.3 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Six months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Six months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,778.8 | $ | (6.0) | $ | (36.2) | $ | 54.9 | $ | 1,791.5 | 3.1 | % | 0.7 | % | |||||||||||||||||||||||||||
Domestic | 1,199.7 | — | (38.6) | 38.9 | 1,200.0 | 3.2 | % | 0.0 | % | ||||||||||||||||||||||||||||||||
International | 579.1 | (6.0) | 2.4 | 16.0 | 591.5 | 2.8 | % | 2.1 | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Segment EBITA | $ | 132.7 | $ | 131.0 | 1.3 | % | $ | 240.6 | $ | 229.1 | 5.0 | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses | 14.6 | % | 14.4 | % | 13.4 | % | 12.9 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Three months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 359.3 | $ | (0.8) | $ | (9.5) | $ | 4.5 | $ | 353.5 | 1.3 | % | (1.6) | % | |||||||||||||||||||||||||||
Domestic | 252.0 | — | (6.6) | 3.0 | 248.4 | 1.2 | % | (1.4) | % | ||||||||||||||||||||||||||||||||
International | 107.3 | (0.8) | (2.9) | 1.5 | 105.1 | 1.4 | % | (2.1) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Six months ended
June 30, 2023 |
Foreign
Currency |
Net
Acquisitions/ (Divestitures) |
Organic |
Six months ended
June 30, 2024 |
Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 699.8 | $ | 0.5 | $ | (16.1) | $ | 9.5 | $ | 693.7 | 1.4 | % | (0.9) | % | |||||||||||||||||||||||||||
Domestic | 493.0 | — | (13.2) | 10.7 | 490.5 | 2.2 | % | (0.5) | % | ||||||||||||||||||||||||||||||||
International | 206.8 | 0.5 | (2.9) | (1.2) | 203.2 | (0.6) | % | (1.7) | % |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Segment EBITA | $ | 53.5 | $ | 71.3 | (25.0) | % | $ | 97.4 | $ | 116.5 | (16.4) | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses | 15.1 | % | 19.8 | % | 14.0 | % | 16.6 | % |
Six months ended
June 30, |
|||||||||||
Cash Flow Data | 2024 | 2023 | |||||||||
Net income
|
$ | 333.2 | $ | 400.8 | |||||||
Adjustments to reconcile to net cash used in operating activities
1
|
149.7 | 152.7 | |||||||||
Net cash used in working capital
2
|
(468.7) | (976.4) | |||||||||
Changes in other non-current assets and liabilities | (50.9) | (159.9) | |||||||||
Net cash used in operating activities | $ | (36.7) | $ | (582.8) | |||||||
Net cash used in investing activities | (90.4) | (155.7) | |||||||||
Net cash used in financing activities | (678.3) | (164.5) |
Four Quarters
Ended |
Four Quarters
Ended |
|||||||||||||||||||
Financial Covenant | June 30, 2024 | Credit Agreement EBITDA Reconciliation | June 30, 2024 | |||||||||||||||||
Leverage ratio (not greater than)
1
|
3.50x | Net income available to IPG common stockholders | $ | 1,031.8 | ||||||||||||||||
Actual leverage ratio | 1.63x |
Non-operating adjustments
2
|
454.2 | |||||||||||||||||
Operating income | 1,486.0 | |||||||||||||||||||
Add: | ||||||||||||||||||||
Depreciation and amortization | 319.0 | |||||||||||||||||||
Other non-cash charges reducing operating income | 0.9 | |||||||||||||||||||
Credit Agreement EBITDA
1
|
$ | 1,805.9 |
Moody’s Investors Service | S&P Global Ratings | Fitch Ratings | |||||||||||||||
Short-term rating | P-2 | A-2 | F1 | ||||||||||||||
Long-term rating | Baa2 | BBB | BBB+ | ||||||||||||||
Outlook | Stable | Positive | Stable |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue before billable expenses | $ | 2,327.1 | $ | 2,328.5 | $ | 4,510.0 | $ | 4,505.4 | |||||||||||||||
Adjusted EBITA Reconciliation: | |||||||||||||||||||||||
Net Income Available to IPG Common Stockholders
1
|
$ | 214.5 | $ | 265.5 | $ | 324.9 | $ | 391.5 | |||||||||||||||
Add Back: | |||||||||||||||||||||||
Provision for income taxes | 75.6 | 10.6 | 122.9 | 44.4 | |||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Total (expenses) and other income | (22.5) | (32.1) | (46.1) | (54.4) | |||||||||||||||||||
Equity in net (loss) income of unconsolidated affiliates
|
(0.5) | 0.7 | (0.2) | 0.6 | |||||||||||||||||||
Net income attributable to non-controlling interests | (5.1) | (3.2) | (8.3) | (9.3) | |||||||||||||||||||
Operating Income
1
|
318.2 | 310.7 | 502.4 | 499.0 | |||||||||||||||||||
Add Back: | |||||||||||||||||||||||
Amortization of acquired intangibles | 20.4 | 21.2 | 41.1 | 42.1 | |||||||||||||||||||
Adjusted EBITA
1
|
$ | 338.6 | $ | 331.9 | $ | 543.5 | $ | 541.1 | |||||||||||||||
Adjusted EBITA
Margin on Revenue before billable expenses
|
14.6 | % | 14.3 | % | 12.1 | % | 12.0 | % |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares (or Units) Purchased
1
|
Average Price Paid
per Share (or Unit)
2
|
Total Number of Shares (or Units) Purchased as Part of
Publicly Announced
Plans or Programs
3
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
3
|
||||||||||||||||||||
April 1 - 30 | 168,167 | $ | 32.16 | 165,000 | $ | 332,349,910 | |||||||||||||||||
May 1 - 31 | 1,430,467 | $ | 31.29 | 1,430,000 | $ | 287,605,626 | |||||||||||||||||
June 1 - 30 | 574,783 | $ | 30.60 | 573,000 | $ | 270,066,504 | |||||||||||||||||
Total | 2,173,417 | $ | 31.18 | 2,168,000 |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit No. | Description | ||||||||||
Amended and Restated Credit Agreement, dated as of May 29, 2024, among The Interpublic Group of Companies, Inc., the lenders named therein and Citibank, N.A., as administrative agent, is incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 30, 2024 | |||||||||||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |||||||||||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |||||||||||
Certification of the Chief Executive Officer and the Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350 and Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. | |||||||||||
101 | Interactive Data File for the period ended June 30, 2024. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||||||||
104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document and are included in Exhibit 101. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. | ||||||||
By |
/s/
Philippe Krakowsky
|
|||||||
Philippe Krakowsky
Chief Executive Officer
|
By |
/s/
Christopher F. Carroll
|
|||||||
Christopher F. Carroll
Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
PATRICK Q. MOORE is Chief Executive Officer of the Opry Entertainment Group, a preeminent live entertainment and media company, serving in that role since June of 2023. Prior to that time, Mr. Moore served as Executive Vice President, North American Retail at Carter’s Inc., a global leader in children’s apparel and related products, from 2019 to 2023. At Carter’s he also served as Executive Vice President, Strategy and Global Channels from 2018 to 2019, and Executive Vice President, Strategy and Business Development from 2017 to 2018. From 2013 to 2017, Mr. Moore was Executive Vice President, Chief Strategy Officer with YP Holdings, a portfolio company of Cerberus Capital Management, and one of the largest local digital media businesses in the U.S. Prior to his time at YP Holdings, Mr. Moore spent more than 10 years at McKinsey & Company, a global management consulting firm, serving as a Partner and leader in the firm’s Consumer Practice. Mr. Moore also led McKinsey’s North American Consumer Digital Excellence initiative while with the firm. | |||
MARY J. STEELE GUILFOILE is currently Chair of MG Advisors, Inc., a privately owned financial services merger and acquisitions advisory and consulting firm. From 2000 to 2002, Ms. Guilfoile was Executive Vice President and Corporate Treasurer at JPMorgan Chase & Co. and also served as Chief Administrative Officer of its investment bank. Ms. Guilfoile is a former Partner, CFO and COO of The Beacon Group, LLC, a private equity, strategic advisory and wealth management partnership, from 1996 through 2000. Ms. Guilfoile, a licensed CPA, continues as a Partner of The Beacon Group, LP, a private investment group. | |||
LINDA S. SANFORD is a former Senior Vice President, Enterprise Transformation, International Business Machines Corporation (IBM), a global technology and services company, where she served in that role from January 2003 until her retirement in 2014. Prior to that, Ms. Sanford was senior vice president and group executive, IBM Storage Systems Group. Ms. Sanford joined IBM in 1975. Sanford is a member of the Women in Technology International Hall of Fame and the National Academy of Engineering. In addition, in 2023 Ms. Sanford earned a CERT certificate in Cybersecurity Oversight from the National Association of Corporate Directors. | |||
E. LEE WYATT JR. Mr. Wyatt is a former Executive Vice President of Fortune Brands Home & Security, Inc., a consumer home products company, where he served in that role from July 2017 until his retirement in December 2017. Prior to that, Mr. Wyatt served as Senior Vice President and Chief Financial Officer of Fortune Brands, where he served in that role from 2011 to July 2017. Mr. Wyatt also served as Chief Financial Officer and Executive Vice President of Hanesbrands Inc. (formerly, Sara Lee Branded Apparel) from 2005 to 2011. He has held various financial roles at Sonic Automotive Inc., ultimately serving as Chief Financial Officer through 2005. Mr. Wyatt has more than 40 years of experience working with public and private companies. | |||
JORGE L. BENITEZ retired as Chief Executive, North America of Accenture plc in September 2014, after 33 years of service with the firm, having primary responsibility for Accenture’s business and operations in North America before his retirement. Mr. Benitez also served as Chief Operating Officer, Accenture Products Operating Group from 2006 to 2011, where he was responsible for executing the business strategy and ensuring operational excellence across a wide set of consumer industry groups, including: automotive; air, freight and travel services; industrial equipment; and infrastructure and transportation services. | |||
JONATHAN F. MILLER is the Chief Executive Officer of Integrated Media Co., a special purpose digital media investment company, and began serving in that role in February 2018. Prior to that time, Mr. Miller was a Partner of Advancit Capital, LLC, a venture capital investment fund, from July 2013 through January 2018. Previously, Mr. Miller served as Chairman and Chief Executive of News Corporation’s digital media group and as News Corporation’s Chief Digital Officer from April 2009 until October 2012. Mr. Miller had previously been a founding partner of Velocity Interactive Group (“Velocity”), an investment firm focusing on digital media and the consumer Internet, from its inception in February 2007 until April 2009. Prior to founding Velocity, Mr. Miller served as Chief Executive Officer of AOL LLC (“AOL”) from August 2002 to December 2006. Prior to joining AOL, Mr. Miller served as Chief Executive Officer and President of USA Information and Services, of USA Networks Interactive, a predecessor to IAC/InterActiveCorp. | |||
Qualifications : Ms. Carter-Miller provides the Board with an important perspective in the marketing field, which is a critical component of Interpublic’s business, based on her extensive executive and marketing experience acquired during her time at Motorola, where she served as its Chief Marketing Officer and more recently as Executive Vice President and Chief Marketing Officer of Office Depot, Inc. Her current work as President of TechEdVentures provides the Board with a meaningful voice in keeping Interpublic focused on its corporate social responsibilities. | |||
DAWN HUDSON was Chief Marketing Officer for the National Football League (the “NFL”), serving in that role from October 2014 through April 2018. Previously, she served from 2009 to 2014 as vice chair of The Parthenon Group, an advisory firm focused on strategy consulting. Prior to that time, Ms. Hudson served as President and Chief Executive Officer of Pepsi-Cola North America, or PCNA, the multi-billion dollar refreshment beverage unit of PepsiCo, Inc. in the United States and Canada from 2005 until 2007. From 2002 to 2005, Ms. Hudson served as President of PCNA. In addition, Ms. Hudson served as Chief Executive Officer of the PepsiCo Foodservice Division from 2005 to 2007. Prior to joining PepsiCo, Ms. Hudson was Managing Director at D’Arcy Masius Benton & Bowles, a leading advertising agency based in New York. Ms. Hudson is a former Chair and board member of the Association of National Advertisers (the “ANA”). In 2006 and 2007, she was named among Fortune Magazine’s “50 Most Powerful Women in Business.” In 2002, she received the honor of “Advertising Woman of the Year” by Advertising Women of New York. Ms. Hudson was also inducted into the American Advertising Federation’s Advertising Hall of Achievement, and has been featured twice in Advertising Age’s “Top 50 Marketers.” Ms. Hudson is the former Chair of the Board of the Ladies Professional Golf Association. | |||
DAVID M. THOMAS retired as executive chairman of IMS Health Inc. (“IMS”), a healthcare information, services and technology company, in March 2006, after serving in that position since January 2005. From November 2000 until January 2005, Mr. Thomas served as Chairman and Chief Executive Officer of IMS. Prior to joining IMS, Mr. Thomas was Senior Vice President and Group Executive of IBM from January 1998 to July 2000. Mr. Thomas also serves on the Board of Trustees of Fidelity Investments. |
Name and Principal Position | Year |
Salary ($) |
Bonus ($) |
Stock Awards ($) |
Option
($) |
Non-Equity Incentive Plan Compensation ($) |
Change in
Value and Nonqualified Deferred Compensation Earnings ($) |
All Other Compen- sation ($) |
Total ($) |
|||||||||||||||||||||||||||
Philippe Krakowsky |
|
2023 |
|
|
1,500,000 |
|
|
0 |
|
|
6,663,055 |
|
|
0 |
|
|
6,055,600 |
|
|
38,695 |
|
|
184,010 |
|
|
14,441,360 |
|
|||||||||
Chief Executive Officer |
|
2022 |
|
|
1,500,000 |
|
|
0 |
|
|
5,726,089 |
|
|
0 |
|
|
5,801,165 |
|
|
0 |
|
|
182,188 |
|
|
13,209,442 |
|
|||||||||
|
2021 |
|
|
1,500,000 |
|
|
2,000,000 |
|
|
6,295,623 |
|
|
985,000 |
|
|
6,404,500 |
|
|
0 |
|
|
186,524 |
|
|
17,371,647 |
|
||||||||||
Ellen Johnson |
|
2023 |
|
|
1,000,000 |
|
|
0 |
|
|
2,220,996 |
|
|
0 |
|
|
1,875,000 |
|
|
0 |
|
|
114,263 |
|
|
5,210,259 |
|
|||||||||
EVP and Chief Financial |
|
2022 |
|
|
900,000 |
|
|
650,000 |
|
|
1,749,634 |
|
|
0 |
|
|
2,253,833 |
|
|
0 |
|
|
103,627 |
|
|
5,657,094 |
|
|||||||||
Officer |
|
2021 |
|
|
900,000 |
|
|
500,000 |
|
|
1,690,815 |
|
|
0 |
|
|
2,225,900 |
|
|
0 |
|
|
97,724 |
|
|
5,414,439 |
|
|||||||||
Andrew Bonzani |
|
2023 |
|
|
900,000 |
|
|
0 |
|
|
1,522,978 |
|
|
0 |
|
|
1,580,000 |
|
|
0 |
|
|
105,702 |
|
|
4,108,680 |
|
|||||||||
EVP and General Counsel |
|
2022 |
|
|
900,000 |
|
|
650,000 |
|
|
1,526,938 |
|
|
0 |
|
|
2,133,249 |
|
|
0 |
|
|
87,477 |
|
|
5,297,664 |
|
|||||||||
|
2021 |
|
|
900,000 |
|
|
600,000 |
|
|
1,546,919 |
|
|
0 |
|
|
2,018,416 |
|
|
0 |
|
|
82,174 |
|
|
5,147,509 |
|
||||||||||
Christopher Carroll |
|
2023 |
|
|
700,000 |
|
|
0 |
|
|
539,388 |
|
|
0 |
|
|
690,000 |
|
|
0 |
|
|
83,671 |
|
|
2,013,059 |
|
|||||||||
SVP, Controller and Chief |
|
2022 |
|
|
700,000 |
|
|
250,000 |
|
|
540,773 |
|
|
0 |
|
|
1,018,409 |
|
|
0 |
|
|
65,602 |
|
|
2,574,784 |
|
|||||||||
Accounting Officer |
|
2021 |
|
|
668,750 |
|
|
200,000 |
|
|
539,614 |
|
|
0 |
|
|
1,080,098 |
|
|
0 |
|
|
66,388 |
|
|
2,554,850 |
|
Customers
Customer name | Ticker |
---|---|
The New York Times Company | NYT |
Suppliers
Supplier name | Ticker |
---|---|
Comcast Corporation | CMCSA |
The Walt Disney Company | DIS |
Microsoft Corporation | MSFT |
Fox Corporation | FOXA |
News Corporation | NWSA |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
KRAKOWSKY PHILIPPE | - | 652,748 | 0 |
THOMAS DAVID M | - | 147,817 | 0 |
GUILFOILE MARY | - | 116,402 | 0 |
Bonzani Andrew | - | 70,431 | 0 |
CARROLL CHRISTOPHER F | - | 51,167 | 0 |
Carter-Miller Jocelyn | - | 31,789 | 0 |
HUDSON DAWN E | - | 26,930 | 0 |
Benitez Jorge L. | - | 4,595 | 0 |