Interpublic Group of Companies Earnings 2020-06-30

Interpublic Group of Companies Earnings 2020-06-30

IPG 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q



	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020



	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 1-6686

THE INTERPUBLIC GROUP OF COMPANIES, INC.

(Exact name of registrant as specified in its charter)



Delaware		13-1024020
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

909 Third Avenue, New York, New York 10022

(Address of principal executive offices) (Zip Code)

(212)704-1200

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	IPG	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

The number of shares of the registrant’s common stock outstanding as of July 15, 2020 was 389,922,896.

INDEX

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019	2
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019	3
	Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019	5
	Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019	6
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44
Item 4.	Controls and Procedures	44

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 5.	Other Information	46
Item 6.	Exhibits	46
INDEX TO EXHIBITS		47
SIGNATURES		48

INFORMATION REGARDING FORWARD-LOOKING DISCLOSURE

This quarterly report on Form 10-Q contains forward-looking statements. Statements in this report that are not historical facts, including statements about management’s beliefs and expectations, constitute forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue” or comparable terminology are intended to identify forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined under Item 1A, Risk Factors, in our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:


•	the effects of a challenging economy on the demand for our advertising and marketing services, on our clients’ financial condition and on our business or financial condition;


•	the outbreak of the novel coronavirus (COVID-19), including the measures to contain its spread, and the impact on the economy and demand for our services, which may precipitate or exacerbate other risks and uncertainties;


•	our ability to attract new clients and retain existing clients;


•	our ability to retain and attract key employees;


•	risks associated with assumptions we make in connection with our critical accounting estimates, including changes in assumptions associated with any effects of a weakened economy;


•	potential adverse effects if we are required to recognize impairment charges or other adverse accounting-related developments;


•	risks associated with the effects of global, national and regional economic and political conditions, including counterparty risks and fluctuations in economic growth rates, interest rates and currency exchange rates;


•	developments from changes in the regulatory and legal environment for advertising and marketing and communications services companies around the world; and


•	failure to realize the anticipated benefits on the acquisition of the Acxiom business.

Investors should carefully consider these factors and the additional risk factors outlined in more detail under Item 1A, Risk Factors, in our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in Millions, Except Per Share Amounts)

(Unaudited)



	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
REVENUE:
Net revenue	$	1,853.4		$	2,125.9		$	3,825.5		$	4,130.7
Billable expenses	172.3			394.3			560.0			750.7
Total revenue	2,025.7			2,520.2			4,385.5			4,881.4

OPERATING EXPENSES:
Salaries and related expenses	1,306.1			1,381.2			2,728.9			2,802.3
Office and other direct expenses	317.0			387.3			695.2			776.5
Billable expenses	172.3			394.3			560.0			750.7
Cost of services	1,795.4			2,162.8			3,984.1			4,329.5
Selling, general and administrative expenses	4.1			18.1			26.5			59.5
Depreciation and amortization	73.1			73.0			145.9			144.1
Restructuring charges	112.6			2.1			112.6			33.9
Total operating expenses	1,985.2			2,256.0			4,269.1			4,567.0

OPERATING INCOME	40.5			264.2			116.4			314.4

EXPENSES AND OTHER INCOME:
Interest expense	(49.8		)	(51.6		)	(94.6		)	(101.4		)
Interest income	5.9			7.7			16.6			15.5
Other expense, net	(21.5		)	(3.8		)	(43.3		)	(10.7		)
Total (expenses) and other income	(65.4		)	(47.7		)	(121.3		)	(96.6		)

(Loss) Income before income taxes	(24.9		)	216.5			(4.9		)	217.8
Provision for income taxes	19.0			43.6			36.2			54.1
(Loss) Income of consolidated companies	(43.9		)	172.9			(41.1		)	163.7
Equity in net loss of unconsolidated affiliates	0.0			(0.1		)	(0.2		)	(0.4		)
NET (LOSS) INCOME	(43.9		)	172.8			(41.3		)	163.3
Net (income) loss attributable to noncontrolling interests	(1.7		)	(3.3		)	0.4			(1.8		)
NET (LOSS) INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS	$	(45.6	)	$	169.5		$	(40.9	)	$	161.5

(Loss) Earnings per share available to IPG common stockholders:
Basic	$	(0.12	)	$	0.44		$	(0.11	)	$	0.42
Diluted	$	(0.12	)	$	0.43		$	(0.11	)	$	0.41

Weighted-average number of common shares outstanding:
Basic	389.4			386.2			388.5			385.4
Diluted	389.4			391.2			388.5			390.1

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in Millions)

(Unaudited)



	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
NET (LOSS) INCOME	$	(43.9	)	$	172.8		$	(41.3	)	$	163.3

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation:
Foreign currency translation adjustments	42.8			4.2			(104.8		)	12.5
Reclassification adjustments recognized in net (loss) income	3.3			4.6			(0.3		)	5.8
	46.1			8.8			(105.1		)	18.3
Derivative instruments:
Changes in fair value of derivative instruments	(0.5		)	0.0			(0.9		)	0.0
Recognition of previously unrealized losses in net (loss) income	0.6			0.6			1.2			1.2
Income tax effect	0.0			(0.1		)	(0.1		)	(0.2		)
	0.1			0.5			0.2			1.0
Defined benefit pension and other postretirement plans:
Net actuarial gains for the period	2.2			0.7			2.2			0.7
Amortization of unrecognized losses, transition obligation and prior service cost included in net (loss) income	1.8			1.6			3.7			3.3
Other	(0.1		)	0.6			(1.4		)	0.3
Income tax effect	(0.9		)	(0.1		)	(1.2		)	(0.2		)
	3.0			2.8			3.3			4.1
Other comprehensive income (loss), net of tax	49.2			12.1			(101.6		)	23.4
TOTAL COMPREHENSIVE INCOME (LOSS)	5.3			184.9			(142.9		)	186.7
Less: comprehensive income (loss) attributable to noncontrolling interests	1.3			3.6			(2.9		)	2.0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPG	$	4.0		$	181.3		$	(140.0	)	$	184.7

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in Millions)

(Unaudited)



	June 30, 2020			December 31, 2019
ASSETS:
Cash and cash equivalents	$	1,085.4		$	1,192.2
Accounts receivable, net of allowance of $81.3 and $40.2, respectively	3,146.6			5,209.2
Accounts receivable, billable to clients	1,463.7			1,934.1
Assets held for sale	26.6			22.8
Other current assets	492.0			412.4
Total current assets	6,214.3			8,770.7
Property and equipment, net of accumulated depreciation and amortization of $1,163.7 and $1,116.4, respectively	717.8			778.1
Deferred income taxes	287.7			252.1
Goodwill	4,842.4			4,894.4
Other intangible assets	968.1			1,014.3
Operating lease right-of-use assets	1,435.8			1,574.4
Other non-current assets	430.8			467.9
TOTAL ASSETS	$	14,896.9		$	17,751.9

LIABILITIES:
Accounts payable	$	4,328.1		$	7,205.4
Accrued liabilities	599.3			742.8
Contract liabilities	557.6			585.6
Short-term borrowings	51.9			52.4
Current portion of long-term debt	503.0			502.0
Current portion of operating leases	258.5			267.2
Liabilities held for sale	68.1			65.0
Total current liabilities	6,366.5			9,420.4
Long-term debt	3,411.7			2,771.9
Non-current operating leases	1,347.7			1,429.6
Deferred compensation	375.5			425.0
Other non-current liabilities	749.2			714.7
TOTAL LIABILITIES	12,250.6			14,761.6

Redeemable noncontrolling interests (see Note 5)	155.2			164.7

STOCKHOLDERS’ EQUITY:
Common stock	38.9			38.7
Additional paid-in capital	996.3			977.3
Retained earnings	2,444.3			2,689.9
Accumulated other comprehensive loss, net of tax	(1,029.1		)	(930.0		)
Total IPG stockholders’ equity	2,450.4			2,775.9
Noncontrolling interests	40.7			49.7
TOTAL STOCKHOLDERS’ EQUITY	2,491.1			2,825.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	14,896.9		$	17,751.9

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Millions)

(Unaudited)



	Six months ended June 30,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(41.3	)	$	163.3
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	145.9			144.1
Provision for uncollectible receivables	39.4			6.7
Amortization of restricted stock and other non-cash compensation	35.8			44.1
Net amortization of bond discounts and deferred financing costs	5.3			4.6
Deferred income tax provision	(21.1		)	(3.0		)
Net losses on sales of businesses	43.2			11.8
Non-cash restructuring charges	67.6			11.7
Other	11.6			(1.0		)
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash:
Accounts receivable	1,871.2			743.3
Accounts receivable, billable to clients	418.9			(75.4		)
Other current assets	(75.0		)	(62.1		)
Accounts payable	(2,731.4		)	(676.9		)
Accrued liabilities	(109.4		)	(92.2		)
Contract liabilities	(10.8		)	50.2
Other non-current assets and liabilities	(14.1		)	(70.2		)
Net cash (used in) provided by operating activities	(364.2		)	199.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(71.9		)	(80.1		)
Acquisitions, net of cash acquired	(2.5		)	(0.6		)
Other investing activities	(18.9		)	2.8
Net cash used in investing activities	(93.3		)	(77.9		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt	646.2			0.0
Net increase in short-term borrowings	2.5			132.3
Exercise of stock options	0.0			0.6
Common stock dividends	(199.2		)	(181.4		)
Acquisition-related payments	(32.3		)	(13.0		)
Tax payments for employee shares withheld	(21.8		)	(22.0		)
Distributions to noncontrolling interests	(9.4		)	(8.1		)
Repayment of long-term debt	(0.1		)	(100.1		)
Other financing activities	(8.2		)	0.0
Net cash provided by (used in) financing activities	377.7			(191.7		)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(28.9		)	10.3
Net decrease in cash, cash equivalents and restricted cash	(108.7		)	(60.3		)
Cash, cash equivalents and restricted cash at beginning of period	1,195.7			677.2
Cash, cash equivalents and restricted cash at end of period	$	1,087.0		$	616.9

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts in Millions)

(Unaudited)



	Common Stock					Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares		Amount			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance at March 31, 2020	389.5		$	38.9		$	981.2		$	2,591.1		$	(1,078.7	)	$	2,532.5		$	42.7		$	2,575.2
Net (loss) income									(45.6		)				(45.6		)	1.7			(43.9		)
Other comprehensive income (loss)												49.6			49.6			(0.4		)	49.2
Reclassifications related to redeemable noncontrolling interests																		0.2			0.2
Distributions to noncontrolling interests																		(3.8		)	(3.8		)
Change in redemption value of redeemable noncontrolling interests									—						—						—
Common stock dividends ($0.255 per share)									(101.2		)				(101.2		)				(101.2		)
Stock-based compensation	0.2		0.1			15.5									15.6						15.6
Exercise of stock options	0.0		0.0			0.2									0.2						0.2
Shares withheld for taxes	(0.1	)	(0.1		)	(0.6		)							(0.7		)				(0.7		)
Other																		0.3			0.3
Balance at June 30, 2020	389.6		$	38.9		$	996.3		$	2,444.3		$	(1,029.1	)	$	2,450.4		$	40.7		$	2,491.1



	Common Stock					Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares		Amount
Balance at December 31, 2019	387.0		$	38.7		$	977.3		$	2,689.9		$	(930.0	)	$	2,775.9		$	49.7		$	2,825.6
Cumulative effect of accounting change									(6.6		)				(6.6		)				(6.6		)
Net loss									(40.9		)				(40.9		)	(0.4		)	(41.3		)
Other comprehensive loss												(99.1		)	(99.1		)	(2.5		)	(101.6		)
Reclassifications related to redeemable noncontrolling interests																		3.0			3.0
Distributions to noncontrolling interests																		(9.4		)	(9.4		)
Change in redemption value of redeemable noncontrolling interests									3.1						3.1						3.1
Common stock dividends ($0.510 per share)									(201.2		)				(201.2		)				(201.2		)
Stock-based compensation	3.6		0.4			40.6									41.0						41.0
Exercise of stock options	0.0		0.0			0.4									0.4						0.4
Shares withheld for taxes	(1.0	)	(0.2		)	(22.0		)							(22.2		)				(22.2		)
Other																		0.3			0.3
Balance at June 30, 2020	389.6		$	38.9		$	996.3		$	2,444.3		$	(1,029.1	)	$	2,450.4		$	40.7		$	2,491.1

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts in Millions)

(Unaudited)



	Common Stock					Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares		Amount			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance at March 31, 2019	386.2		$	38.6		$	903.3		$	2,303.1		$	(929.7	)	$	2,315.3		$	39.3		$	2,354.6
Net income									169.5						169.5			3.3			172.8
Other comprehensive income												11.8			11.8			0.3			12.1
Reclassifications related to redeemable noncontrolling interests																		(3.0		)	(3.0		)
Distributions to noncontrolling interests																		(5.6		)	(5.6		)
Change in redemption value of redeemable noncontrolling interests									1.1						1.1						1.1
Common stock dividends ($0.235 per share)									(90.8		)				(90.8		)				(90.8		)
Stock-based compensation	0.2		0.1			18.3									18.4						18.4
Exercise of stock options	0.1		0.0			0.0									0.0						0.0
Shares withheld for taxes	(0.1	)	(0.1		)	(0.2		)							(0.3		)				(0.3		)
Other						0.0			(1.1		)				(1.1		)	0.2			(0.9		)
Balance at June 30, 2019	386.4		$	38.6		$	921.4		$	2,381.8		$	(917.9	)	$	2,423.9		$	34.5		$	2,458.4



	Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2018	383.6	$	38.3	$	895.9	$	2,400.1		$	(941.1	)	$	2,393.2		$	39.6		$	2,432.8
Cumulative effect of accounting change						2.2						2.2						2.2
Net income						161.5						161.5			1.8			163.3
Other comprehensive income									23.2			23.2			0.2			23.4
Reclassifications related to redeemable noncontrolling interests															(0.4		)	(0.4		)
Distributions to noncontrolling interests															(8.1		)	(8.1		)
Change in redemption value of redeemable noncontrolling interests						1.4						1.4						1.4
Common stock dividends ($0.470 per share)						(181.4		)				(181.4		)				(181.4		)
Stock-based compensation	3.6	0.4		48.1								48.5						48.5
Exercise of stock options	0.1	0.0		0.6

Price	21.30	EPS	2
Shares	392	P/E	12
MCap	8,345	P/FCF	20
Net Debt	2,846	EBIT	1,008
TEV	11,192	TEV/EBIT	11
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-06-30	Filed 2020-07-31
10-Q	2020-03-31	Filed 2020-04-23
10-K	2019-12-31	Filed 2020-02-21
10-Q	2019-09-30	Filed 2019-10-25
10-Q	2019-06-30	Filed 2019-07-25
10-Q	2019-03-31	Filed 2019-04-26
10-K	2018-12-31	Filed 2019-02-25
10-Q	2018-09-30	Filed 2018-10-25
10-Q	2018-06-30	Filed 2018-07-25
10-Q	2018-03-31	Filed 2018-04-27
10-K	2017-12-31	Filed 2018-02-26
10-Q	2017-09-30	Filed 2017-10-26
10-Q	2017-06-30	Filed 2017-07-27
10-Q	2017-03-31	Filed 2017-04-21
10-K	2016-12-31	Filed 2017-02-21
10-Q	2016-09-30	Filed 2016-10-27
10-Q	2016-06-30	Filed 2016-07-28
10-Q	2016-03-31	Filed 2016-04-22
10-K	2015-12-31	Filed 2016-02-22
10-Q	2015-09-30	Filed 2015-10-22
10-Q	2015-06-30	Filed 2015-07-23
10-Q	2015-03-31	Filed 2015-04-24
10-K	2014-12-31	Filed 2015-02-23
10-Q	2014-09-30	Filed 2014-10-23
10-Q	2014-06-30	Filed 2014-07-24
10-Q	2014-03-31	Filed 2014-04-23
10-K	2013-12-31	Filed 2014-02-24
10-Q	2013-09-30	Filed 2013-10-24
10-Q	2013-06-30	Filed 2013-07-25
10-Q	2013-03-31	Filed 2013-04-25
10-K	2012-12-31	Filed 2013-02-22
10-Q	2012-06-30	Filed 2012-07-26
10-Q	2012-03-31	Filed 2012-04-26
10-K	2011-12-31	Filed 2012-02-24
10-Q	2011-09-30	Filed 2011-10-28
10-Q	2011-06-30	Filed 2011-07-28
10-Q	2011-03-31	Filed 2011-04-28
10-K	2010-12-31	Filed 2011-02-25
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-07-29
10-Q	2010-03-31	Filed 2010-04-29
10-K	2009-12-31	Filed 2010-02-26

8-K	2020-07-29	Earnings, Exhibits
8-K	2020-07-29	Earnings, Exhibits
8-K	2020-05-27
8-K	2020-05-27
8-K	2020-04-22
8-K	2020-04-22
8-K	2020-03-26
8-K	2020-03-26
8-K	2020-02-12
8-K	2020-02-12
8-K	2019-11-01
8-K	2019-10-22
8-K	2019-10-22
8-K	2019-10-15
8-K	2019-09-09
8-K	2019-07-23
8-K	2019-07-23
8-K	2019-06-12
8-K	2019-05-23
8-K	2019-04-26
8-K	2019-04-26
8-K	2019-02-19
8-K	2019-02-13
8-K	2018-11-13
8-K	2018-10-19
8-K	2018-10-19
8-K	2018-10-01
8-K	2018-09-18
8-K	2018-07-27
8-K	2018-07-24
8-K	2018-07-24
8-K	2018-07-02
8-K	2018-05-24
8-K	2018-04-27
8-K	2018-04-27
8-K	2018-04-23
8-K	2018-02-14
8-K	2018-02-14

EX-10.1	a101-ellenjohnsonemplo.htm
EX-10.2	a102-amendmentno1tothe.htm
EX-10.3	a103-amendmentno1tothe.htm
EX-31.1	ipgq2202010qex311.htm
EX-31.2	ipgq2202010qex312.htm
EX-32	ipgq2202010qex32.htm

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company