Interpublic Group of Companies Earnings 2019-06-30

IPG 10Q Quarterly Report

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

Balance Sheet	Income Statement	Cash Flow

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, 2019



	☐	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, 2019 was 387,223,208.

INDEX

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018	2
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018	3
	Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018	5
	Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2019 and 2018	6
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 6.	Exhibits	40
INDEX TO EXHIBITS		41
SIGNATURES		42

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:


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


•	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,
	2019			2018			2019			2018
REVENUE:
Net revenue	$	2,125.9		$	1,948.2		$	4,130.7		$	3,722.2
Billable expenses	394.3			443.6			750.7			838.7
Total revenue	2,520.2			2,391.8			4,881.4			4,560.9

OPERATING EXPENSES:
Salaries and related expenses	1,381.2			1,292.9			2,802.3			2,623.2
Office and other direct expenses	387.3			333.3			776.5			657.1
Billable expenses	394.3			443.6			750.7			838.7
Cost of services	2,162.8			2,069.8			4,329.5			4,119.0
Selling, general and administrative expenses	18.1			28.8			59.5			63.9
Depreciation and amortization	73.0			44.0			144.1			90.0
Restructuring charges	2.1			0.0			33.9			0.0
Total operating expenses	2,256.0			2,142.6			4,567.0			4,272.9

OPERATING INCOME	264.2			249.2			314.4			288.0

EXPENSES AND OTHER INCOME:
Interest expense	(51.6		)	(26.1		)	(101.4		)	(46.0		)
Interest income	7.7			4.7			15.5			8.7
Other expense, net	(3.8		)	(16.3		)	(10.7		)	(40.7		)
Total (expenses) and other income	(47.7		)	(37.7		)	(96.6		)	(78.0		)

Income before income taxes	216.5			211.5			217.8			210.0
Provision for income taxes	43.6			63.6			54.1			76.3
Income of consolidated companies	172.9			147.9			163.7			133.7
Equity in net loss of unconsolidated affiliates	(0.1		)	(0.1		)	(0.4		)	(2.0		)
NET INCOME	172.8			147.8			163.3			131.7
Net income attributable to noncontrolling interests	(3.3		)	(2.0		)	(1.8		)	0.0
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS	$	169.5		$	145.8		$	161.5		$	131.7

Earnings per share available to IPG common stockholders:
Basic	$	0.44		$	0.38		$	0.42		$	0.34
Diluted	$	0.43		$	0.37		$	0.41		$	0.34

Weighted-average number of common shares outstanding:
Basic	386.2			383.6			385.4			383.5
Diluted	391.2			389.5			390.1			388.9

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

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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,
	2019			2018			2019			2018
NET INCOME	$	172.8		$	147.8		$	163.3		$	131.7

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation:
Foreign currency translation adjustments	4.2			(116.4		)	12.5			(94.0		)
Reclassification adjustments recognized in net income	4.6			0.9			5.8			13.4
	8.8			(115.5		)	18.3			(80.6		)

Derivative instruments:
Recognition of previously unrealized losses in net income	0.6			0.6			1.2			1.1
Income tax effect	(0.1		)	(0.1		)	(0.2		)	(0.3		)
	0.5			0.5			1.0			0.8

Defined benefit pension and other postretirement plans:
Net actuarial gains (losses) for the period	0.7			(1.4		)	0.7			(1.4		)
Amortization of unrecognized losses, transition obligation and prior service cost included in net income	1.6			2.0			3.3			3.9
Settlement and curtailment losses included in net income	0.0			0.0			0.0			0.2
Other	0.6			(0.5		)	0.3			(0.4		)
Income tax effect	(0.1		)	0.2			(0.2		)	0.1
	2.8			0.3			4.1			2.4
Other comprehensive income (loss), net of tax	12.1			(114.7		)	23.4			(77.4		)
TOTAL COMPREHENSIVE INCOME	184.9			33.1			186.7			54.3
Less: comprehensive income (loss) attributable to noncontrolling interests	3.6			(0.1		)	2.0			(1.8		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO IPG	$	181.3		$	33.2		$	184.7		$	56.1

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

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THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in Millions)

(Unaudited)



	June 30, 2019			December 31, 2018
ASSETS:
Cash and cash equivalents	$	614.0		$	673.4
Accounts receivable, net of allowance of $43.6 and $42.5, respectively	4,389.5			5,126.6
Accounts receivable, billable to clients	1,977.6			1,900.6
Assets held for sale	26.4			5.7
Other current assets	467.9			476.6
Total current assets	7,475.4			8,182.9
Property and equipment, net of accumulated depreciation of $1,103.4 and $1,034.9, respectively	767.1			790.9
Deferred income taxes	297.8			247.0
Goodwill	4,884.1			4,875.9
Other intangible assets	1,052.0			1,094.7
Operating lease right-of-use assets	1,596.5			0.0
Other non-current assets	454.0			428.9
TOTAL ASSETS	$	16,526.9		$	15,620.3

LIABILITIES:
Accounts payable	$	6,022.3		$	6,698.1
Accrued liabilities	626.4			806.9
Contract liabilities	585.2			533.9
Short-term borrowings	207.1			73.7
Current portion of long-term debt	0.3			0.1
Current portion of operating leases	261.0			0.0
Liabilities held for sale	29.0			11.2
Total current liabilities	7,731.3			8,123.9
Long-term debt	3,563.8			3,660.2
Non-current operating leases	1,463.2			0.0
Deferred compensation	401.6			422.7
Other non-current liabilities	720.3			812.8
TOTAL LIABILITIES	13,880.2			13,019.6

Redeemable noncontrolling interests (see Note 5)	188.3			167.9

STOCKHOLDERS’ EQUITY:
Common stock	38.6			38.3
Additional paid-in capital	921.4			895.9
Retained earnings	2,381.8			2,400.1
Accumulated other comprehensive loss, net of tax	(917.9		)	(941.1		)
Total IPG stockholders’ equity	2,423.9			2,393.2
Noncontrolling interests	34.5			39.6
TOTAL STOCKHOLDERS’ EQUITY	2,458.4			2,432.8
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	16,526.9		$	15,620.3

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

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THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Millions) (Unaudited)



	Six months ended June 30,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	163.3		$	131.7
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	144.1			90.0
Provision for uncollectible receivables	6.7			6.1
Amortization of restricted stock and other non-cash compensation	44.1			46.0
Net amortization of bond discounts and deferred financing costs	4.6			2.7
Deferred income tax provision	(3.0		)	(31.0		)
Net losses on sales of businesses	11.8			44.2
Other	2.1			1.9
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash:
Accounts receivable	743.3			238.0
Accounts receivable, billable to clients	(75.4		)	(233.7		)
Other current assets	(62.1		)	(124.6		)
Accounts payable	(676.9		)	(579.3		)
Accrued liabilities	(92.2		)	(175.9		)
Contract liabilities	50.2			38.0
Operating lease right-of-use assets	168.0			0.0
Operating lease liabilities	(164.0		)	0.0
Other non-current assets and liabilities	(65.6		)	(11.8		)
Net cash provided by (used in) operating activities	199.0			(557.7		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(80.1		)	(61.5		)
Acquisitions, net of cash acquired	(0.6		)	(8.5		)
Other investing activities	2.8			12.4
Net cash used in investing activities	(77.9		)	(57.6		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in short-term borrowings	132.3			669.3
Exercise of stock options	0.6			7.0
Repurchases of common stock	0.0			(114.5		)
Common stock dividends	(181.4		)	(161.2		)
Repayment of long-term debt	(100.1		)	(4.7		)
Tax payments for employee shares withheld	(22.0		)	(28.0		)
Acquisition-related payments	(13.0		)	(16.0		)
Distributions to noncontrolling interests	(8.1		)	(10.6		)
Other financing activities	0.0			(0.3		)
Net cash (used in) provided by financing activities	(191.7		)	341.0
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	10.3			(27.5		)
Net decrease in cash, cash equivalents and restricted cash	(60.3		)	(301.8		)
Cash, cash equivalents and restricted cash at beginning of period	677.2			797.7
Cash, cash equivalents and restricted cash at end of period	$	616.9		$	495.9

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

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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 ($0.235 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									0.6						0.6
Shares withheld for taxes	(0.9	)	(0.1		)	(22.2		)							(22.3		)				(22.3		)
Other						(1.0		)	(2.0		)				(3.0		)	1.4			(1.6		)
Balance at June 30, 2019	386.4		$	38.6		$	921.4		$	2,381.8		$	(917.9	)	$	2,423.9		$	34.5		$	2,458.4

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

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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			Treasury Stock			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares		Amount
Balance at March 31, 2018	390.3		$	39.0		$	963.7		$	2,010.5		$	(790.8	)	$	(113.9	)	$	2,108.5		$	31.8		$	2,140.3
Net income									145.8									145.8			2.0			147.8
Other comprehensive loss												(112.6		)				(112.6		)	(2.1		)	(114.7		)
Reclassifications related to redeemable noncontrolling interests																					3.8			3.8
Distributions to noncontrolling interests																					(6.7		)	(6.7		)
Change in redemption value of redeemable noncontrolling interests						41.8			1.4									43.2						43.2
Repurchases of common stock															(59.6		)	(59.6		)				(59.6		)
Common stock dividends ($0.210 per share)									(80.4		)							(80.4		)				(80.4		)
Stock-based compensation	0.2		0.1			17.7												17.8						17.8
Exercise of stock options	0.1		(0.1		)	0.1												0.0						0.0
Shares withheld for taxes	(0.1	)	0.0			(0.5		)										(0.5		)				(0.5		)
Other						0.1			(0.6		)							(0.5		)	1.1			0.6
Balance at June 30, 2018	390.5		$	39.0		$	1,022.9		$	2,076.7		$	(903.4	)	$	(173.5	)	$	2,061.7		$	29.9		$	2,091.6



	Common Stock					Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss, Net of Tax			Treasury Stock			Total IPG Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
	Shares		Amount
Balance at December 31, 2017	386.2		$	38.6		$	955.2		$	2,104.5		$	(827.8	)	$	(59.0	)	$	2,211.5		$	34.8		$	2,246.3
Net income									131.7									131.7			0.0			131.7
Other comprehensive loss												(75.6		)				(75.6		)	(1.8		)	(77.4		)
Reclassifications related to redeemable noncontrolling interests																					6.3			6.3
Distributions to noncontrolling interests																					(10.6		)	(10.6		)
Change in redemption value of redeemable noncontrolling interests						41.8			2.9									44.7						44.7
Repurchases of common stock															(114.5		)	(114.5		)				(114.5		)
Common stock dividends ($0.210 per share)									(161.2		)							(161.2		)				(161.2		)
Stock-based compensation	4.6		0.5			48.0												48.5						48.5
Exercise of stock options	0.9		0.0			7.0												7.0						7.0
Shares withheld for taxes	(1.2	)	(0.1		)	(28.5		)										(28.6		)				(28.6		)
Other						(0.6		)	(1.2		)							(1.8		)	1.2			(0.6		)
Balance at June 30, 2018	390.5		$	39.0		$	1,022.9		$	2,076.7		$	(903.4	)	$	(173.5	)	$	2,061.7		$	29.9		$	2,091.6

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

Table of Contents

Notes to Consolidated Financial Statements

(Amounts in Millions, Except Per Share Amounts)

(Unaudited)

Note 1: Basis of Presentation

The unaudited Consolidated Financial Statements have been prepared by The Interpublic Group of Companies, Inc. and its subsidiaries (the "Company," "IPG," "we," "us" or "our") in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for reporting interim financial information on Form 10-Q. Accordingly, they do not include certain information and disclosures required for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires us to make judgments, assumptions and estimates that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with our 2018 Annual Report on Form 10-K.

Cost of services is comprised of the expenses of our revenue-producing operating segments, Integrated Agency Networks ("IAN") and Constituency Management Group ("CMG"), including salaries and related expenses, office and other direct expenses and billable expenses, and includes an allocation of the centrally managed expenses of our Corporate and other group. Office and other direct expenses include rent expense, professional fees, certain expenses incurred by our staff in servicing our clients and other costs directly attributable to client engagements.

Selling, general and administrative expenses are primarily the unallocated expenses of our Corporate and other group, excluding depreciation and amortization.

Depreciation and amortization of fixed assets and intangible assets of the Company is disclosed as a separate operating expense.

Restructuring charges relate to the Company's implementation of a cost initiative to better align our cost structure with our revenue, as discussed further in Note 9.

In the opinion of management, these unaudited Consolidated Financial Statements include all adjustments, consisting only of normal and recurring adjustments necessary for a fair statement of the information for each period contained therein. Certain reclassifications and immaterial revisions have been made to prior-period financial statements to conform to the current-period presentation.

Note 2: Revenue

Disaggregation of Revenue

We have two reportable segments as of June 30, 2019: IAN and CMG, as further discussed in Note 13. IAN principally generates revenue from providing advertising and media services as well as a comprehensive array of global communications and marketing services. CMG generates revenue from providing events and public relations services as well as sports and entertainment marketing, corporate and brand identity, and strategic marketing consulting.

Our agencies are located in over 110 countries, including every significant world market. Our geographic revenue breakdown is listed below.



	Three months ended June 30,				Six months ended June 30,
Total revenue:	2019		2018		2019		2018
United States	$	1,595.1	$	1,445.7	$	3,130.2	$	2,796.4
International:
United Kingdom	209.8		201.6		416.0		406.0
Continental Europe	209.4		205.1		388.2		386.8
Asia Pacific	258.2		304.2		490.6		535.7
Latin America	101.8		92.5		191.1		172.5
Other	145.9		142.7		265.3		263.5
Total International	925.1		946.1		1,751.2		1,764.5
Total Consolidated	$	2,520.2	$	2,391.8	$	4,881.4	$	4,560.9

Table of Contents

Notes to Consolidated Financial Statements – (continued)

(Amounts in Millions, Except Per Share Amounts)

(Unaudited)



	Three months ended June 30,				Six months ended June 30,
Net revenue:	2019		2018		2019		2018
United States	$	1,337.7	$	1,171.5	$	2,651.8	$	2,263.8
International:
United Kingdom	180.4		175.7		350.7		339.2
Continental Europe	183.3		178.7		340.1		337.4
Asia Pacific	205.1		214.2		383.1		393.0
Latin America	92.1		82.0		172.4		155.9

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$22.94	387	$8,880

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-07-23	Earnings, Exhibits
8-K	2019-07-23	Earnings, Exhibits
8-K	2019-06-12	Officers, Exhibits
8-K	2019-05-23	Shareholder Vote
8-K	2019-04-26	Earnings, Exhibits
8-K	2019-04-26	Earnings, Exhibits
8-K	2019-02-19	Earnings, Exhibits
8-K	2019-02-13	Earnings, Exhibits
8-K	2018-11-13	Other Events
8-K	2018-10-19	Earnings, Exhibits
8-K	2018-10-19	Earnings, Exhibits
8-K	2018-10-01	Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K	2018-09-18	Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K	2018-07-27	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2018-07-24	Earnings, Exhibits
8-K	2018-07-24	Earnings, Exhibits
8-K	2018-07-02	Enter Agreement, Regulation FD, Exhibits
8-K	2018-05-24	Shareholder Vote
8-K	2018-04-27	Earnings, Exhibits
8-K	2018-04-23	Regulation FD, Exhibits
8-K	2018-02-14	Earnings, Exhibits

WBA	Walgreens Boots Alliance	48,970
BEN	Franklin Resources	17,120
ARE	Alexandria Real Estate Equities	15,900
DPLO	Diplomat Pharmacy	437
JMEI	Jumei	305
MFAC	Megalith Financial Acquisition	211
LYTS	LSI Industries	91
C471	Nestor Partners	0
KONA	Kona Grill	0
INND	Innerscope Hearing Technologies	0

EX-10.(III)(A)(2)	a10iiia2.htm
EX-10.(III)(A)(3)	a10iiia3.htm
EX-10.(III)(A)(4)	a10iiia4.htm
EX-10.(III)(A)(5)	a10iiia5.htm
EX-10.(III)(A)(6)	a10iiia6.htm
EX-10.(III)(A)(7)	a10iiia7.htm
EX-31.1	ipgq2201910qex311.htm
EX-31.2	ipgq2201910qex312.htm
EX-32	ipgq2201910qex32.htm