The Interpublic Group of Companies, Inc. | ||
(Exact Name of Registrant as Specified in Charter) | ||
Delaware | 1-6686 | 13-1024020 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
909 Third Avenue, New York, New York | 10022 | |
(Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s telephone number, including area code: 212-704-1200 | ||
(Former Name or Former Address, if Changed Since Last Report) |
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 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. | |
Date: July 23, 2019 | By: /s/ Andrew Bonzani |
Name: Andrew Bonzani Title: Executive Vice President, General Counsel and Secretary |
FOR IMMEDIATE RELEASE | New York, NY (July 23, 2019) |
• | Second quarter net revenue increase of 9.1% and organic net revenue increase of 3.0% |
• | First half net revenue increase of 11.0%; organic net revenue increase was 4.6% |
• | Second quarter operating income increase of 6.0% to $264.2 million and EBITA increase of 12.2% to $285.5 million |
• | Second quarter operating margin on net revenue of 12.4%; EBITA margin of 13.4% |
• | Second quarter diluted earnings per share of $0.43 and $0.46 as adjusted, compared with $0.37 and $0.44 as adjusted a year ago |
• | First half diluted earnings per share of $0.41 and $0.57 as adjusted, compared with $0.34 and $0.48 as adjusted a year ago |
• | Management confirms that the company is on track to achieve the high-end of the range of its full-year organic net revenue growth target of 2.0% to 3.0% and reaffirms adjusted EBITA1 margin expansion of 40 to 50 basis points |
• | Second quarter 2019 net revenue increased 9.1% to $2.13 billion, compared to $1.95 billion in the second quarter of 2018, with an organic net revenue increase (excluding results from Acxiom) of 3.0% compared to the prior-year period. Second quarter 2019 total revenue increased 5.4% to $2.52 billion, compared to $2.39 billion in the second quarter of 2018. |
• | First half 2019 net revenue increased 11.0% to $4.13 billion, compared to $3.72 billion in the first half of 2018, with an organic net revenue increase (excluding results from Acxiom) of 4.6% compared to the prior-year period. First half 2019 total revenue increased 7.0% to $4.88 billion, compared to $4.56 billion in the first half of 2018. |
• | Operating income in the second quarter of 2019 was $264.2 million, compared to $249.2 million in 2018. Operating margin on net revenue was 12.4% for the second quarter of 2019, compared to 12.8% in 2018, lower due to increased amortization expense this year from the acquisition of Acxiom. EBITA was $285.5 million in the second quarter of 2019 compared to $254.4 million in 2018. EBITA margin on net revenue was 13.4%, compared to 13.1% in 2018. |
• | Operating income for the first half of 2019 was $314.4 million, compared to $288.0 million in 2018. Operating margin on net revenue was 7.6% for the first half of 2019, compared to 7.7% in 2018, lower due to increased amortization expense this year from the acquisition of Acxiom and restructuring charges in this year's first quarter. EBITA was $357.3 million for the first half of 2019 compared to $298.5 million in 2018. Adjusted EBITA1 excluding $31.8 million of restructuring charges from the first quarter of 2019 was $389.1 million in the first half of 2019 compared to $298.5 million in 2018. Adjusted EBITA margin on net revenue was 9.4%, compared to 8.0% in 2018. |
• | Income tax provision in the second quarter of 2019 was $43.6 million on income before income taxes of $216.5 million. |
• | Second quarter 2019 net income available to IPG common stockholders was $169.5 million, resulting in earnings of $0.44 per basic share and $0.43 per diluted share, and earnings of $0.46 per diluted share as adjusted for after-tax amortization of acquired intangibles of $17.1 million, after-tax loss of $6.1 million on the sales of businesses, and a tax benefit of $13.9 million related to the conclusion and settlement of tax examinations of previous years. This compares to adjusted earnings of $0.44 per diluted share a year ago. |
• | Income tax provision in the first half of 2019 was $54.1 million on income before income taxes of $217.8 million. |
• | First half 2019 net income available to IPG common stockholders was $161.5 million, resulting in earnings of $0.42 per basic share and $0.41 per diluted share, and earnings of $0.57 per diluted share as adjusted for after-tax amortization of acquired intangibles of $34.5 million, after-tax restructuring charges of $24.2 million, after-tax loss of $14.7 million on the sales of businesses, and a tax benefit of $13.9 million related to the conclusion and settlement of tax examinations of previous years. This compares to adjusted earnings of $0.48 per diluted share a year ago. |
• | Refer to reconciliations in the back for more detail. |
• | 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. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS SECOND QUARTER REPORT 2019 AND 2018 (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||
Three Months Ended June 30, | |||||||||||
2019 | 2018 | Fav. (Unfav.) % Variance | |||||||||
Revenue: | |||||||||||
Net Revenue | $ | 2,125.9 | $ | 1,948.2 | 9.1 | % | |||||
Billable Expenses | 394.3 | 443.6 | (11.1 | )% | |||||||
Total Revenue | 2,520.2 | 2,391.8 | 5.4 | % | |||||||
Operating Expenses: | |||||||||||
Salaries and Related Expenses | 1,381.2 | 1,292.9 | (6.8 | )% | |||||||
Office and Other Direct Expenses | 387.3 | 333.3 | (16.2 | )% | |||||||
Billable Expenses | 394.3 | 443.6 | 11.1 | % | |||||||
Cost of Services | 2,162.8 | 2,069.8 | (4.5 | )% | |||||||
Selling, General and Administrative Expenses | 18.1 | 28.8 | 37.2 | % | |||||||
Depreciation and Amortization | 73.0 | 44.0 | (65.9 | )% | |||||||
Restructuring Charges | 2.1 | 0.00 | N/A | ||||||||
Total Operating Expenses | 2,256.0 | 2,142.6 | (5.3 | )% | |||||||
Operating Income | 264.2 | 249.2 | 6.0 | % | |||||||
Expenses and Other Income: | |||||||||||
Interest Expense | (51.6 | ) | (26.1 | ) | |||||||
Interest Income | 7.7 | 4.7 | |||||||||
Other Expense, Net | (3.8 | ) | (16.3 | ) | |||||||
Total (Expenses) and Other Income | (47.7 | ) | (37.7 | ) | |||||||
Income Before Income Taxes | 216.5 | 211.5 | |||||||||
Provision for Income Taxes | 43.6 | 63.6 | |||||||||
Income of Consolidated Companies | 172.9 | 147.9 | |||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (0.1 | ) | |||||||
Net Income | 172.8 | 147.8 | |||||||||
Net Income Attributable to Noncontrolling Interests | (3.3 | ) | (2.0 | ) | |||||||
Net Income Available to IPG Common Stockholders | $ | 169.5 | $ | 145.8 | |||||||
Earnings Per Share Available to IPG Common Stockholders: | |||||||||||
Basic | $ | 0.44 | $ | 0.38 | |||||||
Diluted | $ | 0.43 | $ | 0.37 | |||||||
Weighted-Average Number of Common Shares Outstanding: | |||||||||||
Basic | 386.2 | 383.6 | |||||||||
Diluted | 391.2 | 389.5 | |||||||||
Dividends Declared Per Common Share | $ | 0.235 | $ | 0.210 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS SECOND QUARTER REPORT 2019 AND 2018 (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||
Six months ended June 30, | |||||||||||
2019 | 2018 | Fav. (Unfav.) % Variance | |||||||||
Revenue: | |||||||||||
Net Revenue | $ | 4,130.7 | $ | 3,722.2 | 11.0 | % | |||||
Billable Expenses | 750.7 | 838.7 | (10.5 | )% | |||||||
Total Revenue | 4,881.4 | 4,560.9 | 7.0 | % | |||||||
Operating Expenses: | |||||||||||
Salaries and Related Expenses | 2,802.3 | 2,623.2 | (6.8 | )% | |||||||
Office and Other Direct Expenses | 776.5 | 657.1 | (18.2 | )% | |||||||
Billable Expenses | 750.7 | 838.7 | 10.5 | % | |||||||
Cost of Services | 4,329.5 | 4,119.0 | (5.1 | )% | |||||||
Selling, General and Administrative Expenses | 59.5 | 63.9 | 6.9 | % | |||||||
Depreciation and Amortization | 144.1 | 90.0 | (60.1 | )% | |||||||
Restructuring Charges | 33.9 | 0.00 | N/A | ||||||||
Total Operating Expenses | 4,567.0 | 4,272.9 | (6.9 | )% | |||||||
Operating Income | 314.4 | 288.0 | 9.2 | % | |||||||
Expenses and Other Income: | |||||||||||
Interest Expense | (101.4 | ) | (46.0 | ) | |||||||
Interest Income | 15.5 | 8.7 | |||||||||
Other Expense, Net | (10.7 | ) | (40.7 | ) | |||||||
Total (Expenses) and Other Income | (96.6 | ) | (78.0 | ) | |||||||
Income Before Income Taxes | 217.8 | 210.0 | |||||||||
Provision for Income Taxes | 54.1 | 76.3 | |||||||||
Income of Consolidated Companies | 163.7 | 133.7 | |||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.4 | ) | (2.0 | ) | |||||||
Net Income | 163.3 | 131.7 | |||||||||
Net Income Attributable to Noncontrolling Interests | (1.8 | ) | — | ||||||||
Net Income Available to IPG Common Stockholders | $ | 161.5 | $ | 131.7 | |||||||
Earnings Per Share Available to IPG Common Stockholders: | |||||||||||
Basic | $ | 0.42 | $ | 0.34 | |||||||
Diluted | $ | 0.41 | $ | 0.34 | |||||||
Weighted-Average Number of Common Shares Outstanding: | |||||||||||
Basic | 385.4 | 383.5 | |||||||||
Diluted | 390.1 | 388.9 | |||||||||
Dividends Declared Per Common Share | $ | 0.470 | $ | 0.420 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Settlement of Certain Tax Positions | Adjusted Results | |||||||||||||||
Net Revenue | $ | 2,125.9 | $ | 2,125.9 | |||||||||||||||
Billable Expenses | 394.3 | 394.3 | |||||||||||||||||
Total Revenue | 2,520.2 | 2,520.2 | |||||||||||||||||
Cost of Services | 2,162.8 | 2,162.8 | |||||||||||||||||
Selling, General and Administrative Expenses | 18.1 | 18.1 | |||||||||||||||||
Depreciation and Amortization | 73.0 | $ | 21.3 | 51.7 | |||||||||||||||
Restructuring Charges | 2.1 | 2.1 | |||||||||||||||||
Total Operating Expense | 2,256.0 | 21.3 | 2,234.7 | ||||||||||||||||
Operating Income | 264.2 | (21.3 | ) | 285.5 | |||||||||||||||
Operating Margin on Net Revenue % | 12.4 | % | 13.4 | % | |||||||||||||||
Interest Expense, Net | (43.9 | ) | (43.9 | ) | |||||||||||||||
Other Expense, Net | (3.8 | ) | $ | (6.1 | ) | 2.3 | |||||||||||||
Total (Expenses) and Other Income | (47.7 | ) | (6.1 | ) | (41.6 | ) | |||||||||||||
Income Before Income Taxes | 216.5 | (21.3 | ) | (6.1 | ) | 243.9 | |||||||||||||
Provision for Income Taxes | 43.6 | 4.2 | — | $ | 13.9 | 61.7 | |||||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (0.1 | ) | |||||||||||||||
Net Income Attributable to Noncontrolling Interests | (3.3 | ) | (3.3 | ) | |||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 169.5 | $ | (17.1 | ) | $ | (6.1 | ) | $ | 13.9 | $ | 178.8 | |||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 386.2 | 386.2 | |||||||||||||||||
Dilutive effect of stock options and restricted shares | 5.0 | 5.0 | |||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 391.2 | 391.2 | |||||||||||||||||
Earnings per Share Available to IPG Common Stockholders: | |||||||||||||||||||
Basic | $ | 0.44 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.04 | $ | 0.46 | |||||||
Diluted | $ | 0.43 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.04 | $ | 0.46 | |||||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Q1 2019 Restructuring Charges | Net Losses on Sales of Businesses1 | Settlement of Certain Tax Positions | Adjusted Results | ||||||||||||||||||
Net Revenue | $ | 4,130.7 | $ | 4,130.7 | |||||||||||||||||||
Billable Expenses | 750.7 | 750.7 | |||||||||||||||||||||
Total Revenue | 4,881.4 | 4,881.4 | |||||||||||||||||||||
Cost of Services | 4,329.5 | 4,329.5 | |||||||||||||||||||||
Selling, General and Administrative Expenses | 59.5 | 59.5 | |||||||||||||||||||||
Depreciation and Amortization | 144.1 | $ | 42.9 | 101.2 | |||||||||||||||||||
Restructuring Charges | 33.9 | $ | 31.8 | 2.1 | |||||||||||||||||||
Total Operating Expense | 4,567.0 | 42.9 | 31.8 | 4,492.3 | |||||||||||||||||||
Operating Income | 314.4 | (42.9 | ) | (31.8 | ) | 389.1 | |||||||||||||||||
Operating Margin on Net Revenue % | 7.6 | % | 9.4 | % | |||||||||||||||||||
Interest Expense, Net | (85.9 | ) | (85.9 | ) | |||||||||||||||||||
Other Expense, Net | (10.7 | ) | $ | (14.7 | ) | 4.0 | |||||||||||||||||
Total (Expenses) and Other Income | (96.6 | ) | (14.7 | ) | (81.9 | ) | |||||||||||||||||
Income Before Income Taxes | 217.8 | (42.9 | ) | (31.8 | ) | (14.7 | ) | 307.2 | |||||||||||||||
Provision for Income Taxes | 54.1 | 8.4 | 7.6 | — | $ | 13.9 | 84.0 | ||||||||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.4 | ) | (0.4 | ) | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (1.8 | ) | (1.8 | ) | |||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 161.5 | $ | (34.5 | ) | $ | (24.2 | ) | $ | (14.7 | ) | $ | 13.9 | $ | 221.0 | ||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 385.4 | 385.4 | |||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 4.7 | 4.7 | |||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 390.1 | 390.1 | |||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders: | |||||||||||||||||||||||
Basic | $ | 0.42 | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | 0.04 | $ | 0.57 | ||||||||
Diluted | $ | 0.41 | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | 0.04 | $ | 0.57 | ||||||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS - ADJUSTED EBITA (Amounts in Millions) (UNAUDITED) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Revenue | $ | 2,125.9 | $ | 1,948.2 | $ | 4,130.7 | $ | 3,722.2 | |||||||
EBITA Reconciliation: | |||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 169.5 | $ | 145.8 | $ | 161.5 | $ | 131.7 | |||||||
Add Back: | |||||||||||||||
Provision for Income Taxes | 43.6 | 63.6 | 54.1 | 76.3 | |||||||||||
Subtract: | |||||||||||||||
Total (Expenses) and Other Income | (47.7 | ) | (37.7 | ) | (96.6 | ) | (78.0 | ) | |||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (0.1 | ) | (0.4 | ) | (2.0 | ) | |||||||
Net Income Attributable to Noncontrolling Interests | (3.3 | ) | (2.0 | ) | (1.8 | ) | — | ||||||||
Operating Income | 264.2 | 249.2 | 314.4 | 288.0 | |||||||||||
Add Back: | |||||||||||||||
Amortization of Acquired Intangibles | 21.3 | 5.2 | 42.9 | 10.5 | |||||||||||
EBITA | $ | 285.5 | $ | 254.4 | 357.3 | 298.5 | |||||||||
EBITA Margin on Net Revenue % | 13.4 | % | 13.1 | % | 8.6 | % | 8.0 | % | |||||||
Q1 2019 Restructuring Charges | 31.8 | — | |||||||||||||
Adjusted EBITA | $ | 389.1 | $ | 298.5 | |||||||||||
Adjusted EBITA Margin on Net Revenue % | 9.4 | % | 8.0 | % | |||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Adjusted Results | ||||||||||||
Net Revenue | $ | 1,948.2 | $ | 1,948.2 | |||||||||||
Billable Expenses | 443.6 | 443.6 | |||||||||||||
Total Revenue | 2,391.8 | 2,391.8 | |||||||||||||
Cost of Services | 2,069.8 | 2,069.8 | |||||||||||||
Selling, General, and Administrative Expenses | 28.8 | 28.8 | |||||||||||||
Depreciation and Amortization | 44.0 | $ | 5.2 | 38.8 | |||||||||||
Total Operating Expense | 2,142.6 | 5.2 | 2,137.4 | ||||||||||||
Operating Income | 249.2 | (5.2 | ) | 254.4 | |||||||||||
Operating Margin on Net Revenue % | 12.8 | % | 13.1 | % | |||||||||||
Interest Expense, Net | (21.4 | ) | (21.4 | ) | |||||||||||
Other Expense, Net | (16.3 | ) | $ | (19.8 | ) | 3.5 | |||||||||
Total (Expenses) and Other Income | (37.7 | ) | (19.8 | ) | (17.9 | ) | |||||||||
Income Before Income Taxes | 211.5 | (5.2 | ) | (19.8 | ) | 236.5 | |||||||||
Provision for Income Taxes | 63.6 | 0.2 | — | 63.8 | |||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (0.1 | ) | |||||||||||
Net Income Attributable to Noncontrolling Interests | (2.0 | ) | (2.0 | ) | |||||||||||
Net Income Available to IPG Common Stockholders | $ | 145.8 | $ | (5.0 | ) | $ | (19.8 | ) | $ | 170.6 | |||||
Weighted-Average Number of Common Shares Outstanding - Basic | 383.6 | 383.6 | |||||||||||||
Dilutive effect of stock options and restricted shares | 5.9 | 5.9 | |||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 389.5 | 389.5 | |||||||||||||
Earnings per Share Available to IPG Common Stockholders: | |||||||||||||||
Basic | $ | 0.38 | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.44 | |||||
Diluted | $ | 0.37 | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.44 | |||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Adjusted Results | ||||||||||||
Net Revenue | $ | 3,722.2 | $ | 3,722.2 | |||||||||||
Billable Expenses | 838.7 | 838.7 | |||||||||||||
Total Revenue | 4,560.9 | 4,560.9 | |||||||||||||
Cost of Services | 4,119.0 | 4,119.0 | |||||||||||||
Selling, General, and Administrative Expenses | 63.9 | 63.9 | |||||||||||||
Depreciation and Amortization | 90.0 | $ | 10.5 | 79.5 | |||||||||||
Total Operating Expense | 4,272.9 | 10.5 | 4,262.4 | ||||||||||||
Operating Income | 288.0 | (10.5 | ) | 298.5 | |||||||||||
Operating Margin on Net Revenue % | 7.7 | % | 8.0 | % | |||||||||||
Interest Expense, Net | (37.3 | ) | (37.3 | ) | |||||||||||
Other (Expense) Income, Net | (40.7 | ) | $ | (44.2 | ) | 3.5 | |||||||||
Total (Expenses) and Other Income | (78.0 | ) | (44.2 | ) | (33.8 | ) | |||||||||
Income Before Income Taxes | 210.0 | (10.5 | ) | (44.2 | ) | 264.7 | |||||||||
Provision for Income Taxes | 76.3 | 0.4 | 0.4 | 77.1 | |||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (2.0 | ) | (2.0 | ) | |||||||||||
Net Income Attributable to Noncontrolling Interests | — | — | |||||||||||||
Net Income Available to IPG Common Stockholders | $ | 131.7 | $ | (10.1 | ) | $ | (43.8 | ) | $ | 185.6 | |||||
Weighted-Average Number of Common Shares Outstanding - Basic | 383.5 | 383.5 | |||||||||||||
Dilutive effect of stock options and restricted shares | 5.4 | 5.4 | |||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 388.9 | 388.9 | |||||||||||||
Earnings per Share Available to IPG Common Stockholders: | |||||||||||||||
Basic | $ | 0.34 | $ | (0.03 | ) | $ | (0.11 | ) | $ | 0.48 | |||||
Diluted | $ | 0.34 | $ | (0.03 | ) | $ | (0.11 | ) | $ | 0.48 | |||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
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