(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
THE INTERPUBLIC GROUP OF COMPANIES, INC. | |
Date: October 22, 2019 | By: /s/ Andrew Bonzani |
Name: Andrew Bonzani Title: Executive Vice President, General Counsel and Secretary |
FOR IMMEDIATE RELEASE | New York, NY (October 22, 2019) |
• | Third quarter net revenue increase of 8.7% and organic net revenue increase of 1.4% |
• | First nine months net revenue increase of 10.2%; organic net revenue increase of 3.5% |
• | Third quarter operating income increase of 7.1% to $280.3 million and adjusted EBITA1 increase of 8.7% to $302.0 million |
• | Third quarter operating margin on net revenue of 13.6%; EBITA margin of 14.7% |
• | Third quarter diluted earnings per share of $0.42 and $0.49 as adjusted, compared with $0.41 and $0.49 as adjusted a year ago |
• | First nine months diluted earnings per share of $0.84 and $1.05 as adjusted, compared with $0.75 and $0.97 as adjusted a year ago |
• | Management confirms the company’s 2019 full year financial targets of organic growth at the high-end of the 2.0% to 3.0% range and adjusted EBITA1 margin expansion of 40 to 50 basis points |
• | Third quarter 2019 net revenue increased 8.7% to $2.06 billion, compared to $1.90 billion in the third quarter of 2018, with an organic net revenue increase (excluding results from Acxiom) of 1.4% compared to the prior-year period. Third quarter 2019 total revenue increased 6.1% to $2.44 billion, compared to $2.30 billion in the third quarter of 2018. |
• | First nine months 2019 net revenue increased 10.2% to $6.19 billion, compared to $5.62 billion in the first nine months of 2018, with an organic net revenue increase (excluding results from Acxiom) of 3.5% compared to the prior-year period. First nine months 2019 total revenue increased 6.7% to $7.32 billion, compared to $6.86 billion in the first nine months of 2018. |
• | Operating income in the third quarter of 2019 was $280.3 million, compared to $261.7 million in 2018. Operating margin on net revenue was 13.6% for the third quarter of 2019 as compared to 13.8% in 2018 due to increased amortization expense this year from the acquisition of Acxiom. EBITA was $302.0 million in the third quarter of 2019 compared to adjusted EBITA1 of $277.8 million in the prior-year period, as adjusted for Acxiom transaction costs of $11.0 million. EBITA margin on net revenue of 14.7% remained flat compared to adjusted EBITA1 margin for the same period in 2018. |
• | Operating income for the first nine months of 2019 was $594.7 million, compared to $549.7 million in 2018. Operating margin on net revenue was 9.6% for the first nine months of 2019 as compared to 9.8% in 2018 due to increased amortization expense this year from the acquisition of Acxiom and restructuring charges in this year's first quarter. Adjusted EBITA1 excluding $31.8 million of restructuring charges from the first quarter of 2019 was $691.1 million in the first nine months of 2019 compared to $577.7 million as adjusted for Acxiom transaction costs of $12.4 million in 2018. Adjusted EBITA1 margin on net revenue was 11.2%, compared to 10.3% in 2018. |
• | Income tax provision in the third quarter of 2019 was $64.6 million on income before income taxes of $232.7 million. |
• | Third quarter 2019 net income available to IPG common stockholders was $165.6 million, resulting in earnings of $0.43 per basic share and $0.42 per diluted share, and earnings of $0.49 per diluted share as adjusted for after-tax amortization of acquired intangibles of $17.5 million and an after-tax loss of $7.7 million on the sales of businesses. This compares to adjusted earnings of $0.49 per diluted share a year ago. |
• | Income tax provision in the first nine months of 2019 was $118.7 million on income before income taxes of $450.5 million. |
• | First nine months 2019 net income available to IPG common stockholders was $327.1 million, resulting in earnings of $0.85 per basic share and $0.84 per diluted share, and earnings of $1.05 per diluted share as adjusted for after-tax amortization of acquired intangibles of $52.0 million, after-tax restructuring charges of $24.2 million from the first quarter of 2019, an after-tax loss of $22.3 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 $0.97 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 THIRD QUARTER REPORT 2019 AND 2018 (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||
Three Months Ended September 30, | |||||||||||
2019 | 2018 | Fav. (Unfav.) % Variance | |||||||||
Revenue: | |||||||||||
Net Revenue | $ | 2,061.4 | $ | 1,895.7 | 8.7 | % | |||||
Billable Expenses | 376.7 | 401.8 | (6.2 | )% | |||||||
Total Revenue | 2,438.1 | 2,297.5 | 6.1 | % | |||||||
Operating Expenses: | |||||||||||
Salaries and Related Expenses | 1,334.4 | 1,251.4 | (6.6 | )% | |||||||
Office and Other Direct Expenses | 367.9 | 317.0 | (16.1 | )% | |||||||
Billable Expenses | 376.7 | 401.8 | 6.2 | % | |||||||
Cost of Services | 2,079.0 | 1,970.2 | (5.5 | )% | |||||||
Selling, General and Administrative Expenses | 9.8 | 21.6 | 54.6 | % | |||||||
Depreciation and Amortization | 69.0 | 44.0 | (56.8 | )% | |||||||
Total Operating Expenses | 2,157.8 | 2,035.8 | (6.0 | )% | |||||||
Operating Income | 280.3 | 261.7 | 7.1 | % | |||||||
Expenses and Other Income: | |||||||||||
Interest Expense | (49.7 | ) | (27.6 | ) | |||||||
Interest Income | 9.5 | 5.3 | |||||||||
Other Expense, Net | (7.4 | ) | (15.3 | ) | |||||||
Total (Expenses) and Other Income | (47.6 | ) | (37.6 | ) | |||||||
Income Before Income Taxes | 232.7 | 224.1 | |||||||||
Provision for Income Taxes | 64.6 | 60.7 | |||||||||
Income of Consolidated Companies | 168.1 | 163.4 | |||||||||
Equity in Net Income of Unconsolidated Affiliates | 0.3 | 0.1 | |||||||||
Net Income | 168.4 | 163.5 | |||||||||
Net Income Attributable to Noncontrolling Interests | (2.8 | ) | (2.5 | ) | |||||||
Net Income Available to IPG Common Stockholders | $ | 165.6 | $ | 161.0 | |||||||
Earnings Per Share Available to IPG Common Stockholders: | |||||||||||
Basic | $ | 0.43 | $ | 0.42 | |||||||
Diluted | $ | 0.42 | $ | 0.41 | |||||||
Weighted-Average Number of Common Shares Outstanding: | |||||||||||
Basic | 386.7 | 382.6 | |||||||||
Diluted | 391.8 | 388.4 | |||||||||
Dividends Declared Per Common Share | $ | 0.235 | $ | 0.210 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS THIRD QUARTER REPORT 2019 AND 2018 (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||
Nine months ended September 30, | |||||||||||
2019 | 2018 | Fav. (Unfav.) % Variance | |||||||||
Revenue: | |||||||||||
Net Revenue | $ | 6,192.1 | $ | 5,617.9 | 10.2 | % | |||||
Billable Expenses | 1,127.4 | 1,240.5 | (9.1 | )% | |||||||
Total Revenue | 7,319.5 | 6,858.4 | 6.7 | % | |||||||
Operating Expenses: | |||||||||||
Salaries and Related Expenses | 4,136.7 | 3,874.6 | (6.8 | )% | |||||||
Office and Other Direct Expenses | 1,144.4 | 974.1 | (17.5 | )% | |||||||
Billable Expenses | 1,127.4 | 1,240.5 | 9.1 | % | |||||||
Cost of Services | 6,408.5 | 6,089.2 | (5.2 | )% | |||||||
Selling, General and Administrative Expenses | 69.3 | 85.5 | 18.9 | % | |||||||
Depreciation and Amortization | 213.1 | 134.0 | (59.0 | )% | |||||||
Restructuring Charges | 33.9 | 0.0 | N/A | ||||||||
Total Operating Expenses | 6,724.8 | 6,308.7 | (6.6 | )% | |||||||
Operating Income | 594.7 | 549.7 | 8.2 | % | |||||||
Expenses and Other Income: | |||||||||||
Interest Expense | (151.1 | ) | (73.6 | ) | |||||||
Interest Income | 25.0 | 14.0 | |||||||||
Other Expense, Net | (18.1 | ) | (56.0 | ) | |||||||
Total (Expenses) and Other Income | (144.2 | ) | (115.6 | ) | |||||||
Income Before Income Taxes | 450.5 | 434.1 | |||||||||
Provision for Income Taxes | 118.7 | 137.0 | |||||||||
Income of Consolidated Companies | 331.8 | 297.1 | |||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (1.9 | ) | |||||||
Net Income | 331.7 | 295.2 | |||||||||
Net Income Attributable to Noncontrolling Interests | (4.6 | ) | (2.5 | ) | |||||||
Net Income Available to IPG Common Stockholders | $ | 327.1 | $ | 292.7 | |||||||
Earnings Per Share Available to IPG Common Stockholders: | |||||||||||
Basic | $ | 0.85 | $ | 0.76 | |||||||
Diluted | $ | 0.84 | $ | 0.75 | |||||||
Weighted-Average Number of Common Shares Outstanding: | |||||||||||
Basic | 385.8 | 383.2 | |||||||||
Diluted | 390.3 | 388.4 | |||||||||
Dividends Declared Per Common Share | $ | 0.705 | $ | 0.630 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Adjusted Results | ||||||||||||
Net Revenue | $ | 2,061.4 | $ | 2,061.4 | |||||||||||
Billable Expenses | 376.7 | 376.7 | |||||||||||||
Total Revenue | 2,438.1 | 2,438.1 | |||||||||||||
Cost of Services | 2,079.0 | 2,079.0 | |||||||||||||
Selling, General and Administrative Expenses | 9.8 | 9.8 | |||||||||||||
Depreciation and Amortization | 69.0 | $ | 21.7 | 47.3 | |||||||||||
Total Operating Expense | 2,157.8 | 21.7 | 2,136.1 | ||||||||||||
Operating Income | 280.3 | (21.7 | ) | 302.0 | |||||||||||
Operating Margin on Net Revenue % | 13.6 | % | 14.7 | % | |||||||||||
Interest Expense, Net | (40.2 | ) | (40.2 | ) | |||||||||||
Other Expense, Net | (7.4 | ) | $ | (7.7 | ) | 0.3 | |||||||||
Total (Expenses) and Other Income | (47.6 | ) | (7.7 | ) | (39.9 | ) | |||||||||
Income Before Income Taxes | 232.7 | (21.7 | ) | (7.7 | ) | 262.1 | |||||||||
Provision for Income Taxes | 64.6 | 4.2 | — | 68.8 | |||||||||||
Equity in Net Income of Unconsolidated Affiliates | 0.3 | 0.3 | |||||||||||||
Net Income Attributable to Noncontrolling Interests | (2.8 | ) | (2.8 | ) | |||||||||||
Net Income Available to IPG Common Stockholders | $ | 165.6 | $ | (17.5 | ) | $ | (7.7 | ) | $ | 190.8 | |||||
Weighted-Average Number of Common Shares Outstanding - Basic | 386.7 | 386.7 | |||||||||||||
Dilutive effect of stock options and restricted shares | 5.1 | 5.1 | |||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 391.8 | 391.8 | |||||||||||||
Earnings per Share Available to IPG Common Stockholders2: | |||||||||||||||
Basic | $ | 0.43 | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.49 | |||||
Diluted | $ | 0.42 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.49 | |||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||
2 Earnings per share may not add due to rounding. | |||||||||||||||
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) | |||||||||||||||||||||||
Nine Months Ended September 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 | $ | 6,192.1 | $ | 6,192.1 | |||||||||||||||||||
Billable Expenses | 1,127.4 | 1,127.4 | |||||||||||||||||||||
Total Revenue | 7,319.5 | 7,319.5 | |||||||||||||||||||||
Cost of Services | 6,408.5 | 6,408.5 | |||||||||||||||||||||
Selling, General and Administrative Expenses | 69.3 | 69.3 | |||||||||||||||||||||
Depreciation and Amortization | 213.1 | $ | 64.6 | 148.5 | |||||||||||||||||||
Restructuring Charges | 33.9 | $ | 31.8 | 2.1 | |||||||||||||||||||
Total Operating Expense | 6,724.8 | 64.6 | 31.8 | 6,628.4 | |||||||||||||||||||
Operating Income | 594.7 | (64.6 | ) | (31.8 | ) | 691.1 | |||||||||||||||||
Operating Margin on Net Revenue % | 9.6 | % | 11.2 | % | |||||||||||||||||||
Interest Expense, Net | (126.1 | ) | (126.1 | ) | |||||||||||||||||||
Other Expense, Net | (18.1 | ) | $ | (22.3 | ) | 4.2 | |||||||||||||||||
Total (Expenses) and Other Income | (144.2 | ) | (22.3 | ) | (121.9 | ) | |||||||||||||||||
Income Before Income Taxes | 450.5 | (64.6 | ) | (31.8 | ) | (22.3 | ) | 569.2 | |||||||||||||||
Provision for Income Taxes | 118.7 | 12.6 | 7.6 | — | $ | 13.9 | 152.8 | ||||||||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (0.1 | ) | (0.1 | ) | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (4.6 | ) | (4.6 | ) | |||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 327.1 | $ | (52.0 | ) | $ | (24.2 | ) | $ | (22.3 | ) | $ | 13.9 | $ | 411.7 | ||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 385.8 | 385.8 | |||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 4.5 | 4.5 | |||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 390.3 | 390.3 | |||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders2: | |||||||||||||||||||||||
Basic | $ | 0.85 | $ | (0.13 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | 0.04 | $ | 1.07 | ||||||||
Diluted | $ | 0.84 | $ | (0.13 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | 0.04 | $ | 1.05 | ||||||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||||||
2 Earnings per share may not add due to rounding. | |||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Revenue | $ | 2,061.4 | $ | 1,895.7 | $ | 6,192.1 | $ | 5,617.9 | |||||||
EBITA Reconciliation: | |||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 165.6 | $ | 161.0 | $ | 327.1 | $ | 292.7 | |||||||
Add Back: | |||||||||||||||
Provision for Income Taxes | 64.6 | 60.7 | 118.7 | 137.0 | |||||||||||
Subtract: | |||||||||||||||
Total (Expenses) and Other Income | (47.6 | ) | (37.6 | ) | (144.2 | ) | (115.6 | ) | |||||||
Equity in Net Income (Loss) of Unconsolidated Affiliates | 0.3 | 0.1 | (0.1 | ) | (1.9 | ) | |||||||||
Net Income Attributable to Noncontrolling Interests | (2.8 | ) | (2.5 | ) | (4.6 | ) | (2.5 | ) | |||||||
Operating Income | 280.3 | 261.7 | 594.7 | 549.7 | |||||||||||
Add Back: | |||||||||||||||
Amortization of Acquired Intangibles | 21.7 | 5.1 | 64.6 | 15.6 | |||||||||||
EBITA | $ | 302.0 | $ | 266.8 | $ | 659.3 | $ | 565.3 | |||||||
EBITA Margin on Net Revenue % | 14.7 | % | 14.1 | % | 10.6 | % | 10.1 | % | |||||||
Q1 2019 Restructuring Charges | — | — | 31.8 | — | |||||||||||
Acxiom Transaction Costs | — | 11.0 | — | 12.4 | |||||||||||
Adjusted EBITA | $ | 302.0 | $ | 277.8 | $ | 691.1 | $ | 577.7 | |||||||
Adjusted EBITA Margin on Net Revenue % | 14.7 | % | 14.7 | % | 11.2 | % | 10.3 | % | |||||||
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 September 30, 2018 | |||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Acxiom Transaction Costs | Adjusted Results | |||||||||||||||
Net Revenue | $ | 1,895.7 | $ | 1,895.7 | |||||||||||||||
Billable Expenses | 401.8 | 401.8 | |||||||||||||||||
Total Revenue | 2,297.5 | 2,297.5 | |||||||||||||||||
Cost of Services | 1,970.2 | 1,970.2 | |||||||||||||||||
Selling, General, and Administrative Expenses | 21.6 | $ | 11.0 | 10.6 | |||||||||||||||
Depreciation and Amortization | 44.0 | $ | 5.1 | 38.9 | |||||||||||||||
Total Operating Expense | 2,035.8 | 5.1 | 11.0 | 2,019.7 | |||||||||||||||
Operating Income | 261.7 | (5.1 | ) | (11.0 | ) | 277.8 | |||||||||||||
Operating Margin on Net Revenue % | 13.8 | % | 14.7 | % | |||||||||||||||
Interest Expense, Net | (22.3 | ) | (3.3 | ) | (19.0 | ) | |||||||||||||
Other Expense, Net | (15.3 | ) | $ | (5.8 | ) | (10.3 | ) | 0.8 | |||||||||||
Total (Expenses) and Other Income | (37.6 | ) | (5.8 | ) | (13.6 | ) | (18.2 | ) | |||||||||||
Income Before Income Taxes | 224.1 | (5.1 | ) | (5.8 | ) | (24.6 | ) | 259.6 | |||||||||||
Provision for Income Taxes | 60.7 | 0.2 | 0.7 | 6.2 | 67.8 | ||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 0.1 | 0.1 | |||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (2.5 | ) | (2.5 | ) | |||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 161.0 | $ | (4.9 | ) | $ | (5.1 | ) | $ | (18.4 | ) | $ | 189.4 | ||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 382.6 | 382.6 | |||||||||||||||||
Dilutive effect of stock options and restricted shares | 5.8 | 5.8 | |||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 388.4 | 388.4 | |||||||||||||||||
Earnings per Share Available to IPG Common Stockholders2: | |||||||||||||||||||
Basic | $ | 0.42 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.49 | ||||||
Diluted | $ | 0.41 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.49 | ||||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||
2 Earnings per share may not add due to rounding. | |||||||||||||||||||
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) | |||||||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Net Losses on Sales of Businesses1 | Acxiom Transaction Costs | Adjusted Results | |||||||||||||||
Net Revenue | $ | 5,617.9 | $ | 5,617.9 | |||||||||||||||
Billable Expenses | 1,240.5 | 1,240.5 | |||||||||||||||||
Total Revenue | 6,858.4 | 6,858.4 | |||||||||||||||||
Cost of Services | 6,089.2 | 6,089.2 | |||||||||||||||||
Selling, General, and Administrative Expenses | 85.5 | $ | 12.4 | 73.1 | |||||||||||||||
Depreciation and Amortization | 134.0 | $ | 15.6 | 118.4 | |||||||||||||||
Total Operating Expense | 6,308.7 | 15.6 | 12.4 | 6,280.7 | |||||||||||||||
Operating Income | 549.7 | (15.6 | ) | (12.4 | ) | 577.7 | |||||||||||||
Operating Margin on Net Revenue % | 9.8 | % | 10.3 | % | |||||||||||||||
Interest Expense, Net | (59.6 | ) | (3.3 | ) | (56.3 | ) | |||||||||||||
Other (Expense) Income, Net | (56.0 | ) | $ | (50.0 | ) | (10.3 | ) | 4.3 | |||||||||||
Total (Expenses) and Other Income | (115.6 | ) | (50.0 | ) | (13.6 | ) | (52.0 | ) | |||||||||||
Income Before Income Taxes | 434.1 | (15.6 | ) | (50.0 | ) | (26.0 | ) | 525.7 | |||||||||||
Provision for Income Taxes | 137.0 | 0.6 | 1.1 | 6.5 | 145.2 | ||||||||||||||
Equity in Net Loss of Unconsolidated Affiliates | (1.9 | ) | (1.9 | ) | |||||||||||||||
Net Income Attributable to Noncontrolling Interests | (2.5 | ) | (2.5 | ) | |||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 292.7 | $ | (15.0 | ) | $ | (48.9 | ) | $ | (19.5 | ) | $ | 376.1 | ||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 383.2 | 383.2 | |||||||||||||||||
Dilutive effect of stock options and restricted shares | 5.2 | 5.2 | |||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 388.4 | 388.4 | |||||||||||||||||
Earnings per Share Available to IPG Common Stockholders2: | |||||||||||||||||||
Basic | $ | 0.76 | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | 0.98 | ||||||
Diluted | $ | 0.75 | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | 0.97 | ||||||
1 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||
2 Earnings per share may not add due to rounding. | |||||||||||||||||||
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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