(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: | By: /s/ Andrew Bonzani | ||||
Name: Andrew Bonzani Title: Executive Vice President and General Counsel |
FOR IMMEDIATE RELEASE | New York, NY (February 8, 2024) |
APPENDIX | ||
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS FOURTH QUARTER REPORT 2023 AND 2022 (Amounts in Millions except Per Share Data) (UNAUDITED) | ||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
2023 | 2022 | Fav. (Unfav.) % Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenue Before Billable Expenses | $ | 2,586.2 | $ | 2,550.5 | 1.4 | % | ||||||||||||||
Billable Expenses | 437.1 | 435.4 | 0.4 | % | ||||||||||||||||
Total Revenue | 3,023.3 | 2,985.9 | 1.3 | % | ||||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Salaries and Related Expenses | 1,536.9 | 1,556.9 | 1.3 | % | ||||||||||||||||
Office and Other Direct Expenses | 352.9 | 345.3 | (2.2) | % | ||||||||||||||||
Billable Expenses | 437.1 | 435.4 | (0.4) | % | ||||||||||||||||
Cost of Services | 2,326.9 | 2,337.6 | 0.5 | % | ||||||||||||||||
Selling, General and Administrative Expenses | 23.5 | 29.9 | 21.4 | % | ||||||||||||||||
Depreciation and Amortization | 65.3 | 72.1 | 9.4 | % | ||||||||||||||||
Restructuring Charges | 0.8 | 101.7 | 99.2 | % | ||||||||||||||||
Total Operating Expenses | 2,416.5 | 2,541.3 | 4.9 | % | ||||||||||||||||
Operating Income | 606.8 | 444.6 | 36.5 | % | ||||||||||||||||
Expenses and Other Income: | ||||||||||||||||||||
Interest Expense | (61.4) | (46.7) | ||||||||||||||||||
Interest Income | 43.5 | 22.7 | ||||||||||||||||||
Other Income (Expense), Net | 35.0 | (7.8) | ||||||||||||||||||
Total (Expenses) and Other Income | 17.1 | (31.8) | ||||||||||||||||||
Income Before Income Taxes | 623.9 | 412.8 | ||||||||||||||||||
Provision for Income Taxes | 155.3 | 109.2 | ||||||||||||||||||
Income of Consolidated Companies | 468.6 | 303.6 | ||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 3.0 | 2.3 | ||||||||||||||||||
Net Income | 471.6 | 305.9 | ||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (8.4) | (8.7) | ||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 463.2 | $ | 297.2 | ||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders1: | ||||||||||||||||||||
Basic | $ | 1.21 | $ | 0.77 | ||||||||||||||||
Diluted | $ | 1.21 | $ | 0.76 | ||||||||||||||||
Weighted-Average Number of Common Shares Outstanding: | ||||||||||||||||||||
Basic | 381.4 | 387.9 | ||||||||||||||||||
Diluted | 383.4 | 392.1 | ||||||||||||||||||
Dividends Declared Per Common Share | $ | 0.310 | $ | 0.290 | ||||||||||||||||
1 Earnings per share amounts calculated on an unrounded basis. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS ANNUAL REPORT 2023 AND 2022 (Amounts in Millions except Per Share Data) (UNAUDITED) | ||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||
2023 | 2022 | Fav. (Unfav.) % Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenue Before Billable Expenses | $ | 9,400.6 | $ | 9,449.4 | (0.5) | % | ||||||||||||||
Billable Expenses | 1,488.7 | 1,478.4 | 0.7 | % | ||||||||||||||||
Total Revenue | 10,889.3 | 10,927.8 | (0.4) | % | ||||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Salaries and Related Expenses | 6,243.9 | 6,258.3 | 0.2 | % | ||||||||||||||||
Office and Other Direct Expenses | 1,342.5 | 1,346.4 | 0.3 | % | ||||||||||||||||
Billable Expenses | 1,488.7 | 1,478.4 | (0.7) | % | ||||||||||||||||
Cost of Services | 9,075.1 | 9,083.1 | 0.1 | % | ||||||||||||||||
Selling, General and Administrative Expenses | 67.2 | 87.1 | 22.8 | % | ||||||||||||||||
Depreciation and Amortization | 264.3 | 274.0 | 3.5 | % | ||||||||||||||||
Restructuring Charges | 0.1 | 102.4 | 99.9 | % | ||||||||||||||||
Total Operating Expenses | 9,406.7 | 9,546.6 | 1.5 | % | ||||||||||||||||
Operating Income | 1,482.6 | 1,381.2 | 7.3 | % | ||||||||||||||||
Expenses and Other Income: | ||||||||||||||||||||
Interest Expense | (225.6) | (167.9) | ||||||||||||||||||
Interest Income | 140.8 | 56.6 | ||||||||||||||||||
Other Income (Expense), Net | 10.2 | (1.0) | ||||||||||||||||||
Total (Expenses) and Other Income | (74.6) | (112.3) | ||||||||||||||||||
Income Before Income Taxes | 1,408.0 | 1,268.9 | ||||||||||||||||||
Provision for Income Taxes | 291.2 | 318.4 | ||||||||||||||||||
Income of Consolidated Companies | 1,116.8 | 950.5 | ||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 1.3 | 5.6 | ||||||||||||||||||
Net Income | 1,118.1 | 956.1 | ||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (19.7) | (18.1) | ||||||||||||||||||
Net Income Attributable to IPG Common Stockholders | $ | 1,098.4 | $ | 938.0 | ||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders1: | ||||||||||||||||||||
Basic | $ | 2.86 | $ | 2.40 | ||||||||||||||||
Diluted | $ | 2.85 | $ | 2.37 | ||||||||||||||||
Weighted-Average Number of Common Shares Outstanding: | ||||||||||||||||||||
Basic | 384.1 | 391.5 | ||||||||||||||||||
Diluted | 385.9 | 395.1 | ||||||||||||||||||
Dividends Declared Per Common Share | $ | 1.240 | $ | 1.160 | ||||||||||||||||
1 Earnings per share amounts calculated on an unrounded basis. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges | Net Gain on Business Dispositions1 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges 2 | $ | 606.8 | $ | (20.9) | $ | (0.8) | $ | 628.5 | |||||||||||||||||||||
Total (Expenses) and Other Income 3 | 17.1 | $ | 36.8 | (19.7) | |||||||||||||||||||||||||
Income Before Income Taxes | 623.9 | (20.9) | (0.8) | 36.8 | 608.8 | ||||||||||||||||||||||||
Provision for Income Taxes | 155.3 | 4.2 | 0.2 | (7.4) | 152.3 | ||||||||||||||||||||||||
Effective Tax Rate | 24.9 | % | 25.0 | % | |||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 3.0 | 3.0 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (8.4) | (8.4) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 463.2 | $ | (16.7) | $ | (0.6) | $ | 29.4 | $ | 451.1 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 381.4 | 381.4 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 2.0 | 2.0 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 383.4 | 383.4 | |||||||||||||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders4: | |||||||||||||||||||||||||||||
Basic | $ | 1.21 | $ | (0.04) | $ | (0.00) | $ | 0.08 | $ | 1.18 | |||||||||||||||||||
Diluted | $ | 1.21 | $ | (0.04) | $ | (0.00) | $ | 0.08 | $ | 1.18 | |||||||||||||||||||
1 Primarily relates to a net gain as a result of a completed disposition and the classification of certain assets as held for sale. | |||||||||||||||||||||||||||||
2 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
3 Consists of non-operating expenses including interest expense, interest income and other income (expense), net. | |||||||||||||||||||||||||||||
4 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
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 U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges | Net Gain on Businesses Dispositions1 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges 2 | $ | 1,482.6 | $ | (84.0) | $ | (0.1) | $ | 1,566.7 | |||||||||||||||||||||
Total (Expenses) and Other Income 3 | (74.6) | $ | 16.4 | (91.0) | |||||||||||||||||||||||||
Income Before Income Taxes | 1,408.0 | (84.0) | (0.1) | 16.4 | 1,475.7 | ||||||||||||||||||||||||
Provision for Income Taxes | 291.2 | 16.9 | (0.1) | (3.4) | 304.6 | ||||||||||||||||||||||||
Effective Tax Rate | 20.7 | % | 20.6 | % | |||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 1.3 | 1.3 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (19.7) | (19.7) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 1,098.4 | $ | (67.1) | $ | (0.2) | $ | 13.0 | $ | 1,152.7 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 384.1 | 384.1 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 1.8 | 1.8 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 385.9 | 385.9 | |||||||||||||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders4, 5: | |||||||||||||||||||||||||||||
Basic | $ | 2.86 | $ | (0.17) | $ | (0.00) | $ | 0.03 | $ | 3.00 | |||||||||||||||||||
Diluted | $ | 2.85 | $ | (0.17) | $ | (0.00) | $ | 0.03 | $ | 2.99 | |||||||||||||||||||
1 Primarily relates to a net gain as a result of a completed disposition and the classification of certain assets as held for sale, as well as a loss related to the sale of an equity investment. | |||||||||||||||||||||||||||||
2 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
3 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
4 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
5 Basic and diluted earnings per share, both As Reported and Adjusted Results (Non-GAAP), include a positive impact of $0.17 related to the settlement of U.S. Federal Income Tax Audits for the years 2017-2018. | |||||||||||||||||||||||||||||
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 U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions) (UNAUDITED) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue Before Billable Expenses | $ | 2,586.2 | $ | 2,550.5 | $ | 9,400.6 | $ | 9,449.4 | |||||||||||||||
Non-GAAP Reconciliation: | |||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 463.2 | $ | 297.2 | $ | 1,098.4 | $ | 938.0 | |||||||||||||||
Add Back: | |||||||||||||||||||||||
Provision for Income Taxes | 155.3 | 109.2 | 291.2 | 318.4 | |||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Total (Expenses) and Other Income | 17.1 | (31.8) | (74.6) | (112.3) | |||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 3.0 | 2.3 | 1.3 | 5.6 | |||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (8.4) | (8.7) | (19.7) | (18.1) | |||||||||||||||||||
Operating Income | 606.8 | 444.6 | 1,482.6 | 1,381.2 | |||||||||||||||||||
Add Back: | |||||||||||||||||||||||
Amortization of Acquired Intangibles | 20.9 | 22.1 | 84.0 | 84.7 | |||||||||||||||||||
Adjusted EBITA | 627.7 | 466.7 | 1,566.6 | 1,465.9 | |||||||||||||||||||
Adjusted EBITA Margin on Net Revenue % | 24.3 | % | 18.3 | % | 16.7 | % | 15.5 | % | |||||||||||||||
Restructuring Charges | 0.8 | 101.7 | 0.1 | 102.4 | |||||||||||||||||||
Adjusted EBITA before Restructuring Charges | $ | 628.5 | $ | 568.4 | $ | 1,566.7 | $ | 1,568.3 | |||||||||||||||
Adjusted EBITA before Restructuring Charges Margin on Net Revenue % | 24.3 | % | 22.3 | % | 16.7 | % | 16.6 | % | |||||||||||||||
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 U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges | Net Losses on Business Dispositions1 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges 2 | $ | 444.6 | $ | (22.1) | $ | (101.7) | $ | 568.4 | |||||||||||||||||||||
Total (Expenses) and Other Income 3 | (31.8) | $ | (8.3) | (23.5) | |||||||||||||||||||||||||
Income Before Income Taxes | 412.8 | (22.1) | (101.7) | (8.3) | 544.9 | ||||||||||||||||||||||||
Provision for Income Taxes | 109.2 | 4.6 | 26.0 | 0.0 | 139.8 | ||||||||||||||||||||||||
Effective Tax Rate | 26.5 | % | 25.7 | % | |||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 2.3 | 2.3 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (8.7) | (8.7) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 297.2 | $ | (17.5) | $ | (75.7) | $ | (8.3) | $ | 398.7 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 387.9 | 387.9 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 4.2 | 4.2 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 392.1 | 392.1 | |||||||||||||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders 4, 5: | |||||||||||||||||||||||||||||
Basic | $ | 0.77 | $ | (0.05) | $ | (0.20) | $ | (0.02) | $ | 1.03 | |||||||||||||||||||
Diluted | $ | 0.76 | $ | (0.04) | $ | (0.19) | $ | (0.02) | $ | 1.02 | |||||||||||||||||||
1 Primarily relates to losses on complete dispositions of businesses and the classification of certain assets as held for sale, as well as a non-cash loss related to the remeasurement of an equity method investment in which we acquired a controlling interest. | |||||||||||||||||||||||||||||
2 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
3 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
4 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
5 Basic and diluted earnings per share, both As Reported and Adjusted Results (Non-GAAP), include a negative impact of $0.02 related to the net set-up of income tax valuation allowances. | |||||||||||||||||||||||||||||
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 U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges | Net Losses on Business Dispositions1 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges 2 | $ | 1,381.2 | $ | (84.7) | $ | (102.4) | $ | 1,568.3 | |||||||||||||||||||||
Total (Expenses) and Other Income 3 | (112.3) | $ | (3.8) | (108.5) | |||||||||||||||||||||||||
Income Before Income Taxes | 1,268.9 | (84.7) | (102.4) | (3.8) | 1,459.8 | ||||||||||||||||||||||||
Provision for Income Taxes | 318.4 | 17.3 | 25.8 | 0.1 | 361.6 | ||||||||||||||||||||||||
Effective Tax Rate | 25.1 | % | 24.8 | % | |||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 5.6 | 5.6 | |||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (18.1) | (18.1) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 938.0 | $ | (67.4) | $ | (76.6) | $ | (3.7) | $ | 1,085.7 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 391.5 | 391.5 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 3.6 | 3.6 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 395.1 | 395.1 | |||||||||||||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders 4, 5: | |||||||||||||||||||||||||||||
Basic | $ | 2.40 | $ | (0.17) | $ | (0.20) | $ | (0.01) | $ | 2.77 | |||||||||||||||||||
Diluted | $ | 2.37 | $ | (0.17) | $ | (0.19) | $ | (0.01) | $ | 2.75 | |||||||||||||||||||
1 Includes a cash gain related to the sale of an equity investment, offset by losses on complete dispositions of businesses and the classification of certain assets as held for sale, a non-cash loss related to the deconsolidation of a previously consolidated subsidiary in which we maintain an equity interest, and a non-cash loss related to remeasurement of an equity method investment in which we acquired a controlling interest. | |||||||||||||||||||||||||||||
2 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
3 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
4 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
5 Basic and diluted earnings per share, both As Reported and Adjusted Results (Non-GAAP), include a negative impact of $0.02 related to the net set-up of income tax valuation allowances. | |||||||||||||||||||||||||||||
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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