<SEC-DOCUMENT>0000051644-22-000041.txt : 20230215
<SEC-HEADER>0000051644-22-000041.hdr.sgml : 20230215
<ACCEPTANCE-DATETIME>20221005132342
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000051644-22-000041
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERPUBLIC GROUP OF COMPANIES, INC.
		CENTRAL INDEX KEY:			0000051644
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				131024020
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		909 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-704-1200

	MAIL ADDRESS:	
		STREET 1:		909 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPUBLIC GROUP OF COMPANIES INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCCANN ERICKSON INC
		DATE OF NAME CHANGE:	19710715
</SEC-HEADER>
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<title>Document</title></head><body><div id="ic8a32c7494874da28a5813519df62b3e_1"></div><div style="min-height:53.28pt;width:100%"><div><font><br></font></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.559%"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><img alt="image_0a.jpg" src="image_0a.jpg" style="height:49px;margin-bottom:5pt;vertical-align:text-bottom;width:104px"></div><div style="margin-top:0.1pt"><font><br></font></div><div style="margin-top:0.05pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">October 5, 2022</font></div><div style="margin-top:0.45pt"><font><br></font></div><div><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Mr. Tony Watson</font></div><div style="margin-top:0.25pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Division of Corporation Finance</font></div><div style="margin-top:0.25pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:118%">United States Securities and Exchange Commission </font></div><div><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:118%">Washington, D.C. 20549-7010</font></div><div style="margin-top:4.1pt;padding-left:22pt;padding-right:21.95pt;text-align:justify;text-indent:20.95pt"><font><br></font></div></div><div style="display:inline-block;max-width:2.880%;min-width:1.880%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.561%"><div style="padding-left:45pt;text-align:justify"><font style="color:#003b75;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">Christopher Carroll</font></div><div style="padding-left:45pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">Senior Vice President and Chief Accounting Officer</font></div><div style="padding-left:45pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">Interpublic Group</font></div><div style="padding-left:45pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">909 Third Avenue New York, NY 10022</font></div><div style="padding-left:45pt;text-align:justify"><font><br></font></div><div style="padding-left:45pt;text-align:justify"><font style="color:#0000ff;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">www.interpublic.com</font></div><div style="padding-left:45pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:7pt;font-weight:400;line-height:117%">(646) 417-1255</font></div></div></div><div><font><br></font></div><div style="margin-top:0.2pt"><font><br></font></div><div style="margin-top:5pt;padding-left:22pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Re&#58;&#160;&#160;&#160;&#160;The Interpublic Group of Companies, Inc.</font></div><div style="margin-top:0.25pt;padding-left:58pt;padding-right:63.65pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:118%">Form 10-K for the Fiscal year Ended December 31, 2021 Filed February 22, 2022</font></div><div style="padding-left:58pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:118%">Form 8-K Filed February 10, 2022</font></div><div style="padding-left:58.5pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Response dated September 9, 2022</font></div><div style="margin-top:0.25pt;padding-left:58pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">File No. 001-06686</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Dear Mr. Watson&#58;</font></div><div style="margin-top:0.45pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:117%">By letter dated September 19, 2022, the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) provided certain additional comments to the response letter filed with the Staff on September 9, 2022 (the &#8220;September 9 Letter&#8221;) related to the Annual Report on Form 10-K of The Interpublic Group of Companies, Inc. (the &#8220;Company,&#8221; &#34;IPG,&#34; the &#34;agency,&#34; or &#8220;we&#8221;) for the fiscal year ended December 31, 2021, filed on February 22, 2022 and the Current Report on Form 8-K, furnished on February 10, 2022. This letter sets forth our responses to these comments. For convenience, we have reproduced the comment below in italics and have provided our response immediately below.</font></div><div style="margin-top:0.05pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">Form 10-K for Fiscal Year Ended December 31, 2021</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, page 19</font></div><div style="margin-top:0.2pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">1. We note your response to comment 1. Please identify &#34;Credit Agreement EBITDA&#34; as a non-GAAP measure or explain why you do not believe the measure represents a non-GAAP measure. Refer to Item 10(e) of Regulation S-K.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In future filings, we will clearly identify Credit Agreement EBITDA as a non-GAAP measure in consideration of Item 10(e) of Regulation S-K. We have updated the below statement, previously provided to the Staff in our September 9 Letter, to make such identification&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8220;We were in compliance with all of our covenants in the Credit Agreement as of &#91;date of current form 10-K or 10-Q&#93;. Management utilizes Credit Agreement </font></div><div style="height:35.28pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:53.28pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">EBITDA, which is a non-GAAP financial measure, as well as the amounts shown in the table below, calculated as required by the Credit Agreement, in order to assess our compliance with such covenants.&#8221;</font></div><div style="text-align:justify;text-indent:18pt"><font><br></font></div><div style="text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">2. We have reviewed your response to comment 2 but continue to believe that your presentation of operating expense ratios based on revenue before billable expenses is not appropriate. Please revise to eliminate the presentation of operating expenses as a percentage of revenues before billable expenses. Please note that we will not object to your presentation of segment EBITA and segment EBITA margin as a percentage of revenue before billable expenses since this is your segment measure of profitability as long as no totals or subtotals for your combined segment operations are provided.</font></div><div style="text-align:justify;text-indent:18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In future filings, we will expand our Management's Discussion and Analysis of Financial Condition and Results of Operations to first include the presentation of operating expense ratios based on total revenue, including a discussion of any significant fluctuations, prior to the presentation of operating expense ratios based on revenue before billable expenses. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">As previously detailed in our September 9 Letter, operating expense ratios based on revenue before billable expenses are used internally by management to manage the business, measure financial performance, set budgets and pay incentives due to the close correlation between operating expenses and revenue before billable expenses. Examples of key internal presentations or processes in which we utilize and rely on metrics developed solely on revenue before billable expense include, but are not limited to, the following&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:11.05pt">Annual budget and quarterly results provided by our management to our Board of Directors and Audit Committee&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:11.05pt">Monthly reviews by our Chief Operating Decision Maker&#59; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:11.05pt">Financial planning process &#8211; internal budgets and forecasts developed by our networks and agencies&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:11.05pt">Incentive compensation &#8211; incentive targets and achievement of results reviewed and approved by the Board of Directors and Compensation Committee. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">We do not use expense ratios based on total revenue because they are very variable due to the billable expense component in total revenue and do not believe changes in billable expenses have any impact on our results of operations. As a result, neither total revenue nor any metric based on total revenue is used or measured in any of the Company&#8217;s internal metrics or included within our various materials presented to management or the Board of Directors. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Correspondingly, we provide guidance to our investors solely based on revenue before billable expenses, and our external analysts consider operating expense ratios based on revenue before billable expenses to be the most important and transparent metrics in their evaluation of our financial performance and financial prospects. Therefore, in order for investors to fully understand the business through the eyes of management, and to benchmark against many of our closest global peers, we believe it is both appropriate and useful to continue to disclose operating expense ratios based on revenue before billable expenses in addition to disclosing operating expenses ratios based on total revenue.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">Form 8-K Filed February 10, 2022 </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">Exhibit 99.1, page 11</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">3. We note your response to comment 3 but do not believe your response addressed the concern raised in our comment. Removing the impact of your valuation allowance appears to be an individually tailored income tax recognition method. Please revise your presentation to remove this adjustment or tell us why you believe it is not an individually tailored recognition method. Refer to Question 100.04 of the staff's Compliance and Disclosure Interpretations on Non-GAAP Financial Measures.</font></div><div style="height:35.28pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:53.28pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">We acknowledge the Staff&#8217;s comment and will revise our presentation to remove the adjustment for the impact of the valuation allowance in our fourth quarter 2022 earnings materials. </font></div><div><font><br></font></div><div><font><br></font></div><div style="height:35.28pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:53.28pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:6.57pt;padding-right:6.57pt;text-align:center"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="margin-top:0.45pt"><font><br></font></div><div><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:117%">If you have any questions or require any additional information with respect to the above, please do not hesitate to contact me at (646) 417-1255.</font></div><div style="margin-top:0.2pt"><font><br></font></div><div style="padding-left:22pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Sincerely,</font></div><div style="margin-top:0.45pt"><font><br></font></div><div style="padding-left:22pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#47;s&#47; Christopher Carroll</font></div><div style="margin-top:0.2pt"><font><br></font></div><div style="margin-top:5pt;padding-left:180pt;padding-right:35.75pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:118%">Christopher Carroll </font></div><div style="padding-left:180pt;padding-right:35.75pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Senior Vice President, </font></div><div style="padding-left:180pt;padding-right:35.75pt"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Controller and Chief Accounting Officer</font></div><div style="height:35.28pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
