<SEC-DOCUMENT>0000051644-23-000002.txt : 20230215
<SEC-HEADER>0000051644-23-000002.hdr.sgml : 20230215
<ACCEPTANCE-DATETIME>20230113145520
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000051644-23-000002
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230113

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<title>Document</title></head><body><div id="i14d3d4e2d4114b69b5607ddd3eb70bea_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:48.456%"><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%">January 13, 2023</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:3.086%;min-width:2.086%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.458%"><div style="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="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="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="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="text-align:justify"><font><br></font></div><div style="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="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%">Response dated October 5, 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><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"><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 October 11, 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 October 5, 2022 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. 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"><font><br></font></div><div><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><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"><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:112%">1. We have reviewed your response to comment 2 but are not convinced by your response that your presentation of operating expense ratios based on revenue before billable expenses is appropriate even though management uses these measures internally to manage the business, measure financial performance, set budgets and pay incentives. As requested in our prior comment, please revise to eliminate the presentation of operating expenses as a percentage of revenues before billable expenses. As noted in our prior comment, we will not object to the presentation of segment EBITA and segment EBITA margin as a percentage of revenue before billable expenses since this is your measure of segment profitability. However, no totals or subtotals of operating expenses as a percentage of revenues before billable expenses should be provided. Please revise future filings, accordingly.</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 style="text-align:justify"><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">As discussed with the Staff and detailed in our previous responses, billable expenses are predominantly comprised of third-party vendor costs incurred by the Company for performance obligations where we have determined we are acting as principal, and are billed back to our clients without generating a margin. Billable expenses are recorded within total revenue with a corresponding offset within</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">operating expenses. The results of our</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">operations are not impacted by these</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">pass-through costs</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">as</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">we do not generate profit or margin on these billable expenses and, as such, the Company&#8217;s operating expenses are closely correlated to revenue before billable expenses.</font></div><div><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%">For these reasons, 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 </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">to, the</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> following&#58; </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:13.8pt">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:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:13.8pt">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:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:13.8pt">Financial planning process &#8211; internal budgets and forecasts developed by our networks and </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">agencies&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:13.8pt">Incentive compensation &#8211; incentive targets and achievement of results reviewed and approved by the Board of Directors and Compensation Committee. </font></div><div><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 do not use expense ratios based on total revenue because they are</font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> very </font><font style="color:#000000;font-family:'Lucida Sans',sans-serif;font-size:11pt;font-weight:400;line-height:112%">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><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%">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.</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 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>
