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INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 8-K on 07/26/2017
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Mr. Roth:
Let me add to that. We’re net, frankly, we’re net-new-business positive. Not a lot, but we’re net-new-business positive. I hope in the next couple of weeks, we’ll be announcing some nice wins, whether it be on the media side or on the creative side, so we hope to see that. That doesn’t necessarily mean that we’re going to see the revenue impact in the second half of the year, but it goes to the issue of our business units and how competitive they are.
What you’re not asking me, which is a relevant question, is, if we don’t reach the 3 - 4% organic growth, can we still reach our target of 50 basis points? I know you had that question, John, right? You’re just sort of being kind. I do believe that if we miss the 3%, we should be able to expand margin to achieve our 50 basis points. Obviously, we can’t miss it by a lot. So everyone in the room can relax. But I do believe that we have some room in there that if we miss that organic number, there’s an opportunity to continue to meet our targets.
Mr. Janedis:
Alright, thank you.
Mr. Roth:

Thank you. Our next question is from Mr. Peter Stabler from Wells Fargo Securities. Your line is open.
Peter Stabler, Wells Fargo Securities:
Good morning. Thanks for taking the question. I wanted to ask about budgeting. So one of the themes we’ve been seeing playing out on the CPG staples side, across some of the commentary that these companies are offering for their own investors, is the allocation of spending versus - working versus nonworking. And we’re just wondering if you could comment on that. Are you seeing clients focusing on the dollars spent on asset creation? And questioning whether they’ve been historically spending too much there and trying to preserve their media budgets as top lines are slowing? That seems to be playing out in that sector. Wondering if there’s any fear inside your halls that there’s some contagion there, and some other large categories start reexamining how they split their money between asset creation and media spending.
And then, secondly, just a quick one. Wondering if you can talk a little bit about the progression through the quarter. I know you’re usually unwilling, or somewhat reluctant, to talk about monthly results, and we understand that, and we understand why, but we also know that June is a particularly important month for you. So, any comments on how June did versus your expectations?
Michael Roth, Chairman of the Board and Chief Executive Officer:
Well, we don’t give out monthly guidance; we’ll stick to that. But, look, we were disappointed in June. I mean, we - up through May, we were - obviously, we saw that there was softening on the revenue side, and we were hoping to see June come in as we always do on a stronger basis. And that we did not see.
And that gives rise to the question of what are we seeing, and that’s why the whole conversation we’ve been having on project base. We did a deep dive on that, and that’s where you see the impact of project-based businesses. And, especially where you see runoffs of large projects and without a large project replacing it immediately. Our clients don’t take into