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INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 8-K on 07/26/2017
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consideration the timing of our wins and losses in projects. So, we had a disappointing June, and that’s what gave rise to it.
But all of that is taken into consideration when we do our business planning for the rest of the year, and that’s why we’re saying what we are in terms of the organic 3 - 4% and the 50 basis points.
On the question of allocation, one particular client indicated that the media spend, they are going to increase in the second half of the year. I think clients look at their allocation in media just like they do any other investment. And that is, what - where do they get the best buck in terms of allocating their dollars? And, frankly, that’s good for us, because it gives us a whole varied opportunity on where clients should put their money, where do they get the best dollars, and how can we help them optimize those spends. Obviously, digital continues to be an important part of that, and what content goes with the digital.
So I think it argues in favor of our integrated offering, where we can look at these spending habits and provide higher ROI with less spend on the media dollars. But, clearly, clients - what we do actually works, and that’s why I believe, on the CPG side, clients are going to have to spend dollars to maintain market share. And we’re going to be working very closely with our clients to really look at the question you’re asking and say, where do you get your better bang for your buck. And, frankly, every time we’re in front of a client, that’s a good thing, because we have the tools and resources to do that. And I think there’s a lot of pressures on our clients in terms of bottom line. But if they’re not selling their products, they can watch their costs all they want, but they’re going to have to ultimately sell those products. So that’s really where we earn our keep. And I think that’s how we’re looking at media spend.
Frank Mergenthaler, Executive Vice President and Chief Financial Officer:
Peter, this isn’t a new phenomenon, right? Clients have been looking for their ROI spend on their marketing dollars for as long as we’ve been around. And the more data that’s out there, and analytics are out there to show the return on those investments, there’s the better it puts - the better stead it puts for us.
Mr. Stabler:
Thank you.
Mr. Mergenthaler:
You’re welcome.

Thank you. Our next question is from Mr. Steven Cahall from Royal Bank of Canada. Your line is open.
Steven Cahall, RBC Capital Markets:
Thank you. Maybe just to reverse for me. Michael, I’m sorry to split hairs here, but you used the term “a line of sight” a few times. And I’m just wondering if you can put that into a little more context with us. Is line of sight defined as, you’re starting to see an improvement in the client activity, or is line of sight more that, based on the implied growth you’ve got in the back half of the year, it kind of comes back to just this expectation that things will have to get better based on the underlying forces?