No, the Army should not affect us in 2017.
Great. Thank you.
Thank you. Our next question is from Mr. Dan Salmon from BMO Capital Markets. Your line is open.
Daniel Salmon, BMO Capital Markets:
Hey, good morning, everyone. Michael, I think in your opening comments, I may have misheard it, but I think you cited, in addition to tech & telecom and the CPG issues, a little weakness in, softness in, financial services. Maybe I misheard that, but if I didn’t, if you could expand on that a little bit, if it’s client-specific or otherwise.
And then just to peel back the onion on the CPG issue a little bit more. We all play amateur CPG analyst on the side because it’s such a big category. And while it’s not a specialty, it strikes us that some of the issues that are affecting the big majors there, the rise of some challenger brands, maybe ones that are a little bit more digitally oriented - we’ve seen it in the razor vertical, for example, where some of them have been consolidated - and also the continued growth of private label at their retailers. So if you take a step back and look at where their challenges are coming from, how do you see that as an opportunity for agencies more broadly, and IPG specifically? Is that a group of - for example, the challenger brands, where you’ve got to grow your client list, rule out different services? Are they more direct-response oriented, less focused on branding? Just the high-level thoughts there would be appreciated.
Michael Roth, Chairman of the Board and Chief Executive Officer:
That’s a great question. First, let me answer the financial services. We are cycling through USAA, which was a client loss. And that had a big impact on the results for financial services. We also lost TD Bank. So those two had a negative impact on financial services. Our other financial service clients continue to be fine.
We actually had a meeting yesterday with a big client of ours, and the whole question that you just raised was relevant, and we had a good discussion of it in terms of - and they asked the same question you had, and that is, there’re challenger brands. There’re private labels. There’re all these different start-ups out there that are coming after us. And frankly, that’s the kind of conversations we’re having with our clients, and that is, how can we take on those types of challenges in the marketplace, and what resources do we have that can help them do that?
And that’s where you look at the data stacks. That’s where you look at consumer insights. That is where we can help our clients target not just specific individuals, but entire audiences. And how can we pick those audiences and really take longstanding brands that have relationships with clients and add value to what their offerings could be? And, frankly, that’s the best way to use our services, and it’s going to be around for a long time.
So yes, of course, we’re pitching these new start-ups. And yes, we’re picking them up as clients. But the clients that are - the big CPG clients - are dealing with this, and the only way to deal with it is to focus on their brands. Give permission, if you will, for these brands to get back in favor with the consumers. And there are a lot of insights here that our data and analytics group can provide.