Alright, thanks so much.
Thank you, John.
Thank you. Next, we have Peter Stabler of Wells Fargo.
Peter Stabler, Wells Fargo Securities:
Good morning. A couple, if I could. First, with Michael, I want to spend a minute on the marketing-services side. CMG is about 20% of your business. But when we look at the quarter, and we look back nine months, and then we look across the competitive set, it seems that, fairly obvious, that the marketing-services part of the puzzle appears to be under sustained pressure. So wondering if you could comment on whether you’re seeing secular changes in the appetite for those services and whether portfolio changes might be something that you consider? And then a follow-on on that would be, the call out of pass-through, we understand it. Have you contemplated maybe changing the types of contracts that you strike? Is that something of interest to you, where you become maybe less exposed to some of the volatility associated with these pass-throughs? Or is that not material to you? And then I’ve got one quick follow-up, thanks.
Michael Roth, Chairman of the Board and Chief Executive Officer:
Let me talk about pass-throughs because it’s a very relevant question. It sounds like every time we say this, it sounds like we’re being defensive about it. You’re right, we’ve been in the process over the last - Frank and the CMG team have been looking at contract changes, and some of them, frankly, some of the difference is as a result of changes in the contract. I have to point out - I know they’re all looking at me, and they don’t want me to say this, but I’ll tell you - next year, the accounting for these things is going to be different. And in fact, next year under the new accounting rules, which we will be implementing, we will be showing it net. Because that’s the way the rules dictate. So both - the answer is yes, we’re constantly looking at our contracts to change them to agency versus principal, and we’ve had some success with that. But more importantly, the accounting, I believe, next year will more probably reflect the net revenue and the impact.
Which is, again, why, when I say that we added in the 2% in the U.S. after pass-throughs, that’s the true measure of our business. And 2% is more consistent with what we’re seeing in the industry and what we were forecasting than the number that shows gross without adding back the impact of pass-throughs. So it’s confusing. We apologize for doing it both ways, but next year, we won’t be doing that. And you’re right, we are focusing on contracts.
With respect to CMG, Weber Shandwick, for the last I don’t know how many years, has beaten the entire industry and has been a key driver for our organic growth. And, as you know, this business is project-based business. And, frankly, it was disappointing to see, particularly at Weber Shandwick, a drop-off in that project business. And, all the reasons we were talking about project businesses before, apply to Weber Shandwick. I’ll let Frank add some detail to that since CMG reports up to Frank.
Frank Mergenthaler, Executive Vice President and Chief Financial Officer:
Peter, we don’t see a secular change. There has been a common theme in both Weber Shandwick and Golin, where existing clients are just cautious on their spend. And I think that