The Interpublic Group of Companies, Inc. (IPG) Q3 2022 Earnings Call Transcript

The Interpublic Group of Companies, Inc. (NYSE:IPG) Q3 2022 Earnings Conference Call October 21, 2022 8:30 AM ET

Company Participants

Jerry Leshne - Senior Vice President-Investor Relations

Philippe Krakowsky - Chief Executive Officer

Ellen Johnson - Chief Financial Officer

Conference Call Participants

Steven Cahall - Wells Fargo

David Karnovsky - JPMorgan

Michael Nathanson - MoffettNathanson

Ben Swinburne - Morgan Stanley

Julien Roch - Barclays

Tim Nollen - Macquarie

Craig Huber - Huber Research Partners

Operator

Good morning, and welcome to the Interpublic Group Third Quarter 2022 Conference Call. All parties are in a listen-only mode until the question-and-answer portion. [Operator Instructions]. This conference is being recorded. If you have any objections, you may disconnect at this time.

I would now like to introduce Mr. Jerry Leshne, Senior Vice President of Investor Relations. Sir, you may begin.

Jerry Leshne

Thank you. Good morning. I hope you’re all well. This morning, we are joined by our CEO, Philippe Krakowsky; and by Ellen Johnson, our CFO.

We have posted our earnings release and our slide presentation on our website, interpublic.com. We plan to begin our call with prepared remarks to be followed by Q&A. We plan to conclude before market open at 9.30 Eastern Time.

We’d like to remind you that during this call, we will refer to certain non-GAAP measures. We believe that these measures provide useful, supplemental data, that while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. To better align with the language in our financial statements, we will use the term revenue before billable expenses, as well as the more familiar net revenue interchangeably. They are identical measures and there has been no change to the method of calculation.

As you will recall, billable expenses in revenue are offset dollar for dollar in our operating expenses and therefore have no effect on our results of operations. We will also refer to forward-looking statements about our company. These are subject to the uncertainties and the cautionary statement that is included in our earnings release, and the slide presentation and further detailed in our 10-Q and other filings with the SEC.

At this point it is my pleasure to turn things over to Philippe Krakowsky.

Philippe Krakowsky

Thank you, Jerry, and thanks for joining us this morning. I hope you're all keeping well. As usual, I'll start out by covering the highlights of our performance in the quarter and the nine months. Ellen will then provide additional details and I'll conclude with an update on our agencies and the tone of the business, to be followed by your questions.