Interpublic Group of Cos Earnings Call Insights: Second-Quarter Wins and European Competitors
Alexia Quadrani – JPMC: Just a couple of questions. First, you mentioned that the headwinds of, I guess, 2% still hitting the second quarter from losses last year. Was there any incremental benefit, I guess, in the second quarter that was a bit of an offset from your sort of bigger headline wins like Chevy, or is that really going to impact starting in Q3?
Michael I. Roth – Chairman and CEO: Well, first of all, obviously, we do have revenue in the second quarter from the new wins. But as we indicated, we’re ramping up on the employee base and costs associated with that win. So, we don’t see a lot of incremental margin in the second quarter. Frankly, that’s one of the reasons we have a drag on margin in the second quarter, because we’ve added to our employee base. Just to give you a perspective, our employee base and headcount exceeded by – we added in this quarter a couple of hundred employees, so we won’t see that impact until the third and fourth quarters. So there was some revenue, but not big margin improvement.
Alexia Quadrani – JPMC: But if you’re going to take a look at the third quarter – and Michael, I have to ask about the third quarter.
Michael I. Roth – Chairman and CEO: What took you so long, Alexia?
Alexia Quadrani – JPMC: Taking a look at that, I mean, would you expect, with the headwinds coming off, maybe more of a benefit to the top line with some of the bigger account wins maybe coming on board, would you expect a pick-up? And then I guess more specifically, on the weakness you saw in Europe in the month of June, I guess, any color you can give us on that, any one-time-ish in nature do you think it will continue to be a bigger drag for the full quarter in Q3?