United Communications Partners Inc (UCPA)

[naturalborninvestor]

I am saying that, as far as I know, LP Holding is a private company that consolidates no business activity by itself. Business performed under the LP umbrella is reported through companies set up by member agencies in their respective local market. I could imagine that part of the net profit generated by these local companies is distributed to LP Holding to fund common resources.

That is simply my take on it.

So, I would argue that LP is not "reporting billions in revenues" for several reasons. First, these are billings, not revenues. Billings indicate the sum of media budget under management. Collectively, all member agencies manage about 14bn in media budgets for clients. Second, these billings are not reported by LP itself (at least I have not seen consolidated financial statements for LP) but by the individual 50+ member agencies.

It should be pointed out that TKM happens to be the only member agency in the network that is part of a publicly-listed company.So, you are unlikely to see "reported financial statements" for any other member agency, and likely not for the LP Holding.