About ManpowerGroup
Forward-Looking Statements
ManpowerGroup | ||||
Results of Operations | ||||
(In millions, except per share data) | ||||
Three Months Ended June 30 | ||||
% Variance | ||||
Amount | Constant | |||
2022 | 2021 | Reported | Currency | |
(Unaudited) | ||||
Revenues from services (a) | $ 5,074.1 | $ 5,277.1 | -3.8 % | 5.7 % |
Cost of services | 4,152.9 | 4,417.0 | -6.0 % | 3.6 % |
Gross profit | 921.2 | 860.1 | 7.1 % | 16.4 % |
Selling and administrative expenses | 740.5 | 690.2 | 7.3 % | 16.0 % |
Operating profit | 180.7 | 169.9 | 6.3 % | 18.1 % |
Interest and other expenses, net | 6.7 | 2.8 | 135.3 % | |
Earnings before income taxes | 174.0 | 167.1 | 4.1 % | 15.5 % |
Provision for income taxes | 51.8 | 55.5 | -6.7 % | |
Net earnings | $ 122.2 | $ 111.6 | 9.5 % | 21.5 % |
Net earnings per share - basic | $ 2.32 | $ 2.05 | 13.2 % | |
Net earnings per share - diluted | $ 2.29 | $ 2.02 | 13.4 % | 25.7 % |
Weighted average shares - basic | 52.7 | 54.5 | -3.3 % | |
Weighted average shares - diluted | 53.4 | 55.4 | -3.6 % | |
(a) Revenues from services include fees received from our franchise offices of $3.9 million and $3.5 million for |
ManpowerGroup | ||||
Operating Unit Results | ||||
(In millions) | ||||
Three Months Ended June 30 | ||||
% Variance | ||||
Amount | Constant | |||
2022 | 2021 | Reported | Currency | |
(Unaudited) | ||||
Revenues from Services: | ||||
Americas: | ||||
United States (a) | $ 903.9 | $ 628.8 | 43.7 % | 43.7 % |
Other Americas | 358.8 | 415.5 | -13.6 % | -9.0 % |
1,262.7 | 1,044.3 | 20.9 % | 22.7 % | |
Southern Europe: | ||||
France | 1,238.2 | 1,346.8 | -8.1 % | 4.1 % |
Italy | 454.3 | 469.1 | -3.2 % | 9.7 % |
Other Southern Europe | 508.9 | 606.5 | -16.1 % | -7.8 % |
2,201.4 | 2,422.4 | -9.1 % | 2.2 % | |
Northern Europe | 1,027.1 | 1,190.5 | -13.7 % | -2.4 % |
APME | 603.7 | 619.9 | -2.6 % | 9.7 % |
5,094.9 | 5,277.1 | |||
Intercompany Eliminations | (20.8) | - | ||
$ 5,074.1 | $ 5,277.1 | -3.8 % | 5.7 % | |
Operating Unit Profit: | ||||
Americas: | ||||
United States | $ 64.7 | $ 38.0 | 70.3 % | 70.3 % |
Other Americas | 16.2 | 18.0 | -10.4 % | -4.1 % |
80.9 | 56.0 | 44.4 % | 46.4 % | |
Southern Europe: | ||||
France | 62.3 | 65.7 | -5.2 % | 7.5 % |
Italy | 35.5 | 31.7 | 12.0 % | 27.1 % |
Other Southern Europe | 13.9 | 17.9 | -22.6 % | -16.6 % |
111.7 | 115.3 | -3.2 % | 9.1 % | |
Northern Europe | 10.8 | 17.9 | -39.1 % | -29.9 % |
APME | 22.5 | 22.3 | 0.8 % | 15.8 % |
225.9 | 211.5 | |||
Corporate expenses | (35.8) | (37.3) | ||
Intangible asset amortization expense | (9.4) | (4.3) | ||
Operating profit | 180.7 | 169.9 | 6.3 % | 18.1 % |
Interest and other expenses, net (b) | (6.7) | (2.8) | ||
Earnings before income taxes | $ 174.0 | $ 167.1 | ||
(a) In the United States, revenues from services include fees received from our franchise offices of $3.1 million and $3.0 | ||||
(b) The components of interest and other expenses, net were: | ||||
2022 | 2021 | |||
Interest expense | $ 10.6 | $ 9.7 | ||
Interest income | (2.8) | (3.1) | ||
Foreign exchange loss | 3.3 | 0.6 | ||
Miscellaneous income | (4.4) | (4.4) | ||
$ 6.7 | $ 2.8 |
ManpowerGroup | ||||
Results of Operations | ||||
(In millions, except per share data) | ||||
Six Months Ended June 30 | ||||
% Variance | ||||
Amount | Constant | |||
2022 | 2021 | Reported | Currency | |
(Unaudited) | ||||
Revenues from services (a) | $ 10,217.4 | $ 10,201.5 | 0.2 % | 7.7 % |
Cost of services | 8,399.1 | 8,573.3 | -2.0 % | 5.5 % |
Gross profit | 1,818.3 | 1,628.2 | 11.7 % | 19.2 % |
Selling and administrative expenses | 1,498.9 | 1,359.9 | 10.2 % | 17.1 % |
Operating profit | 319.4 | 268.3 | 19.0 % | 29.6 % |
Interest and other expenses, net | 9.4 | 8.2 | 13.6 % | |
Earnings before income taxes | 310.0 | 260.1 | 19.2 % | 29.5 % |
Provision for income taxes | 96.2 | 86.5 | 11.2 % | |
Net earnings | $ 213.8 | $ 173.6 | 23.2 % | 33.9 % |
Net earnings per share - basic | $ 4.02 | $ 3.17 | 26.8 % | |
Net earnings per share - diluted | $ 3.97 | $ 3.13 | 26.8 % | 38.0 % |
Weighted average shares - basic | 53.2 | 54.8 | -3.1 % | |
Weighted average shares - diluted | 53.8 | 55.5 | -3.0 % | |
(a) Revenues from services include fees received from our franchise offices of $7.5 million and $7.1 million |
ManpowerGroup | ||||
Operating Unit Results | ||||
(In millions) | ||||
Six Months Ended June 30 | ||||
% Variance | ||||
Amount | Constant | |||
2022 | 2021 | Reported | Currency | |
(Unaudited) | ||||
Revenues from Services: | ||||
Americas: | ||||
United States (a) | $ 1,793.3 | $ 1,237.6 | 44.9 % | 44.9 % |
Other Americas | 720.6 | 809.6 | -11.0 % | -7.5 % |
2,513.9 | 2,047.2 | 22.8 % | 24.2 % | |
Southern Europe: | ||||
France | 2,430.6 | 2,535.7 | -4.1 % | 5.8 % |
Italy | 899.3 | 871.9 | 3.1 % | 13.8 % |
Other Southern Europe | 1,065.4 | 1,175.1 | -9.3 % | -2.7 % |
4,395.3 | 4,582.7 | -4.1 % | 5.1 % | |
Northern Europe | 2,121.6 | 2,324.3 | -8.7 % | -0.3 % |
APME | 1,221.9 | 1,247.3 | -2.0 % | 7.8 % |
10,252.7 | 10,201.5 | |||
Intercompany Eliminations | (35.3) | - | ||
$ 10,217.4 | $ 10,201.5 | 0.2 % | 7.7 % | |
Operating Unit Profit: | ||||
Americas: | ||||
United States | $ 123.0 | $ 67.2 | 83.0 % | 83.0 % |
Other Americas | 30.7 | 32.9 | -6.7 % | -2.0 % |
153.7 | 100.1 | 53.5 % | 55.1 % | |
Southern Europe: | ||||
France | 111.9 | 108.3 | 3.3 % | 14.4 % |
Italy | 64.5 | 51.1 | 26.3 % | 39.9 % |
Other Southern Europe | 30.5 | 29.3 | 4.0 % | 9.3 % |
206.9 | 188.7 | 9.6 % | 20.5 % | |
Northern Europe | 14.1 | 22.7 | -37.7 % | -31.0 % |
APME | 41.5 | 41.1 | 0.8 % | 13.2 % |
416.2 | 352.6 | |||
Corporate expenses | (77.8) | (74.5) | ||
Intangible asset amortization expense | (19.0) | (9.8) | ||
Operating profit | 319.4 | 268.3 | 19.0 % | 29.6 % |
Interest and other expenses, net (b) | (9.4) | (8.2) | ||
Earnings before income taxes | $ 310.0 | $ 260.1 | ||
(a) In the United States, revenues from services include fees received from our franchise offices of $6.0 million and $6.1 million | ||||
(b) The components of interest and other expenses, net were: | ||||
2022 | 2021 | |||
Interest expense | $ 21.0 | $ 19.9 | ||
Interest income | (5.6) | (6.2) | ||
Foreign exchange loss | 5.1 | 3.1 | ||
Miscellaneous income | (11.1) | (8.6) | ||
$ 9.4 | $ 8.2 | |||
ManpowerGroup | |||
Consolidated Balance Sheets | |||
(In millions) | |||
Jun. 30, | Dec. 31, | ||
2022 | 2021 | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 886.2 | $ 847.8 | |
Accounts receivable, net | 5,343.9 | 5,448.2 | |
Prepaid expenses and other assets | 171.8 | 126.7 | |
Total current assets | 6,401.9 | 6,422.7 | |
Other assets: | |||
Goodwill | 1,669.9 | 1,722.2 | |
Intangible assets, net | 560.9 | 583.6 | |
Operating lease right-of-use asset | 314.0 | 373.4 | |
Other assets | 561.8 | 610.2 | |
Total other assets | 3,106.6 | 3,289.4 | |
Property and equipment: | |||
Land, buildings, leasehold improvements and equipment | 568.0 | 594.9 | |
Less: accumulated depreciation and amortization | 458.0 | 478.1 | |
Net property and equipment | 110.0 | 116.8 | |
Total assets | $ 9,618.5 | $ 9,828.9 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 3,023.2 | $ 3,039.2 | |
Employee compensation payable | 229.9 | 299.4 | |
Accrued liabilities | 540.8 | 584.7 | |
Accrued payroll taxes and insurance | 704.8 | 789.1 | |
Value added taxes payable | 421.4 | 515.5 | |
Short-term borrowings and current maturities of long-term debt | 481.0 | 552.6 | |
Total current liabilities | 5,401.1 | 5,780.5 | |
Other liabilities: | |||
Long-term debt | 942.2 | 565.7 | |
Long-term operating lease liability | 222.2 | 275.8 | |
Other long-term liabilities | 608.2 | 675.2 | |
Total other liabilities | 1,772.6 | 1,516.7 | |
Shareholders' equity: | |||
ManpowerGroup shareholders' equity | |||
Common stock | 1.2 | 1.2 | |
Capital in excess of par value | 3,465.8 | 3,444.7 | |
Retained earnings | 3,777.2 | 3,634.6 | |
Accumulated other comprehensive loss | (471.5) | (389.4) | |
Treasury stock, at cost | (4,337.5) | (4,169.4) | |
Total ManpowerGroup shareholders' equity | 2,435.2 | 2,521.7 | |
Noncontrolling interests | 9.6 | 10.0 | |
Total shareholders' equity | 2,444.8 | 2,531.7 | |
Total liabilities and shareholders' equity | $ 9,618.5 | $ 9,828.9 |
ManpowerGroup | |||
Consolidated Statements of Cash Flows | |||
(In millions) | |||
Six Months Ended | |||
June 30, | |||
2022 | 2021 | ||
(Unaudited) | |||
Cash Flows from Operating Activities: | |||
Net earnings | $ 213.8 | $ 173.6 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 42.5 | 34.4 | |
Loss on sale of a subsidiary | 8.0 | - | |
Deferred income taxes | 2.8 | (13.3) | |
Provision for doubtful accounts | 6.1 | 9.2 | |
Share-based compensation | 21.6 | 16.9 | |
Changes in operating assets and liabilities, excluding the impact of dispositions: | |||
Accounts receivable | (218.3) | (381.7) | |
Other assets | (18.0) | (6.3) | |
Other liabilities | (37.2) | 362.6 | |
Cash provided by operating activities | 21.3 | 195.4 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (41.7) | (24.6) | |
Acquisitions of businesses, net of cash acquired | - | (7.1) | |
Proceeds from the sale of subsidiaries and property and equipment | 1.0 | 0.9 | |
Cash used in investing activities | (40.7) | (30.8) | |
Cash Flows from Financing Activities: | |||
Net change in short-term borrowings | (3.9) | 3.1 | |
Repayments of revolving debt facility | (25.0) | - | |
Proceeds from long-term debt | 416.1 | 0.3 | |
Repayments of long-term debt | (2.5) | (2.2) | |
Payments for debt issuance costs | (1.5) | - | |
Proceeds from derivative settlement | 2.0 | - | |
Payments of contingent consideration for acquisitions | (1.4) | (6.2) | |
Proceeds from share-based awards | 0.3 | 4.2 | |
Payments to noncontrolling interests | (1.0) | - | |
Other share-based award transactions | (8.1) | (4.6) | |
Repurchases of common stock | (160.0) | (150.1) | |
Dividends paid | (71.2) | (68.3) | |
Cash provided by (used in) | 143.8 | (223.8) | |
Effect of exchange rate changes on cash | (86.0) | (46.5) | |
Change in cash and cash equivalents | 38.4 | (105.7) | |
Cash and cash equivalents, beginning of period | 847.8 | 1,567.1 | |
Cash and cash equivalents, end of period | $ 886.2 | $ 1,461.4 | |
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