- Revenues of $4.5 billion (-7% as
reported, -3% constant currency)
- Continuation of challenging environment in North America and Europe during the quarter, solid demand in
Latin America and Asia-Pacific region
- Gross profit margin of 17.4%. Staffing margins remained solid;
permanent recruitment levels stepped down slightly from the
previous quarter
- SG&A reduced further during the quarter (-9% as reported,
-7% constant currency, -5% constant currency as
adjusted1)
- $27 million of common stock
repurchased during the quarter
MILWAUKEE,
July 18,
2024 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today
reported net earnings of $1.24 per
diluted share for the three months ended June 30, 2024 compared to net earnings of
$1.29 per diluted share in the prior
year period. Net earnings in the quarter were $60.1 million compared to net earnings of
$65.2 million a year earlier.
Revenues for the first quarter were $4.5
billion, a 7% decrease from the prior year period.
The quarter included final run-off losses related
to the Proservia Germany business. These losses reduced
earnings per share by $0.06 in the
second quarter. Excluding these losses, earnings per share was
$1.30 per diluted share in the
quarter representing a decrease of 12% in constant
currency.2
Financial results in the quarter were also
impacted by the U.S. dollar relative
to foreign currencies compared
to the prior year period. The second quarter
earnings per share guidance estimated a negative 7 cents foreign currency impact and the actual
impact was slightly worse at negative 8
cents. On a constant currency basis, revenues decreased 3%
compared to the prior year period.
Jonas Prising,
ManpowerGroup Chairman & CEO, said, "Employers in North America and Europe continue to remain cautious.
Permanent recruitment activity softened slightly further from
the previous quarter, while staffing and solutions activity
remained relatively stable across most of our large markets. We
continue to prioritize the execution of our strategic initiatives
and driving sales activities while balancing costs to align with
the current operating environment.
We anticipate diluted earnings per share in the
third quarter will be between $1.25
and $1.35, which includes an
estimated unfavorable currency impact of 5
cents. Our guidance excludes any restructuring costs
and any Argentina related impact
of non-cash currency translation losses."
Net earnings for the six months ended
June 30, 2024 were $99.8 million, or net earnings of $2.05 per diluted share compared to net earnings
of $143.0 million, or net earnings of
$2.80 per diluted share in the prior
year, respectively. The current year to date period included
run-off losses related to the Proservia Germany business and
Argentina hyperinflationary
related non-cash currency translation losses which reduced earnings
per share by 20 cents. Excluding the
net impact of these charges, earnings per share for the six-month
period was $2.25 per diluted share
representing a decrease of 26% in constant currency.3
Revenues for the six-month period were $8.9
billion, representing a decrease of 7% compared to the prior
year or a decrease of 4% in constant currency. Earnings per share
for the six-month period were negatively impacted by 12 cents due to changes in foreign currencies
compared to the prior year.
In conjunction with its second quarter earnings
release, ManpowerGroup will broadcast its conference call live over
the Internet on July 18, 2024 at
7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the
conference call, webcast details, presentation and recordings are
included within the Investor Relations section of
manpowergroup.com.
Supplemental financial information referenced in
the conference call can be found at
http://investor.manpowergroup.com/.
About
ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading
global workforce solutions company, helps organizations transform
in a fast-changing world of work by sourcing,
assessing, developing, and managing the talent that enables them to
win. We develop innovative solutions for hundreds of thousands of
organizations every year, providing them with skilled talent while
finding meaningful, sustainable employment for millions of people
across a wide range of industries and skills. Our expert family of
brands – Manpower, Experis, and Talent Solutions –
creates substantially more value for candidates and clients across
more than 70 countries and territories and has done so for 75
years. We are recognized consistently for our diversity – as a best
place to work for Women, Inclusion, Equality, and Disability, and
in 2024 ManpowerGroup was named one of the World's
Most Ethical Companies for the 15th time –
all confirming our position as the brand of choice for in-demand
talent. For more information, visit
www.manpowergroup.com.
Forward-Looking Statements
This press
release contains statements, including statements regarding
economic and geopolitical uncertainty, trends in labor demand and
the future strengthening of such demand, financial outlook, and the
Company's strategic initiatives and technology investments that are
forward-looking in nature and, accordingly, are subject to risks
and uncertainties regarding the Company's expected future
results. The Company's actual results may differ materially
from those described or contemplated in the forward-looking
statements due to numerous factors. These factors include
those found in the Company's reports filed with the SEC, including
the information under the heading "Risk Factors" in its Annual
Report on Form 10-K for the year ended December 31, 2023, which information is
incorporated herein by reference.
The Company assumes no obligation to update or
revise any forward-looking statements. We reference certain
non-GAAP financial measures, which we believe provide useful
information for investors. We include a reconciliation of these
measures, where appropriate, to GAAP on the Investor Relations
section of our website at manpowergroup.com.
1 Adjusted to exclude restructuring costs in the
prior year and Proservia Germany run-off costs in the current
year.
2 The prior year period included restructuring costs and
Argentina related currency
translation losses which reduced earnings per share by $0.29 which are also excluded when determining
the year over year trend.
3 The prior year period included restructuring costs and
Argentina related currency
translation losses which reduced earnings per share by $0.39 which are also excluded when determining
the year over year trend.
|
ManpowerGroup
|
|
Results of
Operations
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Three Months Ended
June 30
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from services
(a)
|
$
4,520.7
|
$ 4,856.1
|
-6.9 %
|
-3.5 %
|
|
|
|
|
|
|
Cost of
services
|
3,734.8
|
3,993.8
|
-6.5 %
|
-3.0 %
|
|
|
|
|
|
|
Gross
profit
|
785.9
|
862.3
|
-8.9 %
|
-5.7 %
|
|
|
|
|
|
|
Selling and
administrative expenses
|
684.8
|
754.7
|
-9.3 %
|
-6.5 %
|
|
|
|
|
|
|
Operating
profit
|
101.1
|
107.6
|
-6.1 %
|
-0.1 %
|
|
|
|
|
|
|
Interest and other
expenses, net
|
8.7
|
11.8
|
-26.3 %
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
92.4
|
95.8
|
-3.6 %
|
2.8 %
|
|
|
|
|
|
|
Provision for income
taxes
|
32.3
|
30.6
|
5.6 %
|
|
|
|
|
|
|
|
Net
earnings
|
$
60.1
|
$
65.2
|
-7.8 %
|
-1.8 %
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
1.25
|
$
1.30
|
-3.5 %
|
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
1.24
|
$
1.29
|
-3.6 %
|
2.8 %
|
|
|
|
|
|
|
Weighted average shares
- basic
|
47.9
|
50.2
|
-4.5 %
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.4
|
50.7
|
-4.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $4.0
million and $3.3 million for the three
months ended June 30, 2024 and 2023,
respectively. These fees are primarily based on revenues generated
by the
franchise offices, which were
$287.7 million and $250.6 million for the three months ended June
30, 2024 and 2023,
respectively.
|
|
ManpowerGroup
|
|
Operating Unit
Results
|
|
(In
millions)
|
|
|
|
|
|
|
Three Months Ended
June 30
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from
Services:
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United States
(b)
|
$
697.0
|
$
709.1
|
-1.7 %
|
-1.7 %
|
|
Other
Americas
|
367.4
|
389.6
|
-5.7 %
|
17.1 %
|
|
1,064.4
|
1,098.7
|
-3.1 %
|
5.0 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
1,184.9
|
1,278.2
|
-7.3 %
|
-6.2 %
|
|
Italy
|
434.9
|
457.8
|
-5.0 %
|
-3.9 %
|
|
Other Southern
Europe
|
478.2
|
490.9
|
-2.6 %
|
0.0 %
|
|
2,098.0
|
2,226.9
|
-5.8 %
|
-4.4 %
|
|
|
|
|
|
|
Northern
Europe
|
837.3
|
952.5
|
-12.1 %
|
-12.0 %
|
|
APME
|
541.4
|
599.4
|
-9.7 %
|
-2.0 %
|
|
4,541.1
|
4,877.5
|
|
|
|
Intercompany
Eliminations
|
(20.4)
|
(21.4)
|
|
|
|
$
4,520.7
|
$
4,856.1
|
-6.9 %
|
-3.5 %
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United
States
|
$
27.4
|
$
23.1
|
18.7 %
|
18.7 %
|
|
Other
Americas
|
17.7
|
20.1
|
-12.1 %
|
2.0 %
|
|
45.1
|
43.2
|
4.4 %
|
10.9 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
40.3
|
49.5
|
-18.5 %
|
-17.6 %
|
|
Italy
|
34.0
|
36.3
|
-6.3 %
|
-5.2 %
|
|
Other Southern
Europe
|
8.9
|
6.8
|
28.3 %
|
33.5 %
|
|
83.2
|
92.6
|
-10.3 %
|
-9.0 %
|
|
|
|
|
|
|
Northern
Europe
|
(2.4)
|
(9.7)
|
75.6 %
|
73.1 %
|
|
APME
|
25.0
|
25.7
|
-2.0 %
|
8.2 %
|
|
150.9
|
151.8
|
|
|
|
Corporate
expenses
|
(41.7)
|
(35.5)
|
|
|
|
Intangible asset
amortization expense
|
(8.1)
|
(8.7)
|
|
|
|
Operating profit
|
101.1
|
107.6
|
-6.1 %
|
-0.1 %
|
|
Interest and other
expenses, net (c)
|
(8.7)
|
(11.8)
|
|
|
|
Earnings before income taxes
|
$
92.4
|
$
95.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Effective
January 1, 2024, our segment reporting was realigned to include our
Puerto Rico business within Other Americas.
Accordingly, our reportable
segment, United States, is now adjusted to exclude Puerto Rico. All
previously reported results have
been restated to conform to
the current year presentation.
|
|
|
|
|
|
|
(b) In the United
States, revenues from services include fees received from our
franchise offices of $3.2 million and $2.6
million for the three months
ended June 30, 2024 and 2023, respectively. These fees are
primarily based on
revenues generated by the
franchise offices, which were $99.8 million and $100.8 million for
the three months ended
June 30, 2024 and 2023,
respectively.
|
|
|
|
|
|
|
(c) The
components of interest and other expenses, net were:
|
|
|
|
2024
|
2023
|
|
|
|
Interest
expense
|
$
22.0
|
$
20.0
|
|
|
|
Interest
income
|
(8.6)
|
(8.4)
|
|
|
|
Foreign
exchange loss
|
1.8
|
5.1
|
|
|
|
Miscellaneous income
|
(6.5)
|
(4.9)
|
|
|
|
$
8.7
|
$
11.8
|
|
|
|
ManpowerGroup
|
|
Results of
Operations
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Six Months Ended
June 30
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from services
(a)
|
$ 8,924.0
|
$ 9,608.4
|
-7.1 %
|
-4.5 %
|
|
|
|
|
|
|
Cost of
services
|
7,374.4
|
7,883.0
|
-6.5 %
|
-3.7 %
|
|
|
|
|
|
|
Gross
profit
|
1,549.6
|
1,725.4
|
-10.2 %
|
-7.9 %
|
|
|
|
|
|
|
Selling and
administrative expenses
|
1,382.6
|
1,499.9
|
-7.8 %
|
-5.8 %
|
|
|
|
|
|
|
Operating
profit
|
167.0
|
225.5
|
-25.9 %
|
-21.9 %
|
|
|
|
|
|
|
Interest and other
expenses, net
|
17.1
|
19.3
|
-11.4 %
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
149.9
|
206.2
|
-27.3 %
|
-23.0 %
|
|
|
|
|
|
|
Provision for income
taxes
|
50.1
|
63.2
|
-20.7 %
|
|
|
|
|
|
|
|
Net
earnings
|
$
99.8
|
$
143.0
|
-30.2 %
|
-26.0 %
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
2.07
|
$
2.84
|
-26.9 %
|
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
2.05
|
$
2.80
|
-26.8 %
|
-22.5 %
|
|
|
|
|
|
|
Weighted average shares
- basic
|
48.1
|
50.4
|
-4.6 %
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.7
|
51.0
|
-4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $7.3
million and $7.2 million
for the six months ended June
30, 2024 and 2023, respectively. These fees are primarily based
on
revenues generated by the
franchise offices, which were $564.9 million and $500.8 million for
the six months
ended June 30, 2024 and 2023,
respectively.
|
|
ManpowerGroup
|
|
Operating Unit
Results
|
|
(In
millions)
|
|
|
|
|
|
|
Six Months Ended
June 30
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from
Services:
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United States
(b)
|
$
1,377.4
|
$
1,450.7
|
-5.1 %
|
-5.1 %
|
|
Other
Americas
|
723.4
|
778.2
|
-7.0 %
|
14.8 %
|
|
2,100.8
|
2,228.9
|
-5.7 %
|
1.9 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
2,304.2
|
2,447.5
|
-5.9 %
|
-5.8 %
|
|
Italy
|
839.2
|
880.0
|
-4.6 %
|
-4.6 %
|
|
Other Southern
Europe
|
935.9
|
967.3
|
-3.3 %
|
-1.6 %
|
|
4,079.3
|
4,294.8
|
-5.0 %
|
-4.6 %
|
|
|
|
|
|
|
Northern
Europe
|
1,707.6
|
1,920.1
|
-11.1 %
|
-12.1 %
|
|
APME
|
1,076.5
|
1,205.3
|
-10.7 %
|
-3.4 %
|
|
8,964.2
|
9,649.1
|
|
|
|
Intercompany
Eliminations
|
(40.2)
|
(40.7)
|
|
|
|
$
8,924.0
|
$
9,608.4
|
-7.1 %
|
-4.5 %
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United
States
|
$
39.4
|
$
53.1
|
-25.9 %
|
-25.9 %
|
|
Other
Americas
|
31.8
|
38.7
|
-17.8 %
|
-6.3 %
|
|
71.2
|
91.8
|
-22.5 %
|
-17.6 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
73.4
|
94.4
|
-22.2 %
|
-22.2 %
|
|
Italy
|
61.4
|
67.0
|
-8.3 %
|
-8.2 %
|
|
Other Southern
Europe
|
18.3
|
21.1
|
-13.7 %
|
-10.6 %
|
|
153.1
|
182.5
|
-16.1 %
|
-15.7 %
|
|
|
|
|
|
|
Northern
Europe
|
(2.4)
|
(4.7)
|
49.4 %
|
35.0 %
|
|
APME
|
44.9
|
46.8
|
-3.8 %
|
6.0 %
|
|
266.8
|
316.4
|
|
|
|
Corporate
expenses
|
(83.4)
|
(73.4)
|
|
|
|
Intangible asset
amortization expense
|
(16.4)
|
(17.5)
|
|
|
|
Operating profit
|
167.0
|
225.5
|
-25.9 %
|
-21.9 %
|
|
Interest and other
expenses, net (c)
|
(17.1)
|
(19.3)
|
|
|
|
Earnings before income taxes
|
$
149.9
|
$
206.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Effective
January 1, 2024, our segment reporting was realigned to include our
Puerto Rico business within Other Americas.
Accordingly, our reportable
segment, United States, is now adjusted to exclude Puerto Rico. All
previously reported results have
been restated to conform to
the current year presentation.
|
|
|
|
|
|
|
(b) In the United
States, revenues from services include fees received from our
franchise offices of $5.6 million and $5.8 million
for the six months ended June
30, 2024 and 2023, respectively. These fees are primarily based on
revenues generated by the
franchise offices, which were
$187.2 million and $200.1 million for the six months ended June 30,
2024 and 2023, respectively.
|
|
|
|
|
|
|
(c) The
components of interest and other expenses, net were:
|
|
|
|
|
2024
|
2023
|
|
|
|
Interest
expense
|
$
42.4
|
$
38.7
|
|
|
|
Interest
income
|
(16.7)
|
(16.5)
|
|
|
|
Foreign
exchange loss
|
4.2
|
8.2
|
|
|
|
Miscellaneous income
|
(12.8)
|
(11.1)
|
|
|
|
$
17.1
|
$
19.3
|
|
|
|
ManpowerGroup
|
|
Consolidated Balance
Sheets
|
|
(In
millions)
|
|
|
|
|
|
Jun.
30,
|
|
Dec.
31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
468.9
|
|
$ 581.3
|
|
Accounts
receivable, net
|
4,595.7
|
|
4,830.0
|
|
Prepaid expenses
and other assets
|
168.7
|
|
160.8
|
|
Total current
assets
|
5,233.3
|
|
5,572.1
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
1,573.2
|
|
1,586.8
|
|
Intangible
assets, net
|
499.8
|
|
519.6
|
|
Operating lease
right-of-use assets
|
381.5
|
|
414.0
|
|
Other
assets
|
643.7
|
|
607.8
|
|
Total other
assets
|
3,098.2
|
|
3,128.2
|
|
|
|
|
|
Property and
equipment:
|
|
|
|
|
Land, buildings,
leasehold improvements and equipment
|
513.7
|
|
526.5
|
|
Less:
accumulated depreciation and amortization
|
391.6
|
|
396.6
|
|
Net property and
equipment
|
122.1
|
|
129.9
|
|
Total assets
|
$ 8,453.6
|
|
$
8,830.2
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$ 2,589.5
|
|
$
2,723.0
|
|
Employee
compensation payable
|
221.3
|
|
243.1
|
|
Accrued
liabilities
|
572.2
|
|
693.0
|
|
Accrued payroll
taxes and insurance
|
656.8
|
|
695.8
|
|
Value added
taxes payable
|
401.4
|
|
432.7
|
|
Short-term
borrowings and current maturities of long-term debt
|
136.8
|
|
12.1
|
|
Total current
liabilities
|
4,578.0
|
|
4,799.7
|
|
|
|
|
|
Other
liabilities:
|
|
|
|
|
Long-term
debt
|
961.7
|
|
990.5
|
|
Long-term
operating lease liability
|
294.8
|
|
323.2
|
|
Other long-term
liabilities
|
473.2
|
|
482.7
|
|
Total other
liabilities
|
1,729.7
|
|
1,796.4
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
ManpowerGroup
shareholders' equity
|
|
|
|
|
Common stock
|
1.2
|
|
1.2
|
|
Capital in excess of par value
|
3,524.3
|
|
3,514.9
|
|
Retained earnings
|
3,839.3
|
|
3,813.0
|
|
Accumulated other comprehensive loss
|
(500.4)
|
|
(466.0)
|
|
Treasury stock, at cost
|
(4,727.5)
|
|
(4,639.8)
|
|
Total
ManpowerGroup shareholders' equity
|
2,136.9
|
|
2,223.3
|
|
Noncontrolling
interests
|
9.0
|
|
10.8
|
|
Total shareholders' equity
|
2,145.9
|
|
2,234.1
|
|
Total liabilities and shareholders' equity
|
$ 8,453.6
|
|
$
8,830.2
|
|
ManpowerGroup
|
|
Consolidated Statements
of Cash Flows
|
|
(In
millions)
|
|
|
|
|
|
Six Months
Ended
|
|
June
30,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net
earnings
|
$ 99.8
|
|
$ 143.0
|
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
43.0
|
|
42.6
|
|
Deferred income
taxes
|
7.8
|
|
14.3
|
|
Provision for doubtful
accounts
|
3.7
|
|
2.9
|
|
Share-based
compensation
|
15.0
|
|
12.0
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
107.9
|
|
186.3
|
|
Other
assets
|
(70.1)
|
|
(63.2)
|
|
Other
liabilities
|
(229.0)
|
|
(369.1)
|
|
Cash used in operating activities
|
(21.9)
|
|
(31.2)
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
(23.7)
|
|
(34.6)
|
|
Proceeds from
the sales of subsidiaries and property and equipment
|
2.1
|
|
0.1
|
|
Cash used in investing activities
|
(21.6)
|
|
(34.5)
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Net change in
short-term borrowings
|
49.2
|
|
(9.5)
|
|
Net proceeds
from revolving debt facility
|
76.0
|
|
4.0
|
|
Proceeds from
long-term debt
|
0.5
|
|
0.4
|
|
Repayments of
long-term debt
|
(1.0)
|
|
(0.5)
|
|
Payments of
contingent consideration for acquisitions
|
(2.8)
|
|
-
|
|
Proceeds from
share-based awards
|
0.7
|
|
1.7
|
|
Payments to
noncontrolling interests
|
(0.2)
|
|
(0.6)
|
|
Other
share-based award transactions
|
(10.5)
|
|
(9.8)
|
|
Repurchases of
common stock
|
(77.0)
|
|
(79.9)
|
|
Dividends
paid
|
(73.5)
|
|
(73.1)
|
|
Cash used in financing activities
|
(38.6)
|
|
(167.3)
|
|
|
|
|
|
Effect of exchange rate
changes on cash
|
(30.3)
|
|
1.6
|
|
Change in cash and cash
equivalents
|
(112.4)
|
|
(231.4)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
581.3
|
|
639.0
|
|
Cash and cash
equivalents, end of period
|
$ 468.9
|
|
$ 407.6
|
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SOURCE ManpowerGroup