- Revenues of $4.5 billion (-3% as
reported, -2% constant currency)
- Continuation of challenging environment in North America and Europe during the quarter, good demand in
Latin America and Asia-Pacific region
- Gross profit margin of 17.3%. Staffing margins remained
solid; permanent recruitment levels stable
- SG&A reductions reflect adjustments to market conditions
during the quarter (-5% both as reported and constant currency as
adjusted1)
- U.S. business launched innovative Manpower branch offices
inside select Walmart locations during the quarter
- Reached agreement to sell our South
Korea business, which will operate as a Manpower Franchise
in the future
- $29 million of common stock
repurchased during the quarter
MILWAUKEE, Oct. 17,
2024 /PRNewswire/ -- ManpowerGroup (NYSE: MAN)
today reported net earnings of $0.47
per diluted share for the three months ended September 30, 2024 compared to net earnings of
$0.60 per diluted share in the prior
year period. Net earnings in the quarter were $22.8 million compared to net earnings of
$30.3 million a year earlier.
Revenues for the third quarter were $4.5
billion, a 3% decrease from the prior year period.
The current year quarter included restructuring costs and a
discrete tax item which reduced earnings per share by $0.82 in the third quarter. Excluding these
charges, earnings per share was $1.29
per diluted share in the quarter representing a decrease of 8% 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.3 On a constant currency basis, revenues
decreased 2% compared to the prior year period.
Jonas Prising, ManpowerGroup
Chairman & CEO, said, "The operating environment has not
changed significantly through the third quarter and employers in
North America and Europe remain cautious. Although demand
levels have largely stabilized at lower levels in these markets,
during the quarter we have taken additional cost actions based on
the extended duration of the current operating environment. At the
same time, our experienced management team continues to drive our
key Diversification, Digitization and Innovation initiatives
which are strengthening ManpowerGroup for the future.
We anticipate diluted earnings per share in the fourth quarter
will be between $0.98 and
$1.08, which includes an estimated
unfavorable currency impact of 1
cent. Our guidance excludes any restructuring costs and any
Argentina related impact of
non-cash currency translation losses."
Net earnings for the nine months ended September 30, 2024 were $122.6 million, or net earnings of $2.53 per diluted share compared to net earnings
of $173.3 million, or net earnings of
$3.42 per diluted share in the prior
year, respectively. The current year to date period included
restructuring costs, run-off losses related to the Proservia
Germany business, and Argentina
hyperinflationary related non-cash currency translation losses
which reduced earnings per share by $1.00. Excluding the net impact of these charges,
earnings per share for the nine-month period was $3.53 per diluted share representing a decrease
of 20% in constant currency.4 Revenues for the
nine-month period were $13.5 billion,
representing a decrease of 6% compared to the prior year or a
decrease of 4% in constant currency. Earnings per share for the
nine-month period were negatively impacted by 15 cents due to changes in foreign currencies
compared to the prior year.
In conjunction with its third quarter earnings release,
ManpowerGroup will broadcast its conference call live over the
Internet on October 17, 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, the expected
closing of the sale of the South
Korea business 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 of
$37.6 million in the third quarter of
2024 and $38.1 million in the third
quarter of 2023.
2 The prior year period included restructuring costs,
a small loss from the sale of our Philippines business and Argentina related currency translation losses
which reduced earnings per share by $0.78 which are also excluded when determining
the year over year trend.
3 The third quarter earnings per share guidance
estimated a negative 5 cents foreign
currency impact and the actual impact was slightly better at
negative 3 cents.
4 The prior year period included restructuring costs,
a small loss from the sale of our Philippines business and Argentina related currency translation losses
which reduced earnings per share by $1.16 which are also excluded when determining
the year over year trend.
|
ManpowerGroup
|
|
|
Results of
Operations
|
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended September 30
|
|
|
|
|
% Variance
|
|
|
|
|
Amount
|
Constant
|
|
|
2024
|
2023
|
Reported
|
Currency
|
|
|
(Unaudited)
|
|
|
Revenues from services
(a)
|
$
4,530.2
|
$ 4,675.6
|
-3.1 %
|
-1.8 %
|
|
|
|
|
|
|
|
|
Cost of
services
|
3,748.1
|
3,853.7
|
-2.7 %
|
-1.5 %
|
|
|
|
|
|
|
|
|
Gross
profit
|
782.1
|
821.9
|
-4.8 %
|
-3.7 %
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
711.3
|
752.1
|
-5.4 %
|
-4.4 %
|
|
|
|
|
|
|
|
|
Operating
profit
|
70.8
|
69.8
|
1.5 %
|
4.5 %
|
|
|
|
|
|
|
|
|
Interest and other
expenses, net
|
11.6
|
15.1
|
-23.3 %
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
59.2
|
54.7
|
8.3 %
|
6.4 %
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
36.4
|
24.4
|
49.2 %
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
22.8
|
$
30.3
|
-24.7 %
|
-26.1 %
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
0.48
|
$
0.61
|
-21.7 %
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
0.47
|
$
0.60
|
-21.6 %
|
-23.0 %
|
|
|
|
|
|
|
|
|
Weighted average shares
- basic
|
47.6
|
49.5
|
-3.9 %
|
|
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.1
|
50.1
|
-4.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $3.3
million and $3.8 million for the three
months ended September 30, 2024 and
2023, respectively. These fees are primarily based on revenues
generated by the
franchise offices, which were $282.5
million and $243.5 million for the three months ended September 30,
2024 and 2023,
respectively.
|
|
|
ManpowerGroup
|
|
|
Operating Unit
Results
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Three Months Ended September 30
|
|
|
|
|
% Variance
|
|
|
|
|
Amount
|
Constant
|
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
|
(Unaudited)
|
|
|
Revenues from
Services:
|
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
|
United States
(b)
|
$
697.4
|
$
730.2
|
-4.5 %
|
-4.5 %
|
|
|
Other
Americas
|
353.1
|
381.1
|
-7.3 %
|
13.1 %
|
|
|
1,050.5
|
1,111.3
|
-5.5 %
|
1.5 %
|
|
|
Southern
Europe:
|
|
|
|
|
|
|
France
|
1,179.7
|
1,209.9
|
-2.5 %
|
-3.3 %
|
|
|
Italy
|
419.1
|
413.7
|
1.3 %
|
0.5 %
|
|
|
Other Southern
Europe
|
496.8
|
485.1
|
2.4 %
|
2.1 %
|
|
|
2,095.6
|
2,108.7
|
-0.6 %
|
-1.3 %
|
|
|
|
|
|
|
|
|
Northern
Europe
|
828.3
|
914.2
|
-9.4 %
|
-11.0 %
|
|
|
APME
|
562.8
|
564.8
|
-0.3 %
|
1.6 %
|
|
|
4,537.2
|
4,699.0
|
|
|
|
|
Intercompany
Eliminations
|
(7.0)
|
(23.4)
|
|
|
|
|
$
4,530.2
|
$
4,675.6
|
-3.1 %
|
-1.8 %
|
|
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
|
United
States
|
$
22.3
|
$
24.5
|
-9.0 %
|
-9.0 %
|
|
|
Other
Americas
|
13.8
|
13.4
|
3.4 %
|
9.0 %
|
|
|
36.1
|
37.9
|
-4.6 %
|
-2.7 %
|
|
|
Southern
Europe:
|
|
|
|
|
|
|
France
|
41.7
|
47.9
|
-13.0 %
|
-13.5 %
|
|
|
Italy
|
27.4
|
27.0
|
1.1 %
|
-0.1 %
|
|
|
Other Southern
Europe
|
6.7
|
9.5
|
-27.5 %
|
-25.7 %
|
|
|
75.8
|
84.4
|
-10.1 %
|
-10.6 %
|
|
|
|
|
|
|
|
|
Northern
Europe
|
(25.7)
|
(30.6)
|
16.1 %
|
18.7 %
|
|
|
APME
|
23.0
|
24.2
|
-5.5 %
|
-1.9 %
|
|
|
109.2
|
115.9
|
|
|
|
|
Corporate
expenses
|
(30.2)
|
(37.4)
|
|
|
|
|
Intangible asset
amortization expense
|
(8.2)
|
(8.7)
|
|
|
|
|
Operating profit
|
70.8
|
69.8
|
1.5 %
|
4.5 %
|
|
|
Interest and other
expenses, net (c)
|
(11.6)
|
(15.1)
|
|
|
|
|
Earnings before income taxes
|
$
59.2
|
$
54.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $2.5 million and $3.1
million for the three months
ended September 30, 2024 and 2023, respectively. These fees are
primarily based on
revenues generated by the
franchise offices, which were $91.2 million and $98.6 million for
the three months ended
September 30, 2024 and 2023,
respectively.
|
|
|
|
|
|
|
|
|
(c) The
components of interest and other expenses, net were:
|
|
|
|
|
2024
|
2023
|
|
|
|
|
Interest
expense
|
$
24.6
|
$
21.0
|
|
|
|
|
Interest
income
|
(7.7)
|
(8.0)
|
|
|
|
|
Foreign
exchange loss
|
1.0
|
6.0
|
|
|
|
|
Miscellaneous income
|
(6.3)
|
(3.9)
|
|
|
|
|
$
11.6
|
$
15.1
|
|
|
|
|
ManpowerGroup
|
|
|
Results of
Operations
|
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30
|
|
|
|
|
% Variance
|
|
|
|
|
Amount
|
Constant
|
|
|
2024
|
2023
|
Reported
|
Currency
|
|
|
(Unaudited)
|
|
|
Revenues from services
(a)
|
$ 13,454.2
|
$
14,284.0
|
-5.8 %
|
-3.6 %
|
|
|
|
|
|
|
|
|
Cost of
services
|
11,122.5
|
11,736.7
|
-5.2 %
|
-3.0 %
|
|
|
|
|
|
|
|
|
Gross
profit
|
2,331.7
|
2,547.3
|
-8.5 %
|
-6.6 %
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
2,093.9
|
2,252.0
|
-7.0 %
|
-5.4 %
|
|
|
|
|
|
|
|
|
Operating
profit
|
237.8
|
295.3
|
-19.5 %
|
-15.6 %
|
|
|
|
|
|
|
|
|
Interest and other
expenses, net
|
28.7
|
34.4
|
-16.6 %
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
209.1
|
260.9
|
-19.8 %
|
-16.8 %
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
86.5
|
87.6
|
-1.2 %
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
122.6
|
$
173.3
|
-29.3 %
|
-26.6 %
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
2.56
|
$
3.46
|
-26.0 %
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
2.53
|
$
3.42
|
-26.0 %
|
-23.2 %
|
|
|
|
|
|
|
|
|
Weighted average shares
- basic
|
47.9
|
50.1
|
-4.4 %
|
|
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.5
|
50.7
|
-4.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $10.6
million and $11.0 million
for the nine months ended
September 30, 2024 and 2023, respectively. These fees are primarily
based on
revenues generated by the
franchise offices, which were $847.4 million and $744.3 million for
the nine months
ended September 30, 2024 and
2023, respectively.
|
|
|
ManpowerGroup
|
|
|
Operating Unit
Results
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30
|
|
|
|
|
% Variance
|
|
|
|
|
Amount
|
Constant
|
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
|
(Unaudited)
|
|
|
Revenues from
Services:
|
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
|
United States
(b)
|
$
2,074.8
|
$
2,180.9
|
-4.9 %
|
-4.9 %
|
|
|
Other
Americas
|
1,076.5
|
1,159.3
|
-7.1 %
|
14.2 %
|
|
|
3,151.3
|
3,340.2
|
-5.7 %
|
1.8 %
|
|
|
Southern
Europe:
|
|
|
|
|
|
|
France
|
3,483.9
|
3,657.4
|
-4.7 %
|
-5.0 %
|
|
|
Italy
|
1,258.3
|
1,293.7
|
-2.7 %
|
-3.0 %
|
|
|
Other Southern
Europe
|
1,432.7
|
1,452.4
|
-1.4 %
|
-0.4 %
|
|
|
6,174.9
|
6,403.5
|
-3.6 %
|
-3.5 %
|
|
|
|
|
|
|
|
|
Northern
Europe
|
2,535.9
|
2,834.3
|
-10.5 %
|
-11.7 %
|
|
|
APME
|
1,639.3
|
1,770.1
|
-7.4 %
|
-1.8 %
|
|
|
13,501.4
|
14,348.1
|
|
|
|
|
Intercompany
Eliminations
|
(47.2)
|
(64.1)
|
|
|
|
|
$
13,454.2
|
$
14,284.0
|
-5.8 %
|
-3.6 %
|
|
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
|
United
States
|
$
61.7
|
$
77.6
|
-20.6 %
|
-20.6 %
|
|
|
Other
Americas
|
45.6
|
52.1
|
-12.4 %
|
-2.4 %
|
|
|
107.3
|
129.7
|
-17.3 %
|
-13.3 %
|
|
|
Southern
Europe:
|
|
|
|
|
|
|
France
|
115.1
|
142.3
|
-19.1 %
|
-19.2 %
|
|
|
Italy
|
88.8
|
94.0
|
-5.6 %
|
-5.9 %
|
|
|
Other Southern
Europe
|
25.0
|
30.6
|
-18.0 %
|
-15.3 %
|
|
|
228.9
|
266.9
|
-14.2 %
|
-14.1 %
|
|
|
|
|
|
|
|
|
Northern
Europe
|
(28.1)
|
(35.3)
|
20.5 %
|
20.8 %
|
|
|
APME
|
67.9
|
71.0
|
-4.4 %
|
3.4 %
|
|
|
376.0
|
432.3
|
|
|
|
|
Corporate
expenses
|
(113.6)
|
(110.8)
|
|
|
|
|
Intangible asset
amortization expense
|
(24.6)
|
(26.2)
|
|
|
|
|
Operating profit
|
237.8
|
295.3
|
-19.5 %
|
-15.6 %
|
|
|
Interest and other
expenses, net (c)
|
(28.7)
|
(34.4)
|
|
|
|
|
Earnings before income taxes
|
$
209.1
|
$
260.9
|
|
|
|
|
|
|
|
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(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.
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(b) In the United
States, revenues from services include fees received from our
franchise offices of $8.1 million and $8.9 million
for the nine months ended
September 30, 2024 and 2023, respectively. These fees are primarily
based on revenues generated by
the franchise offices, which
were $278.4 million and $298.7 million for the nine months ended
September 30, 2024 and 2023,
respectively.
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(c) The
components of interest and other expenses, net were:
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2024
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2023
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Interest
expense
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$
67.0
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$
59.7
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Interest
income
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(24.4)
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(24.5)
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Foreign
exchange loss
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5.2
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14.2
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Miscellaneous income
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(19.1)
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(15.0)
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$
28.7
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$
34.4
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ManpowerGroup
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Consolidated Balance
Sheets
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(In
millions)
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Sep. 30,
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Dec. 31,
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2024
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2023
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(Unaudited)
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ASSETS
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Current assets:
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Cash and cash
equivalents
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$
410.9
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$ 581.3
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Accounts
receivable, net
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4,592.8
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4,830.0
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Prepaid expenses
and other assets
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178.9
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160.8
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Total current
assets
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5,182.6
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5,572.1
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Other assets:
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Goodwill
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1,594.1
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1,586.8
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Intangible
assets, net
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498.1
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519.6
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Operating lease
right-of-use assets
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385.6
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414.0
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Other
assets
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691.1
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607.8
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Total other
assets
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3,168.9
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3,128.2
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Property and equipment:
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Land, buildings,
leasehold improvements and equipment
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539.5
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526.5
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Less:
accumulated depreciation and amortization
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412.7
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396.6
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Net property and
equipment
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126.8
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129.9
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Total assets
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$
8,478.3
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$
8,830.2
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LIABILITIES AND SHAREHOLDERS'
EQUITY
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Current liabilities:
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Accounts
payable
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$
2,616.1
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$
2,723.0
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Employee
compensation payable
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235.3
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243.1
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Accrued
liabilities
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627.0
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693.0
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Accrued payroll
taxes and insurance
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618.4
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695.8
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Value added
taxes payable
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403.4
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432.7
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Short-term
borrowings and current maturities of long-term debt
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24.8
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12.1
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Total current
liabilities
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4,525.0
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4,799.7
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Other liabilities:
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Long-term
debt
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999.7
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990.5
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Long-term
operating lease liability
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299.0
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323.2
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Other long-term
liabilities
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476.9
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482.7
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Total other
liabilities
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1,775.6
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1,796.4
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Shareholders' equity:
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ManpowerGroup
shareholders' equity
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Common stock
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1.2
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1.2
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Capital in excess of par value
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3,539.5
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3,514.9
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Retained earnings
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3,862.1
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3,813.0
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Accumulated other comprehensive loss
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(469.9)
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(466.0)
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Treasury stock, at cost
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(4,756.8)
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(4,639.8)
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Total
ManpowerGroup shareholders' equity
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2,176.1
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2,223.3
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Noncontrolling
interests
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1.6
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10.8
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Total shareholders' equity
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2,177.7
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2,234.1
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Total liabilities and shareholders' equity
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$
8,478.3
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$
8,830.2
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ManpowerGroup
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Consolidated Statements
of Cash Flows
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(In
millions)
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Nine Months Ended
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September 30,
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2024
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2023
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(Unaudited)
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Cash Flows from Operating
Activities:
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Net
earnings
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$ 122.6
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$ 173.3
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Adjustments to
reconcile net earnings to net cash provided by operating
activities:
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Depreciation and
amortization
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64.8
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64.3
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Loss on sales of
subsidiaries, net
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-
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1.3
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Deferred income
taxes
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2.0
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12.3
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Provision for doubtful
accounts
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6.0
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5.4
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Share-based
compensation
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22.0
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20.0
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Changes in
operating assets and liabilities:
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Accounts
receivable
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237.8
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460.2
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Other
assets
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(108.7)
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(51.3)
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Other
liabilities
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(284.9)
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(451.0)
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Cash provided by operating activities
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61.6
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234.5
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Cash Flows from Investing
Activities:
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Capital
expenditures
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(39.8)
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(55.1)
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Acquisition of
business, net of cash acquired
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(4.9)
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-
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Proceeds from
the sales of subsidiaries and property and equipment
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2.8
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2.6
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Cash used in investing activities
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(41.9)
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(52.5)
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Cash Flows from Financing
Activities:
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Net change in
short-term borrowings
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13.9
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(13.7)
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Proceeds from
long-term debt
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0.6
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0.7
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Repayments of
long-term debt
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(1.2)
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(0.7)
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Payments of
contingent consideration for acquisitions
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(2.8)
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-
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Proceeds from
share-based awards
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0.8
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1.8
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Payments to
noncontrolling interests
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(0.2)
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(0.6)
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Other
share-based award transactions
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(10.4)
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(10.3)
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Repurchases of
common stock
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(106.0)
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(129.8)
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Dividends
paid
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(73.5)
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(73.1)
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Cash used in financing activities
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(178.8)
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(225.7)
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Effect of exchange rate
changes on cash
|
(11.3)
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(24.2)
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Change in cash and cash
equivalents
|
(170.4)
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(67.9)
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Cash and cash
equivalents, beginning of period
|
581.3
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|
639.0
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Cash and cash
equivalents, end of period
|
$ 410.9
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$ 571.1
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SOURCE ManpowerGroup