man-8k_20200131.htm
false 0000871763 0000871763 2020-01-31 2020-01-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 31, 2020

 

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)

 

Wisconsin

 

1-10686

 

39-1672779

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

100 Manpower Place

 

 

Milwaukee, Wisconsin

 

53212

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code:  (414) 961-1000

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

MAN

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

 


 


 

Item 2.02

Results of Operations and Financial Condition

 

The information in this Item 2.02, including exhibit 99.1 attached herto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

On January 31, 2020, we issued a press release announcing our results of operations for the three months and year ended December 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Effective January 1, 2020, our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Attached hereto as Exhibit 99.3 is our Operating Unit Results since January 1, 2018, revised to conform to the current year presentation.

 

Item 9.01.

Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release dated January 31, 2020

99.2

 

Presentation materials for January 31, 2020 Conference Call

99.3

 

Operating Unit Results reflecting the restatement of segment results

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

MANPOWERGROUP INC.

 

 

 

 

 

 

 

Dated:

 

January 31, 2020

 

 

By:

 

/s/ John T. McGinnis

 

 

 

 

Name:

 

John T. McGinnis

 

 

 

 

Title:

 

Executive Vice President and

Chief Financial Officer

 

 

man-ex991_7.htm

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

 

 

 

Jack McGinnis

 

 

+1.414.906.7977

 

 

jack.mcginnis@manpowergroup.com

 

ManpowerGroup Reports 4th Quarter and Full Year 2019 Results

 

 

Fourth quarter results reflect a continuation of the challenging revenue trends in Europe, partially offset by growth in Americas and Right Management

 

Key markets UK, Japan, Spain, Norway and Canada drove revenue growth during fourth quarter

 

Strong Free Cash Flow and improved Days Sales Outstanding during fourth quarter

 

$51 million of common stock repurchased during fourth quarter

 

New global brand Talent Solutions launched today

 

Anticipate slightly lower revenue trend into the first quarter of 2020

 

MILWAUKEE, January 31, 2020 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $2.33 per diluted share for the three months ended December 31, 2019 compared to $2.54 per diluted share in the prior year period.  Net earnings in the quarter were $138.8 million compared to $158.3 million a year earlier.  Revenues for the fourth quarter were $5.2 billion, a 4% decline from the prior year period.  

Financial results in the quarter were impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period.  On a constant currency basis, revenues were down 2%. On a constant currency basis, net earnings per diluted share decreased 6%. Earnings per share in the quarter were negatively impacted 5 cents by changes in foreign currencies compared to the prior year. Discrete net tax benefits positively impacted earnings per share by 23 cents in the fourth quarter of 2019.  

 

“We executed well in a slow growth global economy,” said Jonas Prising, ManpowerGroup Chairman & CEO.  “Our fourth quarter performance reflects a challenging revenue environment in Europe, partially offset by growth in the Americas, Right Management and most markets within APME.  While the global economy continues to face a high level of complex trade and geopolitical related risks, there are growth opportunities in this environment for our market leading services and workforce solutions offerings.”

“With that, we are excited to announce today’s launch of our new brand Talent Solutions, combining three of our current global offerings to leverage our deep expertise in RPO, Tapfin MSP and Right Management.  This is how we will continue to deliver new solutions and create added value that addresses our clients’ complex global workforce needs.”

 


 

“We anticipate diluted earnings per share in the first quarter will be between $1.33 and $1.41, which includes an estimated unfavorable currency impact of 3 cents.”

Free Cash Flow in the fourth quarter of $303 million represented a significant increase from $156 million in the prior year period. At December 31, 2019, Days Sales Outstanding decreased by one day from the prior year. ManpowerGroup repurchased 579 thousand shares of common stock for $51 million during the quarter.

Net earnings for the year ended December 31, 2019 were $465.7 million, or $7.72 per diluted share compared to net earnings of $556.7 million, or $8.56 per diluted share in the prior year. The year to date period included special items and restructuring costs which increased earnings per share by 4 cents and discrete income tax benefits that increased earnings per share by 23 cents. The prior year to date period included restructuring costs which reduced earnings per share by 46 cents.  Revenues for the year were $20.9 billion, a decrease of 5% from the prior year or a decrease of 1% in constant currency. Earnings per share for the year were negatively impacted 28 cents by changes in foreign currencies compared to the prior year, or 36 cents excluding the special items and restructuring costs.  ManpowerGroup repurchased 2.4 million shares of common stock for $203 million during the year ended December 31, 2019.

In conjunction with its fourth quarter and full year earnings release, ManpowerGroup will broadcast its conference call live over the Internet on January 31, 2020 at 7:30 a.m. CST (8:30 a.m. EST). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpowergroup.com/ in the section titled “Investor Relations.”

 

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 80 countries and territories and has done so for over 70 years. In 2019, ManpowerGroup was named one of Fortune's Most Admired Companies for the seventeenth year and one of the World's Most Ethical Companies for the tenth year, confirming our position as the most trusted brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com

 

Forward-Looking Statements

This news release contains statements, including earnings projections, predictions about revenue trends and the effect of currency fluctuations, 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. Factors that may cause the Company’s actual results to differ materially from those contained in the forward-looking statements can be 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, 2018, which information is incorporated herein by reference.

 

###

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

5,196.6

 

 

$

5,393.2

 

 

 

-3.6

%

 

 

-1.8

%

Cost of services

 

 

4,337.0

 

 

 

4,512.9

 

 

 

-3.9

%

 

 

-2.1

%

Gross profit

 

 

859.6

 

 

 

880.3

 

 

 

-2.4

%

 

 

-0.5

%

Selling and administrative expenses

 

 

668.0

 

 

 

662.4

 

 

 

0.8

%

 

 

2.6

%

Operating profit

 

 

191.6

 

 

 

217.9

 

 

 

-12.1

%

 

 

-10.0

%

Interest and other expenses

 

 

5.5

 

 

 

3.6

 

 

 

47.7

%

 

 

 

 

Earnings before income taxes

 

 

186.1

 

 

 

214.3

 

 

 

-13.1

%

 

 

-11.1

%

Provision for income taxes

 

 

47.3

 

 

 

56.0

 

 

 

-15.3

%

 

 

 

 

Net earnings

 

$

138.8

 

 

$

158.3

 

 

 

-12.4

%

 

 

-10.4

%

Net earnings per share - basic

 

$

2.35

 

 

$

2.56

 

 

 

-8.2

%

 

 

 

 

Net earnings per share - diluted

 

$

2.33

 

 

$

2.54

 

 

 

-8.3

%

 

 

-6.3

%

Weighted average shares - basic

 

 

59.0

 

 

 

61.9

 

 

 

-4.7

%

 

 

 

 

Weighted average shares - diluted

 

 

59.5

 

 

 

62.3

 

 

 

-4.4

%

 

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $4.4 million and $6.5 million for the three months ended December 31, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $141.9 million and $267.2 million for the three months ended December 31, 2019 and 2018, respectively.

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

626.8

 

 

$

632.3

 

 

 

-0.9

%

 

 

-0.9

%

Other Americas

 

 

434.1

 

 

 

411.9

 

 

 

5.4

%

 

 

9.5

%

 

 

 

1,060.9

 

 

 

1,044.2

 

 

 

1.6

%

 

 

3.2

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,356.0

 

 

 

1,430.6

 

 

 

-5.2

%

 

 

-2.3

%

Italy

 

 

380.0

 

 

 

403.8

 

 

 

-5.9

%

 

 

-3.0

%

Other Southern Europe

 

 

589.4

 

 

 

459.6

 

 

 

28.2

%

 

 

29.3

%

 

 

 

2,325.4

 

 

 

2,294.0

 

 

 

1.4

%

 

 

3.9

%

Northern Europe

 

 

1,161.8

 

 

 

1,272.6

 

 

 

-8.7

%

 

 

-6.4

%

APME

 

 

596.5

 

 

 

732.3

 

 

 

-18.5

%

 

 

-19.4

%

Right Management

 

 

52.0

 

 

 

50.1

 

 

 

3.8

%

 

 

4.6

%

 

 

$

5,196.6

 

 

$

5,393.2

 

 

 

-3.6

%

 

 

-1.8

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

28.8

 

 

$

32.7

 

 

 

-12.1

%

 

 

-12.1

%

Other Americas

 

 

22.1

 

 

 

20.3

 

 

 

8.9

%

 

 

13.9

%

 

 

 

50.9

 

 

 

53.0

 

 

 

-4.0

%

 

 

-2.1

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

82.7

 

 

 

80.9

 

 

 

2.2

%

 

 

5.4

%

Italy

 

 

29.1

 

 

 

28.3

 

 

 

2.5

%

 

 

5.6

%

Other Southern Europe

 

 

15.9

 

 

 

17.4

 

 

 

-7.9

%

 

 

-8.1

%

 

 

 

127.7

 

 

 

126.6

 

 

 

0.9

%

 

 

3.6

%

Northern Europe

 

 

20.8

 

 

 

40.9

 

 

 

-49.1

%

 

 

-47.5

%

APME

 

 

21.1

 

 

 

27.3

 

 

 

-23.1

%

 

 

-25.4

%

Right Management

 

 

11.4

 

 

 

9.4

 

 

 

22.1

%

 

 

23.1

%

 

 

 

231.9

 

 

 

257.2

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(32.9

)

 

 

(31.0

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(7.4

)

 

 

(8.3

)

 

 

 

 

 

 

 

 

Operating profit

 

 

191.6

 

 

 

217.9

 

 

 

-12.1

%

 

 

-10.0

%

Interest and other expenses (b)

 

 

(5.5

)

 

 

(3.6

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

186.1

 

 

$

214.3

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $3.3 million and $4.2 million for the three months ended December 31, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $131.5 million and $165.6 million for the three months ended December 31, 2019 and 2018, respectively.

(b)

The components of interest and other expenses were:

 

 

2019

 

 

2018

 

Interest expense

 

$

11.1

 

 

$

9.9

 

Interest income

 

 

(2.8

)

 

 

(1.9

)

Foreign exchange loss (gain)

 

 

0.2

 

 

 

(1.4

)

Miscellaneous income

 

 

(3.0

)

 

 

(3.0

)

 

 

$

5.5

 

 

$

3.6

 

 


 

 

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

20,863.5

 

 

$

21,991.2

 

 

 

-5.1

%

 

 

-0.9

%

Cost of services

 

 

17,488.4

 

 

 

18,412.2

 

 

 

-5.0

%

 

 

-0.8

%

Gross profit

 

 

3,375.1

 

 

 

3,579.0

 

 

 

-5.7

%

 

 

-1.8

%

Selling and administrative expenses, excluding

   impairment charge

 

 

2,666.2

 

 

 

2,782.3

 

 

 

-4.2

%

 

 

-0.2

%

Goodwill impairment charge (b)

 

 

64.0

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

2,730.2

 

 

 

2,782.3

 

 

 

-1.9

%

 

 

2.2

%

Operating profit

 

 

644.9

 

 

 

796.7

 

 

 

-19.1

%

 

 

-15.6

%

Interest and other (income) expenses, net

 

 

(40.6

)

 

 

42.0

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

685.5

 

 

 

754.7

 

 

 

-9.2

%

 

 

-5.7

%

Provision for income taxes

 

 

219.8

 

 

 

198.0

 

 

 

11.1

%

 

 

 

 

Net earnings

 

$

465.7

 

 

$

556.7

 

 

 

-16.4

%

 

 

-13.3

%

Net earnings per share - basic

 

$

7.78

 

 

$

8.62

 

 

 

-9.7

%

 

 

 

 

Net earnings per share - diluted

 

$

7.72

 

 

$

8.56

 

 

 

-9.8

%

 

 

-6.5

%

Weighted average shares - basic

 

 

59.9

 

 

 

64.6

 

 

 

-7.3

%

 

 

 

 

Weighted average shares - diluted

 

 

60.3

 

 

 

65.1

 

 

 

-7.3

%

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $18.4 million and $24.1 million for the years ended December 31, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $822.1 million and $1,056.6 million for the years ended December 31, 2019 and 2018, respectively.

(b)

The goodwill impairment charge for the year ended December 31, 2019 relates to our investments in Germany and New Zealand.

 

 


 

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

2,507.0

 

 

$

2,522.3

 

 

 

-0.6

%

 

 

-0.6

%

Other Americas

 

 

1,675.3

 

 

 

1,637.0

 

 

 

2.3

%

 

 

10.0

%

 

 

 

4,182.3

 

 

 

4,159.3

 

 

 

0.6

%

 

 

3.6

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

5,459.7

 

 

 

5,827.7

 

 

 

-6.3

%

 

 

-1.2

%

Italy

 

 

1,506.5

 

 

 

1,670.6

 

 

 

-9.8

%

 

 

-4.9

%

Other Southern Europe

 

 

2,200.2

 

 

 

1,873.3

 

 

 

17.5

%

 

 

21.9

%

 

 

 

9,166.4

 

 

 

9,371.6

 

 

 

-2.2

%

 

 

2.8

%

Northern Europe

 

 

4,691.3

 

 

 

5,370.5

 

 

 

-12.6

%

 

 

-7.6

%

APME

 

 

2,627.2

 

 

 

2,890.3

 

 

 

-9.1

%

 

 

-7.2

%

Right Management

 

 

196.3

 

 

 

199.5

 

 

 

-1.6

%

 

 

0.9

%

 

 

$

20,863.5

 

 

$

21,991.2

 

 

 

-5.1

%

 

 

-0.9

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

113.2

 

 

$

130.8

 

 

 

-13.4

%

 

 

-13.4

%

Other Americas

 

 

73.1

 

 

 

73.1

 

 

 

-0.1

%

 

 

4.9

%

 

 

 

186.3

 

 

 

203.9

 

 

 

-8.6

%

 

 

-6.8

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

284.3

 

 

 

290.4

 

 

 

-2.1

%

 

 

3.0

%

Italy

 

 

102.6

 

 

 

111.1

 

 

 

-7.7

%

 

 

-2.7

%

Other Southern Europe

 

 

67.7

 

 

 

66.1

 

 

 

2.4

%

 

 

5.3

%

 

 

 

454.6

 

 

 

467.6

 

 

 

-2.8

%

 

 

2.0

%

Northern Europe

 

 

67.1

 

 

 

122.7

 

 

 

-45.3

%

 

 

-42.4

%

APME

 

 

122.6

 

 

 

114.8

 

 

 

6.8

%

 

 

7.4

%

Right Management

 

 

30.0

 

 

 

32.8

 

 

 

-8.6

%

 

 

-6.9

%

 

 

 

860.6

 

 

 

941.8

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(121.9

)

 

 

(110.0

)

 

 

 

 

 

 

 

 

Goodwill impairment charge

 

 

(64.0

)

 

 

 

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(29.8

)

 

 

(35.1

)

 

 

 

 

 

 

 

 

Operating profit

 

 

644.9

 

 

 

796.7

 

 

 

-19.1

%

 

 

-15.6

%

Interest and other (income) expenses, net (b)

 

 

40.6

 

 

 

(42.0

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

685.5

 

 

$

754.7

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $14.1 million and 15.0 million for the years ended December 31, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $594.3 million and $651.2 million for the years ended December 31, 2019 and 2018, respectively.

(b)

The components of interest and other expenses were:

 

 

 

2019

 

 

2018

 

Interest expense

 

$

44.4

 

 

$

47.0

 

Interest income

 

 

(6.0

)

 

 

(6.0

)

Foreign exchange loss

 

 

6.7

 

 

 

1.4

 

Miscellaneous income (c)

 

 

(85.7

)

 

 

(0.4

)

 

 

$

(40.6

)

 

$

42.0

 

 

(c)

Includes an $80.0 million gain related to our acquisition of the remaining controlling interest in our Swiss franchise.

 


 

ManpowerGroup

Consolidated Balance Sheets

(In millions)

 

 

 

Dec.31

 

 

Dec.31

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,025.8

 

 

$

591.9

 

Accounts receivable, net

 

 

5,273.1

 

 

 

5,276.1

 

Prepaid expenses and other assets

 

 

185.6

 

 

 

129.1

 

Total current assets

 

 

6,484.5

 

 

 

5,997.1

 

Other assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,260.1

 

 

 

1,297.1

 

Intangible assets, net

 

 

268.6

 

 

 

246.3

 

Operating lease right-of-use asset

 

 

448.5

 

 

 

 

Other assets

 

 

618.8

 

 

 

826.7

 

Total other assets

 

 

2,596.0

 

 

 

2,370.1

 

Property and equipment:

 

 

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

605.5

 

 

 

613.6

 

Less: accumulated depreciation and amortization

 

 

462.2

 

 

 

461.0

 

Net property and equipment

 

 

143.3

 

 

 

152.6

 

Total assets

 

$

9,223.8

 

 

$

8,519.8

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,474.9

 

 

$

2,266.7

 

Employee compensation payable

 

 

206.4

 

 

 

209.7

 

Accrued liabilities

 

 

545.4

 

 

 

411.0

 

Accrued payroll taxes and insurance

 

 

649.7

 

 

 

729.8

 

Value added taxes payable

 

 

504.0

 

 

 

508.6

 

Short-term borrowings and current maturities of long-term debt

 

 

61.0

 

 

 

50.1

 

Total current liabilities

 

 

4,441.4

 

 

 

4,175.9

 

Other liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,012.4

 

 

 

1,025.3

 

Long-term operating lease liability

 

 

336.7

 

 

 

 

Other long-term liabilities

 

 

671.8

 

 

 

620.1

 

Total other liabilities

 

 

2,020.9

 

 

 

1,645.4

 

Shareholders' equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,370.6

 

 

 

3,337.5

 

Retained earnings

 

 

3,494.1

 

 

 

3,157.7

 

Accumulated other comprehensive loss

 

 

(441.0

)

 

 

(399.8

)

Treasury stock, at cost

 

 

(3,681.9

)

 

 

(3,471.7

)

Total ManpowerGroup shareholders' equity

 

 

2,743.0

 

 

 

2,624.9

 

Noncontrolling interests

 

 

18.5

 

 

 

73.6

 

Total shareholders' equity

 

 

2,761.5

 

 

 

2,698.5

 

Total liabilities and shareholders' equity

 

$

9,223.8

 

 

$

8,519.8

 

 

 


 

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

 

 

 

Year Ended

 

 

 

December 31

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

465.7

 

 

$

556.7

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

77.2

 

 

 

85.8

 

Non-cash gain on disposition of previously held equity interest

 

 

(80.4

)

 

 

 

Non-cash gain on disposition of previously held controlling interest

 

 

(30.4

)

 

 

 

Non-cash lease expense

 

 

136.4

 

 

 

 

Non-cash goodwill impairment charge

 

 

64.0