man-8k_20201020.htm
false 0000871763 0000871763 2020-10-20 2020-10-20

 

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): October 20, 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 October 20, 2020, we issued a press release announcing our results of operations for the three and nine months ended September 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01.

Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release dated October 20, 2020

99.2

 

Presentation materials for October 20, 2020 Conference Call

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:

 

October 20, 2020

 

 

By:

 

/s/ John T. McGinnis

 

 

 

 

Name:

 

John T. McGinnis

 

 

 

 

Title:

 

Executive Vice President and

Chief Financial Officer

 

 

man-ex991_6.htm

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

 

 

 

Jack McGinnis

 

 

+1.414.906.7977

 

 

jack.mcginnis@manpowergroup.com

 

ManpowerGroup Reports 3nd Quarter 2020 Results

 

 

13% reported revenue decline in third quarter (14.5% decline on a constant currency basis)

 

Continued improvement in year-over-year revenue trend during the quarter, marking five months of improvement since April 2020

 

Strong results from Talent Solutions, led by double digit revenue growth in Career Transition activity within Right Management

 

Manpower brand exhibited a strong recovery trend during the third quarter as the rate of revenue and gross profit decline halved from the second quarter

 

Experis brand revenues derived 75% from IT, with improved gross profit compared to second quarter

 

Restructuring charges of $50 million in the quarter for real estate optimization and streamlining of operations

 

Strong ongoing cost management in light of significant decreases in gross profit

 

 

MILWAUKEE, October 20, 2020 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $0.18 per diluted share for the three months ended September 30, 2020 compared to $2.42 per diluted share in the prior year period.  Net earnings in the quarter were $10.3 million compared to $146.1 million a year earlier.  Revenues for the third quarter were $4.6 billion, a 13% decline from the prior year period.  

The current year quarter included restructuring costs and other special items consisting of a discrete tax item and a loss on dispositions. The restructuring costs and other special items reduced earnings per share by $1.02 in the current quarter. Excluding the restructuring charges and other special items, earnings per share was $1.20 per diluted share in the quarter.  The prior year period included a special item related to the gain from the Greater China IPO which increased earnings per share by 50 cents.

Financial results in the quarter were also impacted by the weaker U.S. dollar relative to foreign currencies compared to the prior year period. Reported earnings per share in the quarter were not impacted by changes in foreign currencies compared to the prior year, but adjusted earnings per share excluding restructuring costs and other special items were positively impacted two cents.  On a constant currency basis, revenues decreased 14.5%. Excluding the impact of the restructuring costs and other special items, on a constant currency basis, net earnings per diluted share decreased 39%.

 


 

Days Sales Outstanding improved by 3 days year over year reflecting our continued focus on collections and working capital management.  

Jonas Prising, ManpowerGroup Chairman & CEO, said, “As the global recovery took hold in the third quarter we experienced strengthening demand for our services reflecting the diversity of our offerings and strength of our digital capabilities. We also continued to advance strategic initiatives in the quarter including restructuring activities to improve efficiency, adjustments to our country portfolio to improve profitability, and ongoing execution of our digitization initiatives.  All of these actions are improving our business for further progress as we gradually recover from the current crisis.  I would like to thank our talented teams around the world for their contribution to these results, their unwavering support to clients and candidates as well as their commitment to creating a positive social impact.”

“We anticipate diluted earnings per share in the fourth quarter will be between $1.06 and $1.14, which includes an estimated favorable currency impact of 3 cents.”

Net losses for the nine months ended September 30, 2020 were $52.4 million, or net loss of $0.90 per diluted share compared to net earnings of $326.9 million, or net earnings of $5.40 per diluted share in the prior year. The year to date period included special items and restructuring costs which reduced earnings per share by $3.09. The prior year-to-date period included special items and restructuring costs which increased earnings per share by 5 cents. Revenues for the nine-month period were $12.9 billion, a decrease of 17% from the prior year or a decrease of 16% in constant currency. Earnings per share for the nine-month period were negatively impacted 1 cent by changes in foreign currencies compared to the prior year, or 2 cents excluding the special items and restructuring costs.  

In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 20, 2020 at 7:30 a.m. CDT (8:30 a.m. EDT). Prepared remarks for the conference call are included within the Investor Relations section of our website at manpowergroup.com. 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 more than 75 countries and territories and has done so for over 70 years. We are recognized consistently for our diversity - as a best place to work for Women, Inclusion, Equality and Disability and in 2020 ManpowerGroup was named one of the World's Most Ethical Companies for the eleventh year - all confirming our position as the brand of choice for in-demand talent.

 

Forward-Looking Statements

 

 


 

This news release contains statements, including statements regarding the anticipated financial and operational impacts of the COVID-19 pandemic and related economic conditions and the Company’s efforts to respond to such impacts, 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, 2019, as well as the risks and uncertainties arising from the COVID-19 global pandemic and related governmental actions that are discussed in the Company’s Periodic Reports on Form 10-Q for the quarter ended March 31, 2020, which information is incorporated herein by reference.

###

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

Three Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

4,584.8

 

 

$

5,248.9

 

 

 

-12.7

%

 

 

-14.5

%

Cost of services

 

 

3,859.7

 

 

 

4,408.6

 

 

 

-12.5

%

 

 

-14.3

%

Gross profit

 

 

725.1

 

 

 

840.3

 

 

 

-13.7

%

 

 

-15.4

%

Selling and administrative expenses

 

 

663.5

 

 

 

623.3

 

 

 

6.5

%

 

 

4.1

%

Operating profit

 

 

61.6

 

 

 

217.0

 

 

 

-71.6

%

 

 

-71.6

%

Interest and other expenses, net

 

 

6.0

 

 

 

12.2

 

 

 

-51.4

%

 

 

 

 

Earnings before income taxes

 

 

55.6

 

 

 

204.8

 

 

 

-72.8

%

 

 

-72.7

%

Provision for income taxes

 

 

45.3

 

 

 

58.7

 

 

 

-22.8

%

 

 

 

 

Net earnings

 

$

10.3

 

 

$

146.1

 

 

 

-93.0

%

 

 

-92.9

%

Net earnings per share - basic

 

$

0.18

 

 

$

2.44

 

 

 

-92.6

%

 

 

 

 

Net earnings per share - diluted

 

$

0.18

 

 

$

2.42

 

 

 

-92.6

%

 

 

-92.6

%

Weighted average shares - basic

 

 

58.2

 

 

 

59.9

 

 

 

-2.8

%

 

 

 

 

Weighted average shares - diluted

 

 

58.5

 

 

 

60.3

 

 

 

-3.0

%

 

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $3.8 million and $4.3 million for the three months ended September 30, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $236.9 million and $274.0 million for the three months ended September 30, 2020 and 2019, respectively.

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

578.8

 

 

$

666.4

 

 

 

-13.1

%

 

 

-13.1

%

Other Americas

 

 

350.3

 

 

 

428.1

 

 

 

-18.2

%

 

 

-8.2

%

 

 

 

929.1

 

 

 

1,094.5

 

 

 

-15.1

%

 

 

-11.2

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,205.3

 

 

 

1,386.4

 

 

 

-13.1

%

 

 

-17.3

%

Italy

 

 

351.2

 

 

 

376.9

 

 

 

-6.8

%

 

 

-11.3

%

Other Southern Europe

 

 

555.9

 

 

 

594.5

 

 

 

-6.5

%

 

 

-10.7

%

 

 

 

2,112.4

 

 

 

2,357.8

 

 

 

-10.4

%

 

 

-14.7

%

Northern Europe

 

 

947.7

 

 

 

1,166.8

 

 

 

-18.8

%

 

 

-21.6

%

APME

 

 

595.6

 

 

 

629.8

 

 

 

-5.4

%

 

 

-6.0

%

 

 

$

4,584.8

 

 

$

5,248.9

 

 

 

-12.7

%

 

 

-14.5

%

Operating Unit Profit (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

19.3

 

 

$

39.8

 

 

 

-51.6

%

 

 

-51.6

%

Other Americas

 

 

12.2

 

 

 

19.5

 

 

 

-37.1

%

 

 

-29.3

%

 

 

 

31.5

 

 

 

59.3

 

 

 

-46.8

%

 

 

-44.2

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

51.5

 

 

 

70.3

 

 

 

-26.8

%

 

 

-30.3

%

Italy

 

 

15.4

 

 

 

23.3

 

 

 

-33.5

%

 

 

-36.4

%

Other Southern Europe

 

 

4.7

 

 

 

22.8

 

 

 

-79.1

%

 

 

-79.4

%

 

 

 

71.6

 

 

 

116.4

 

 

 

-38.4

%

 

 

-41.2

%

Northern Europe

 

 

(22.5

)

 

 

22.8

 

 

N/A

 

 

N/A

 

APME

 

 

16.7

 

 

 

54.9

 

 

 

-69.8

%

 

 

-69.6

%

 

 

 

97.3

 

 

 

253.4

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(29.1

)

 

 

(29.2

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(6.6

)

 

 

(7.2

)

 

 

 

 

 

 

 

 

Operating profit

 

 

61.6

 

 

 

217.0

 

 

 

-71.6

%

 

 

-71.6

%

Interest and other expenses, net (b)

 

 

(6.0

)

 

 

(12.2

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

55.6

 

 

$

204.8

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $3.4 million and $3.5 million for the three months ended September 30, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $116.9 million and $151.6 million for the three months ended September 30, 2020 and 2019, respectively.

(b)

The components of interest and other expenses, net were:

 

 

2020

 

 

2019

 

Interest expense

 

$

10.8

 

 

$

11.9

 

Interest income

 

 

(3.1

)

 

 

(0.6

)

Foreign exchange loss

 

 

0.6

 

 

 

4.1

 

Miscellaneous income

 

 

(2.3

)

 

 

(3.2

)

 

 

$

6.0

 

 

$

12.2

 

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

Nine Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

12,946.1

 

 

$

15,666.9

 

 

 

-17.4

%

 

 

-16.4

%

Cost of services

 

 

10,920.3

 

 

 

13,151.4

 

 

 

-17.0

%

 

 

-15.9

%

Gross profit

 

 

2,025.8

 

 

 

2,515.5

 

 

 

-19.5

%

 

 

-18.6

%

Selling and administrative expenses, excluding

goodwill impairment charges

 

 

1,909.7

 

 

 

1,998.2

 

 

 

-4.4

%

 

 

-3.6

%

Goodwill impairment charges (b)

 

 

66.8

 

 

 

64.0

 

 

 

4.2

%

 

 

4.6

%

Selling and administrative expenses

 

 

1,976.5

 

 

 

2,062.2

 

 

 

-4.2

%

 

 

-3.3

%

Operating profit

 

 

49.3

 

 

 

453.3

 

 

 

-89.1

%

 

 

-88.4

%

Interest and other expenses (income), net

 

 

32.3

 

 

 

(46.1

)

 

N/A

 

 

 

 

 

Earnings before income taxes

 

 

17.0

 

 

 

499.4

 

 

 

-96.6

%

 

 

-96.0

%

Provision for income taxes

 

 

69.4

 

 

 

172.5

 

 

 

-59.8

%

 

 

 

 

Net (loss) earnings

 

$

(52.4

)

 

$

326.9

 

 

N/A

 

 

N/A

 

Net (loss) earnings per share - basic

 

$

(0.90

)

 

$

5.43

 

 

N/A

 

 

 

 

 

Net (loss) earnings per share - diluted

 

$

(0.90

)

 

$

5.40

 

 

N/A

 

 

N/A

 

Weighted average shares - basic

 

 

58.4

 

 

 

60.2

 

 

 

-2.9

%

 

 

 

 

Weighted average shares - diluted

 

 

58.4

 

 

 

60.6

 

 

 

-3.6

%

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $9.9 million and $14.0 million for the nine months ended September 30, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $447.3 million and $680.2 million for the nine months ended September 30, 2020 and 2019, respectively.

 

(b)

The goodwill impairment charges for both the nine months ended September 30, 2020 and 2019 relate to our investment in Germany.

 

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Nine Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

1,705.6

 

 

$

1,942.3

 

 

 

-12.2

%

 

 

-12.2

%

Other Americas

 

 

1,071.1

 

 

 

1,250.6

 

 

 

-14.4

%

 

 

-4.2

%

 

 

 

2,776.7

 

 

 

3,192.9

 

 

 

-13.0

%

 

 

-9.0

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

3,035.1

 

 

 

4,117.8

 

 

 

-26.3

%

 

 

-26.6

%

Italy

 

 

947.4

 

 

 

1,127.7

 

 

 

-16.0

%

 

 

-16.2

%

Other Southern Europe

 

 

1,545.4

 

 

 

1,615.4

 

 

 

-4.3

%

 

 

-5.3

%

 

 

 

5,527.9

 

 

 

6,860.9

 

 

 

-19.4

%

 

 

-19.9

%

Northern Europe

 

 

2,881.9

 

 

 

3,561.4

 

 

 

-19.1

%

 

 

-17.9

%

APME

 

 

1,759.6

 

 

 

2,051.7

 

 

 

-14.2

%

 

 

-13.3

%

 

 

$

12,946.1

 

 

$

15,666.9

 

 

 

-17.4

%

 

 

-16.4

%

Operating Unit Profit (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

30.8

 

 

$

94.1

 

 

 

-67.3

%

 

 

-67.3

%

Other Americas

 

 

37.0

 

 

 

52.5

 

 

 

-29.5

%

 

 

-22.3

%

 

 

 

67.8

 

 

 

146.6

 

 

 

-53.7

%

 

 

-51.1

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

87.0

 

 

 

201.3

 

 

 

-56.8

%

 

 

-57.6

%

Italy

 

 

40.6

 

 

 

73.4

 

 

 

-44.6

%

 

 

-44.7

%

Other Southern Europe

 

 

9.1

 

 

 

51.9

 

 

 

-82.4

%

 

 

-83.0

%

 

 

 

136.7

 

 

 

326.6

 

 

 

-58.1

%

 

 

-58.8

%

Northern Europe

 

 

(36.3

)

 

 

50.3

 

 

N/A

 

 

N/A

 

APME

 

 

51.6

 

 

 

105.2

 

 

 

-51.0

%

 

 

-51.0

%

 

 

 

219.8

 

 

 

628.7

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(83.5

)

 

 

(89.0

)

 

 

 

 

 

 

 

 

Goodwill impairment charges

 

 

(66.8

)

 

 

(64.0

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(20.2

)

 

 

(22.4

)

 

 

 

 

 

 

 

 

Operating profit

 

 

49.3

 

 

 

453.3

 

 

 

-89.1

%

 

 

-88.4

%

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

 

 

(32.3

)

 

 

46.1

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

17.0

 

 

$

499.4

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $8.8 million and $10.8 million for the nine months ended September 30, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $315.7 million and $462.8 million for the nine months ended September 30, 2020 and 2019, respectively.

(b)

The components of interest and other expenses (income), net were:

 

 

2020

 

 

2019

 

Interest expense

 

$

32.3

 

 

$

33.3

 

Interest income

 

 

(9.9

)

 

 

(3.2

)

Foreign exchange loss

 

 

4.2

 

 

 

6.5

 

Miscellaneous expense (income) (c)

 

 

5.7

 

 

 

(82.7

)

 

 

$

32.3

 

 

$

(46.1

)

 

(c)     2019 includes an $80.0 million gain related to our acquisition of the remaining controlling interest of our Swiss            franchise.

 


 

ManpowerGroup

Consolidated Balance Sheets

(In millions)

 

 

 

Sep. 30

 

 

Dec.31

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,587.7

 

 

$

1,025.8

 

Accounts receivable, net

 

 

4,535.7

 

 

 

5,273.1

 

Prepaid expenses and other assets

 

 

224.7

 

 

 

185.6

 

Total current assets

 

 

6,348.1

 

 

 

6,484.5

 

Other assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,198.6

 

 

 

1,260.1

 

Intangible assets, net

 

 

251.5

 

 

 

268.6

 

Operating lease right-of-use asset

 

 

407.9

 

 

 

448.5

 

Other assets

 

 

610.7

 

 

 

618.8

 

Total other assets

 

 

2,468.7

 

 

 

2,596.0

 

Property and equipment:

 

 

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

599.6

 

 

 

605.5

 

Less: accumulated depreciation and amortization

 

 

467.1

 

 

 

462.2

 

Net property and equipment

 

 

132.5

 

 

 

143.3

 

Total assets

 

$

8,949.3

 

 

$

9,223.8

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,359.9

 

 

$

2,474.9

 

Employee compensation payable

 

 

213.0

 

 

 

206.4

 

Accrued liabilities

 

 

555.6

 

 

 

545.4

 

Accrued payroll taxes and insurance

 

 

622.3

 

 

 

649.7

 

Value added taxes payable

 

 

495.5

 

 

 

504.0

 

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

 

 

29.2

 

 

 

61.0

 

Total current liabilities

 

 

4,275.5

 

 

 

4,441.4

 

Other liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,058.5

 

 

 

1,012.4

 

Long-term operating lease liability

 

 

318.8

 

 

 

336.7

 

Other long-term liabilities

 

 

691.1

 

 

 

671.8

 

Total other liabilities

 

 

2,068.4

 

 

 

2,020.9

 

Shareholders' equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,395.1

 

 

 

3,370.6

 

Retained earnings

 

 

3,378.5

 

 

 

3,494.1

 

Accumulated other comprehensive loss

 

 

(432.8

)

 

 

(441.0

)

Treasury stock, at cost

 

 

(3,753.3

)

 

 

(3,681.9

)

Total ManpowerGroup shareholders' equity

 

 

2,588.7

 

 

 

2,743.0

 

Noncontrolling interests

 

 

16.7

 

 

 

18.5

 

Total shareholders' equity

 

 

2,605.4

 

 

 

2,761.5

 

Total liabilities and shareholders' equity

 

$

8,949.3

 

 

$

9,223.8

 

 

 


 

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net (loss) earnings

 

$

(52.4

)

 

$

326.9

 

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

55.4

 

 

 

57.1

 

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 goodwill and other impairment charges

 

 

71.3

 

 

 

64.0

 

Deferred income taxes

 

 

5.5

 

 

 

7.8

 

Provision for doubtful accounts

 

 

17.8

 

 

 

16.9

 

Share-based compensation

 

 

18.4

 

 

 

18.8

 

Changes in operating assets and liabilities, excluding the impact of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

785.8

 

 

 

(60.9

)

Other assets

 

 

(15.1

)

 

 

103.7

 

Other liabilities

 

 

(171.0

)

 

 

71.9

 

Cash provided by operating activities

 

 

715.7

 

 

 

495.4

 

Cash Flows from Investing Activities: