man-8k_20210202.htm
false 0000871763 0000871763 2021-02-02 2021-02-02

 

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): February 2, 2021

 

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 February 2, 2021, we issued a press release announcing our results of operations for the three months and year ended December 31, 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 February 2, 2021

99.2

 

Presentation materials for February 2, 2021 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:

 

February 2, 2021

 

 

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 4th Quarter and Full Year 2020 Results

 

 

3% revenue decline in fourth quarter (6% decline on a constant currency basis)

 

Progressive monthly improvement in year-over-year revenue trend during the fourth quarter

 

Talent Solutions crossed over to revenue growth in the quarter, led by growth in MSP and Right Management while RPO experienced significant trend improvement

 

Both Manpower and Experis brands experienced significant improvement in the trend of gross profit decline from the previous quarter

 

$201 million of common stock repurchased during fourth quarter

 

Ended the quarter with $1.6 billion of cash and cash equivalents and $600 million of untapped revolving credit facility

 

MILWAUKEE, February 2, 2021 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $1.33 per diluted share for the three months ended December 31, 2020 compared to $2.33 per diluted share in the prior year period.  Net earnings in the quarter were $76.2 million compared to $138.8 million a year earlier.  Revenues for the fourth quarter were $5.1 billion, a 3% decline from the prior year period.  

The current year quarter included restructuring costs which reduced earnings per share by $0.15. Excluding the restructuring costs, earnings per share was $1.48 per diluted share in the quarter. Financial results in the quarter were also impacted by the weaker U.S. dollar relative to foreign currencies compared to the prior year period. Earnings per share in the quarter were positively impacted 5 cents by changes in foreign currencies compared to the prior year, or 6 cents excluding the restructuring costs.  On a constant currency basis, revenues decreased 6%. Excluding the impact of the restructuring costs, on a constant currency basis, net earnings per diluted share decreased 39%.

Days Sales Outstanding improved by 3.4 days year over year reflecting our continued focus on collections and working capital management.  

Jonas Prising, ManpowerGroup Chairman & CEO, said, “Our fourth quarter results reflect a continuation of the revenue recovery that began in May 2020. Despite experiencing a series of ongoing lockdowns around the world during the fourth quarter, our results reflect a stronger market environment, including revenue growth and new opportunities in select markets.  The combination of our tech and

 


 

PeopleFirst approach – the talent, skills and dedication of our teams – allows us to confidently manage uncertainty, volatility, collaborate remotely and be more agile than we ever believed possible.

We are pleased with the strategic progress we made in 2020 despite a very difficult operating environment. We enter the new year confident that our strategy to Diversify, Digitize and Innovate continues to position ManpowerGroup for greater success and profitable growth in the future.”

“We anticipate diluted earnings per share in the first quarter will be between $0.64 and $0.72, which includes an estimated favorable currency impact of 7 cents.”

Net earnings for the year ended December 31, 2020 were $23.8 million, or $0.41 per diluted share compared to net earnings of $465.7 million, or net earnings of $7.72 per diluted share in the prior year. The full year period included special items and restructuring costs which reduced earnings per share by $3.26. The prior full year 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. Revenues for the year were $18.0 billion, a decrease of 14% from prior year on both an as-reported and constant-currency basis. Reported earnings per share for the year were positively impacted 1 cent by changes in foreign currencies compared to the prior year, or 3 cents excluding the special items and restructuring costs.

In conjunction with its fourth quarter and full year earnings release, ManpowerGroup will broadcast its conference call live over the Internet on February 2, 2021 at 7:30 a.m. CST (8:30 a.m. EST). 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 Quarterly Report 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 December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

5,054.9

 

 

$

5,196.6

 

 

 

-2.7

%

 

 

-6.5

%

Cost of services

 

 

4,256.0

 

 

 

4,337.0

 

 

 

-1.9

%

 

 

-5.7

%

Gross profit

 

 

798.9

 

 

 

859.6

 

 

 

-7.1

%

 

 

-10.4

%

Selling and administrative expenses

 

 

660.6

 

 

 

668.0

 

 

 

-1.1

%

 

 

-4.6

%

Operating profit

 

 

138.3

 

 

 

191.6

 

 

 

-27.8

%

 

 

-30.4

%

Interest and other expenses, net

 

 

7.6

 

 

 

5.5

 

 

 

40.6

%

 

 

 

 

Earnings before income taxes

 

 

130.7

 

 

 

186.1

 

 

 

-29.8

%

 

 

-32.1

%

Provision for income taxes

 

 

54.5

 

 

 

47.3

 

 

 

15.0

%

 

 

 

 

Net earnings

 

$

76.2

 

 

$

138.8

 

 

 

-45.1

%

 

 

-46.9

%

Net earnings per share - basic

 

$

1.34

 

 

$

2.35

 

 

 

-43.0

%

 

 

 

 

Net earnings per share - diluted

 

$

1.33

 

 

$

2.33

 

 

 

-42.9

%

 

 

-45.1

%

Weighted average shares - basic

 

 

57.0

 

 

 

59.0

 

 

 

-3.4

%

 

 

 

 

Weighted average shares - diluted

 

 

57.4

 

 

 

59.5

 

 

 

-3.6

%

 

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $4.2 million and $4.4 million for the three months ended December 31, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $175.5 million and $141.9 million for the three months ended December 31, 2020 and 2019, respectively.

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

621.6

 

 

$

648.3

 

 

 

-4.1

%

 

 

-4.1

%

Other Americas

 

 

394.1

 

 

 

437.4

 

 

 

-9.8

%

 

 

-2.5

%

 

 

 

1,015.7

 

 

 

1,085.7

 

 

 

-6.4

%

 

 

-3.5

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,303.0

 

 

 

1,361.8

 

 

 

-4.3

%

 

 

-11.2

%

Italy

 

 

423.3

 

 

 

380.6

 

 

 

11.2

%

 

 

3.3

%

Other Southern Europe

 

 

601.0

 

 

 

591.1

 

 

 

1.7

%

 

 

-4.7

%

 

 

 

2,327.3

 

 

 

2,333.5

 

 

 

-0.3

%

 

 

-7.2

%

Northern Europe

 

 

1,094.8

 

 

 

1,174.1

 

 

 

-6.7

%

 

 

-10.6

%

APME

 

 

617.1

 

 

 

603.3

 

 

 

2.2

%

 

 

-0.9

%

 

 

$

5,054.9

 

 

$

5,196.6

 

 

 

-2.7

%

 

 

-6.5

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

30.1

 

 

$

33.9

 

 

 

-11.3

%

 

 

-11.3

%

Other Americas

 

 

18.1

 

 

 

22.9

 

 

 

-20.9

%

 

 

-14.7

%

 

 

 

48.2

 

 

 

56.8

 

 

 

-15.2

%

 

 

-12.7

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

62.0

 

 

 

83.6

 

 

 

-25.8

%

 

 

-31.2

%

Italy

 

 

23.6

 

 

 

29.1

 

 

 

-19.0

%

 

 

-24.8

%

Other Southern Europe

 

 

14.7

 

 

 

16.0

 

 

 

-8.4

%

 

 

-14.0

%

 

 

 

100.3

 

 

 

128.7

 

 

 

-22.1

%

 

 

-27.6

%

Northern Europe

 

 

8.7

 

 

 

24.1

 

 

 

-63.6

%

 

 

-60.2

%

APME

 

 

18.5

 

 

 

22.3

 

 

 

-16.8

%

 

 

-18.8

%

 

 

 

175.7

 

 

 

231.9

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(30.4

)

 

 

(32.9

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(7.0

)

 

 

(7.4

)

 

 

 

 

 

 

 

 

Operating profit

 

 

138.3

 

 

 

191.6

 

 

 

-27.8

%

 

 

-30.4

%

Interest and other expenses, net (b)

 

 

(7.6

)

 

 

(5.5

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

130.7

 

 

$

186.1

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $3.8 million and $3.9 million for the three months ended December 31, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $129.7 million and $135.3 million for the three months ended December 31, 2020 and 2019, respectively.

(b)

The components of interest and other expenses, net were:

 

 

2020

 

 

2019

 

Interest expense

 

$

11.0

 

 

$

11.1

 

Interest income

 

 

(3.2

)

 

 

(2.8

)

Foreign exchange loss

 

 

0.7

 

 

 

0.2

 

Miscellaneous income

 

 

(0.9

)

 

 

(3.0

)

 

 

$

7.6

 

 

$

5.5

 

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

18,001.0

 

 

$

20,863.5

 

 

 

-13.7

%

 

 

-13.9

%

Cost of services

 

 

15,176.3

 

 

 

17,488.4

 

 

 

-13.2

%

 

 

-13.4

%

Gross profit

 

 

2,824.7

 

 

 

3,375.1

 

 

 

-16.3

%

 

 

-16.5

%

Selling and administrative expenses, excluding

goodwill impairment charges

 

 

2,570.3

 

 

 

2,666.2

 

 

 

-3.6

%

 

 

-3.8

%

Goodwill impairment charges (b)

 

 

66.8

 

 

 

64.0

 

 

 

4.2

%

 

 

4.6

%

Selling and administrative expenses

 

 

2,637.1

 

 

 

2,730.2

 

 

 

-3.4

%

 

 

-3.6

%

Operating profit

 

 

187.6

 

 

 

644.9

 

 

 

-70.9

%

 

 

-71.2

%

Interest and other expenses (income), net

 

 

39.9

 

 

 

(40.6

)

 

N/A

 

 

 

 

 

Earnings before income taxes

 

 

147.7

 

 

 

685.5

 

 

 

-78.5

%

 

 

-78.7

%

Provision for income taxes

 

 

123.9

 

 

 

219.8

 

 

 

-43.7

%

 

 

 

 

Net earnings

 

$

23.8

 

 

$

465.7

 

 

 

-94.9

%

 

 

-94.9

%

Net earnings per share - basic

 

$

0.41

 

 

$

7.78

 

 

 

-94.7

%

 

 

 

 

Net earnings per share - diluted

 

$

0.41

 

 

$

7.72

 

 

 

-94.7

%

 

 

-94.8

%

Weighted average shares - basic

 

 

58.0

 

 

 

59.9

 

 

 

-3.1

%

 

 

 

 

Weighted average shares - diluted

 

 

58.3

 

 

 

60.3

 

 

 

-3.4

%

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $14.1 million and $18.4 million for the years ended December 31, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $622.8 million and $822.1 million for the years ended December 31, 2020 and 2019, respectively.

 

(b)

The goodwill impairment charges for both the years ended December 31, 2020 and 2019 relate to our investment in Germany.

 

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2020

 

 

2019

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

2,327.2

 

 

$

2,590.6

 

 

 

-10.2

%

 

 

-10.2

%

Other Americas

 

 

1,465.2

 

 

 

1,688.0

 

 

 

-13.2

%

 

 

-3.7

%

 

 

 

3,792.4

 

 

 

4,278.6

 

 

 

-11.4

%

 

 

-7.6

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

4,338.1

 

 

 

5,479.6

 

 

 

-20.8

%

 

 

-22.8

%

Italy

 

 

1,370.7

 

 

 

1,508.3

 

 

 

-9.1

%

 

 

-11.3

%

Other Southern Europe

 

 

2,146.4

 

 

 

2,206.5

 

 

 

-2.7

%

 

 

-5.2

%

 

 

 

7,855.2

 

 

 

9,194.4

 

 

 

-14.6

%

 

 

-16.7

%

Northern Europe

 

 

3,976.7

 

 

 

4,735.5

 

 

 

-16.0

%

 

 

-16.1

%

APME

 

 

2,376.7

 

 

 

2,655.0

 

 

 

-10.5

%

 

 

-10.5

%

 

 

$

18,001.0

 

 

$

20,863.5

 

 

 

-13.7

%

 

 

-13.9

%

Operating Unit Profit (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

60.9

 

 

$

128.0

 

 

 

-52.4

%

 

 

-52.4

%

Other Americas

 

 

55.1

 

 

 

75.4

 

 

 

-26.9

%

 

 

-20.0

%

 

 

 

116.0

 

 

 

203.4

 

 

 

-43.0

%

 

 

-40.4

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

149.0

 

 

 

284.9

 

 

 

-47.7

%

 

 

-49.8

%

Italy

 

 

64.2

 

 

 

102.5

 

 

 

-37.4

%

 

 

-39.1

%

Other Southern Europe

 

 

23.8

 

 

 

67.9

 

 

 

-65.0

%

 

 

-66.8

%

 

 

 

237.0

 

 

 

455.3

 

 

 

-48.0

%

 

 

-50.0

%

Northern Europe

 

 

(27.6

)

 

 

74.4

 

 

N/A

 

 

N/A

 

APME

 

 

70.1

 

 

 

127.5

 

 

 

-45.0

%

 

 

-45.4

%

 

 

 

395.5

 

 

 

860.6

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(113.9

)

 

 

(121.9

)

 

 

 

 

 

 

 

 

Goodwill impairment charges

 

 

(66.8

)

 

 

(64.0

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(27.2

)

 

 

(29.8

)

 

 

 

 

 

 

 

 

Operating profit

 

 

187.6

 

 

 

644.9

 

 

 

-70.9

%

 

 

-71.2

%

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

 

 

(39.9

)

 

 

40.6

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

147.7

 

 

$

685.5

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $12.6 million and $15.6 million for the years ended December 31, 2020 and 2019, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $445.4 million and $607.6 million for the years ended December 31, 2020 and 2019, respectively.

(b)

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

 

 

2020

 

 

2019

 

Interest expense

 

$

43.3

 

 

$

44.4

 

Interest income

 

 

(13.1

)

 

 

(6.0

)

Foreign exchange loss

 

 

4.9

 

 

 

6.7

 

Miscellaneous expense (income) (c)

 

 

4.8

 

 

 

(85.7

)

 

 

$

39.9

 

 

$

(40.6

)

 

(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)

 

 

 

Dec. 31

 

 

Dec.31

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,567.1

 

 

$

1,025.8

 

Accounts receivable, net

 

 

4,912.4

 

 

 

5,273.1

 

Prepaid expenses and other assets

 

 

186.9

 

 

 

185.6

 

Total current assets

 

 

6,666.4

 

 

 

6,484.5

 

Other assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,225.8

 

 

 

1,260.1

 

Intangible assets, net

 

 

248.6

 

 

 

268.6

 

Operating lease right-of-use asset

 

 

418.7

 

 

 

448.5

 

Other assets

 

 

651.6

 

 

 

618.8

 

Total other assets

 

 

2,544.7

 

 

 

2,596.0

 

Property and equipment:

 

 

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

614.7

 

 

 

605.5

 

Less: accumulated depreciation and amortization

 

 

479.6

 

 

 

462.2

 

Net property and equipment

 

 

135.1

 

 

 

143.3

 

Total assets

 

$

9,346.2

 

 

$

9,223.8

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,527.4

 

 

$

2,474.9

 

Employee compensation payable

 

 

231.8

 

 

 

206.4

 

Accrued liabilities

 

 

601.9

 

 

 

545.4

 

Accrued payroll taxes and insurance

 

 

752.0

 

 

 

649.7

 

Value added taxes payable

 

 

551.1

 

 

 

504.0

 

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

 

 

20.4

 

 

 

61.0

 

Total current liabilities

 

 

4,684.6

 

 

 

4,441.4

 

Other liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,103.5

 

 

 

1,012.4

 

Long-term operating lease liability

 

 

323.3

 

 

 

336.7

 

Other long-term liabilities

 

 

781.2

 

 

 

671.8

 

Total other liabilities

 

 

2,208.0

 

 

 

2,020.9

 

Shareholders' equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,402.5

 

 

 

3,370.6

 

Retained earnings

 

 

3,388.8

 

 

 

3,494.1

 

Accumulated other comprehensive loss

 

 

(397.3

)

 

 

(441.0

)

Treasury stock, at cost

 

 

(3,954.2

)

 

 

(3,681.9

)

Total ManpowerGroup shareholders' equity

 

 

2,441.0

 

 

 

2,743.0

 

Noncontrolling interests

 

 

12.6

 

 

 

18.5

 

Total shareholders' equity

 

 

2,453.6

 

 

 

2,761.5

 

Total liabilities and shareholders' equity

 

$

9,346.2

 

 

$

9,223.8

 

 

 


 

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

 

 

 

Year Ended

 

 

 

December 31

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

23.8

 

 

$

465.7

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76.3

 

 

 

77.2

 

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

 

Non-cash operating lease right-of-use assets impairment

 

 

27.3

 

 

 

 

Deferred income taxes

 

 

(10.4

)

 

 

(43.0

)

Provision for doubtful accounts

 

 

20.3

 

 

 

21.8

 

Share-based compensation

 

 

24.2

 

 

 

26.3

 

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

586.9

 

 

 

(80.2

)

Other assets

 

 

29.9

 

 

 

122.3