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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: |
March 31, 2021
or
☐ |
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ |
Commission file number: 1-10686
MANPOWERGROUP INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
Wisconsin |
39-1672779 |
|
(State or other jurisdiction of incorporation) |
(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
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
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. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
|
Shares Outstanding |
Class |
|
at May 5, 2021 |
Common Stock, $.01 par value |
|
54,525,722 |
ManpowerGroup Inc.
INDEX
2
PART I - FINANCIAL INFORMATION
Item 1 – Financial Statements (unaudited)
ManpowerGroup Inc.
Consolidated Balance Sheets (Unaudited)
(in millions)
ASSETS
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021 |
|
|
December 31,
2020 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,522.7 |
|
|
$ |
1,567.1 |
|
Accounts receivable, less allowance for doubtful accounts of
$124.1 and $128.1, respectively |
|
|
4,892.7 |
|
|
|
4,912.4 |
|
Prepaid expenses and other assets |
|
|
208.9 |
|
|
|
186.9 |
|
Total current assets |
|
|
6,624.3 |
|
|
|
6,666.4 |
|
|
|
|
|
|
|
|
|
|
Other Assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
1,215.0 |
|
|
|
1,225.8 |
|
Intangible assets, less accumulated amortization of
$427.0 and $425.4, respectively |
|
|
240.4 |
|
|
|
248.6 |
|
Operating lease right-of-use assets |
|
|
378.2 |
|
|
|
400.7 |
|
Other assets |
|
|
660.0 |
|
|
|
651.6 |
|
Total other assets |
|
|
2,493.6 |
|
|
|
2,526.7 |
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
Land, buildings, leasehold improvements and equipment |
|
|
599.0 |
|
|
|
614.7 |
|
Less: accumulated depreciation and amortization |
|
|
472.4 |
|
|
|
479.6 |
|
Net property and equipment |
|
|
126.6 |
|
|
|
135.1 |
|
Total assets |
|
$ |
9,244.5 |
|
|
$ |
9,328.2 |
|
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3
ManpowerGroup Inc.
Consolidated Balance Sheets (Unaudited)
(in millions, except share and per share data)
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021 |
|
|
December 31,
2020 |
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,723.5 |
|
|
$ |
2,527.4 |
|
Employee compensation payable |
|
|
205.7 |
|
|
|
231.8 |
|
Accrued liabilities |
|
|
590.4 |
|
|
|
602.1 |
|
Accrued payroll taxes and insurance |
|
|
692.1 |
|
|
|
752.0 |
|
Value added taxes payable |
|
|
513.6 |
|
|
|
551.1 |
|
Short-term borrowings and current maturities of long-term debt |
|
|
25.1 |
|
|
|
20.4 |
|
Total current liabilities |
|
|
4,750.4 |
|
|
|
4,684.8 |
|
|
|
|
|
|
|
|
|
|
Other Liabilities: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
1,057.5 |
|
|
|
1,103.5 |
|
Long-term operating lease liability |
|
|
285.3 |
|
|
|
305.1 |
|
Other long-term liabilities |
|
|
773.9 |
|
|
|
781.2 |
|
Total other liabilities |
|
|
2,116.7 |
|
|
|
2,189.8 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
ManpowerGroup shareholders' equity |
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued |
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value, authorized 125,000,000 shares, issued
117,725,183 and 117,555,991 shares, respectively |
|
|
1.2 |
|
|
|
1.2 |
|
Capital in excess of par value |
|
|
3,411.0 |
|
|
|
3,402.5 |
|
Retained earnings |
|
|
3,450.8 |
|
|
|
3,388.8 |
|
Accumulated other comprehensive loss |
|
|
(437.8 |
) |
|
|
(397.3 |
) |
Treasury stock at cost, 63,086,793 and 61,990,021 shares, respectively |
|
|
(4,058.9 |
) |
|
|
(3,954.2 |
) |
Total ManpowerGroup shareholders’ equity |
|
|
2,366.3 |
|
|
|
2,441.0 |
|
Noncontrolling interests |
|
|
11.1 |
|
|
|
12.6 |
|
Total shareholders’ equity |
|
|
2,377.4 |
|
|
|
2,453.6 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,244.5 |
|
|
$ |
9,328.2 |
|
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4
ManpowerGroup Inc.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenues from services |
|
$ |
4,924.4 |
|
|
$ |
4,619.1 |
|
Cost of services |
|
|
4,156.3 |
|
|
|
3,895.1 |
|
Gross profit |
|
|
768.1 |
|
|
|
724.0 |
|
Selling and administrative expenses |
|
|
669.7 |
|
|
|
686.3 |
|
Operating profit |
|
|
98.4 |
|
|
|
37.7 |
|
Interest and other expenses, net |
|
|
5.4 |
|
|
|
20.5 |
|
Earnings before income taxes |
|
|
93.0 |
|
|
|
17.2 |
|
Provision for income taxes |
|
|
31.0 |
|
|
|
15.5 |
|
Net earnings |
|
|
62.0 |
|
|
$ |
1.7 |
|
Net earnings per share – basic |
|
$ |
1.12 |
|
|
$ |
0.03 |
|
Net earnings per share – diluted |
|
$ |
1.11 |
|
|
$ |
0.03 |
|
Weighted average shares – basic |
|
|
55.1 |
|
|
|
58.7 |
|
Weighted average shares – diluted |
|
|
55.7 |
|
|
|
59.0 |
|
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
ManpowerGroup Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Net earnings |
|
$ |
62.0 |
|
|
$ |
1.7 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(96.5 |
) |
|
|
(84.9 |
) |
Translation adjustments on derivative instruments, net of income taxes of $14.4 and $5.4, respectively |
|
|
49.6 |
|
|
|
10.7 |
|
Translation adjustments of long-term intercompany loans |
|
|
5.6 |
|
|
|
1.5 |
|
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.3 and $7.7, respectively |
|
|
0.8 |
|
|
|
1.3 |
|
Pension settlement related to a U.S. plan, net of income taxes of $(3.9) for 2020 |
|
|
— |
|
|
|
6.6 |
|
Total other comprehensive loss |
|
|
(40.5 |
) |
|
|
(64.8 |
) |
Comprehensive income (loss) |
|
$ |
21.5 |
|
|
$ |
(63.1 |
) |
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5
ManpowerGroup Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
62.0 |
|
|
$ |
1.7 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
17.9 |
|
|
|
18.6 |
|
Non-cash operating lease right-of-use assets impairment |
|
|
- |
|
|
|
8.2 |
|
Deferred income taxes |
|
|
(10.6 |
) |
|
|
(5.0 |
) |
Provision for doubtful accounts |
|
|
5.2 |
|
|
|
5.2 |
|
Share-based compensation |
|
|
7.5 |
|
|
|
4.6 |
|
Changes in operating assets and liabilities, excluding the impact of acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(94.5 |
) |
|
|
378.3 |
|
Other assets |
|
|
(39.5 |
) |
|
|
- |
|
Other liabilities |
|
|
192.9 |
|
|
|
(230.6 |
) |
Cash provided by operating activities |
|
|
140.9 |
|
|
|
181.0 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(12.7 |
) |
|
|
(9.1 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(7.1 |
) |
|
|
- |
|
Proceeds from the sale of investments, property and equipment |
|
|
0.7 |
|
|
|
0.8 |
|
Cash used in investing activities |
|
|
(19.1 |
) |
|
|
(8.3 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Net change in short-term borrowings |
|
|
4.9 |
|
|
|
(9.6 |
) |
Proceeds from long-term debt |
|
|
0.1 |
|
|
|
0.3 |
|
Repayments of long-term debt |
|
|
(2.2 |
) |
|
|
(0.1 |
) |
Payments of contingent consideration for acquisitions |
|
|
(5.8 |
) |
|
|
- |
|
Proceeds from share-based awards |
|
|
1.7 |
|
|
|
10.0 |
|
Other share-based award transactions |
|
|
(4.6 |
) |
|
|
(6.5 |
) |
Repurchases of common stock |
|
|
(100.1 |
) |
|
|
(63.8 |
) |
Cash used in financing activities |
|
|
(106.0 |
) |
|
|
(69.7 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(60.2 |
) |
|
|
(29.3 |
) |
Change in cash and cash equivalents |
|
|
(44.4 |
) |
|
|
73.7 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
1,567.1 |
|
|
|
1,025.8 |
|
Cash and cash equivalents, end of period |
|
$ |
1,522.7 |
|
|
$ |
1,099.5 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
Interest Paid |
|
$ |
4.8 |
|
|
$ |
6.0 |
|
Income taxes paid, net |
|
$ |
19.8 |
|
|
$ |
19.8 |
|
Non-cash operating activity:
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
$ |
11.0 |
|
|
$ |
15.3 |
|
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
6
ManpowerGroup Inc.
Consolidated Statements of Shareholders' Equity (Unaudited)
(in millions, except share and per share data)
|
|
ManpowerGroup Shareholders |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Issued |
|
|
Par Value |
|
|
Capital in
Excess of
Par Value |
|
|
Retained
Earnings |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Treasury
Stock |
|
|
Non-
Controlling
Interests |
|
|
Total |
|
Balance, December 31, 2020 |
|
|
117,555,991 |
|
|
$ |
1.2 |
|
|
$ |
3,402.5 |
|
|
$ |
3,388.8 |
|
|
$ |
(397.3 |
) |
|
$ |
(3,954.2 |
) |
|
$ |
12.6 |
|
|
$ |
2,453.6 |
|
Net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62.0 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40.5 |
) |
|
|
|
|
|
|
|
|
|
|
(40.5 |
) |
Issuances under equity plans |
|
|
169,192 |
|
|
|
|
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
(4.6 |
) |
|
|
|
|
|
|
(3.6 |
) |
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.5 |
|
Repurchases of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(100.1 |
) |
|
|
|
|
|
|
(100.1 |
) |
Noncontrolling interest transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.5 |
) |
|
|
(1.5 |
) |
Balance, March 31, 2021 |
|
|
117,725,183 |
|
|
$ |
1.2 |
|
|
$ |
3,411.0 |
|
|
$ |
3,450.8 |
|
|
$ |
(437.8 |
) |
|
$ |
(4,058.9 |
) |
|
$ |
11.1 |
|
|
$ |
2,377.4 |
|
|
|
ManpowerGroup Shareholders |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Issued |
|
|
Par Value |
|
|
Capital in
Excess of
Par Value |
|
|
Retained
Earnings |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Treasury
Stock |
|
|
Non-
Controlling
Interests |
|
|
Total |
|
Balance, December 31, 2019 |
|
|
117,190,883 |
|
|
$ |
1.2 |
|
|
$ |
3,370.6 |
|
|
$ |
3,494.1 |
|
|
$ |
(441.0 |
) |
|
$ |
(3,681.9 |
) |
|
$ |
18.5 |
|
|
$ |
2,761.5 |
|
Net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.7 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(64.8 |
) |
|
|
|
|
|
|
|
|
|
|
(64.8 |
) |
Issuances under equity plans |
|
|
293,298 |
|
|
|
|
|
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
|
(6.4 |
) |
|
|
|
|
|
|
(0.5 |
) |
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|