8-K
0000871763false00008717632022-02-012022-02-01

 

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 1, 2022

 

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 hereto, 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 1, 2022, we issued a press release announcing our results of operations for the three months and year ended December 31, 2021. 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 1, 2022

99.2

 

Presentation materials for February 1, 2022 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 1, 2022

 

 

By:

 

/s/ John T. McGinnis

 

 

 

 

Name:

 

John T. McGinnis

 

 

 

 

Title:

 

Executive Vice President and

Chief Financial Officer

 

 


EX-99.1

 

Exhibit 99.1

 

https://cdn.kscope.io/0317389920b24c9fc5d6d1d978403729-img66454475_0.jpg 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

 

 

 

Jack McGinnis

 

 

+1.414.906.7977

 

 

jack.mcginnis@manpowergroup.com

 

 

ManpowerGroup Reports 4th Quarter 2021 Results

6% revenue increase (9% constant currency (CC)) and gross profit margin of 17.2 in the quarter reflecting good growth in higher-margin offerings and record levels of permanent recruitment activity
All brands recorded revenue growth during the quarter with Experis recording strong 33% revenue growth (14% organic CC), Talent Solutions 10% revenue growth (11% CC) and Manpower 1% revenue growth (4% CC)
Expanded EBITA and operating profit margins during the quarter, reflecting continued progress as business mix improves, operating leverage strengthens and the ettain acquisition
Company repurchased $60 million of common stock during the quarter, paid down $75 million of the $150 million incremental borrowing used for ettain acquisition
Adjusted our geographic portfolio further in January 2022 through the sale of our Russia business which will operate as a franchise going forward

 

MILWAUKEE, February 1, 2022 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $2.02 per diluted share for the three months ended December 31, 2021 compared to $1.33 per diluted share in the prior year period. Net earnings in the quarter were $111.1 million compared to $76.2 million a year earlier. Revenues for the fourth quarter were $5.4 billion, a 6% increase from the prior year period.

The current year quarter included ettain group transaction and integration costs. These costs reduced earnings per share by $0.18 in the current quarter. Excluding these costs, earnings per share was $2.20 per diluted share in the quarter. The prior year period included restructuring costs which decreased earnings per share by $0.15.

Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period, resulting in a 4 cent negative impact to earnings per share in the quarter compared to the prior year. On a constant currency basis, revenues increased 9% (6% organic constant currency) compared to the prior year period. Excluding the net impact of transaction and integration costs in the current year and restructuring costs in the prior year period, on a constant currency basis, net earnings per diluted share increased 51% during the quarter.

 


 

Jonas Prising, ManpowerGroup Chairman & CEO, said, “Our fourth quarter results reflect good growth in higher margin offerings and improved business mix leading to better operating leverage.

Our focus on our Diversification, Digitization and Innovation during the past year positions us well for a successful 2022. The acquisition of ettain is already enhancing the contribution of our IT resourcing capabilities in our Experis business. Talent Solutions delivered strong overall growth with record revenue levels in RPO and MSP during 2021. Ongoing initiatives in the Manpower business are driving significant year over year gross profit margin growth.

I thank all our people for their resilience, agility, and innovation -- providing our clients with the skilled talent and workforce solutions expertise they need more than ever in a strengthening labor market, while finding meaningful work for millions of people.

We anticipate diluted earnings per share in the first quarter will be between $1.56 and $1.64, which includes an estimated unfavorable currency impact of 10 cents. Our guidance excludes ettain integration costs ranging from $4 million to $6 million and the expected loss on sale of our Russia business of $8 million.”

Net earnings for the year ended December 31, 2021 were $382.4 million, or net earnings of $6.91 per diluted share compared to net earnings of $23.8 million, or net earnings of $0.41 per diluted share in the prior year. The full year period included restructuring costs and ettain group acquisition and integration costs which reduced earnings per share by $0.33. Excluding these costs, earnings per share was $7.24 per diluted share for the year. The prior full year period included special items and restructuring costs which reduced earnings per share by $3.26. Revenues for the year were $20.7 billion, an increase of 15% from the prior year or an increase of 12% in constant currency (11% organic constant currency). Reported earnings per share for the year were positively impacted by 17 cents due to changes in foreign currencies compared to the prior year.

In conjunction with its fourth quarter and full year earnings release, ManpowerGroup will broadcast its conference call live over the Internet on February 1, 2022 at 7:30 a.m. central time (8:30 a.m. eastern time). 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 2021 ManpowerGroup was named one of the World's Most Ethical Companies for the 12thyear - all confirming our position as the brand of choice for in-demand talent.

 

Forward-Looking Statements

This news release contains statements, including statements regarding economic uncertainty, the global recovery, financial outlook, the Company’s strategic initiatives, the anticipated results of the ettain acquisition and the position for future growth of the Experis and Talent Solutions brands 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, 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

 

 

 

2021

 

 

2020

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

5,382.3

 

 

$

5,054.9

 

 

 

6.5

%

 

 

9.5

%

Cost of services

 

 

4,456.0

 

 

 

4,256.0

 

 

 

4.7

%

 

 

7.7

%

  Gross profit

 

 

926.3

 

 

 

798.9

 

 

 

15.9

%

 

 

18.8

%

Selling and administrative expenses

 

 

759.7

 

 

 

660.6

 

 

 

15.0

%

 

 

17.6

%

  Operating profit

 

 

166.6

 

 

 

138.3

 

 

 

20.4

%

 

 

24.7

%

Interest and other expenses, net

 

 

4.2

 

 

 

7.6

 

 

 

-46.4

%

 

 

 

  Earnings before income taxes

 

 

162.4

 

 

 

130.7

 

 

 

24.3

%

 

 

26.5

%

Provision for income taxes

 

 

51.3

 

 

 

54.5

 

 

 

-5.7

%

 

 

 

  Net earnings

 

$

111.1

 

 

$

76.2

 

 

 

45.7

%

 

 

48.3

%

Net earnings per share - basic

 

$

2.05

 

 

$

1.34

 

 

 

53.0

%

 

 

 

Net earnings per share - diluted

 

$

2.02

 

 

$

1.33

 

 

 

51.9

%

 

 

54.9

%

Weighted average shares - basic

 

 

54.2

 

 

 

57.0

 

 

 

-4.9

%

 

 

 

Weighted average shares - diluted

 

 

55.0

 

 

 

57.4

 

 

 

-4.2

%

 

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $4.3 million and $4.2 million for the three months ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $361.0 million and $175.5 million for the three months ended December 31, 2021 and 2020, respectively.

 

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2021

 

 

2020

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States (a)

 

$

860.8

 

 

$

621.6

 

 

 

38.5

%

 

 

38.5

%

Other Americas

 

 

358.1

 

 

 

394.1

 

 

 

-9.2

%

 

 

-5.0

%

 

 

 

1,218.9

 

 

 

1,015.7

 

 

 

20.0

%

 

 

21.6

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,318.6

 

 

 

1,303.0

 

 

 

1.2

%

 

 

5.5

%

Italy

 

 

467.1

 

 

 

423.3

 

 

 

10.3

%

 

 

15.2

%

Other Southern Europe

 

 

595.8

 

 

 

601.0

 

 

 

-0.8

%

 

 

1.3

%

 

 

 

2,381.5

 

 

 

2,327.3

 

 

 

2.3

%

 

 

6.2

%

Northern Europe

 

 

1,179.6

 

 

 

1,094.8

 

 

 

7.7

%

 

 

8.6

%

APME

 

 

622.6

 

 

 

617.1

 

 

 

0.9

%

 

 

6.9

%

 

 

 

5,402.6

 

 

 

5,054.9

 

 

 

 

 

 

 

Intercompany Eliminations

 

 

(20.3

)

 

 

 

 

 

 

 

 

 

 

 

 

5,382.3

 

 

 

5,054.9

 

 

 

6.5

%

 

 

9.5

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

40.6

 

 

$

30.1

 

 

 

34.7

%

 

 

34.7

%

Other Americas

 

 

13.7

 

 

 

18.1

 

 

 

-23.8

%

 

 

-19.2

%

 

 

 

54.3

 

 

 

48.2

 

 

 

12.7

%

 

 

14.5

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

63.6

 

 

 

62.0

 

 

 

2.5

%

 

 

6.9

%

Italy

 

 

33.4

 

 

 

23.6

 

 

 

42.1

%

 

 

48.3

%

Other Southern Europe

 

 

19.9

 

 

 

14.7

 

 

 

36.0

%

 

 

38.6

%

 

 

 

116.9

 

 

 

100.3

 

 

 

16.7

%

 

 

21.2

%

Northern Europe

 

 

28.6

 

 

 

8.7

 

 

 

225.9

%

 

 

215.5

%

APME

 

 

20.9

 

 

 

18.5

 

 

 

12.6

%

 

 

21.2

%

 

 

 

220.7

 

 

 

175.7

 

 

 

 

 

 

 

Corporate expenses

 

 

(43.8

)

 

 

(30.4

)

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(10.3

)

 

 

(7.0

)

 

 

 

 

 

 

Operating profit

 

 

166.6

 

 

 

138.3

 

 

 

20.4

%

 

 

24.7

%

Interest and other expenses, net (b)

 

 

(4.2

)

 

 

(7.6

)

 

 

 

 

 

 

Earnings before income taxes

 

$

162.4

 

 

$

130.7

 

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $3.4 million and $3.8 million for the three months ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $124.2 million and $129.7 million for the three months ended December 31, 2021 and 2020, respectively.

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

 

 

2021

 

 

2020

 

Interest expense

 

$

9.3

 

 

$

11.0

 

Interest income

 

 

(2.9

)

 

 

(3.2

)

Foreign exchange loss

 

 

0.7

 

 

 

0.7

 

Miscellaneous income

 

 

(2.9

)

 

 

(0.9

)

 

 

$

4.2

 

 

$

7.6

 

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2021

 

 

2020

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

20,724.4

 

 

$

18,001.0

 

 

 

15.1

%

 

 

12.1

%

Cost of services

 

 

17,316.9

 

 

 

15,176.3

 

 

 

14.1

%

 

 

11.1

%

  Gross profit

 

 

3,407.5

 

 

 

2,824.7

 

 

 

20.6

%

 

 

17.9

%

  Selling and administrative expenses,
   excluding goodwill impairment charge

 

 

2,822.1

 

 

 

2,570.3

 

 

 

9.8

%

 

 

7.2

%

  Goodwill impairment charge (b)

 

 

 

 

 

66.8

 

 

N/A

 

 

N/A

 

Selling and administrative expenses

 

 

2,822.1

 

 

 

2,637.1

 

 

 

7.0

%

 

 

4.5

%

  Operating profit

 

 

585.4

 

 

 

187.6

 

 

 

212.0

%

 

 

205.5

%

Interest and other expenses, net

 

 

17.3

 

 

 

39.9

 

 

 

-56.7

%

 

 

 

  Earnings before income taxes

 

 

568.1

 

 

 

147.7

 

 

 

284.6

%

 

 

275.2

%

Provision for income taxes

 

 

185.7

 

 

 

123.9

 

 

 

49.9

%

 

 

 

  Net earnings

 

$

382.4

 

 

$

23.8

 

 

 

1504.6

%

 

 

1465.2

%

Net earnings per share - basic

 

$

7.01

 

 

$

0.41

 

 

 

1609.8

%

 

 

 

Net earnings per share - diluted

 

$

6.91

 

 

$

0.41

 

 

 

1585.4

%

 

 

1543.9

%

Weighted average shares - basic

 

 

54.5

 

 

 

58.0

 

 

 

-6.0

%

 

 

 

Weighted average shares - diluted

 

 

55.4

 

 

 

58.3

 

 

 

-5.0

%

 

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $15.3 million and $14.1 million for the years ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,116.9 million and $622.8 million for the years ended December 31, 2021 and 2020, respectively.

 

(b)
The goodwill impairment charge for the year ended December 31, 2020 relates to our investment in Germany.

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Year Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2021

 

 

2020

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States (a)

 

$

2,743.3

 

 

$

2,327.2

 

 

 

17.9

%

 

 

17.9

%

Other Americas

 

 

1,520.4

 

 

 

1,465.2

 

 

 

3.8

%

 

 

5.3

%

 

 

 

4,263.7

 

 

 

3,792.4

 

 

 

12.4

%

 

 

13.0

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

5,171.3

 

 

 

4,338.1

 

 

 

19.2

%

 

 

15.3

%

Italy

 

 

1,795.4

 

 

 

1,370.7

 

 

 

31.0

%

 

 

26.7

%

Other Southern Europe

 

 

2,380.1

 

 

 

2,146.4

 

 

 

10.9

%

 

 

7.1

%

 

 

 

9,346.8

 

 

 

7,855.2

 

 

 

19.0

%

 

 

15.0

%

Northern Europe

 

 

4,670.5

 

 

 

3,976.7

 

 

 

17.4

%

 

 

11.4

%

APME

 

 

2,481.1

 

 

 

2,376.7

 

 

 

4.4

%

 

 

4.2

%

 

 

 

20,762.1

 

 

 

18,001.0

 

 

 

 

 

 

 

Intercompany Eliminations

 

 

(37.7

)

 

 

 

 

 

 

 

 

 

 

 

 

20,724.4

 

 

 

18,001.0

 

 

 

15.1

%

 

 

12.1

%

Operating Unit Profit (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

136.0

 

 

$

60.9

 

 

 

123.3

%

 

 

123.3

%

Other Americas

 

 

59.2

 

 

 

55.1

 

 

 

7.5

%

 

 

11.5

%

 

 

 

195.2

 

 

 

116.0

 

 

 

68.2

%

 

 

70.2

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

233.5

 

 

 

149.0

 

 

 

56.7

%

 

 

52.0

%

Italy

 

 

115.3

 

 

 

64.2

 

 

 

79.7

%

 

 

74.7

%

Other Southern Europe

 

 

67.5

 

 

 

23.8

 

 

 

183.5

%

 

 

175.6

%

 

 

 

416.3

 

 

 

237.0

 

 

 

75.7

%

 

 

70.6

%

Northern Europe

 

 

67.8

 

 

 

(27.6

)

 

N/A

 

 

N/A

 

APME

 

 

84.6

 

 

 

70.1

 

 

 

20.9

%

 

 

22.8

%

 

 

 

763.9

 

 

 

395.5

 

 

 

 

 

 

 

Corporate expenses

 

 

(154.3

)

 

 

(113.9

)

 

 

 

 

 

 

Goodwill impairment charge

 

 

 

 

 

(66.8

)

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(24.2

)

 

 

(27.2

)

 

 

 

 

 

 

Operating profit

 

 

585.4

 

 

 

187.6

 

 

 

212.0

%

 

 

205.5

%

Interest and other expenses, net (b)

 

 

(17.3

)

 

 

(39.9

)

 

 

 

 

 

 

Earnings before income taxes

 

$

568.1

 

 

$

147.7

 

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $12.8 million and $12.6 million for the years ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $477.6 million and $445.4 million for the years ended December 31, 2021 and 2020, respectively.

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

 

 

2021

 

 

2020

 

        Interest expense

 

$

38.8

 

 

$

43.3

 

        Interest income

 

 

(12.0

)

 

 

(13.1

)

        Foreign exchange loss

 

 

5.2

 

 

 

4.9

 

        Miscellaneous (income) expense

 

 

(14.7

)

 

 

4.8

 

 

 

$

17.3

 

 

$

39.9

 

 

 

 

 


 

ManpowerGroup

Consolidated Balance Sheets

(In millions)

 

 

 

Dec. 31,

 

 

Dec. 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

  Cash and cash equivalents

 

$

847.8

 

 

$

1,567.1

 

  Accounts receivable, net

 

 

5,448.2

 

 

 

4,912.4

 

  Prepaid expenses and other assets

 

 

126.7

 

 

 

186.9

 

      Total current assets

 

 

6,422.7

 

 

 

6,666.4

 

Other assets:

 

 

 

 

 

 

  Goodwill

 

 

1,722.2

 

 

 

1,225.8

 

  Intangible assets, net

 

 

583.6

 

 

 

248.6

 

  Operating lease right-of-use asset

 

 

373.4

 

 

 

400.7

 

  Other assets

 

 

610.2

 

 

 

651.6

 

      Total other assets

 

 

3,289.4

 

 

 

2,526.7

 

Property and equipment:

 

 

 

 

 

 

  Land, buildings, leasehold improvements and equipment

 

 

594.9

 

 

 

614.7

 

  Less: accumulated depreciation and amortization

 

 

478.1

 

 

 

479.6

 

      Net property and equipment

 

 

116.8

 

 

 

135.1

 

             Total assets

 

$

9,828.9

 

 

$

9,328.2

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

  Accounts payable

 

$

3,039.2

 

 

$

2,527.4

 

  Employee compensation payable

 

 

299.4

 

 

 

231.8

 

  Accrued liabilities

 

 

584.7

 

 

 

602.1

 

  Accrued payroll taxes and insurance

 

 

789.1

 

 

 

752.0

 

  Value added taxes payable

 

 

515.5

 

 

 

551.1

 

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

 

 

552.6

 

 

 

20.4

 

      Total current liabilities

 

 

5,780.5

 

 

 

4,684.8

 

Other liabilities:

 

 

 

 

 

 

  Long-term debt

 

 

565.7

 

 

 

1,103.5

 

  Long-term operating lease liability

 

 

275.8

 

 

 

305.1

 

  Other long-term liabilities

 

 

675.2

 

 

 

781.2

 

      Total other liabilities

 

 

1,516.7

 

 

 

2,189.8

 

Shareholders' equity:

 

 

 

 

 

 

  ManpowerGroup shareholders' equity

 

 

 

 

 

 

    Common stock

 

 

1.2

 

 

 

1.2

 

    Capital in excess of par value

 

 

3,444.7

 

 

 

3,402.5

 

    Retained earnings

 

 

3,634.6

 

 

 

3,388.8

 

    Accumulated other comprehensive loss

 

 

(389.4

)

 

 

(397.3

)

    Treasury stock, at cost

 

 

(4,169.4

)

 

 

(3,954.2

)

       Total ManpowerGroup shareholders' equity

 

 

2,521.7

 

 

 

2,441.0

 

  Noncontrolling interests

 

 

10.0

 

 

 

12.6

 

          Total shareholders' equity

 

 

2,531.7

 

 

 

2,453.6

 

             Total liabilities and shareholders' equity

 

$

9,828.9

 

 

$

9,328.2

 

 

 


 

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

  Net earnings

 

$

382.4

 

 

$

23.8

 

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

 

 

 

 

 

 

      Depreciation and amortization

 

 

73.4

 

 

 

76.3

 

      Non-cash goodwill and other impairment charges

 

 

 

 

 

71.3

 

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

 

 

 

 

 

27.3

 

      Deferred income taxes

 

 

(1.3

)

 

 

(10.4

)

      Provision for doubtful accounts

 

 

17.9

 

 

 

20.3

 

      Share-based compensation

 

 

36.8

 

 

 

24.2

 

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

 

 

 

 

 

 

      Accounts receivable

 

 

(640.9

)

 

 

586.9

 

      Other assets