man-8k_20191018.htm
false ManpowerGroup Inc. 0000871763 0000871763 2019-10-18 2019-10-18

 

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 18, 2019

 

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))

 

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. ☐ 

 

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


 


 

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 18, 2019 we issued a press release announcing our results of operations for the three and nine months ended September 30, 2019. 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 18, 2019

99.2

104

 

Presentation materials for October 18, 2019 Conference Call

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 18, 2019

 

 

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 3rd Quarter 2019 Results

 

 

Third quarter results showed relative strength in the Americas, APME and Right Management; continued headwinds in Europe

 

US, UK, Japan, Norway, Spain, and Canada were the key markets that delivered positive revenue growth

 

Greater China JV completed Hong Kong public offering in July 2019; ManpowerGroup remains largest shareholder and recorded a non-cash accounting gain of $30 million

 

Repurchased $51 million of common stock during the quarter

 

Anticipate a continuation of revenue trend into the fourth quarter

 

MILWAUKEE, October 18, 2019 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $2.42 per diluted share for the three months ended September 30, 2019 compared to $2.43 per diluted share in the prior year period.  Net earnings in the quarter were $146.1 million compared to $158.0 million a year earlier.  Revenues for the third quarter were $5.2 billion, a 3% decline from the prior year period.  

The current year quarter included a non-cash accounting gain related to the July 10, 2019 initial public offering on the Hong Kong Stock Exchange of our joint venture in Greater China, ManpowerGroup Greater China Limited (Greater China IPO). The Greater China IPO resulted in the deconsolidation of this business and the non-cash gain increased earnings per share by 50 cents.

Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues were flat. On a constant currency basis, net earnings per diluted share increased 3% and decreased 18%, excluding the impact of the gain from the Greater China IPO. Earnings per share in the quarter were negatively impacted 7 cents by changes in foreign currencies compared to the prior year.  

Jonas Prising, ManpowerGroup Chairman & CEO, said, “The global economic environment continues to be uncertain, leading to uneven market conditions as economic growth slows but labor markets remain tight and skills shortages high.  This was evident in our third quarter results and despite headwinds in Europe, many of our markets achieved good profitable growth, with the US, the UK, Japan, Norway, Spain and Canada leading the way.”

“We anticipate diluted earnings per share in the fourth quarter will be between $2.00 and $2.08,

 


 

which includes an estimated unfavorable currency impact of 7 cents.”

ManpowerGroup repurchased 610 thousand shares of common stock for $51 million during the quarter.

Net earnings for the nine months ended September 30, 2019 were $326.9 million, or $5.40 per diluted share compared to net earnings of $398.4 million, or $6.03 per diluted share in the prior year. The year to date period included special items and restructuring costs which increased earnings per share by 5 cents. The prior year to date period included restructuring costs which reduced earnings per share by 41 cents and discrete income tax benefits which increased earnings per share by 19 cents. Revenues for the nine-month period were $15.7 billion, a decrease of 6% from the prior year or a decrease of 1% in constant currency. Earnings per share for the nine-month period were negatively impacted 22 cents by changes in foreign currencies compared to the prior year, or 30 cents excluding the special items and restructuring costs.  ManpowerGroup repurchased 1.8 million shares of common stock for $152 million during the nine months ended September 30, 2019.

In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 18, 2019 at 7:30 a.m. CDT (8:30 a.m. EDT). 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®, Right Management® and ManpowerGroup® Solutions creates substantially more value for candidates and clients across 80 countries and territories and has done so for 70 years. In 2019, ManpowerGroup was named one of the World's Most Ethical Companies for the tenth year and one of Fortune's Most Admired Companies for the seventeenth year, confirming our position as the most trusted and admired 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 September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

5,248.9

 

 

$

5,418.7

 

 

 

-3.1

%

 

 

0.3

%

Cost of services

 

 

4,408.6

 

 

 

4,528.1

 

 

 

-2.6

%

 

 

0.9

%

Gross profit

 

 

840.3

 

 

 

890.6

 

 

 

-5.7

%

 

 

-2.5

%

Selling and administrative expenses

 

 

623.3

 

 

 

673.9

 

 

 

-7.5

%

 

 

-4.4

%

Operating profit

 

 

217.0

 

 

 

216.7

 

 

 

0.2

%

 

 

3.3

%

Interest and other expenses

 

 

12.2

 

 

 

11.8

 

 

 

5.2

%

 

 

 

 

Earnings before income taxes

 

 

204.8

 

 

 

204.9

 

 

 

-0.1

%

 

 

3.0

%

Provision for income taxes

 

 

58.7

 

 

 

46.9

 

 

 

24.7

%

 

 

 

 

Net earnings

 

$

146.1

 

 

$

158.0

 

 

 

-7.5

%

 

 

-4.7

%

Net earnings per share - basic

 

$

2.44

 

 

$

2.45

 

 

 

-0.4

%

 

 

 

 

Net earnings per share - diluted

 

$

2.42

 

 

$

2.43

 

 

 

-0.4

%

 

 

2.5

%

Weighted average shares - basic

 

 

59.9

 

 

 

64.5

 

 

 

-7.1

%

 

 

 

 

Weighted average shares - diluted

 

 

60.3

 

 

 

65.0

 

 

 

-7.1

%

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $4.3 million and $6.2 million for the three months ended September 30, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $274.0 million and $278.7 million for the three months ended September 30, 2019 and 2018, respectively.

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

645.7

 

 

$

633.2

 

 

 

2.0

%

 

 

2.0

%

Other Americas

 

 

425.0

 

 

 

406.8

 

 

 

4.5

%

 

 

11.0

%

 

 

 

1,070.7

 

 

 

1,040.0

 

 

 

2.9

%

 

 

5.5

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,382.1

 

 

 

1,460.6

 

 

 

-5.4

%

 

 

-1.0

%

Italy

 

 

376.6

 

 

 

410.2

 

 

 

-8.2

%

 

 

-3.9

%

Other Southern Europe

 

 

592.9

 

 

 

460.8

 

 

 

28.7

%

 

 

31.9

%

 

 

 

2,351.6

 

 

 

2,331.6

 

 

 

0.9

%

 

 

5.0

%

Northern Europe

 

 

1,156.6

 

 

 

1,287.1

 

 

 

-10.1

%

 

 

-5.3

%

APME

 

 

621.9

 

 

 

713.0

 

 

 

-12.8

%

 

 

-12.6

%

Right Management

 

 

48.1

 

 

 

47.0

 

 

 

2.5

%

 

 

4.7

%

 

 

$

5,248.9

 

 

$

5,418.7

 

 

 

-3.1

%

 

 

0.3

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

35.8

 

 

$

33.2

 

 

 

8.0

%

 

 

8.0

%

Other Americas

 

 

18.9

 

 

 

18.1

 

 

 

4.4

%

 

 

9.5

%

 

 

 

54.7

 

 

 

51.3

 

 

 

6.7

%

 

 

8.5

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

70.4

 

 

 

78.8

 

 

 

-10.5

%

 

 

-6.3

%

Italy

 

 

23.3

 

 

 

25.7

 

 

 

-9.1

%

 

 

-4.8

%

Other Southern Europe

 

 

22.8

 

 

 

17.1

 

 

 

32.3

%

 

 

35.0

%

 

 

 

116.5

 

 

 

121.6

 

 

 

-4.2

%

 

 

-0.1

%

Northern Europe

 

 

21.4

 

 

 

40.5

 

 

 

-47.2

%

 

 

-44.2

%

APME

 

 

53.3

 

 

 

32.4

 

 

 

65.2

%

 

 

64.0

%

Right Management

 

 

7.5

 

 

 

6.5

 

 

 

13.7

%

 

 

16.0

%

 

 

 

253.4

 

 

 

252.3

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(29.2

)

 

 

(26.3

)

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(7.2

)

 

 

(9.3

)

 

 

 

 

 

 

 

 

Operating profit

 

 

217.0

 

 

 

216.7

 

 

 

0.2

%

 

 

3.3

%

Interest and other expenses (b)

 

 

(12.2

)

 

 

(11.8

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

204.8

 

 

$

204.9

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $3.5 million and $3.7 million for the three months ended September 30, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $151.6 million and $169.9 million for the three months ended September 30, 2019 and 2018, respectively.

(b)

The components of interest and other expenses were:

 

 

2019

 

 

2018

 

Interest expense

 

$

11.9

 

 

$

10.2

 

Interest income

 

 

(0.6

)

 

 

(1.5

)

Foreign exchange loss

 

 

4.1

 

 

 

3.0

 

Miscellaneous (income) expenses, net

 

 

(3.2

)

 

 

0.1

 

 

 

$

12.2

 

 

$

11.8

 

(c)

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

 


 

 

 

 

Nine Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

15,666.9

 

 

$

16,598.0

 

 

 

-5.6

%

 

 

-0.7

%

Cost of services

 

 

13,151.4

 

 

 

13,899.3

 

 

 

-5.4

%

 

 

-0.4

%

Gross profit

 

 

2,515.5

 

 

 

2,698.7

 

 

 

-6.8

%

 

 

-2.2

%

Selling and administrative expenses, excluding

   impairment charge

 

 

1,998.2

 

 

 

2,119.9

 

 

 

-5.7

%

 

 

-1.1

%

Goodwill impairment charge (b)

 

 

64.0

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

2,062.2

 

 

 

2,119.9

 

 

 

-2.7

%

 

 

2.0

%

Operating profit

 

 

453.3

 

 

 

578.8

 

 

 

-21.7

%

 

 

-17.7

%

Interest and other expenses

 

 

(46.1

)

 

 

38.4

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

499.4

 

 

 

540.4

 

 

 

-7.6

%

 

 

-3.6

%

Provision for income taxes

 

 

172.5

 

 

 

142.0

 

 

 

21.4

%

 

 

 

 

Net earnings

 

$

326.9

 

 

$

398.4

 

 

 

-17.9

%

 

 

-14.5

%

Net earnings per share - basic

 

$

5.43

 

 

$

6.08

 

 

 

-10.7

%

 

 

 

 

Net earnings per share - diluted

 

$

5.40

 

 

$

6.03

 

 

 

-10.4

%

 

 

-6.8

%

Weighted average shares - basic

 

 

60.2

 

 

 

65.6

 

 

 

-8.3

%

 

 

 

 

Weighted average shares - diluted

 

 

60.6

 

 

 

66.1

 

 

 

-8.4

%

 

 

 

 

 

(a)

Revenues from services include fees received from our franchise offices of $14.0 million and $17.6 million for the nine months ended September 30, 2019 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $680.2 million and $789.4 million for the nine months ended September 30, 2019 and 2018, respectively.

(b)

The goodwill impairment charge for the nine months ended September 30, 2019 relates to our investments in Germany and New Zealand.

 

 


 

 

 

Nine Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2019

 

 

2018

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States  (a)

 

$

1,880.2

 

 

$

1,890.0

 

 

 

-0.5

%

 

 

-0.5

%

Other Americas

 

 

1,241.2

 

 

 

1,225.1

 

 

 

1.3

%

 

 

10.2

%

 

 

 

3,121.4

 

 

 

3,115.1

 

 

 

0.2

%

 

 

3.7

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

4,103.7

 

 

 

4,397.1

 

 

 

-6.7

%

 

 

-0.8

%

Italy

 

 

1,126.5

 

 

 

1,266.8

 

 

 

-11.1

%

 

 

-5.5

%

Other Southern Europe

 

 

1,610.8

 

 

 

1,413.7

 

 

 

13.9

%

 

 

19.4

%

 

 

 

6,841.0

 

 

 

7,077.6

 

 

 

-3.3

%

 

 

2.4

%

Northern Europe

 

 

3,529.5

 

 

 

4,097.9

 

 

 

-13.9

%

 

 

-8.0

%

APME

 

 

2,030.7

 

 

 

2,158.0

 

 

 

-5.9

%

 

 

-3.1

%

Right Management

 

 

144.3

 

 

 

149.4

 

 

 

-3.4

%

 

 

-0.3

%

 

 

$

15,666.9

 

 

$

16,598.0

 

 

 

-5.6

%

 

 

-0.7

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

84.4

 

 

$

98.1

 

 

 

-13.9

%

 

 

-13.9

%

Other Americas

 

 

51.0

 

 

 

52.8

 

 

 

-3.5

%

 

 

1.5

%

 

 

 

135.4

 

 

 

150.9

 

 

 

-10.3

%

 

 

-8.5

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

201.6

 

 

 

209.5

 

 

 

-3.7

%

 

 

2.1

%

Italy

 

 

73.5

 

 

 

82.8

 

 

 

-11.1

%

 

 

-5.6

%

Other Southern Europe

 

 

51.8

 

 

 

48.7

 

 

 

6.0

%

 

 

10.0

%

 

 

 

326.9

 

 

 

341.0

 

 

 

-4.1

%

 

 

1.4

%

Northern Europe

 

 

46.3

 

 

 

81.8

 

 

 

-43.4

%

 

 

-39.9

%

APME

 

 

101.5

 

 

 

87.5

 

 

 

16.2

%

 

 

17.6

%

Right Management

 

 

18.6

 

 

 

23.4

 

 

 

-20.8

%

 

 

-18.8

%

 

 

 

628.7

 

 

 

684.6

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(89.0

)

 

 

(79.0

)

 

 

 

 

 

 

 

 

Goodwill impairment charge

 

 

(64.0

)

 

 

 

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(22.4

)

 

 

(26.8

)

 

 

 

 

 

 

 

 

Operating profit

 

 

453.3

 

 

 

578.8

 

 

 

-21.7

%

 

 

-17.7

%

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

 

 

46.1

 

 

 

(38.4

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

499.4

 

 

$

540.4

 

 

 

 

 

 

 

 

 

 

(a)

In the United States, revenues from services include fees received from our franchise offices of $10.8 million for both the nine months ended September 30, 2019 and 2018. These fees are primarily based on revenues generated by the franchise offices, which were $462.8 million and $485.6 million for the nine months ended September 30, 2019 and 2018, respectively.

(b)

The components of interest and other expenses were:

 

 

 

2019

 

 

2018

 

Interest expense

 

$

33.3

 

 

$

37.1

 

Interest income

 

 

(3.2

)

 

 

(4.1

)

Foreign exchange loss

 

 

6.5

 

 

 

2.8

 

Miscellaneous (income) expense, net (c)

 

 

(82.7

)

 

 

2.6

 

 

 

$

(46.1

)

 

$

38.4

 

 

(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)

 

 

 

Sep. 30

 

 

Dec. 31

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

807.1

 

 

$

591.9

 

Accounts receivable, net

 

 

5,122.1

 

 

 

5,276.1

 

Prepaid expenses and other assets

 

 

145.3

 

 

 

129.1

 

Total current assets

 

 

6,074.5

 

 

 

5,997.1

 

Other assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,231.8

 

 

 

1,297.1

 

Intangible assets, net

 

 

272.9

 

 

 

246.3

 

Operating lease right-of-use asset

 

 

410.0

 

 

 

 

Other assets

 

 

618.1

 

 

 

826.7

 

Total other assets

 

 

2,532.8

 

 

 

2,370.1

 

Property and equipment:

 

 

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

596.7

 

 

 

613.6

 

Less: accumulated depreciation and amortization

 

 

456.7

 

 

 

461.0

 

Net property and equipment

 

 

140.0

 

 

 

152.6

 

Total assets

 

$

8,747.3

 

 

$

8,519.8

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,322.2

 

 

$

2,266.7

 

Employee compensation payable

 

 

203.8

 

 

 

209.7

 

Accrued liabilities

 

 

473.7

 

 

 

411.0

 

Accrued payroll taxes and insurance

 

 

571.2

 

 

 

729.8

 

Value added taxes payable

 

 

495.7

 

 

 

508.6

 

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

 

 

47.0

 

 

 

50.1

 

Total current liabilities

 

 

4,113.6

 

 

 

4,175.9

 

Other liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

983.2

 

 

 

1,025.3

 

Long-term operating lease liability

 

 

305.2

 

 

 

 

Other long-term liabilities

 

 

629.2

 

 

 

620.1

 

Total other liabilities

 

 

1,917.6

 

 

 

1,645.4

 

Shareholders' equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,361.0

 

 

 

3,337.5

 

Retained earnings

 

 

3,419.4

 

 

 

3,157.7

 

Accumulated other comprehensive loss

 

 

(452.5

)

 

 

(399.8

)

Treasury stock, at cost

 

 

(3,631.0

)

 

 

(3,471.7

)

Total ManpowerGroup shareholders' equity

 

 

2,698.1

 

 

 

2,624.9

 

Noncontrolling interests

 

 

18.0

 

 

 

73.6

 

Total shareholders' equity

 

 

2,716.1

 

 

 

2,698.5

 

Total liabilities and shareholders' equity

 

$

8,747.3

 

 

$

8,519.8

 

 

 


 

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

326.9

 

 

$

398.4

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

57.1

 

 

 

64.8

 

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

 

 

96.1

 

 

 

 

Non-cash goodwill impairment charge

 

 

64.0