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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:

September 30, 2019  

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 October 30, 2019

Common Stock, $.01 par value

 

58,961,515

 

 

 

 

 


 

ManpowerGroup Inc.

INDEX

 

 

 

 

 

Page

Number

PART I

 

FINANCIAL INFORMATION

 

 

Item 1

 

Financial Statements (unaudited)

 

 

 

 

Consolidated Balance Sheets

 

3-4

 

 

Consolidated Statements of Operations

 

5

 

 

Consolidated Statements of Comprehensive Income

 

5

 

 

Consolidated Statements of Cash Flows

 

6

 

 

Consolidated Statements of Shareholders' Equity

 

          7-8

 

 

Notes to Consolidated Financial Statements

 

9-25

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26-42

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

Item 4

 

Controls and Procedures

 

42

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

Item 5

 

Other Information

 

43

Item 6

 

Exhibits

 

44

 

 

 

 

 

SIGNATURES

 

 

 

45

 

2


 

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements (unaudited)

ManpowerGroup Inc.

Consolidated Balance Sheets (Unaudited)

(in millions)

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

807.1

 

 

$

591.9

 

Accounts receivable, less allowance for doubtful accounts of

$115.3 and $115.7 respectively

 

 

5,122.1

 

 

 

5,276.1

 

Prepaid expenses and other assets

 

 

145.6

 

 

 

129.1

 

Total current assets

 

 

6,074.8

 

 

 

5,997.1

 

 

 

 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,231.8

 

 

 

1,297.1

 

Intangible assets, less accumulated amortization of

$380.2 and $367.7 respectively

 

 

272.9

 

 

 

246.3

 

Operating lease right-of-use asset

 

 

415.6

 

 

 

 

Other assets

 

 

618.1

 

 

 

826.7

 

Total other assets

 

 

2,538.4

 

 

 

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

 

$

8,753.2

 

 

$

8,519.8

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,322.6

 

 

$

2,266.7

 

Employee compensation payable

 

 

203.8

 

 

 

209.7

 

Accrued liabilities

 

 

471.0

 

 

 

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

 

 

4,111.3

 

 

 

4,175.9

 

 

 

 

 

 

 

 

 

 

Other Liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

983.2

 

 

 

1,025.3

 

Long-term operating lease liability

 

 

314.1

 

 

 

 

Other long-term liabilities

 

 

628.5

 

 

 

620.1

 

Total other liabilities

 

 

1,925.8

 

 

 

1,645.4

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

   Preferred stock, $0.01 par value, authorized 25,000,000 shares, none issued

 

 

 

 

 

 

Common stock, $0.01 par value, authorized 125,000,000 shares, issued

117,177,349 and 116,795,899 shares, respectively

 

 

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, 57,939,712 and 56,044,485 shares, respectively

 

 

(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

 

$

8,753.2

 

 

$

8,519.8

 

 

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

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

Revenues from services

 

$

5,248.9

 

 

$

5,418.7

 

 

 

$

15,666.9

 

 

$

16,598.0

 

Cost of services

 

 

4,408.6

 

 

 

4,528.1

 

 

 

 

13,151.4

 

 

 

13,899.3

 

Gross profit

 

 

840.3

 

 

 

890.6

 

 

 

 

2,515.5

 

 

 

2,698.7

 

Selling and administrative expenses, excluding goodwill impairment charge

 

 

623.3

 

 

 

673.9

 

 

 

 

1,998.2

 

 

 

2,119.9

 

Goodwill impairment charge

 

 

-

 

 

 

-

 

 

 

 

64.0

 

 

 

-

 

Selling and administrative expenses

 

 

623.3

 

 

 

673.9

 

 

 

 

2,062.2

 

 

 

2,119.9

 

Operating profit

 

 

217.0

 

 

 

216.7

 

 

 

 

453.3

 

 

 

578.8

 

Interest and other expenses (income), net

 

 

12.2

 

 

 

11.8

 

 

 

 

(46.1

)

 

 

38.4

 

Earnings before income taxes

 

 

204.8

 

 

 

204.9

 

 

 

 

499.4

 

 

 

540.4

 

Provision for income taxes

 

 

58.7

 

 

 

46.9

 

 

 

 

172.5

 

 

 

142.0

 

Net earnings

 

$

146.1

 

 

$

158.0

 

 

 

$

326.9

 

 

$

398.4

 

Net earnings per share – basic

 

$

2.44

 

 

$

2.45

 

 

 

$

5.43

 

 

$

6.08

 

Net earnings per share – diluted

 

$

2.42

 

 

$

2.43

 

 

 

$

5.40

 

 

$

6.03

 

Weighted average shares – basic

 

 

59.9

 

 

 

64.5

 

 

 

 

60.2

 

 

 

65.6

 

Weighted average shares – diluted

 

 

60.3

 

 

 

65.0

 

 

 

 

60.6

 

 

 

66.1

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

 

ManpowerGroup Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net earnings

 

$

146.1

 

 

$

158.0

 

 

$

326.9

 

 

$

398.4

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(76.1

)

 

 

(19.8

)

 

 

(73.8

)

 

 

(112.4

)

Translation adjustments on derivative instruments, net of income taxes of $9.6, $1.7, $11.6 and $7.5, respectively

 

 

36.9

 

 

 

5.6

 

 

 

43.2

 

 

 

25.7

 

Reclassification of currency translation adjustment to income related to disposition of Manpower Switzerland partially held equity interest (see Note 5)

 

-

 

 

-

 

 

 

(32.5

)

 

-

 

Reclassification of currency translation adjustment to income related to disposition of ManpowerGroup Greater China Limited partially held equity interest (see Note 5)

 

 

6.2

 

 

-

 

 

 

6.2

 

 

-

 

Translation adjustments of long-term intercompany loans

 

 

(3.2

)

 

 

(3.2

)

 

 

3.6

 

 

 

(3.3

)

Defined benefit pension plans and retiree health care plan, net of income taxes of $0.1, $0.0, $0.2 and $0.1, respectively

 

 

0.2

 

 

 

0.1

 

 

 

0.6

 

 

 

0.3

 

Total other comprehensive loss

 

 

(36.0

)

 

 

(17.3

)

 

 

(52.7

)

 

 

(89.7

)

Comprehensive income

 

$

110.1

 

 

$

140.7

 

 

$

274.2

 

 

$

308.7

 

 

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)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

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

 

 

112.0

 

 

-

 

      Non-cash goodwill impairment charge

 

 

64.0

 

 

-

 

      Deferred income taxes

 

 

7.8

 

 

 

(9.5

)

      Provision for doubtful accounts

 

 

16.9

 

 

 

15.5

 

      Share-based compensation

 

 

18.8

 

 

 

19.5

 

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

 

 

 

 

 

 

 

 

      Accounts receivable

 

 

(60.9

)

 

 

(140.8

)

      Other assets

 

 

103.7

 

 

 

31.8

 

      Other liabilities

 

 

(40.1

)

 

 

(77.7

)

            Cash provided by operating activities

 

 

495.4

 

 

 

302.0

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

  Capital expenditures

 

 

(36.2

)

 

 

(39.8

)

  Acquisitions of businesses, net of cash acquired

 

 

86.1

 

 

 

(8.2

)

  Impact to cash resulting from deconsolidation of subsidiaries

 

 

(57.9

)

 

-

 

  Proceeds from the sale of subsidiaries, investments and property and equipment

 

 

8.0

 

 

 

7.8

 

            Cash used in investing activities

 

 

-

 

 

 

(40.2

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

  Net change in short-term borrowings

 

 

(2.0

)

 

 

(5.0

)

  Proceeds from long-term debt

 

 

9.0

 

 

 

583.3

 

  Repayments of long-term debt

 

 

(0.7

)

 

 

(408.3

)

  Payments for debt issuance costs

 

-

 

 

 

(2.4

)

  Payments of contingent consideration for acquisitions

 

 

(22.8

)

 

 

(18.6

)

  Proceeds from share-based awards

 

 

6.3

 

 

 

4.7

 

  Payments to noncontrolling interests

 

 

(2.1

)

 

 

(1.9

)

  Other share-based award transactions

 

 

(7.3

)

 

 

(17.3

)

  Repurchases of common stock

 

 

(152.0

)

 

 

(299.2

)