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2017-04-26
2017-04-26
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
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 |
) |
|