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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, 2023

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 3, 2023

Common Stock, $.01 par value

 

50,426,091

 

 


 

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

 

 

Notes to Consolidated Financial Statements

 

8-21

Item 2

 

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

 

22-32

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

32

Item 4

 

Controls and Procedures

 

32

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1A

 

Risk Factors

 

33

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

33

Item 5

 

Other Information

 

33

Item 6

 

Exhibits

 

34

 

 

 

 

 

SIGNATURES

 

 

 

35

 

2


 

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements (unaudited)

ManpowerGroup Inc.

Consolidated Balance Sheets (Unaudited)

(in millions)

ASSETS

 

 

March 31,
2023

 

 

December 31,
2022

 

Cash and cash equivalents

 

$

706.7

 

 

$

639.0

 

Accounts receivable, less allowance for doubtful accounts of
$
108.5 and $109.3, respectively

 

 

4,773.2

 

 

 

5,137.4

 

Prepaid expenses and other assets

 

 

178.0

 

 

 

158.0

 

Total current assets

 

 

5,657.9

 

 

 

5,934.4

 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

 

Goodwill

 

 

1,631.7

 

 

 

1,628.1

 

Intangible assets, less accumulated amortization of
 $
478.4 and $468.3, respectively

 

 

541.4

 

 

 

549.5

 

Operating lease right-of-use assets

 

 

381.8

 

 

 

365.7

 

Other assets

 

 

566.4

 

 

 

540.5

 

Total other assets

 

 

3,121.3

 

 

 

3,083.8

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

595.1

 

 

 

584.9

 

Less: accumulated depreciation and amortization

 

 

484.7

 

 

 

472.7

 

Net property and equipment

 

 

110.4

 

 

 

112.2

 

Total assets

 

$

8,889.6

 

 

$

9,130.4

 


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,
2023

 

 

December 31,
2022

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,662.4

 

 

$

2,831.4

 

Employee compensation payable

 

 

200.0

 

 

 

271.7

 

Accrued liabilities

 

 

576.7

 

 

 

572.6

 

Accrued payroll taxes and insurance

 

 

694.8

 

 

 

746.7

 

Value added taxes payable

 

 

429.1

 

 

 

462.7

 

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

 

 

16.6

 

 

 

26.6

 

Total current liabilities

 

 

4,579.6

 

 

 

4,911.7

 

 

 

 

 

 

 

Other Liabilities:

 

 

 

 

 

 

Long-term debt

 

 

972.4

 

 

 

959.9

 

Long-term operating lease liability

 

 

282.6

 

 

 

266.6

 

Other long-term liabilities

 

 

545.6

 

 

 

534.1

 

Total other liabilities

 

 

1,800.6

 

 

 

1,760.6

 

 

 

 

 

 

 

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 118,364,088 and 118,028,009 shares, respectively

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,490.6

 

 

 

3,484.2

 

Retained earnings

 

 

3,946.3

 

 

 

3,868.5

 

Accumulated other comprehensive loss

 

 

(451.6

)

 

 

(458.7

)

Treasury stock at cost, 67,938,466 and 67,468,433 shares, respectively

 

 

(4,488.1

)

 

 

(4,447.9

)

Total ManpowerGroup shareholders’ equity

 

 

2,498.4

 

 

 

2,447.3

 

Noncontrolling interests

 

 

11.0

 

 

 

10.8

 

Total shareholders’ equity

 

 

2,509.4

 

 

 

2,458.1

 

Total liabilities and shareholders’ equity

 

$

8,889.6

 

 

$

9,130.4

 


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,

 

 

 

2023

 

 

2022

 

Revenues from services

 

$

4,752.3

 

 

$

5,143.3

 

Cost of services

 

 

3,889.2

 

 

 

4,246.2

 

Gross profit

 

 

863.1

 

 

 

897.1

 

Selling and administrative expenses

 

 

745.2

 

 

 

758.4

 

Operating profit

 

 

117.9

 

 

 

138.7

 

Interest and other expenses, net

 

 

7.5

 

 

 

2.7

 

Earnings before income taxes

 

 

110.4

 

 

 

136.0

 

Provision for income taxes

 

 

32.6

 

 

 

44.4

 

Net earnings

 

$

77.8

 

 

$

91.6

 

Net earnings per share – basic

 

$

1.53

 

 

$

1.71

 

Net earnings per share – diluted

 

$

1.51

 

 

$

1.68

 

Weighted average shares – basic

 

 

50.9

 

 

 

53.6

 

Weighted average shares – diluted

 

 

51.6

 

 

 

54.4

 


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

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Net earnings

 

$

77.8

 

 

$

91.6

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

 

47.0

 

 

 

(35.9

)

Translation adjustments of long-term intercompany loans

 

 

(0.1

)

 

 

2.5

 

Adjustments on derivative instruments, net of income taxes of $(2.8) and $6.6, respectively

 

 

(38.7

)

 

 

22.9

 

Unrealized adjustment on interest rate swap

 

 

(0.1

)

 

 

 

Defined benefit pension plans and retiree health care plan, net of income taxes of $0.1 for both periods

 

 

(1.0

)

 

 

0.3

 

Total other comprehensive income (loss)

 

 

7.1

 

 

 

(10.2

)

Comprehensive income

 

$

84.9

 

 

$

81.4

 

 

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,

 

 

 

2023

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

  Net earnings

 

$

77.8

 

 

$

91.6

 

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

 

 

 

 

 

 

      Depreciation and amortization

 

 

21.0

 

 

 

21.3

 

      Loss on sale of a subsidiary

 

 

 

 

 

8.0

 

      Deferred income taxes

 

 

18.2

 

 

 

2.4

 

      Provision for doubtful accounts

 

 

0.1

 

 

 

2.8

 

      Share-based compensation

 

 

5.1

 

 

 

10.6

 

      Changes in operating assets and liabilities:

 

 

 

 

 

 

           Accounts receivable

 

 

398.0

 

 

 

(96.9

)

           Other assets

 

 

(37.3

)

 

 

(17.1

)

           Other liabilities

 

 

(358.3

)

 

 

47.9

 

                 Cash provided by operating activities

 

 

124.6

 

 

 

70.6

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

  Capital expenditures

 

 

(13.2

)

 

 

(19.4

)

  Proceeds from the sales of subsidiaries and property and equipment

 

 

 

 

 

0.8

 

                 Cash used in investing activities

 

 

(13.2

)

 

 

(18.6

)

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

  Net change in short-term borrowings

 

 

(10.7

)

 

 

(3.7

)

  Repayments of revolving debt facility

 

 

 

 

 

(25.0

)

  Proceeds from long-term debt

 

 

0.2

 

 

 

0.7

 

  Repayments of long-term debt

 

 

(0.2

)

 

 

 

  Proceeds from share-based awards

 

 

1.7

 

 

 

0.3

 

  Other share-based award transactions

 

 

(9.8

)

 

 

(8.2

)

  Repurchases of common stock

 

 

(30.0

)

 

 

(59.9

)

                 Cash used in financing activities

 

 

(48.8

)

 

 

(95.8

)

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

5.1

 

 

 

(26.7

)

Change in cash and cash equivalents

 

 

67.7

 

 

 

(70.5

)

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

639.0

 

 

 

847.8

 

Cash and cash equivalents, end of period

 

$

706.7

 

 

$

777.3

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

Interest Paid

 

$

10.7

 

 

$

5.9

 

Income taxes paid, net

 

$

29.0

 

 

$

14.0

 

Non-cash operating activity:
    Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

30.7

 

 

$

9.5

 


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, 2022

 

 

118,028,009

 

 

$

1.2

 

 

$

3,484.2

 

 

$

3,868.5

 

 

$

(458.7

)

 

$

(4,447.9

)

 

$

10.8

 

 

$

2,458.1

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

77.8

 

 

 

 

 

 

 

 

 

 

 

 

77.8

 

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.1

 

 

 

 

 

 

 

 

 

7.1

 

Issuances under equity plans

 

 

336,079

 

 

 

 

 

 

1.3

 

 

 

 

 

 

 

 

 

(9.9

)

 

 

 

 

 

(8.6

)

Share-based compensation expense

 

 

 

 

 

 

 

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.1

 

Repurchases of common stock, including excise tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30.3

)

 

 

 

 

 

(30.3

)

Noncontrolling interest transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

0.2

 

Balance, March 31, 2023

 

 

118,364,088

 

 

$

1.2

 

 

$

3,490.6

 

 

$

3,946.3

 

 

$

(451.6

)

 

$

(4,488.1

)

 

$

11.0

 

 

$

2,509.4

 

 

 

 

 

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, 2021

 

 

117,762,065

 

 

$

1.2

 

 

$

3,444.7

 

 

$

3,634.6

 

 

$

(389.4

)

 

$

(4,169.4

)

 

$

10.0

 

 

$

2,531.7

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

91.6

 

 

 

 

 

 

 

 

 

 

 

 

91.6

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10.2

)

 

 

 

 

 

 

 

 

(