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) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Securities 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)) |
MANPOWERGROUP INC. | ||||
Dated: October 20, 2017 | By: | /s/ John T. McGinnis | ||
John T. McGinnis Executive Vice President and Chief Financial Officer |
ManpowerGroup | |||||||||||||
Results of Operations | |||||||||||||
(In millions, except per share data) | |||||||||||||
Three Months Ended September 30 | |||||||||||||
% Variance | |||||||||||||
Amount | Constant | ||||||||||||
2017 | 2016 | Reported | Currency | ||||||||||
(Unaudited) | |||||||||||||
Revenues from services (a) | $ | 5,464.8 | $ | 5,088.2 | 7.4 | % | 4.3 | % | |||||
Cost of services | 4,564.2 | 4,229.9 | 7.9 | % | 4.7 | % | |||||||
Gross profit | 900.6 | 858.3 | 4.9 | % | 2.1 | % | |||||||
Selling and administrative expenses | 672.7 | 647.2 | 3.9 | % | 1.3 | % | |||||||
Operating profit | 227.9 | 211.1 | 7.9 | % | 4.4 | % | |||||||
Interest and other expenses | 10.9 | 11.4 | -5.0 | % | |||||||||
Earnings before income taxes | 217.0 | 199.7 | 8.7 | % | 5.3 | % | |||||||
Provision for income taxes | 79.3 | 70.5 | 12.4 | % | |||||||||
Net earnings | $ | 137.7 | $ | 129.2 | 6.6 | % | 3.5 | % | |||||
Net earnings per share - basic | $ | 2.06 | $ | 1.89 | 9.0 | % | |||||||
Net earnings per share - diluted | $ | 2.04 | $ | 1.87 | 9.1 | % | 5.9 | % | |||||
Weighted average shares - basic | 66.8 | 68.4 | -2.4 | % | |||||||||
Weighted average shares - diluted | 67.6 | 69.0 | -2.1 | % | |||||||||
(a) Revenues from services include fees received from our franchise offices of $6.4 million and $6.3 million for the three months ended September 30, 2017 and 2016, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $272.9 million and $273.1 million for the three months ended September 30, 2017 and 2016, respectively. |
ManpowerGroup | |||||||||||||
Operating Unit Results | |||||||||||||
(In millions) | |||||||||||||
Three Months Ended September 30 | |||||||||||||
% Variance | |||||||||||||
Amount | Constant | ||||||||||||
2017 | 2016 | Reported | Currency | ||||||||||
(Unaudited) | |||||||||||||
Revenues from Services: | |||||||||||||
Americas: | |||||||||||||
United States (a) | $ | 659.9 | $ | 723.7 | -8.8 | % | -8.8 | % | |||||
Other Americas | 401.6 | 383.7 | 4.7 | % | 3.6 | % | |||||||
1,061.5 | 1,107.4 | -4.1 | % | -4.5 | % | ||||||||
Southern Europe: | |||||||||||||
France | 1,481.7 | 1,277.8 | 16.0 | % | 10.2 | % | |||||||
Italy | 386.1 | 299.0 | 29.1 | % | 22.7 | % | |||||||
Other Southern Europe | 450.6 | 389.5 | 15.7 | % | 9.8 | % | |||||||
2,318.4 | 1,966.3 | 17.9 | % | 12.0 | % | ||||||||
Northern Europe | 1,367.9 | 1,300.1 | 5.2 | % | 1.5 | % | |||||||
APME | 665.4 | 650.9 | 2.2 | % | 3.6 | % | |||||||
Right Management | 51.6 | 63.5 | -18.8 | % | -19.6 | % | |||||||
$ | 5,464.8 | $ | 5,088.2 | 7.4 | % | 4.3 | % | ||||||
Operating Unit Profit: | |||||||||||||
Americas: | |||||||||||||
United States | $ | 43.6 | $ | 41.0 | 6.4 | % | 6.4 | % | |||||
Other Americas | 16.0 | 14.0 | 14.9 | % | 13.2 | % | |||||||
59.6 | 55.0 | 8.6 | % | 8.1 | % | ||||||||
Southern Europe: | |||||||||||||
France | 77.1 | 68.9 | 11.9 | % | 6.3 | % | |||||||
Italy | 24.2 | 18.4 | 31.5 | % | 25.0 | % | |||||||
Other Southern Europe | 16.2 | 13.7 | 18.0 | % | 13.3 | % | |||||||
117.5 | 101.0 | 16.3 | % | 10.7 | % | ||||||||
Northern Europe | 49.4 | 53.9 | -8.3 | % | -11.9 | % | |||||||
APME | 27.4 | 25.3 | 7.8 | % | 9.1 | % | |||||||
Right Management | 8.1 | 8.8 | -7.8 | % | -8.3 | % | |||||||
262.0 | 244.0 | ||||||||||||
Corporate expenses | (25.3 | ) | (23.9 | ) | |||||||||
Intangible asset amortization expense | (8.8 | ) | (9.0 | ) | |||||||||
Operating profit | 227.9 | 211.1 | 7.9 | % | 4.4 | % | |||||||
Interest and other expenses (b) | (10.9 | ) | (11.4 | ) | |||||||||
Earnings before income taxes | $ | 217.0 | $ | 199.7 | |||||||||
(a) In the United States, revenues from services include fees received from our franchise offices of $3.9 million and $4.1 million for the three months ended September 30, 2017 and 2016, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $164.3 million and $179.8 million for the three months ended September 30, 2017 and 2016, respectively. | |||||||||||||
(b) The components of interest and other expenses were: | |||||||||||||
2017 | 2016 | ||||||||||||
Interest expense | $ | 9.7 | $ | 9.2 | |||||||||
Interest income | (1.2 | ) | (1.0 | ) | |||||||||
Foreign exchange loss | 0.1 | — | |||||||||||
Miscellaneous expenses, net | 2.3 | 3.2 | |||||||||||
$ | 10.9 | $ | 11.4 |
ManpowerGroup | |||||||||||||
Results of Operations | |||||||||||||
(In millions, except per share data) | |||||||||||||
Nine Months Ended September 30 | |||||||||||||
% Variance | |||||||||||||
Amount | Constant | ||||||||||||
2017 | 2016 | Reported | Currency | ||||||||||
(Unaudited) | |||||||||||||
Revenues from services (a) | $ | 15,396.8 | $ | 14,698.0 | 4.8 | % | 5.5 | % | |||||
Cost of services | 12,846.7 | 12,205.2 | 5.3 | % | 6.0 | % | |||||||
Gross profit | 2,550.1 | 2,492.8 | 2.3 | % | 3.0 | % | |||||||
Selling and administrative expenses | 2,000.6 | 1,954.0 | 2.4 | % | 3.3 | % | |||||||
Operating profit | 549.5 | 538.8 | 2.0 | % | 2.0 | % | |||||||
Interest and other expenses | 36.2 | 34.4 | 5.1 | % | |||||||||
Earnings before income taxes | 513.3 | 504.4 | 1.8 | % | 1.8 | % | |||||||
Provision for income taxes | 184.2 | 188.1 | -2.1 | % | |||||||||
Net earnings | $ | 329.1 | $ | 316.3 | 4.1 | % | 4.1 | % | |||||
Net earnings per share - basic | $ | 4.89 | $ | 4.46 | 9.6 | % | |||||||
Net earnings per share - diluted | $ | 4.84 | $ | 4.42 | 9.5 | % | 9.5 | % | |||||
Weighted average shares - basic | 67.3 | 70.9 | -5.1 | % | |||||||||
Weighted average shares - diluted | 68.1 | 71.6 | -5.0 | % | |||||||||
(a) Revenues from services include fees received from our franchise offices of $17.5 million and $17.2 million for the nine months ended September 30, 2017 and 2016, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $759.3 million and $762.1 million for the nine months ended September 30, 2017 and 2016, respectively. |
ManpowerGroup | |||||||||||||
Operating Unit Results | |||||||||||||
(In millions) | |||||||||||||
Nine Months Ended September 30 | |||||||||||||
% Variance | |||||||||||||
Amount | Constant | ||||||||||||
2017 | 2016 | Reported | Currency | ||||||||||
(Unaudited) | |||||||||||||
Revenues from Services: | |||||||||||||
Americas: | |||||||||||||
United States (a) | $ | 1,992.7 | $ | 2,152.1 | -7.4 | % | -7.4 | % | |||||
Other Americas | 1,151.9 | 1,082.2 | 6.4 | % | 7.5 | % | |||||||
3,144.6 | 3,234.3 | -2.8 | % | -2.4 | % | ||||||||
Southern Europe: | |||||||||||||
France | 3,975.5 | 3,608.8 | 10.2 | % | 10.2 | % | |||||||
Italy | 1,047.0 | 861.9 | 21.5 | % | 21.5 | % | |||||||
Other Southern Europe | 1,235.5 | 1,114.7 | 10.8 | % | 9.8 | % | |||||||
6,258.0 | 5,585.4 | 12.0 | % | 11.9 | % | ||||||||
Northern Europe | 3,888.3 | 3,836.3 | 1.4 | % | 4.1 | % | |||||||
APME | 1,941.2 | 1,841.7 | 5.4 | % | 5.5 | % | |||||||
Right Management | 164.7 | 200.3 | -17.8 | % | -16.7 | % | |||||||
$ | 15,396.8 | $ | 14,698.0 | 4.8 | % | 5.5 | % | ||||||
Operating Unit Profit: | |||||||||||||
Americas: | |||||||||||||
United States | $ | 114.6 | $ | 103.8 | 10.5 | % | 10.5 | % | |||||
Other Americas | 41.4 | 39.4 | 5.1 | % | 6.2 | % | |||||||
156.0 | 143.2 | 9.0 | % | 9.3 | % | ||||||||
Southern Europe: | |||||||||||||
France | 197.4 | 183.6 | 7.5 | % | 7.2 | % | |||||||
Italy | 70.0 | 57.3 | 22.1 | % | 22.4 | % | |||||||
Other Southern Europe | 41.4 | 34.1 | 21.6 | % | 20.7 | % | |||||||
308.8 | 275.0 | 12.3 | % | 12.1 | % | ||||||||
Northern Europe | 93.6 | 124.2 | -24.6 | % | -24.8 | % | |||||||
APME | 70.8 | 66.8 | 5.8 | % | 6.1 | % | |||||||
Right Management | 25.4 | 32.8 | -22.5 | % | -22.1 | % | |||||||
654.6 | 642.0 | ||||||||||||
Corporate expenses | (79.5 | ) | (76.2 | ) | |||||||||
Intangible asset amortization expense | (25.6 | ) | (27.0 | ) | |||||||||
Operating profit | 549.5 | 538.8 | 2.0 | % | 2.0 | % | |||||||
Interest and other expenses (b) | (36.2 | ) | (34.4 | ) | |||||||||
Earnings before income taxes | $ | 513.3 | $ | 504.4 | |||||||||
(a) In the United States, revenues from services include fees received from our franchise offices of $11.0 million and $11.1 million for the nine months ended September 30, 2017 and 2016, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $487.6 million and $511.5 million for the nine months ended September 30, 2017 and 2016, respectively. | |||||||||||||
(b) The components of interest and other expenses were: | |||||||||||||
2017 | 2016 | ||||||||||||
Interest expense | $ | 28.1 | $ | 27.9 | |||||||||
Interest income | (3.4 | ) | (2.5 | ) | |||||||||
Foreign exchange losses | 0.4 | 1.6 | |||||||||||
Miscellaneous expenses, net | 11.1 | 7.4 | |||||||||||
$ | 36.2 | $ | 34.4 |
ManpowerGroup | |||||||
Consolidated Balance Sheets | |||||||
(In millions) | |||||||
Sep. 30 | Dec. 31 | ||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 666.9 | $ | 598.5 | |||
Accounts receivable, net | 5,181.0 | 4,413.1 | |||||
Prepaid expenses and other assets | 125.7 | 121.3 | |||||
Total current assets | 5,973.6 | 5,132.9 | |||||
Other assets: | |||||||
Goodwill | 1,322.0 | 1,239.9 | |||||
Intangible assets, net | 288.1 | 294.4 | |||||
Other assets | 843.7 | 759.7 | |||||
Total other assets | 2,453.8 | 2,294.0 | |||||
Property and equipment: | |||||||
Land, buildings, leasehold improvements and equipment | 623.9 | 567.0 | |||||
Less: accumulated depreciation and amortization | 469.6 | 419.7 | |||||
Net property and equipment | 154.3 | 147.3 | |||||
Total assets | $ | 8,581.7 | $ | 7,574.2 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,233.3 | $ | 1,914.4 | |||
Employee compensation payable | 228.7 | 208.1 | |||||
Accrued liabilities | 462.9 | 398.6 | |||||
Accrued payroll taxes and insurance | 707.2 | 649.2 | |||||
Value added taxes payable | 541.4 | 448.7 | |||||
Short-term borrowings and current maturities of long-term debt | 452.7 | 39.8 | |||||
Total current liabilities | 4,626.2 | 3,658.8 | |||||
Other liabilities: | |||||||
Long-term debt | 470.6 | 785.6 | |||||
Other long-term liabilities | 762.2 | 683.4 | |||||
Total other liabilities | 1,232.8 | 1,469.0 | |||||
Shareholders' equity: | |||||||
ManpowerGroup shareholders' equity | |||||||
Common stock | 1.2 | 1.2 | |||||
Capital in excess of par value | 3,291.7 | 3,227.2 | |||||
Retained earnings | 2,558.2 | 2,291.3 | |||||
Accumulated other comprehensive loss | (290.6 | ) | (426.1 | ) | |||
Treasury stock, at cost | (2,927.8 | ) | (2,731.7 | ) | |||
Total ManpowerGroup shareholders' equity | 2,632.7 | 2,361.9 | |||||
Noncontrolling interests | 90.0 | 84.5 | |||||
Total shareholders' equity | 2,722.7 | 2,446.4 | |||||
Total liabilities and shareholders' equity | $ | 8,581.7 | $ | 7,574.2 |
ManpowerGroup | |||||||
Consolidated Statements of Cash Flows | |||||||
(In millions) | |||||||
Nine Months Ended | |||||||
September 30 | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
Cash Flows from Operating Activities: | |||||||
Net earnings | $ | 329.1 | $ | 316.3 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 62.3 | 64.0 | |||||
Deferred income taxes | 40.4 | 36.4 | |||||
Provision for doubtful accounts | 13.7 | 14.5 | |||||
Share-based compensation | 21.4 | 21.0 | |||||
Excess tax benefit on exercise of share-based awards | — | (0.1 | ) | ||||
Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||||||
Accounts receivable | (399.5 | ) | (277.3 | ) | |||
Other assets | (7.5 | ) | (54.1 | ) | |||
Other liabilities | 227.6 | 281.8 | |||||
Cash provided by operating activities | 287.5 | 402.5 | |||||
Cash Flows from Investing Activities: | |||||||
Capital expenditures | (40.2 | ) | (42.6 | ) | |||
Acquisitions of businesses, net of cash acquired | (27.3 | ) | (56.9 | ) | |||
Proceeds from the sale of investments, property and equipment | 11.9 | 3.5 | |||||
Cash used in investing activities | (55.6 | ) | (96.0 | ) | |||
Cash Flows from Financing Activities: | |||||||
Net change in short-term borrowings | (2.4 | ) | (3.9 | ) | |||
Proceeds from long-term debt | 0.1 | — | |||||
Repayments of long-term debt | (0.3 | ) | (6.3 | ) | |||
Payments of contingent consideration for acquisitions | (12.9 | ) | (2.9 | ) | |||
Proceeds from share-based awards and other equity transactions | 40.8 | 5.5 | |||||
Other share-based award transactions | (18.2 | ) | (6.6 | ) | |||
Repurchases of common stock | (178.0 | ) | (462.6 | ) | |||
Dividends paid | (62.2 | ) | (60.8 | ) | |||
Cash used in financing activities | (233.1 | ) | (537.6 | ) | |||
Effect of exchange rate changes on cash | 69.6 | 3.7 | |||||
Change in cash and cash equivalents | 68.4 | (227.4 | ) | ||||
Cash and cash equivalents, beginning of period | 598.5 | 730.5 | |||||
Cash and cash equivalents, end of period | $ | 666.9 | $ | 503.1 |
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