- Revenues of $4.4 billion (-5% as
reported, -3% constant currency)
- Regional trends largely unchanged as Europe and North
America experienced a challenging environment while
Asia Pacific and Latin America saw good demand
- Gross profit margin of 17.2%. Staffing margins remained solid
with slight decrease from mix; permanent recruitment largely stable
at lower levels across most major markets
- SG&A reductions partially offset gross profit declines
during the quarter
- Strong cash provided by operating activities1 during
the quarter with a three-day reduction in Days Sales Outstanding at
year end; $34 million of common stock
repurchased
MILWAUKEE, Jan. 30,
2025 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today
reported net earnings of $0.47 per
diluted share for the three months ended December 31, 2024 compared to net losses of
$1.73 per diluted share in the prior
year period. Net earnings in the quarter were $22.5 million compared to net losses of
$84.5 million a year earlier.
Revenues for the fourth quarter were $4.4
billion, a 5% decrease from the prior year period.
The current year quarter included restructuring costs, pension
settlements and net losses from the sale of our Austria business, which will be operated as a
franchise going forward, which reduced earnings per share by
$0.55 in the fourth quarter.
Excluding these charges, earnings per share was $1.02 per diluted share in the quarter
representing a decrease of 27% in constant
currency.2
Financial results in the quarter were also impacted by the U.S.
dollar relative to foreign currencies compared to the prior year
period.3 On a constant currency basis, revenues
decreased 3% compared to the prior year period.
Jonas Prising, ManpowerGroup
Chair & CEO, said, "The operating conditions experienced across
our regions came in largely as expected during the quarter with
relatively stable activity at lower levels across North America and Europe and good demand elsewhere. We took
additional cost actions during the quarter, primarily in some of
our most challenged European markets. Looking back at full year
2024, although difficult market conditions weighed heavily on our
financial results, we competed well in many markets as a result of
our Winning in the Market focus. We also made significant
progress advancing our global transformation initiatives during
2024 and look forward to continuing our progress in 2025.
We anticipate diluted earnings per share in the first quarter
will be between $0.47 and
$0.57, which includes an estimated
unfavorable currency impact of 6
cents and a 36% effective tax rate."
Net earnings for the year ended December
31, 2024 were $145.1 million,
or net earnings of $3.01 per diluted
share compared to net earnings of $88.8
million, or net earnings of $1.76 per diluted share in the prior year,
respectively. The full year period included restructuring costs,
run-off losses related to the Proservia Germany business, pension
settlements, and Argentina
hyperinflationary related non-cash currency translation losses
which reduced earnings per share by $1.54. Excluding the net impact of these charges,
earnings per share for the year was $4.55 per diluted share representing a decrease
of 21% in constant currency.4 Revenues for the year were
$17.9 billion, representing a
decrease of 6% compared to the prior year or a decrease of 3% in
constant currency. Earnings per share for the year were negatively
impacted by 20 cents due to changes
in foreign currencies compared to the prior year.
In conjunction with its fourth quarter earnings release,
ManpowerGroup will broadcast its conference call live over the
Internet on January 30, 2025 at
7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the
conference call, webcast details, presentation and recordings are
included within the Investor Relations section of
manpowergroup.com.
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, and Talent Solutions – creates
substantially more value for candidates and clients across more
than 70 countries and territories and has done so for 75 years. We
are recognized consistently for our diversity – as a best place to
work for Women, Inclusion, Equality, and Disability, and in 2024
ManpowerGroup was named one of the World's Most Ethical Companies
for the 15th time – all confirming our position as the
brand of choice for in-demand talent. For more information,
visit www.manpowergroup.com.
Forward-Looking Statements
This press release contains
statements, including statements regarding global economic and
geopolitical uncertainty, trends in labor demand and the future
strengthening of such demand, financial outlook, the outlook for
our business in regions in which we operate as well as key
countries within those regions, and the Company's strategic
initiatives and technology investments, including transformation
programs and the positioning of future growth for our brands 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 due to numerous factors. These factors include
those 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, 2023, which information is
incorporated herein by reference.
The Company assumes no obligation to update or revise any
forward-looking statements. We reference certain non-GAAP financial
measures, which we believe provide useful information for
investors. We include a reconciliation of these measures, where
appropriate, to GAAP on the Investor Relations section of our
website at manpowergroup.com.
1 Cash provided by operating activities equaled
$247 million and, including capital
expenditures, Free Cash Flow represented $236 million in the quarter.
2 The prior year period included various adjustments
which reduced earnings per share by $3.18 which are also excluded when determining
the year over year adjusted trend.
3 The fourth quarter earnings per share guidance
estimated a negative 1 cent foreign
currency impact and the actual impact was worse at a negative
4 cents.
4 The prior year period included various adjustments
which reduced earnings per share by $4.28 which are also excluded when determining
the year over year adjusted trend.
|
ManpowerGroup
|
|
Results of
Operations
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from services
(a)
|
$
4,399.7
|
$ 4,630.5
|
-5.0 %
|
-2.9 %
|
|
|
|
|
|
|
Cost of
services
|
3,644.6
|
3,819.8
|
-4.6 %
|
-2.5 %
|
|
|
|
|
|
|
Gross
profit
|
755.1
|
810.7
|
-6.9 %
|
-4.9 %
|
|
|
|
|
|
|
Selling and
administrative expenses,
excluding goodwill impairment charge
|
686.9
|
795.1
|
-13.6 %
|
-12.0 %
|
|
Goodwill impairment
charge (b)
|
-
|
55.1
|
N/A
|
N/A
|
|
Selling and
administrative expenses
|
686.9
|
850.2
|
-19.2 %
|
-17.7 %
|
|
|
|
|
|
|
Operating profit
(loss)
|
68.2
|
(39.5)
|
272.6 %
|
280.2 %
|
|
|
|
|
|
|
Interest and other
expenses, net
|
20.5
|
15.5
|
32.1 %
|
|
|
|
|
|
|
|
Earnings (loss)
before income taxes
|
47.7
|
(55.0)
|
186.9 %
|
196.4 %
|
|
|
|
|
|
|
Provision for income
taxes
|
25.2
|
29.5
|
-14.8 %
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
$
22.5
|
$
(84.5)
|
126.6 %
|
129.5 %
|
|
|
|
|
|
|
Net earnings (loss) per
share - basic
|
$
0.48
|
$
(1.73)
|
127.5 %
|
|
|
|
|
|
|
|
Net earnings (loss) per
share - diluted
|
$
0.47
|
$
(1.73)
|
127.2 %
|
130.1 %
|
|
|
|
|
|
|
Weighted average shares
- basic
|
47.2
|
48.7
|
-3.2 %
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
47.7
|
48.7
|
-2.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $3.8
million for both the three months
ended December 31, 2024 and
2023, respectively. These fees are primarily based on revenues
generated by the
franchise offices, which were
$278.1 million and $251.5 million for the three months ended
December 31, 2024 and
2023, respectively.
|
|
|
|
|
|
|
(b) The goodwill
impairment charge for the three months ended December 31, 2023 is
related to our investment in the
Netherlands.
|
|
ManpowerGroup
|
|
Operating Unit
Results
|
|
(In
millions)
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from
Services:
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United States
(b)
|
$
691.8
|
$
685.2
|
1.0 %
|
1.0 %
|
|
Other
Americas
|
381.8
|
389.4
|
-2.0 %
|
18.1 %
|
|
1,073.6
|
1,074.6
|
-0.1 %
|
7.2 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
1,134.5
|
1,209.7
|
-6.2 %
|
-5.5 %
|
|
Italy
|
418.7
|
415.1
|
0.9 %
|
1.8 %
|
|
Other Southern
Europe
|
490.2
|
487.0
|
0.7 %
|
1.1 %
|
|
2,043.4
|
2,111.8
|
-3.2 %
|
-2.5 %
|
|
|
|
|
|
|
Northern
Europe
|
768.4
|
913.7
|
-15.9 %
|
-16.4 %
|
|
APME
|
522.0
|
552.2
|
-5.5 %
|
-4.0 %
|
|
4,407.4
|
4,652.3
|
|
|
|
Intercompany
Eliminations
|
(7.7)
|
(21.8)
|
|
|
|
$
4,399.7
|
$
4,630.5
|
-5.0 %
|
-2.9 %
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United
States
|
$
16.0
|
$
16.8
|
-4.1 %
|
-4.1 %
|
|
Other
Americas
|
18.3
|
19.1
|
-4.8 %
|
16.2 %
|
|
34.3
|
35.9
|
-4.5 %
|
6.7 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
36.7
|
46.0
|
-20.1 %
|
-19.8 %
|
|
Italy
|
24.3
|
30.7
|
-20.5 %
|
-20.1 %
|
|
Other Southern
Europe
|
14.2
|
14.1
|
-0.7 %
|
-1.3 %
|
|
75.2
|
90.8
|
-17.2 %
|
-17.1 %
|
|
|
|
|
|
|
Northern
Europe
|
(16.5)
|
(81.4)
|
79.7 %
|
78.3 %
|
|
APME
|
15.8
|
21.6
|
-27.0 %
|
-28.3 %
|
|
108.8
|
66.9
|
|
|
|
Corporate
expenses
|
(32.5)
|
(42.9)
|
|
|
|
Goodwill impairment
charge (c)
|
-
|
(55.1)
|
|
|
|
Intangible asset
amortization expense
|
(8.1)
|
(8.4)
|
|
|
|
Operating profit (loss)
|
68.2
|
(39.5)
|
272.6 %
|
280.2 %
|
|
Interest and other
expenses, net (d)
|
(20.5)
|
(15.5)
|
|
|
|
Earnings (loss) before income taxes
|
$
47.7
|
$
(55.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Effective
January 1, 2024, our segment reporting was realigned to include our
Puerto Rico business within Other Americas.
Accordingly, our reportable
segment, United States, is now adjusted to exclude Puerto Rico. All
previously reported results have
been restated to conform to
the current year presentation.
|
|
|
|
|
|
|
(b) In the United
States, revenues from services include fees received from our
franchise offices of $2.6 million and $3.0 million for the
three months ended December
31, 2024 and 2023, respectively. These fees are primarily based on
revenues generated by the
franchise offices, which were
$89.7 million and $99.0 million for the three months ended December
31, 2024 and 2023, respectively.
|
|
|
|
|
|
|
(c) The goodwill
impairment charge for the three months ended December 31, 2023 is
related to our investment in the Netherlands.
|
|
|
|
|
|
|
(d) The
components of interest and other expenses, net were:
|
|
|
|
2024
|
2023
|
|
|
|
Interest
expense
|
$
23.0
|
$
20.0
|
|
|
|
Interest
income
|
(8.9)
|
(9.7)
|
|
|
|
Foreign
exchange loss
|
1.0
|
7.6
|
|
|
|
Miscellaneous loss (income)
|
5.4
|
(2.4)
|
|
|
|
$
20.5
|
$
15.5
|
|
|
|
ManpowerGroup
|
|
Results of
Operations
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Year Ended December
31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from services
(a)
|
$ 17,853.9
|
$
18,914.5
|
-5.6 %
|
-3.4 %
|
|
|
|
|
|
|
Cost of
services
|
14,767.1
|
15,556.5
|
-5.1 %
|
-2.8 %
|
|
|
|
|
|
|
Gross
profit
|
3,086.8
|
3,358.0
|
-8.1 %
|
-6.2 %
|
|
|
|
|
|
|
Selling and
administrative expenses,
excluding goodwill impairment charge
|
2,780.8
|
3,047.1
|
-8.7 %
|
-7.1 %
|
|
Goodwill impairment
charge (b)
|
-
|
55.1
|
N/A
|
N/A
|
|
Selling and
administrative expenses
|
2,780.8
|
3,102.2
|
-10.4 %
|
-8.8 %
|
|
|
|
|
|
|
Operating
profit
|
306.0
|
255.8
|
19.6 %
|
25.2 %
|
|
|
|
|
|
|
Interest and other
expenses, net
|
49.2
|
49.9
|
-1.5 %
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
256.8
|
205.9
|
24.7 %
|
31.1 %
|
|
|
|
|
|
|
Provision for income
taxes
|
111.7
|
117.1
|
-4.6 %
|
|
|
|
|
|
|
|
Net
earnings
|
$
145.1
|
$
88.8
|
63.5 %
|
71.8 %
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
3.04
|
$
1.78
|
70.4 %
|
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
3.01
|
$
1.76
|
70.6 %
|
79.3 %
|
|
|
|
|
|
|
Weighted average shares
- basic
|
47.8
|
49.8
|
-4.1 %
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.3
|
50.4
|
-4.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $14.4
million and $14.8 million
for the years ended December
31, 2024 and 2023, respectively. These fees are primarily based
on
revenues generated by the
franchise offices, which were $1,125.5 million and $995.8 million
for the
years ended December 31, 2024
and 2023, respectively.
|
|
|
|
|
|
|
(b) The goodwill
impairment charge for the year ended December 31, 2023 is related
to our investment
in the
Netherlands.
|
|
ManpowerGroup
|
|
Operating Unit
Results
|
|
(In
millions)
|
|
|
|
|
|
|
Year Ended December
31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2024
|
2023(a)
|
Reported
|
Currency
|
|
(Unaudited)
|
|
Revenues from
Services:
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United States
(b)
|
$
2,766.6
|
$
2,866.2
|
-3.5 %
|
-3.5 %
|
|
Other
Americas
|
1,458.3
|
1,548.6
|
-5.8 %
|
15.2 %
|
|
4,224.9
|
4,414.8
|
-4.3 %
|
3.1 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
4,618.4
|
4,867.1
|
-5.1 %
|
-5.1 %
|
|
Italy
|
1,677.0
|
1,708.8
|
-1.9 %
|
-1.8 %
|
|
Other Southern
Europe
|
1,922.9
|
1,939.4
|
-0.9 %
|
0.0 %
|
|
8,218.3
|
8,515.3
|
-3.5 %
|
-3.3 %
|
|
|
|
|
|
|
Northern
Europe
|
3,304.3
|
3,748.0
|
-11.8 %
|
-12.9 %
|
|
APME
|
2,161.3
|
2,322.3
|
-6.9 %
|
-2.3 %
|
|
17,908.8
|
19,000.4
|
|
|
|
Intercompany
Eliminations
|
(54.9)
|
(85.9)
|
|
|
|
$
17,853.9
|
$
18,914.5
|
-5.6 %
|
-3.4 %
|
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
|
Americas:
|
|
|
|
|
|
United
States
|
$
77.7
|
$
94.4
|
-17.6 %
|
-17.6 %
|
|
Other
Americas
|
63.9
|
71.2
|
-10.3 %
|
2.6 %
|
|
141.6
|
165.6
|
-14.5 %
|
-8.9 %
|
|
Southern
Europe:
|
|
|
|
|
|
France
|
151.8
|
188.3
|
-19.4 %
|
-19.4 %
|
|
Italy
|
113.1
|
124.7
|
-9.3 %
|
-9.4 %
|
|
Other Southern
Europe
|
39.2
|
44.7
|
-12.5 %
|
-10.9 %
|
|
304.1
|
357.7
|
-15.0 %
|
-14.8 %
|
|
|
|
|
|
|
Northern
Europe
|
(44.6)
|
(116.7)
|
61.8 %
|
60.9 %
|
|
APME
|
83.7
|
92.6
|
-9.7 %
|
-3.7 %
|
|
484.8
|
499.2
|
|
|
|
Corporate
expenses
|
(146.1)
|
(153.7)
|
|
|
|
Goodwill impairment
charge (c)
|
-
|
(55.1)
|
|
|
|
Intangible asset
amortization expense
|
(32.7)
|
(34.6)
|
|
|
|
Operating profit
|
306.0
|
255.8
|
19.6 %
|
25.2 %
|
|
Interest and other
expenses, net (d)
|
(49.2)
|
(49.9)
|
|
|
|
Earnings before income taxes
|
$
256.8
|
$
205.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Effective
January 1, 2024, our segment reporting was realigned to include our
Puerto Rico business within Other Americas.
Accordingly, our reportable
segment, United States, is now adjusted to exclude Puerto Rico. All
previously reported results have
been restated to conform to
the current year presentation.
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|
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|
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|
(b) In the United
States, revenues from services include fees received from our
franchise offices of $10.7 million and $11.9 million
for the years ended December
31, 2024 and 2023, respectively. These fees are primarily based on
revenues generated by
the franchise offices, which
were $368.1 million and $397.7 million for the years ended December
31, 2024 and 2023,
respectively.
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|
|
|
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|
(c) The goodwill
impairment charge for the year ended December 31, 2023 is related
to our investment in the Netherlands.
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|
|
|
|
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|
(d) The
components of interest and other expenses, net were:
|
|
|
|
|
|
2024
|
2023
|
|
|
|
Interest
expense
|
$
90.0
|
$
79.7
|
|
|
|
Interest
income
|
(33.3)
|
(34.2)
|
|
|
|
Foreign
exchange loss
|
6.2
|
21.8
|
|
|
|
Miscellaneous income
|
(13.7)
|
(17.4)
|
|
|
|
$
49.2
|
$
49.9
|
|
|
|
ManpowerGroup
|
|
Consolidated Balance
Sheets
|
|
(In
millions)
|
|
|
|
|
|
Dec.
31,
|
|
Dec.
31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
509.4
|
|
$ 581.3
|
|
Accounts
receivable, net
|
4,297.2
|
|
4,830.0
|
|
Prepaid expenses
and other assets
|
163.7
|
|
160.8
|
|
Total current
assets
|
4,970.3
|
|
5,572.1
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
1,563.4
|
|
1,586.8
|
|
Intangible
assets, net
|
486.1
|
|
519.6
|
|
Operating lease
right-of-use assets
|
361.3
|
|
414.0
|
|
Other
assets
|
701.5
|
|
607.8
|
|
Total other
assets
|
3,112.3
|
|
3,128.2
|
|
|
|
|
|
Property and
equipment:
|
|
|
|
|
Land, buildings,
leasehold improvements and equipment
|
488.2
|
|
526.5
|
|
Less:
accumulated depreciation and amortization
|
369.8
|
|
396.6
|
|
Net property and
equipment
|
118.4
|
|
129.9
|
|
Total assets
|
$
8,201.0
|
|
$
8,830.2
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
2,612.9
|
|
$
2,723.0
|
|
Employee
compensation payable
|
241.1
|
|
243.1
|
|
Accrued
liabilities
|
573.7
|
|
693.0
|
|
Accrued payroll
taxes and insurance
|
615.2
|
|
695.8
|
|
Value added
taxes payable
|
370.8
|
|
432.7
|
|
Short-term
borrowings and current maturities of long-term debt
|
23.4
|
|
12.1
|
|
Total current
liabilities
|
4,437.1
|
|
4,799.7
|
|
|
|
|
|
Other
liabilities:
|
|
|
|
|
Long-term
debt
|
929.4
|
|
990.5
|
|
Long-term
operating lease liability
|
279.0
|
|
323.2
|
|
Other long-term
liabilities
|
428.6
|
|
482.7
|
|
Total other
liabilities
|
1,637.0
|
|
1,796.4
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
ManpowerGroup
shareholders' equity
|
|
|
|
|
Common stock
|
1.2
|
|
1.2
|
|
Capital in excess of par value
|
3,546.1
|
|
3,514.9
|
|
Retained earnings
|
3,812.3
|
|
3,813.0
|
|
Accumulated other comprehensive loss
|
(443.0)
|
|
(466.0)
|
|
Treasury stock, at cost
|
(4,791.4)
|
|
(4,639.8)
|
|
Total
ManpowerGroup shareholders' equity
|
2,125.2
|
|
2,223.3
|
|
Noncontrolling
interests
|
1.7
|
|
10.8
|
|
Total shareholders' equity
|
2,126.9
|
|
2,234.1
|
|
Total liabilities and shareholders' equity
|
$
8,201.0
|
|
$
8,830.2
|
|
ManpowerGroup
|
|
Consolidated Statements
of Cash Flows
|
|
(In
millions)
|
|
|
|
|
|
Year
Ended
|
|
December
31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net
earnings
|
$ 145.1
|
|
$ 88.8
|
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
86.6
|
|
88.6
|
|
Loss on sales of
subsidiaries, net
|
8.2
|
|
1.3
|
|
Non-cash goodwill and
other impairment charges
|
-
|
|
57.3
|
|
Deferred income
taxes
|
(32.4)
|
|
(20.6)
|
|
Provision for doubtful
accounts
|
9.0
|
|
5.4
|
|
Share-based
compensation
|
27.3
|
|
28.7
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
261.1
|
|
391.8
|
|
Other
assets
|
(131.8)
|
|
(45.2)
|
|
Accounts
payable
|
15.7
|
|
(144.7)
|
|
Other
liabilities
|
(79.6)
|
|
(103.2)
|
|
Cash provided by operating activities
|
309.2
|
|
348.2
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
(51.1)
|
|
(78.2)
|
|
Acquisition of
business, net of cash acquired
|
(4.9)
|
|
-
|
|
Impact to cash
resulting from sales of subsidiaries
|
(14.6)
|
|
-
|
|
Proceeds from
the sales of subsidiaries and property and equipment
|
2.4
|
|
4.1
|
|
Cash used in investing activities
|
(68.2)
|
|
(74.1)
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Net change in
short-term borrowings
|
14.0
|
|
(12.8)
|
|
Proceeds from
long-term debt
|
3.7
|
|
1.0
|
|
Repayments of
long-term debt
|
(1.6)
|
|
(4.4)
|
|
Payments of
contingent consideration for acquisitions
|
(2.8)
|
|
-
|
|
Proceeds from
share-based awards
|
0.8
|
|
1.8
|
|
Payments to
noncontrolling interests
|
(0.2)
|
|
(0.6)
|
|
Other
share-based award transactions
|
(10.5)
|
|
(10.4)
|
|
Repurchases of
common stock
|
(140.0)
|
|
(179.8)
|
|
Dividends
paid
|
(145.8)
|
|
(144.3)
|
|
Cash used in financing activities
|
(282.4)
|
|
(349.5)
|
|
|
|
|
|
Effect of exchange rate
changes on cash
|
(30.5)
|
|
17.7
|
|
Change in cash and cash
equivalents
|
(71.9)
|
|
(57.7)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
581.3
|
|
639.0
|
|
Cash and cash
equivalents, end of period
|
$ 509.4
|
|
$ 581.3
|
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SOURCE ManpowerGroup
