- Revenues of $4.6 billion (-4% as
reported, -5% constant currency)
- Continuation of challenging environment in North America and Europe during the quarter, solid demand in
LATAM and APME
- Gross profit margin of 17.5%. Staffing margins remained
resilient; permanent recruitment trends were stable at lower levels
in second half of the year
- Non-cash goodwill impairment charge of $55 million; restructuring charges of
$90 million include wind down costs
on Germany Proservia business
- $50 million of common stock
repurchased during the quarter
MILWAUKEE, Jan. 30,
2024 /PRNewswire/ -- ManpowerGroup (NYSE: MAN)
today reported net losses of $1.73
per diluted share for the three months ended December 31, 2023 compared to net earnings of
$0.95 per diluted share in the prior
year period. Net losses in the quarter were $84.5 million compared to net earnings of
$48.7 million a year earlier.
Revenues for the fourth quarter were $4.6
billion, a 4% decrease from the prior year period.
The current year quarter included restructuring costs, and
certain non-cash charges including goodwill and other impairment
charge, pension settlements and Argentina related currency translation
losses1. These items reduced earnings per share by
$3.18 in the current quarter.
Excluding these items, earnings per share was $1.45 per diluted share in the quarter
representing a decrease of 30% in constant
currency.2
Financial results in the quarter were also impacted by the
stronger U.S. dollar relative to foreign currencies3
compared to the prior year period. On a constant currency basis,
revenues decreased 5% compared to the prior year period.
Jonas Prising, ManpowerGroup
Chairman & CEO, said, "Our fourth quarter and full year results
reflect a challenging operating environment in North America and Europe, while we continued to see solid demand
across Latin America and Asia
Pacific Middle East. During 2023, we progressed our
Diversification, Digitization and Innovation agenda and took
significant actions to improve our business for today's environment
and into the future. We are confident in our ability to navigate
this kind of environment and ensure we are well positioned for
profitable growth when demand improves.
We anticipate diluted earnings per share in the first quarter
will be between $0.88 and
$0.98, which includes an estimated
unfavorable currency impact of 2
cents and excludes unfavorable operating losses for the
run-off of our Proservia business estimated at 14 cents. Our guidance excludes
restructuring costs and any Argentina related impact of non-cash currency
translation losses."
Net earnings for the year ended December
31, 2023 were $88.8 million,
or net earnings of $1.76 per diluted
share compared to net earnings of $373.8
million, or net earnings of $7.08 per diluted share in the prior year,
respectively. The full year period included restructuring costs, a
loss on sale of our Philippines
business, a non-cash goodwill and other impairment charge, pension
settlements and an Argentina
related non-cash currency translation losses which reduced earnings
per share by $4.28. Excluding the net
impact of these charges, earnings per share for the year was
$6.04 per diluted share representing
a decrease of 28% in constant currency.4 Revenues
for the year were $18.9 billion,
representing a decrease of 5% compared to the prior year or a
decrease of 4% in constant currency. Earnings per share for the
year were negatively impacted by 14
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, 2024 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 2023
ManpowerGroup was named one of the World's Most Ethical Companies
for the 14th 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 economic and
geopolitical uncertainty, financial outlook, including any residual
costs resulting from the wind-down of the Proservia business in
Germany, labor demand, including
demand for green skills and the impact of AI on the labor market,
the outlook for our business in the regions in which we operate as
well as key countries within those regions, 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, 2022, 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 Argentina is required to be treated
as a hyperinflationary economy and the currency translation losses
reflect the devaluation of the Argentine peso during the
quarter.
|
2 The
prior year period included restructuring costs, integration costs
from the U.S. Experis acquisition, and special items related to
losses on business exits and non-cash goodwill impairment and
pension settlement charges which reduced earnings per share by
$1.13 which are also excluded when determining the year over year
trend.
|
3 The
foreign currency impact to earnings per share was 1 cent better
than the impact anticipated in our fourth quarter
guidance.
|
4 The
prior year period included integration costs from the U.S. Experis
acquisition, restructuring costs, and special items related to
losses on business exits and non-cash goodwill impairment and
pension settlement charges which reduced earnings per share by
$1.44 which are also excluded when determining the year over year
trend.
|
ManpowerGroup
|
Results of
Operations
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2023
|
2022
|
Reported
|
Currency
|
|
(Unaudited)
|
Revenues from services
(a)
|
$
4,630.5
|
$ 4,809.2
|
-3.7 %
|
-5.2 %
|
|
|
|
|
|
Cost of
services
|
3,819.8
|
3,933.6
|
-2.9 %
|
-4.4 %
|
|
|
|
|
|
Gross
profit
|
810.7
|
875.6
|
-7.4 %
|
-8.7 %
|
|
|
|
|
|
Selling and
administrative expenses,
excluding goodwill impairment charges
|
795.1
|
724.8
|
9.7 %
|
7.7 %
|
Goodwill impairment
charges (b)
|
55.1
|
50.0
|
N/A
|
N/A
|
Selling and
administrative expenses
|
850.2
|
774.8
|
9.7 %
|
7.7 %
|
|
|
|
|
|
Operating (loss)
profit
|
(39.5)
|
100.8
|
-139.2 %
|
-134.8 %
|
|
|
|
|
|
Interest and other
expenses, net
|
15.5
|
10.5
|
48.2 %
|
|
|
|
|
|
|
(Loss) earnings
before income taxes
|
(55.0)
|
90.3
|
-160.8 %
|
-155.1 %
|
|
|
|
|
|
Provision for income
taxes
|
29.5
|
41.6
|
-28.9 %
|
|
|
|
|
|
|
Net (loss)
earnings
|
$
(84.5)
|
$
48.7
|
-273.7 %
|
-257.5 %
|
|
|
|
|
|
Net (loss) earnings per
share - basic
|
$
(1.73)
|
$
0.96
|
-281.0 %
|
|
|
|
|
|
|
Net (loss) earnings per
share - diluted
|
$
(1.73)
|
$
0.95
|
-283.4 %
|
-266.2 %
|
|
|
|
|
|
Weighted average shares
- basic
|
48.7
|
50.8
|
-4.0 %
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
48.7
|
51.4
|
-5.3 %
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $3.8
million for both the three months
ended December 31, 2023 and
2022. These fees are primarily based on revenues generated by the
franchise
offices, which were $251.5
million and $253.6 million for the three months ended December 31,
2023 and 2022,
respectively.
|
|
|
|
|
|
(b) The goodwill
impairment charges for the three months ended December 31, 2023 and
2022 relate to our investment
in the Netherlands.
|
ManpowerGroup
|
Operating Unit
Results
|
(In
millions)
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2023
|
2022
|
Reported
|
Currency
|
|
(Unaudited)
|
Revenues from
Services:
|
|
|
|
|
Americas:
|
|
|
|
|
United States
(a)
|
$
702.3
|
$
819.4
|
-14.3 %
|
-14.3 %
|
Other
Americas
|
372.3
|
362.6
|
2.7 %
|
17.7 %
|
|
1,074.6
|
1,182.0
|
-9.1 %
|
-4.5 %
|
Southern
Europe:
|
|
|
|
|
France
|
1,209.7
|
1,194.9
|
1.2 %
|
-4.1 %
|
Italy
|
415.1
|
412.5
|
0.6 %
|
-4.6 %
|
Other Southern
Europe
|
487.0
|
493.8
|
-1.4 %
|
-3.7 %
|
|
2,111.8
|
2,101.2
|
0.5 %
|
-4.1 %
|
|
|
|
|
|
Northern
Europe
|
913.7
|
972.6
|
-6.1 %
|
-10.1 %
|
APME
|
552.2
|
578.5
|
-4.5 %
|
-2.7 %
|
|
4,652.3
|
4,834.3
|
|
|
Intercompany
Eliminations
|
(21.8)
|
(25.1)
|
|
|
|
$
4,630.5
|
$
4,809.2
|
-3.7 %
|
-5.2 %
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
Americas:
|
|
|
|
|
United
States
|
$
17.7
|
$
41.5
|
-57.4 %
|
-57.4 %
|
Other
Americas
|
18.2
|
16.3
|
11.9 %
|
37.6 %
|
|
35.9
|
57.8
|
-37.9 %
|
-30.6 %
|
Southern
Europe:
|
|
|
|
|
France
|
46.0
|
58.2
|
-21.0 %
|
-25.4 %
|
Italy
|
30.7
|
29.4
|
4.1 %
|
-1.5 %
|
Other Southern
Europe
|
14.1
|
18.2
|
-21.8 %
|
-22.1 %
|
|
90.8
|
105.8
|
-14.1 %
|
-18.2 %
|
|
|
|
|
|
Northern
Europe
|
(81.4)
|
15.5
|
-622.3 %
|
-609.2 %
|
APME
|
21.6
|
22.9
|
-5.4 %
|
-2.3 %
|
|
66.9
|
202.0
|
|
|
Corporate
expenses
|
(42.9)
|
(42.2)
|
|
|
Goodwill impairment
charges (b)
|
(55.1)
|
(50.0)
|
|
|
Intangible asset
amortization expense
|
(8.4)
|
(9.0)
|
|
|
Operating (loss) profit
|
(39.5)
|
100.8
|
-139.2 %
|
-134.8 %
|
Interest and other
expenses, net (c)
|
(15.5)
|
(10.5)
|
|
|
(Loss) Earnings
before income taxes
|
$
(55.0)
|
$
90.3
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) In the United
States, revenues from services include fees received from our
franchise offices of $3.0 million and $3.1
million for the three months
ended December 31, 2023 and 2022, respectively. These fees are
primarily based on
revenues generated by the
franchise offices, which were $99.0 million and $115.3 million for
the three months ended
December 31, 2023 and 2022,
respectively.
|
|
|
|
|
|
(b) The goodwill
impairment charges for the three months ended December 31, 2023 and
2022 relate to our investment in
the Netherlands.
|
|
|
|
|
|
(c) The
components of interest and other expenses, net were:
|
|
|
|
2023
|
2022
|
|
|
Interest
expense
|
$
20.0
|
$
15.2
|
|
|
Interest
income
|
(9.7)
|
(7.9)
|
|
|
Foreign
exchange loss
|
7.6
|
3.0
|
|
|
Miscellaneous (income) loss
|
(2.4)
|
0.2
|
|
|
|
$
15.5
|
$
10.5
|
|
|
ManpowerGroup
|
Results of
Operations
|
(In millions, except
per share data)
|
|
|
|
|
|
|
Year End December
31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2023
|
2022
|
Reported
|
Currency
|
|
(Unaudited)
|
Revenues from services
(a)
|
$ 18,914.5
|
$
19,827.5
|
-4.6 %
|
-4.0 %
|
|
|
|
|
|
Cost of
services
|
15,556.5
|
16,255.1
|
-4.3 %
|
-3.7 %
|
|
|
|
|
|
Gross
profit
|
3,358.0
|
3,572.4
|
-6.0 %
|
-5.5 %
|
|
|
|
|
|
Selling and
administrative expenses,
excluding goodwill impairment charges
|
3,047.1
|
2,940.7
|
3.6 %
|
3.8 %
|
Goodwill impairment
charges (b)
|
55.1
|
50.0
|
N/A
|
N/A
|
Selling and
administrative expenses
|
3,102.2
|
2,990.7
|
3.7 %
|
3.8 %
|
|
|
|
|
|
Operating
profit
|
255.8
|
581.7
|
-56.0 %
|
-53.3 %
|
|
|
|
|
|
Interest and other
expenses, net
|
49.9
|
24.6
|
102.8 %
|
|
|
|
|
|
|
Earnings before
income taxes
|
205.9
|
557.1
|
-63.0 %
|
-60.0 %
|
|
|
|
|
|
Provision for income
taxes
|
117.1
|
183.3
|
-36.1 %
|
|
|
|
|
|
|
Net
earnings
|
$
88.8
|
$
373.8
|
-76.3 %
|
-74.3 %
|
|
|
|
|
|
Net earnings per share
- basic
|
$
1.78
|
$
7.17
|
-75.1 %
|
|
|
|
|
|
|
Net earnings per share
- diluted
|
$
1.76
|
$
7.08
|
-75.1 %
|
-73.1 %
|
|
|
|
|
|
Weighted average shares
- basic
|
49.8
|
52.2
|
-4.6 %
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
50.4
|
52.8
|
-4.5 %
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues from
services include fees received from our franchise offices of $14.8
million and $15.7 million
for the year ended December
31, 2023 and 2022, respectively. These fees are primarily based
on
revenues generated by the
franchise offices, which were $995.8 million and $1,058.4 million
for the year
ended December 31, 2023 and
2022, respectively.
|
|
|
|
|
|
(b) The goodwill
impairment charges for the years ended December 31, 2023 and 2022
relate to our investment
in the
Netherlands.
|
ManpowerGroup
|
Operating Unit
Results
|
(In
millions)
|
|
|
|
|
|
|
Year End December
31
|
|
|
|
%
Variance
|
|
|
|
Amount
|
Constant
|
|
2023
|
2022
|
Reported
|
Currency
|
|
(Unaudited)
|
Revenues from
Services:
|
|
|
|
|
Americas:
|
|
|
|
|
United States
(a)
|
$
2,961.6
|
$
3,499.3
|
-15.4 %
|
-15.4 %
|
Other
Americas
|
1,453.2
|
1,436.4
|
1.2 %
|
14.2 %
|
|
4,414.8
|
4,935.7
|
-10.6 %
|
-6.8 %
|
Southern
Europe:
|
|
|
|
|
France
|
4,867.1
|
4,785.0
|
1.7 %
|
-1.0 %
|
Italy
|
1,708.8
|
1,706.9
|
0.1 %
|
-2.5 %
|
Other Southern
Europe
|
1,939.4
|
2,044.4
|
-5.1 %
|
-5.7 %
|
|
8,515.3
|
8,536.3
|
-0.2 %
|
-2.4 %
|
|
|
|
|
|
Northern
Europe
|
3,748.0
|
4,048.3
|
-7.4 %
|
-7.3 %
|
APME
|
2,322.3
|
2,387.3
|
-2.7 %
|
1.9 %
|
|
19,000.4
|
19,907.6
|
|
|
Intercompany
Eliminations
|
(85.9)
|
(80.1)
|
|
|
|
$
18,914.5
|
$
19,827.5
|
-4.6 %
|
-4.0 %
|
|
|
|
|
|
Operating Unit Profit
(Loss):
|
|
|
|
|
Americas:
|
|
|
|
|
United
States
|
$
100.4
|
$
219.2
|
-54.2 %
|
-54.2 %
|
Other
Americas
|
65.2
|
63.4
|
2.9 %
|
20.3 %
|
|
165.6
|
282.6
|
-41.4 %
|
-37.5 %
|
Southern
Europe:
|
|
|
|
|
France
|
188.3
|
226.7
|
-17.0 %
|
-19.3 %
|
Italy
|
124.7
|
122.9
|
1.5 %
|
-1.1 %
|
Other Southern
Europe
|
44.7
|
63.4
|
-29.4 %
|
-27.7 %
|
|
357.7
|
413.0
|
-13.4 %
|
-15.2 %
|
|
|
|
|
|
Northern
Europe
|
(116.7)
|
42.4
|
-375.0 %
|
-363.8 %
|
APME
|
92.6
|
87.8
|
5.6 %
|
11.6 %
|
|
499.2
|
825.8
|
|
|
Corporate
expenses
|
(153.7)
|
(157.0)
|
|
|
Goodwill impairment
charges (b)
|
(55.1)
|
(50.0)
|
|
|
Intangible asset
amortization expense
|
(34.6)
|
(37.1)
|
|
|
Operating profit
|
255.8
|
581.7
|
-56.0 %
|
-53.3 %
|
Interest and other
expenses, net (c)
|
(49.9)
|
(24.6)
|
|
|
Earnings before income taxes
|
$
205.9
|
$
557.1
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) In the United
States, revenues from services include fees received from our
franchise offices of $11.9 million and $12.8 million
for the year ended December
31, 2023 and 2022, respectively. These fees are primarily based on
revenues generated
by the franchise offices,
which were $397.7 million and $476.1 million for the year ended
December 31, 2023 and 2022,
respectively.
|
|
|
|
|
|
(b) The goodwill
impairment charges for the years ended December 31, 2023 and 2022
relate to our investment in the Netherlands.
|
|
|
|
|
|
(c) The
components of interest and other expenses, net were:
|
|
|
|
|
|
2023
|
2022
|
|
|
Interest
expense
|
$
79.7
|
$
46.9
|
|
|
Interest
income
|
(34.2)
|
(17.9)
|
|
|
Foreign
exchange loss
|
21.8
|
11.9
|
|
|
Miscellaneous income
|
(17.4)
|
(16.3)
|
|
|
|
$
49.9
|
$
24.6
|
|
|
ManpowerGroup
|
Consolidated Balance
Sheets
|
(In
millions)
|
|
|
|
|
|
Dec.
31,
|
|
Dec.
31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
581.3
|
|
$ 639.0
|
Accounts
receivable, net
|
4,830.0
|
|
5,137.4
|
Prepaid expenses
and other assets
|
160.8
|
|
158.0
|
Total current
assets
|
5,572.1
|
|
5,934.4
|
|
|
|
|
Other
assets:
|
|
|
|
Goodwill
|
1,586.8
|
|
1,628.1
|
Intangible
assets, net
|
519.6
|
|
549.5
|
Operating lease
right-of-use assets
|
414.0
|
|
365.7
|
Other
assets
|
607.8
|
|
540.5
|
Total other
assets
|
3,128.2
|
|
3,083.8
|
|
|
|
|
Property and
equipment:
|
|
|
|
Land, buildings,
leasehold improvements and equipment
|
526.5
|
|
584.9
|
Less:
accumulated depreciation and amortization
|
396.6
|
|
472.7
|
Net property and
equipment
|
129.9
|
|
112.2
|
Total assets
|
$
8,830.2
|
|
$
9,130.4
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
2,723.0
|
|
$
2,831.4
|
Employee
compensation payable
|
243.1
|
|
271.7
|
Accrued
liabilities
|
693.0
|
|
572.6
|
Accrued payroll
taxes and insurance
|
695.8
|
|
746.7
|
Value added
taxes payable
|
432.7
|
|
462.7
|
Short-term
borrowings and current maturities of long-term debt
|
12.1
|
|
26.6
|
Total current
liabilities
|
4,799.7
|
|
4,911.7
|
|
|
|
|
Other
liabilities:
|
|
|
|
Long-term
debt
|
990.5
|
|
959.9
|
Long-term
operating lease liability
|
323.2
|
|
266.6
|
Other long-term
liabilities
|
482.7
|
|
534.1
|
Total other
liabilities
|
1,796.4
|
|
1,760.6
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
ManpowerGroup
shareholders' equity
|
|
|
|
Common stock
|
1.2
|
|
1.2
|
Capital in excess of par value
|
3,514.9
|
|
3,484.2
|
Retained earnings
|
3,813.0
|
|
3,868.5
|
Accumulated other comprehensive loss
|
(466.0)
|
|
(458.7)
|
Treasury stock, at cost
|
(4,639.8)
|
|
(4,447.9)
|
Total
ManpowerGroup shareholders' equity
|
2,223.3
|
|
2,447.3
|
Noncontrolling
interests
|
10.8
|
|
10.8
|
Total shareholders' equity
|
2,234.1
|
|
2,458.1
|
Total liabilities and shareholders' equity
|
$
8,830.2
|
|
$
9,130.4
|
ManpowerGroup
|
Consolidated Statements
of Cash Flows
|
(In
millions)
|
|
|
|
|
|
Year
Ended
|
|
December
31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
earnings
|
$ 88.8
|
|
$ 373.8
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
88.6
|
|
84.6
|
Loss on sales of
subsidiaries, net
|
1.3
|
|
6.0
|
Non-cash goodwill and
other impairment charges
|
57.3
|
|
50.0
|
Deferred income
taxes
|
(20.6)
|
|
4.8
|
Provision for doubtful
accounts
|
5.4
|
|
6.2
|
Share-based
compensation
|
28.7
|
|
37.6
|
Changes in
operating assets and liabilities:
|
|
|
|
Accounts
receivable
|
391.8
|
|
28.8
|
Other
assets
|
(45.2)
|
|
47.5
|
Other
liabilities
|
(247.9)
|
|
(216.0)
|
Cash provided by operating activities
|
348.2
|
|
423.3
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Capital
expenditures
|
(78.2)
|
|
(75.6)
|
Acquisition of
business, net of cash acquired
|
-
|
|
(16.4)
|
Proceeds from
the sales of subsidiaries and property and equipment
|
4.1
|
|
6.7
|
Cash used in investing activities
|
(74.1)
|
|
(85.3)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Net change in
short-term borrowings
|
(12.8)
|
|
7.2
|
Net repayments
of revolving debt facility
|
-
|
|
(75.0)
|
Proceeds from
long-term debt
|
1.0
|
|
421.3
|
Repayments of
long-term debt
|
(4.4)
|
|
(412.2)
|
Payments for
debt issuance costs
|
-
|
|
(2.4)
|
Proceeds from
derivative settlement
|
-
|
|
2.0
|
Payments of
contingent consideration for acquisitions
|
-
|
|
(3.8)
|
Proceeds from
share-based awards
|
1.8
|
|
0.3
|
Payments to
noncontrolling interests
|
(0.6)
|
|
(1.1)
|
Other
share-based award transactions
|
(10.4)
|
|
(8.5)
|
Repurchases of
common stock
|
(179.8)
|
|
(270.0)
|
Dividends
paid
|
(144.3)
|
|
(139.9)
|
Cash used in financing activities
|
(349.5)
|
|
(482.1)
|
|
|
|
|
Effect of exchange rate
changes on cash
|
17.7
|
|
(64.7)
|
Change in cash and cash
equivalents
|
(57.7)
|
|
(208.8)
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
639.0
|
|
847.8
|
Cash and cash
equivalents, end of period
|
$ 581.3
|
|
$ 639.0
|
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SOURCE ManpowerGroup