Slide 1: ManpowerGroup Fourth Quarter Results
February 1, 2022 ManpowerGroup Fourth Quarter Results Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic uncertainty, the global recovery, financial and labor outlook, the Company’s strategic initiatives and technology investments, the anticipated results of the ettain acquisition, the positioning f
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights Excludes the net impact of integration and transaction costs of $12.6M ($9.7M net of tax) in Q4 2021; while Q4 2020 excludes the impact of restructuring charges of $12.6M ($8.7M net of tax). EBITA is a non-GAAP financial measure and is defined herein as Operating Pr
Slide 4: 2021 Financial Highlights
As Reported As Adjusted(1) 2021 Financial Highlights 15% 12% CC 11% OCC 15% 12% CC 11% OCC Revenue $20.7B 70 bps 70 bps OCC 70 bps 70 bps OCC Gross Margin 16.4% 184% 178% CC 163% OCC 57% 54% CC 49% OCC EBITA(3) $610M ($634M as adjusted) 170 bps 170 bps OCC 90 bps 70 bps OCC EBITA(3) Margin 2.9% (3.1
Slide 5: EPS Bridge – Q4 vs. Guidance Midpoint
EPS Bridge – Q4 vs. Guidance Midpoint
Slide 6: Business Line Revenue Q4 2021
Business Line Revenue Q4 2021(1) Business line classifications can vary by entity and are subject to change as service requirements change. Experis Professional Services is predominately IT and further strengthened by the acquisition of ettain Significant growth in market-leading RPO and MSP offerin
Slide 7: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 8: Trend Business Line Gross Profit – Q4 2021
Trend Business Line Gross Profit – Q4 2021(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total
Slide 9: SG&A Expense Bridge – Q4 YoY
SG&A Expense Bridge – Q4 YoY (in millions of USD) Reported and as adjusted ratios are unfavorably impacted 10 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A reported and as adjusted are 14.0% and 13.8% of revenue, respectively. Other items net to zer
Slide 10: Americas Segment
Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs. Americas Segment (23% of Revenue) As Reported As Adjusted(1) Q4 Financial Highlights 20% 22% CC 3% OCC 20%
Slide 11: Americas – Q4 Revenue Trend
Revenue Trend - CC Revenue Trend % of Segment Revenue Americas – Q4 Revenue Trend YoY Average Daily Revenue Trend - CC On an organic basis, revenue for the US increased 8% and ADR increased 8%. (1)
Slide 12: Southern Europe Segment
Southern Europe Segment (43% of Revenue) As Reported As Adjusted(1) Q4 Financial Highlights 2% 2% Revenue $2.4B 6% CC 6% CC 17% 12% OUP $117M 21% CC 17% CC 60 bps 40 bps OUP Margin 4.9% Prior year excludes the impact of restructuring costs of $3.8M in Q4 2020.
Slide 13: Southern Europe – Q4 Revenue Trend
Southern Europe – Q4 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC
Slide 14: Northern Europe Segment
Northern Europe Segment (22% of Revenue) As Reported As Adjusted(1) Q4 Financial Highlights 8% 8% Revenue $1.2B 9% CC 9% CC NM(2) 63% OUP $29M 58% CC 160 bps 80 bps OUP Margin 2.4% Current period includes Germany related items consisting of $10.4M of restructuring costs and a one-time gain on long-t
Slide 15: Northern Europe – Q4 Revenue Trend
Northern Europe – Q4 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC
Slide 16: APME Segment
APME Segment (12% of Revenue) As Reported Q4 Financial Highlights 1% Revenue $623M 7% CC 13% OUP $21M 21% CC 30 bps OUP Margin 3.3%
Slide 17: APME – Q4 Revenue Trend
APME – Q4 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC (1)
Slide 18: Cash Flow Summary — Full Year
ManpowerGroup 2021 Fourth Quarter Results Cash Flow Summary — Full Year Full Year (in millions of USD) 2021 2020 Net Earnings 382 24 Non-cash Provisions and Other 120 209 Change in Operating Assets/Liabilities 136 704 Capital Expenditures (64) (51) Free Cash Flow 581 886 Change in Debt 70 (39) Acqui
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash)
Slide 20: Debt and Credit Facilities – December 31, 2021
Debt and Credit Facilities – December 31, 2021 (in millions of USD) (3) (1)(2) The $600M agreement requires that we comply with a Leverage Ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive c
Slide 21: First Quarter 2022 Outlook
First Quarter 2022 Outlook Revenue Total Up 1-5% (6-10% CC) (3-7% OCC) Americas Up 16-20% (18-22% CC) (Flat/Up 4% OCC) Southern Europe Up 1-5% (7-11% CC) Northern Europe Down 2-6% (Down 1/Up 3% CC) (Up 2-6% OCC) APME Down 4-8% (Down 2/Up 2% CC) Gross Profit Margin 16.9 – 17.1% EBITA(1) Margin 2.7 –
Slide 22: ESG: Our Working to Change the World Plan
ESG: Our Working to Change the World Plan In 2021, we launched our Working to Change the World Plan focused on Planet, People & Prosperity and Principles of Governance, reflecting the International Business Council's Stakeholder Capitalism Metrics. We were also proud to be first in our industry to h
Slide 23: Key Take Aways
Our fourth quarter results reflect ongoing progress with revenue growth of 9% in constant currency (6% organic constant currency) Gross profit margin of 17.2% reflects significant growth in permanent recruitment and strengthened business mix Digitization initiatives included 22 implementations of le
Slide 24: Appendix
SS ManpowerGroup 2021 Fourth Quarter Results Appendix February 2022 ManpowerGroup | Fourth Quarter 2021 Results 24
Slide 25: Industry Vertical Composition – Q4 2021
Industry Vertical Composition – Q4 2021 Manufacturing, 40.5%