Slide 1: ManpowerGroup Third Quarter Results
October 20, 2022 ManpowerGroup Third Quarter Results Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic uncertainty, supply-chain disruptions brought on by the Russia/Ukraine war and other geopolitical uncertainty, financial and labor outlook, the potential for tax rates declines in France, the Com
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights Excludes the net impact of integration costs of $5.6M ($4.3M net of tax). EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. As Reported As Adjusted Q3 Financial Highlights -7% 5% CC 2% OCC -7% 5
Slide 4: EPS Bridge – Q3 vs. Guidance Midpoint
EPS Bridge – Q3 vs. Guidance Midpoint
Slide 5: Business Line Revenue Q3 2022
Business Line Revenue Q3 2022(1) Business line classifications can vary by entity and are subject to change as service requirements change. Experis experiencing strong demand, led by the U.S. Modest organic constant currency growth in Manpower Talent Solutions posted significant growth, led by stron
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 7: Trend Business Line Gross Profit – Q3 2022
Trend Business Line Gross Profit – Q3 2022(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Total Gross Profit $878M
Slide 8: SG&A Expense Bridge – Q3 YoY
SG&A Expense Bridge – Q3 YoY (in millions of USD) Reported and as adjusted ratios are unfavorably impacted 30 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A reported and as adjusted are 14.6% and 14.5% of revenue, respectively. (2)
Slide 9: Americas Segment Q3 Financial Highlights
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 (26% of Revenue) As Reported As Adjusted(1) Q3 Financial Highlights 24% 27% CC 8% OCC 24%
Slide 10: Americas – Q3 Revenue Trend YoY
% of Segment Revenue Americas – Q3 Revenue Trend YoY Average Daily Revenue Trend OCC 7% CC (1) Impact reflects underlying business performance excluding U.S. Experis acquisition. (1) N/A
Slide 11: Southern Europe Segment Q3 Financial Highlights
As Reported Q3 Financial Highlights -14% Revenue $2.0B -1% OCC -9% OUP $100M 5% OCC 30 bps OUP Margin 4.9% Southern Europe Segment (42% of Revenue)
Slide 12: Southern Europe – Q3 Revenue Trend YoY
Southern Europe – Q3 Revenue Trend YoY % of Segment Revenue Average Daily Revenue Trend OCC CC 2% N/A N/A N/A (1) (1) Impact reflects underlying business performance excluding France Talent Solutions acquisition.
Slide 13: Northern Europe Segment Q3 Financial Highlights
As Reported Q3 Financial Highlights -18% Revenue $954M -4% CC -1% OCC -23% OUP $13M -7% CC -1% OCC -10 bps 0 bps OCC OUP Margin 1.3% Northern Europe Segment (20% of Revenue)
Slide 14: Northern Europe – Q3 Revenue Trend YoY
Northern Europe – Q3 Revenue Trend YoY % of Segment Revenue Average Daily Revenue Trend - CC (1) (1) Impact reflects underlying business performance after adjusting for loss of revenues due to Russia sale. -4% -13% 6% -6% 5%
Slide 15: APME Segment Q3 Financial Highlights
As Reported Q3 Financial Highlights -4% Revenue $587M 12% CC 4% OUP $24M 23% CC 30 bps 40 bps CC OUP Margin 4.0% APME Segment (12% of Revenue)
Slide 16: APME – Q3 Revenue Trend YoY
APME – Q3 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC (1)
Slide 17: Cash Flow Summary – Months YTD
Cash Flow Summary – 9 Months YTD
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) (1) Represents adjusted balances. As disclosed in Q2 2022, long term debt temporarily increased by €400M on June 30th when we issued the €400M of Euro notes due 2027 to refinanc
Slide 19: Debt and Credit Facilities – September 30, 2022
Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 487 - Euro Notes - €400M 3.514% Jun 2027 388 - Revolving Credit Agreement 4.167% May 2027 - 600 Uncommitted lines and Other Various Various 21 333 Total Debt 896 933 Debt and Credit Facilities – Sept
Slide 20: Fourth Quarter 2022 Outlook
Fourth Quarter 2022 Outlook EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Estimates do not include fourth quarter impact of acquisition integration costs of approximately $3M to $5M. Estimates are assuming FX rates of 0.98 f
Slide 21: Key Take Aways
Our third quarter results reflect solid demand across our major markets with revenue growth of 5% in constant currency. Gross profit margin of 18.3% reflects improving business mix and the continuation of strong permanent recruitment activity in the third quarter. Experis and Talent Solutions repres
Slide 22: Appendix
—$—$_$_$_;x_x— ManpowerGroup 2022 Third Quarter Results Appendix October 2022 ManpowerGroup | Third Quarter 2022 Results 2
Slide 23: Industry Vertical Composition – Q3 2022
Industry Vertical Composition – Q3 2022 Manufacturing, 39.9%