Slide 1: ManpowerGroup Second Quarter Results
ManpowerGroup Second Quarter Results July 20, 2023 Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, financial outlook, labor demand, the outlook for our business in key countries, the Company’s strategic initiatives and technology investments, and the positioning o
Slide 3: Consolidated Financial Highlights
Excludes the net impact of restructuring costs of $14.5M ($11.8M net of tax) and a non-cash currency translation charge of $2.9M related to hyperinflationary Argentina, while Q2 2022 excludes the net impact of integration costs of $2.7M ($2.1M net of tax). EBITA is a non-GAAP financial measure and i
Slide 4: EPS Bridge – Q2 vs. Guidance Midpoint
EPS Bridge – Q2 vs. Guidance Midpoint ManpowerGroup 2023 Second Quarter Results
Slide 5: Business Line Revenue Q2 2023
Experis revenues decreased in the quarter with most pronounced impact from enterprise clients Both RPO and Experis anniversaried record revenue levels in the prior year period Manpower posted a modest organic CC revenue rate of decline which equaled the same rate of decline in the first quarter Busi
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change ManpowerGroup 2023 Second Quarter Results
Slide 7: Business Line Gross Profit – Q2 2023
Trend (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 $862M Business Line Gross Profit – Q2 2023(1) ManpowerGroup 2023 Second Quarter Results
Slide 8: SG&A Expense Bridge – Q2 YoY
Q2 2023 includes restructuring costs of $14.5M which consists of, $0.8M in the Americas, $6.0M in Southern Europe, and $7.7M in Northern Europe (1) (15.2% CC) (15.5% CC) (14.4% CC) SG&A Expense Bridge – Q2 YoY (in millions of USD) ManpowerGroup 2023 Second Quarter Results
Slide 9: Americas Segment
As Reported As Adjusted Q2 Financial Highlights -13% -9% CC -13% -9% CC Revenue $1.1B -47% -43% CC -47% -44% CC OUP $43M ($44M as adjusted) -250 bps -260 bps OUP Margin 3.9% (4.0% as adjusted) Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to seg
Slide 10: Americas – Q2 Revenue Trend YoY
Americas – Q2 Revenue Trend YoY ManpowerGroup 2023 Second Quarter Results
Slide 11: Southern Europe Segment
As Reported As Adjusted Q2 Financial Highlights 1% -1% CC -1% OCC 1% -1% CC -1% OCC Revenue $2.2B -17% -19% CC -20% OCC -12% -13% CC -15% OCC OUP $93M ($99M as adjusted) -90 bps -70 bps OUP Margin 4.2% (4.4% as adjusted) Southern Europe Segment (46% of Revenue) Current period excludes the impact of
Slide 12: Southern Europe – Q2 Revenue Trend YoY
Impact reflects underlying business performance excluding France Talent Solutions acquisition. Impact reflects business performance after adjusting for loss of revenues due to Hungary sale. Southern Europe – Q2 Revenue Trend YoY ManpowerGroup 2023 Second Quarter Results
Slide 13: Northern Europe Segment
As Reported As Adjusted Q2 Financial Highlights -7% -6% CC -7% -6% CC Revenue $952M -189% -190% CC -118% -117% CC OUP $-10M ($-2M as adjusted) -210 bps -130 bps OUP Margin -1.0% (-0.2% as adjusted) Northern Europe Segment (19% of Revenue) Current period excludes the impact of restructuring costs of
Slide 14: Northern Europe – Q2 Revenue Trend YoY
Northern Europe – Q2 Revenue Trend YoY ManpowerGroup 2023 Second Quarter Results
Slide 15: APME Segment
As Reported Q2 Financial Highlights -1% 4% CC Revenue $599M 14% 20% CC OUP $26M +60 bps OUP Margin 4.3% APME Segment (12% of Revenue) ManpowerGroup 2023 Second Quarter Results
Slide 16: APME – Q2 Revenue Trend YoY
APME – Q2 Revenue Trend YoY ManpowerGroup 2023 Second Quarter Results
Slide 17: Cash Flow Summary – YTD
Cash Flow Summary – YTD ManpowerGroup 2023 Second Quarter Results
Slide 18: Balance Sheet Highlights
Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) Balance Sheet Highlights ManpowerGroup 2023 Second Quarter Results
Slide 19: Debt and Credit Facilities – June 30, 2023
Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 543 - Euro Notes - €400M 3.514% Jun 2027 433 - Revolving Credit Agreement 6.266% May 2027 4 596 Uncommitted lines and Other Various Various 21 329 Total Debt 1,001 925 (3) (1)(2) (4) (2) Debt and Cre
Slide 20: Third Quarter 2023 Outlook
EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Estimates are assuming FX rates of 1.11 for the Euro, 1.29 for the GBP and 0.0071 for JPY. Revenue Total Down 2%/Up 2% (Down 3-7% CC) Americas Down 9-13% (Down 7-11% CC) Southern
Slide 21: Key Take Aways
Q2 results reflect the continuation of a challenging operating environment in North America and Europe, partly offset by strength in APME and Latin America. Gross profit margin of 17.8%, down 40 basis points year over year, reflects consistency in staffing margin and further softening in permanent r
Slide 22: Appendix
Appendix ManpowerGroup | Second Quarter July 2023 | 22
Slide 23: Industry Vertical Composition Based on Revenues – Q2 2023
Industry Vertical Composition Based on Revenues – Q2 2023 ManpowerGroup 2023 Second Quarter Results