Slide 1: ManpowerGroup Third Quarter Results
October 19, 2021 ManpowerGroup Third 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, the anticipated results of the ettain acquisition, the Experis brand’s positioning for future g
Slide 3: Q3 Consolidated Financial Highlights
As Reported As Adjusted(1) Q3 Financial Highlights 12% 12% Revenue $5.1B 11% CC 11% CC 80 bps 80 bps Gross Margin 16.6% 144% 38% Operating Profit $151M ($162M as adjusted) 144% CC 37% CC 160 bps 60 bps OP Margin 2.9% (3.2% as adjusted) NM(2) 61% EPS $1.77 ($1.93 as adjusted) 60% CC Consolidated Fina
Slide 4: EPS Bridge – Q3 vs. Guidance Midpoint
EPS Bridge – Q3 vs. Guidance Midpoint
Slide 5: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 6: Trend Business Line Gross Profit – Q3 2021
Trend Business Line Gross Profit – Q3 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 7: SG&A Expense Bridge – Q3 YoY
SG&A Expense Bridge – Q3 YoY (in millions of USD) Reported ratio is favorably impacted 10 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A as adjusted was 13.5% of revenue.
Slide 8: 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 (19% of Revenue) As Reported As Adjusted(1) Q3 Financial Highlights 7% 7% Revenue $1.0B 8%
Slide 9: Americas – Q3 Revenue Trend
Revenue Trend - CC Revenue Trend % of Segment Revenue Americas – Q3 Revenue Trend YoY Average Daily Revenue Trend - CC On an organic basis, revenue for the US increased 11% and ADR increased 11%. (1)
Slide 10: Southern Europe Segment Q3 Financial Highlights
Southern Europe Segment (46% of Revenue) As Reported As Adjusted(1) Q3 Financial Highlights 13% 13% Revenue $2.4B 12% CC 12% CC 54% 30% OUP $111M 53% CC 29% CC 120 bps 60 bps OUP Margin 4.6% Prior year excludes the impacts of restructuring costs of $7.6M ($5.9M net of tax) and the $5.8M ($5.2M net o
Slide 11: Southern Europe – Q3 Revenue Trend
Southern Europe – Q3 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC On an organic basis revenue for Southern Europe Other increased 15% or 13% in constant currency. (1)
Slide 12: Northern Europe Segment Q3 Financial Highlights
Northern Europe Segment (23% of Revenue) As Reported As Adjusted(1) Q3 Financial Highlights 23% 23% Revenue $1.2B 19% CC 19% CC NM(2) 882% OUP $17M 828% CC 380 bps 120 bps OUP Margin 1.4% Prior year excludes the impact of restructuring costs of $24.1M ($22.6M net of tax) in Q3 2020. Variances are no
Slide 13: Northern Europe – Q3 Revenue Trend
Northern Europe – Q3 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC
Slide 14: APME Segment Q3 Financial Highlights
APME Segment (12% of Revenue) As Reported As Adjusted(1) Q3 Financial Highlights 3% 3% Revenue $611M 4% CC 4% CC 37% 26% OUP $23M 40% CC 29% CC 90 bps 70 bps OUP Margin 3.7% Prior year excludes the impact of restructuring costs of $1.5M ($1.0M net of tax) in Q3 2020.
Slide 15: APME – Q3 Revenue Trend
APME – Q3 Revenue Trend YoY Revenue Trend - CC Revenue Trend % of Segment Revenue Average Daily Revenue Trend - CC (1)
Slide 16: Cash Flow Summary – YTD
Cash Flow Summary – 9 Months YTD
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash)
Slide 18: Debt and Credit Facilities – September 30, 2021
Debt and Credit Facilities – September 30, 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
Slide 19: Fourth Quarter 2021 Outlook
Estimates do not include fourth quarter impact of acquisition transaction costs of approximately $9 million and acquisition integration costs of approximately $4 to $6 million. Fourth Quarter 2021 Outlook Revenue Total Up 3-7% (5-9% CC) (2-6% OCC) Americas Up 13-17% (14-18% CC) (Down 4%/Flat OCC) So
Slide 20: Key Take Aways
Our third quarter results reflect a continued global economic recovery with revenue growth of 11% in constant currency Gross profit margin of 16.6% reflects significant improvement from permanent recruitment growth and improved business mix We are sourcing and creating talent for our clients through
Slide 21: Appendix
Oe ManpowerGroup 2021 Third Quarter Results Appendix October 19, 2021 ManpowerGroup | Third Quarter 2021 Results, at
Slide 22: Industry Vertical Composition – Q3 2021
Industry Vertical Composition – Q3 2021 Manufacturing, 40.8%