MAN - Earnings call transcript Q4 2017

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the ManpowerGroup Fourth Quarter Earnings Results Conference Call. [Operator Instructions] This call will be recorded.

If you have any objections, please disconnect at this time. And now I would like to turn the call over to ManpowerGroup Chairman and CEO, Jonas Prising. Sir, you may begin.

Jonas Prising

morning. Good year-end XXXX. the call conference to for Welcome With McGinnis. is our Officer, Jack Chief Financial me today XXXX. start first call and as cash will operating and highlights our then I the the on will well results, of quarter of through Jack for balance US outlook the as the the some segments, impact comments fourth tax through our flow, quarter go full of of and today year, the the by reform going and sheet as quarter, strategy with Jack new And last a discussion Q&A will resulting follow promised will then our we I the before of and financial session. our targets discuss

As of ending us, we our ahead to normal call time beyond a have we if may cover busy go needed questions. your

into the now further Jack Before we safe language. our read any will call, harbor go

Jack McGinnis

morning, differ from expectations call This known on unknown forward-looking risks are are statements. which beliefs. uncertainties. or in conference Actual management's and statements, materially based subject These those might statements projected to and the forward-looking current everyone. Good includes results

other assume herein statements. filings obligation the of forward-looking call that concerning report forward-looking we the speaks and materially to from forward-looking to differ found information actual is and the results Commission could in Additional it any by company, can only XX-K update revise date in is Form the no Exchange company's those which be statement on information of incorporated and made, as Any in or reference. annual in today's of statements which cause Securities factors

appropriate GAAP at our We those provide section Relations reference we include on useful investors. the certain for website call non-GAAP to will Investor where financial believe During of our a measures reconciliation manpowergroup.com. which today, information we of measures,

Jonas Prising

on pleased was saw underlying at an strong X% billion, segment, is Thanks, with in quarter. constant Spain. growth high-end came We third range. due in On basis, in increase X%, Revenue currency strong our quarter strong of France, in same-day fourth a growth currency, double-digit guidance an acceleration of our $X.X and Europe which the Italy in the very our growth our the organic constant December. Jack. to partly performance X% revenue the very We're in in from growth Southern

our in However, the to last US, the came UK see and decrease continued up we of was basis revenue X% quarter. with margin weakness line in Operating improved currency. $XXX the profit prior from constant although in points million, guidance. year, quarter for profit from X.X%, at XX a Operating in

of $X.X You'll year that the insurance a quarter last million included settlement. fourth recall

from benefit that in Excluding the operating a prior basis expansion XX in profit growth currency with XX% point our year, was constant margin.

quarter SG&A continued from continued Earnings gross share tax $X.XX, the contraction reform. profit cost one-time margin the We see was productivity share offset to per for our improvements and leverage. per of $X.XX including benefits good by new the

XX% currency year. impacts, share share was was of of in increase these or restructuring from in Earnings settlement constant of per XX% increase charges the in year. excluding for last insurance half earnings constant of an first $X.XX, currency, XX% Excluding an X% per up the year in or the excluding currency the the $X.XX, constant increase an

earlier restructuring year, currency million, $XXX year. Revenues benefit per to prior X% was the reform, profit excluding charges of to of expanded share an $X.XX currency constant X% of constant year. increase currency operating the one-time the or and the tax $XX Excluding increase over billion, earnings for this constant X% X% increased in a in

show profit We favorable economy our growth Europe. are as continues have across revenue we performance the particularly operating global expansion. to pleased continued trends, strong with see improving to The of

And segment our most of a and additional with the financial which that, our over was outlook survey. like We and turn provide I'd also many in market ManpowerGroup outlook review in in improvement information to results to countries, labor first reflected to our also employment it see outlook. Jack recent quarter

Jack McGinnis

Jonas. Thanks,

Turning had constant strong very results, earnings quarter up currency, back with share XX% performance $XX in Jonas benefit to a tax per as fourth mentioned, including fourth million we quarter the reform. of

top-end currency of was settlement. this The prior met year benefit, guidance basis the at of after up earnings points XX in in our X% share over Excluding was per revenue range. growth the X% insurance was growth. X.X% margin profit operating guidance, an quarter year which constant increase currency constant on prior Revenue our excluding the midpoint the of the

$X.XX. revenue revenue growth also compared basis range to largely acquisitions a points met mentioned France and many also was Our I and by growth again days which bit of which a midpoint our X%, XX increased was significant the revenues growth while billings per the in days of was of gross this improved quarter. was markets. up Therefore, currency in third once and adjusted growth basis. attributed quarter into expected staffing down major very X% costs than adjusted declined strong margin And contributed detail, as this revenue revenues Italy Breaking related days driven by not top-end the points currency of This holiday our were percentage our our to a share is midpoint quarter of more year, constant to growth revenue. included on the impact our revenue which compared rate the positively our acceleration the a guidance additional growth of represented about This organic About SG&A prior growth the represented on $X.XX in our exceeded profit quarter. December, Earnings growth guidance basis the as XX a a reported of impacted X% our rate rate to the basis, guidance. our as better billings XX% volumes. half by range. of

$X.XX. increased fourth the discrete resulted Jobs that As in we Tax in by the of quarter Act benefits mentioned, the share per enactment and Cuts earnings

the growth leverage tax expense of attributable stronger operations is a other discrete than the performance $X.XX, slightly and by rate, from expected. outperformance to excluding the A higher operations better tax offset saw remaining expected our reform, than lower tax expense. favorable $X.XX less slightly effective and with Excluding was higher currency added which coming we impact as items, revenue

Next we more provide detail on results. reform tax how the quarter fourth impacted

reduction and on Act. I benefit Adoption fourth items liabilities, part is $XXX As the US to was US lower a a million our our tax our the XX.X% which new provided guidance Tax rate move items tax better include non-cash territorial discrete quarter. a due tax for tax regime excluding the tax mentioned, of than rate of net effective deferred the deemed Tax slightly earnings, years. repatriations to of of Discrete to the the a paid of was elimination in of US also impact tax foreign expect And million flow in future $XXX of foreign Act repatriations recorded cash of This the expense when considering amount to the quarter tax the related we net over resulted fourth and period. be be over eight discrete earnings. positive will for

fourth X.X%. XX%. $X tax rate tax lowers future to adjustments This We million in France’s effective lowered in The same in income rate related our tax tax XX% in deferred of assets reduction years. quarter France reform, a the resulted which to annual also had effective rate global a from

will remind does our look at French would like tax XXXX France tax the XXXX. the our represent requires I tax part the although outlook. business you X.X% of tax reported represented a to rate, discuss as and tax for I as quarter not XXXX GAAP formal of to first of corporate this framework, expense that you effective rate effective beyond be income income in since expectations This As rate taxes. component US later

Solutions basis had December a at contributed will gross Right overall margin on a as the part profit in margin by Staffing from unfavorable was CICE prior discuss contribution XX XX represented performance basis basis business discussed margin, came XX margin negatively as excluding our for currency. as impact points, or strong our Permanent basis year-over-year, gross the recruitment in expected our gross points payroll in declined at the year, XX.X%, France, recent from decrease point detail, a review. basis in driven Looking points gross XX quarters paid increase decrease a gross segment January. XX in decrease impacted margin. primarily reduced interim well which mix, the and to XX% profit in as of which points Management I overall very year-over-year. Strong further Management Right gross offset profit which

business line. review profit Next, our by let's gross

of the quarter, comprised Manpower the XX% gross profit. brand During

Our Experis professional comprised X%. Solutions Right and Management comprised XX%. ManpowerGroup XX% business

growth was value strongest ManpowerGroup offering by Solutions. Solutions higher achieved within again Our once

the brand, gross Proservia, Manpower Gross in a currency, is light from as skills. our activity. MSP brand profit currency growth US, profit a reported skills approximately rate of from This of the growth market-leading gross quarter. quarter, and This constant the the by decline derived the increased and decline up solutions, quarter third increase with constant office in third XX% RPO, a in as brand third Outsourcing offerings. the fourth increase includes and Proservia the of fourth X% Manpower Based office skills representing the solutions and in from decline Experis Within quarter. X% continued lower well growth Gross profit clerical Gross representing X% experienced quarter, in well the up business. industrial support in derived infrastructure Management UK. profit currency increased in the XX% constant ManpowerGroup X% quarter. offerings clerical very constant partially the Talent in our as end quarter. our light Solutions a improvement and profit was During during IT gross Right currency X% from the from in third skills. improvement reflects an is outplacement in representing driven in and XX% from career during positive growth MSP slowing of industrial XX% in user improvement strong This global growth profit the X%, in experienced our by profit RPO was the increase from offset growth our quarter, significant as in some quarter, a the in declines gross was our including X%

currency, points compared year of quarter million of includes which an related year, excluding On in as SG&A $X of to growth. XX.X%, increase in revenue in $XX SG&A some an expenses the non-recurrence expense which million the of organic basis to million, reported the an year, insurance on across increase to well from $XXX million increased $X.X countries of operational revenue of cost operational represented our X% the prior continued as was the acquisitions. from a as a the settlement prior $XX increase impact by as businesses. we settlement the in constant strong Our quarter insurance changes includes efficiency an $XX The million, SG&A driven prior focus basis in had expenses or support currency, X.X% improved to the XX percentage million.

Next OUP and Solutions performance I in XX the in constant points year the XX% prior our quarter was currency segments. services. operational strong Mexico, over OUP by well XX% flat higher-margin the in year Americas margin of above level, with X% million recruitment, will Profitability from driven flat as staffing with Permanent up partially consolidated of each Americas. revenue. in comprised constant Revenue up currency. $X.X as growth prior improved or strong in basis constant currency offset up billion, discuss segment performance of in other offerings the performance the The $XX the

expenses, Additionally, comprising in million, down year. US effectively improvement XX% of X% is adjusted third in were the decline a quarter. basis the represents day’s down which manage country in prior SG&A we segment were compared X% the Americas US the to an year. revenues. against largest on The $XXX continue segment, from prior the to the the This Revenues

this improvement also business, the the from primarily quarter. Experis in Manpower experienced came business trends the improving Although

X.X%, in stable fourth as in leverage lower OUP and increased million year. US areas. well on the investment the by During from OUP cost margin the declined quarter, as prior driven select reduced revenues, X% was $XX to

decline approximately gross The the to US in from the the quarter, in the brand for Experis third brand improvement X% Revenue in business X% X% impact Within of approximately third the in comprised the the business XX% which the the the in in profit Within continued decline and in an brand a US, down XX% X% Manpower the The comprised while profit. quarter, grew hurricanes. approximately of fourth Experis the revenues. the quarter, US, an the office skills declines. quarter, XX% of industrial quarter. from decline X% the of clerical comprises improvement see IT gross in US included Manpower was from

fourth to X% Experis an the billing year IT year, X% experienced in revenues from the from the improvement prior decline third from days Experis were declined the revenues from decline X% adjusted quarter. down the XX% also quarter, prior compared During third our in the skills representing quarter. the

gross the revenue We to driven digit two margin quarter. in during in MSP to the which decline quarter the decline expect profit in mid-to business, XX% revenues third declines resulted the experienced this in quarter. improve XX% in single the of this X% contributed US into related first profit quarter, low-margin due to related Experis the quarter. from we gross an certain second decline The business in improved the expect of volumes but in reduced was in which the high improvement overall and in US by non-recurrence quarter ManpowerGroup the of revenue a Solutions clients,

Our RPO X% experienced revenue business the strong quarter. the in in US of growth

We demand our our continue clients to for RPO solutions. see and higher-value by strong MSP

in Our third revenue Mexico operation quarter. currency, growth in XX% from growth XX% the in quarter a constant of the decline the had

we the impact third-quarter, in first continues well performed very currency, of and Revenue the up Mexico revenue the in XX% expect Argentina constant Although inflation. as the in fourth to expected the business decelerated was the into from reflect in quarter. good strong which growth trend quarter,

constant other included We up on currency. payment environment. in given terms good in Brazil, margin Americas Revenue countries This inflationary growth and within growth was the continue America. to and X% Peru in focus the improvement Central highly

OUP XX% was prior constant constant $XXX Revenue in at in of the prior comprised in the in gross an XX the consolidated from Southern Europe Southern XX% billion, improvements currency. than year, points offset up year X.X%, an million, growth recruitment quarter. growth revenue profit revenue France the and third was prior Europe was of of in quarter. at XX% XX% further margin comprised currency, from came increase currency, efficiency $X.X XX% as declines. OUP adjusted more of the basis margin Southern constant XX% a representing Permanent in constant quarter the the up Europe third currency, year in of was the and quarter. the days XX% segment strong over growth in a increase of increase from in revenue the extremely in XX% continuation

reflecting year. through stabilization that seeing We in continued We are January continued rates into growth we were comparable strong rates growth quarter quarter. mentioned fourth prior in digits in the last the high-single higher and seeing staffing the margins

the to X discussed, X, previously rate CICE with from January as eligible results, our decrease However, reducing XXXX profit impacted paid million. December payroll beginning of scheduled by gross X% X% effective wages

$X million may in resulting benefit You recall change. year had favorable the we a in $X prior quarter million year-over-year a

greatest to and January possible reduce extent in third-quarter while in this our was at the an effects we million, growth during profit that XX in continues quarter, the we constant X.X%. CICE was This XXXX in mentioned are we margin initiatives. OUP Permanent the very XX million, of currency, in on unfavorable the margin reduce by to change strong. from recruitment CICE. and basis very a fourth was XX €XX reduction impact to constant that the various be offsetting points As rate call, OUP in points quarter changes estimate OUP despite will the reduction basis basis the activity currency decline strong an focused We improvement margin gross through of increase CICE XX France year-over-year impact XX% decline declined third French quarter the do million. Similar to of recent OUP in of of to third the XX%-plus will in full expect increased resulted point growth This in changes constant mix have reduced quarters, Italy margins the represented consecutive our associated with growth. quarter. in XX% first the revenue year-over-year. year-over-year business $XXX staffing quarter Revenue currency in from XX%

quarters. over XX% at OUP last very growth Permanent was in in However, to the currency. the improved slightly declines staffing constant trend million. of three growth was currency constant recruitment margin XX% $XX year-over-year up strong

XX to the by SG&A as Italy and strong quarter, points cost in than leverage were profit OUP gross by improved margin X% declines offset the operating increased basis more margin management. During

revenue strong the be to to the was Spain in growth adjusted IT On organic very OUP the pleased and XX% were constant We of during margin in the with growth. our very up professional organic Revenue continue in quarter. and it continue days third perform in constant the and Italy expect basis, X% services was year, currency, quarter. first increase impact OUP performance in reflecting growth XX% up was over an to in acquisition earlier fourth significantly well which an business the year growth quarter. the from currency, partially the prior of strong the

very will Spain continue expect into performance the strong first to have We quarter.

comprised segment was currency X% of to On constant continuation in growth XX% currency Revenue quarter billing which growth revenue had Northern of a a constant Europe consolidated in Northern organic constant $X.X Europe currency Our a third the quarter. basis, rate, rate. adjusted days billion. up the represented X%

last to declines and is The million in of well the to discussed and basis revenue due decreased previous year points. Germany on in as profitability in line constant the ago to OUP lower primarily the we decrease in reflecting pressure leverage attributable currency XX% the in the business cost. is and less quarter additional operating level as margin down with was margin and exchanges higher U.K. driven primarily revenue growth by period. was XX quarter, X.X% of growth As $XX the OUP

improvement down were quarter. X% in the U.K. XX% revenue U.K. decline day's in adjusted in Europe is segment constant of represented which billing the the market the largest third an revenues currency, Our from X% quarter. segment in Northern

constant the an Experis U.K. in revenue business continues growth Manpower within declines, Following Conversely, accounts constant experience currency largest several to quarter. X% our quarters quarter. improving, experienced the decline demand in of drove currency our business although the in revenue X% which our reduced fourth

SG&A primarily in In XX% also and to $XXX Permanent a quarter basis adjusting Revenues Revenue a were X% Middle The permanent Malaysia, of Australia, demand currency into India, OUP third million the East. East up X% experienced to Poland quarter, driven and markets is growth on XX% segment Australia and growth in for is the currency second for in constant or billing growth partly quarter. an the the experienced recruitment days prior the in first XX% by businesses. third from within the XX% Middle growth driven and to the profit third comparable in increase primarily both comparable currency Thailand, however growth X% total currency a APME Middle was expect billing had Revenue to and constant growth on was margin OUP in on the Greater of constant the quarter, in strong the constant growth increase Northern return constant experiencing other including XX to in growth Pacific growth constant has revenue client than on adjusted the deceleration fourth billing which constant in a quarter This by and our growth revenue in X% Nordics The anniversary XX% X% constant revenue margin adjusted in and and trend Other company a X% the had markets in is Japan growth was constant increased Germany average expected. in in growth Japan, is double to adjusted Belgium increased by in a country and has in adjusted combine quarter. the to with expect basis various Sweden This up This from fourth billing in the on growth mix currency. with to Singapore XX% organic Both Germany a greater sectors a strong points to the strong, currency. currency experiencing the down of average day's represented in offset declines quarter. X% basis. strong million, constant basis the into average Staffing quarter. digit XX% expected be driven and very improved constant third was on OUP quarter This X% growth day's addition we up up mid-single-digit the result an billing day's in China, the and an quarter. in in third with other Korea. currency China several increased driven an continue currency revenue. Netherlands year. an been rates quarter performance day's Zealand performance gradually Russia. and East was declines margin a continue the OUP X% constant countries. day's the currency revenue comprises basis. from up first $XX was improve Greater in representing We U.K. prior by Pacific growth representing large X%. the quarters. see year-over-year slightly high increase growth up Australia year. on the anniversary quarter currency APME of recruitment first third a New in revenue debt the and basis. X% to Asia in in the constant increases of the respectively on was currency basis and India the the client depressed this management very changes, Revenue the increase adjusted currency the both Norway consistent Asia in represented solid China, in beginning industrial higher growth cost Netherlands Revenue which business X% markets up and Proservia quarter of and due growth was OUP in revenue in represents Europe basis. very X% strong represented growth in in billing in following continue day's and currently growth higher trends are Revenue from a

Our Right to slow the Management fourth in continue quarter. business

During revenues the XX% currency XX% in decline down $XX million rate decline were an represented the of the to quarter. quarter, improved which constant from in third

of expected greater reduced activity. million than OUP decrease OUP our XX% was a a placement margin $XX XX basis was based decline XX.X%, rate basis of on a decreased constant points. on and currency this However, representing to

year. of by on the stronger user to compared the to to represented The to two the during and in period We continue growth as Capital expenditures quarter. expect to down relatively be million less capital in and balance now ago million operations $XXX placement our quarter. a I'll which experience to million year-over-year typically at outstanding quarter day prior execute in a stable receivables $XX flow on year Cash expect our from million. million were million XXXX, the free collections. grow for strong end, as the year. $XXX sheet. the activity $XX Free reflects defined strong faster similar turn to cash pace $XXX during the sales trend improve flow in increased The quarter change a cash year-to-date fourth first a we of the into growth $XX days initiatives year trend business positive growth and the based compared cash acquisitions cash year, expenditures to continue flow in of represented DSL. periods cash prior At

represents shares the purchases shares million we quarter, beginning the the year XXX,XXX of stock of $XX about X.X outstanding This for purchased total of During since million just shares million. for the year. $XXX for to bringing X%

X shares July in of have XXst, under program the of approved share for X.X million XXXX. we As remaining December repurchase million

balance $XXX of Our and debt cash total year $XXX our end net debt with million very million. bringing sheet strong at to of was $XXX million

is XX comfortable with to very XX%. total months at end of total at year to total ratio EBITDA debt Our debt trailing a X.X capitalization and debt

the XXXX of have note June an end, €XXX September rate in and of not quarter. we in interest with facilities rate in maturing and Our maturing a year effective with note debt changed million a credit of €XXX At X.X% XXXX. effective an million have of X.X% outstanding interest

addition, agreement In remained we a million for had which unused. revolving $XXX credit

will our I outlook. view Next,

tax XXXX First previously our expected on XXXX our rate tax rate estimate move tax regime. I'd discussed quarter the impact effective of address results a as our incorporates like as for U.S. fourth the tax XXXX. well to for to territorial I reform and

As if we that a XX% a U.S. corporate of to result, estimate as in reduction social taxes need the the lower indicated of And they our for of their combined tax assume government global effective tax rate reform, and to in part a we of similar level this operations; the on tax France corporate XX% income in result the significantly with tax tax longer XXXX plan to record payroll tax credit CICE costs. in rate, from would pre-tax to no notably France on the France increase transitioning tax benefit, XXXX. global France. exempt taxable foreign XX% in CICE in for The in additional expected of U.S. benefit Based designated XXXX, significant we a tax has effective rate year. XX%

Turning to share the per impact of in from first to be forecasting of $X.XX a of and share. which we per earnings of a quarter currency tax impact of are a foreign approximately positive the $X.XX positive XXXX, includes $X.XX a $X.XX range reform to

in first currency quarter. points revenue impact of rate acquisitions growth basis XX X% The the about constant for X%. the guidance growth is of Our and between ranges

single-digit digits Europe growing currency we in Europe increased continuation day Asia growing standpoint, low Northern this December. the is with excluding range, down to rate East From a one there an constant growing to of less underlying range. organic rate this range holiday expect quarter, the Americas X%. fourth Southern and flat-to-low the growth As We Middle represents first flat year-over-year in consider the in double constant the of the activity segments be growth low in slightly Pacific revenue quarter currency the the in growth single-digit

low the expect revenue double-digits. We the right in management decline at

day a year. mentioned, on in there X% approximately prior rate compared by regional Europe about and the one first APME Americas, and Europe I the business reduces is to As growth consolidated the quarter X%. about a basis, this On less basis, Northern during revenue by reduces Southern our

year to and fewer down margin operating offset first Our year project lower and leverage. timing to basis profit due will in XX operating day cost had the about prior one of partially be quarter is leverage. operating this spend lowered our gross by having period profit by margin expected negatively largely The points impact

approximate rate expect XX% quarter rate due mentioned tax rate benefit from to the and to the our our This first in reflects fact impact our French tax. typically is the business income the We quarterly reform the earlier highest that tax quarter. of

not repurchases guidance our our share usual, average With to XX.X estimate weighted to incorporate turn additional or to million We that, I'd shares XXXX. reflecting be like charges. end through share repurchases As restructuring Jonas. does it back the of

Jonas Prising

Jack. Thanks,

priorities key years. performance supported leading and successful transformation have past driven financial our strategy solutions and Our our a into the had provider over global workforce

career best assist ways the Job work gather going Through market operational even see forward. place. we're and confident of regionally the in rapidly and in brands, will look that strategy our globally. talent our and connected skills. solutions locally, not navigate looking to next with to challenges. agility enhance meet provide and address advice and that workforce changing we our continue trends partner and and employment opportunity strategic only them We interested their getting complex further strong to those address developing clients we most successful but seekers a new As are world ahead, to also are client strong profitability Companies for fundamentals build needs our

is success changed. critical to strategy hasn’t brand Our it than our

of focus higher margin shift business our as Manpower margin have diversification RPO while brand contributing expect see diversifying We past the a market profitable right of experience core our to opportunities. to market and continue management. on we growth leading into our solutions to mix expansion of and we seen advantage years MSP we businesses overall well this, our further a future as Through as over few take

and candidates for driven is our employees. value objective our by our of creating Our growth clients, profitable

for strategic them one we're In one to skilled on business temporary, project client strong solutions. tailor complexity. execute we extend permanent our or of we're brands, our science, the our the size For workforce while needs meets strategy. regardless leveraging a find basis and approach, Through their industry operational or of clients, fits gives and able their which our all for to talent your to that solutions segment this support able scale their most each need connected clients flexibility and our

their them between candidates, helping in they supplying world need successful opportunities to be to what learnability and scale. provide their in assignments, we in demand the For gap we meet them or by goals, development whether the best bridge the upskill new work. their to accessing skills talents provide doing the global a employment so, for in of to changing help And at demand we

client productivity of needs Our improving of associating candidate engagement apps experience our are our for key in our also candidate associates candidates enabling meeting while to own talent. the skill improving scale, our and

of and and tool candidates. of We've and enterprise-wide our cloud relationship Through culture to collaboration CRM to digital based them self-sufficiency tool strong our which more improvements. the diversity and supports a drive investments, our the is productivity increasingly skilled our meet collaboration highly process upgraded needs tech we're integrated focused cloud high across to and helping organization. high global driving while touch the our clients enhanced and operations to go to mile extra allowing based our employees and passionate tools Our enabling fully be

in to candidate to client will and improvements satisfaction. and experience solutions, enhance capabilities We invest the technology continue process digital

Our our digitize leveraging increasing meet technology We're delivery evolving segments resources to improving models; client and to on so we activities and building our and focus employee relationships. and candidate preferences; transactional client better deeper intent automate is productivity.

our enhanced You a chain about how rapidly, is terms of thanks changing here will lot recognize what operationalize is of creation tools this and value we digital our traditional in processes. to

our find employees candidates. ecosystem career front clients for best of best the our to and clients match Our Manpower our our opportunities with group digital our and and our for and powers allowing interactions capabilities talents office candidates improving

client's generates better decisions. insights business allows employees data to to to which enable a analytics based significant data valuable amounts of Our driven and data make candidates activities on and us provide

of applications productivity. implemented mentioned, I'd culture and we've number employee global enhance As our to support a collaborative

effectively opportunities walk strategy, to for our that growth, ways over profitable financial our and expect generating will also new support We've have do efficiency. through to to And security we years, centralized our recent in centers targets. it the most technology with efficiency so cyber enhance data Over profile. greater and global and invested productivity that, our to turn enhance our overall to Jack I improve continue in

Jack McGinnis

Starting Jonas. overview to our financial update our in is of brings us to target That maintain growth. market of key strategy Thanks, the with or revenue revenues targets. markets, exceed levels now

maintain if is main Our to growth operating market levels growth market to markets, grow revenues detrimental we But gross goal margin. profit at in to incremental or levels. profit significantly may above choose is certain

of hitting profit our certain by to and and were already gross activities EBITDA target new discussed businesses. we're enablement as and We EBITDA markets the program of gross continue programs that during owners expand benefit these continued X%. does mix our XXXX continue part we enablement and been of productivity previous to EBITDA will of enhancements. XXXX to continuation office efficiency of the progress margin technology, driven on our margin. The back This we do client we'll this but have matching focus office This with performed last improving activities on recent our pricing have allowed require a continued front which in year, continued progress across restructuring optimization Similarly, X.X% focus in will target technology and discipline on we impact well through excluding in increased to profit again rather plan us margin has in expect cost to our longstanding margin other to After cost margin updating as represents that productivity not of key special continue. be technologies to place years. X% profit

factors are providing there business our impact it. changes; as EBITDA many since variables, as such which a are to could margin as well including regulatory the achieve We range mix; mix, timing and geographic

in target range execution the We We that committed continued providing to into for recent through achieve provides are disciplined are that EBITDA years growth and a reasons. evidence we the can and the is margin future what the profitable specific not of periods expansion same doing. timeline we believe

our capital. well on financial capital of is to to invested for return a Lastly, return our target above exceed XX%. continues represent This cost

our team. We capital management as management the to in well is of executive focused invested worldwide be continue on allocation inherent performance very on return capital and objectives as disciplined

that's I value to years. like core creation now to Something Jonas. for been back principle our to nearly XX would it turn

Jonas Prising

new creation further that excited Jack. Thanks, confident growth about and continue ahead. deliver profitable our to We're our targets. opportunities strategy the value We're the future will and financial for achieve

be like providing to this I sustainable value for beyond. now thank for want than all committed teams with that, that for ManpowerGroup Q&A. of And building globally meaningful team look and entire on year. every of globally to XXXX employment company forward XXXX. the engagement and workforce to the operational entire would progress their Our creating stakeholders in great solutions execution call leading We to Operator? take open in opportunity people for many the to our I and millions

Operator

first question of you. Instructions] Thank from is coming Andrew Steinerman Our JPMorgan. [Operator

open. Your line now is

Andrew Steinerman

And which place with the that think pretty in I'm France. think wondering cycles Europe Hi, where you give way And includes are first constant growth double-digit cycle Southern we his us I to Macron if amazing mentioned in is just to France, double-digit in France. be currency into wanted XX% growth. changed of terms XX% kind growth of the about of of we quarter. to jump would you see some from continued color in the

Jonas Prising

seeing growth economic it's and economic that if employment improved we think slow and to business growth And think no, in improving this exceptional you think during continues. follow markets you the Well, yet that And you we has haven’t that the materially as moving is see improve. monitor, will here of job labor markets at point France market. know, both the thanks terms I but looking to confidence outlook confidence. employment is Andrew. very again and been momentum about an up has from done France Yes, want And France backdrop has up, great XXXX business frankly feel in

in really clearly is So, flexibility all and though, still important. of this, agility

you part still in that We while question. you see some France, to recovery to And now flexibility early reflected be their Andrew's want is this color that start. strong give France to we and think first So, economic very Jack, in to be think the getting and more ready maybe going the just on for of consider need outlook. I

Jack McGinnis

Sure.

XX% basis And our strong QX volumes is So January consider we're seeing ago, very a noted growth growth you continued you QX quarter. high quarter growth the Andrew, fourth in when higher was we that what the the single-digits. as shows very into in very really And continue very from in that strong. happened first see strong to that to underlying year on the

high good we're that's that in January single guidance our we of France what in So, in QX. about very seeing feel and digit part range into

Andrew Steinerman

Perfect, thank you.

Operator

you. Thank

Silber BMO Our Jeffrey Market. of Capital is coming from next question

open. now is line Your

Jeffrey Silber

targets. to Thanks, back your go much. to so financial wanted I

you impact the you've for except on seen the past over If CICE years, look margins. of number gross

if expect and wondering And you continue most been have part, so, margins For that the get targets you you'll EBITDA under gross that on. think do the to margin if to I'm you pressure. how have

Jack McGinnis

is this Jeff, Jack. Thanks

pointed we out on ongoing gross margin as a of So, slide, the think our be part at part will growth of we particularly. profit looking big

driven lot noted that And past, margin seen as staffing as significant more in we've XXXX. so trajectory during XXXX profit was of of growth by the the higher of accounts although see we've as periods. future. the improvement about gross part And declines into talked we've larger prior we the A the in

As France quarter. quarter, fourth the we into third we that and that noted continued in the actually started in to see stabilize

that other country we that strong improvement staffing their do growth had we Italy the And very in see So, to is and as well. as positive. margin started actually

it's like from looks well. that front starting stabilize as that As to

actually We be the benefits that in actually the offset staffing But our that, some that forward. staffing seeing the we adjustments and in business recruitment in contributor to of that margin you continue as that margin of We saw process will we the about good contributor to half the we're pressure France. forward. of actually going noted plus our we've expect pressure solutions So, ManpowerGroup going our fourth strategies making permanent quarter. of will business should as weren’t and that offset a in talked the year now were seeing Proservia a first was we and

going margin the businesses pressure non-staffing So, continue to we'll to expect going those be strategies we expect some would offset. and continue staffing would forward. to What we forward likely

Jeffrey Silber

at if market great. with Okay, growth, That's sticking growth. one the first on focus helpful. the I theme, within revenue And target or then about financial

some market do weaning of at U.S. that? haven’t that get look number I years. a you at U.S. But If growth the off back the following know issues expect trajectory to you again yourself been for and you how in to there's been do margin business. low up the least would in terms you of

Jonas Prising

and right we expect want We to would to it market definitely do But way. to in growth. back get the sustainable

what and be in we with a making to by we working a fourth progress growth on on profitable pricing right the book the we're encouraged to sure seen in apply targeting do, we're to made still track is as us to And build some feel good want but not feel the U.S. we So, have business that made we're going in on. quarter, to we to we're the providing growth. We But that's It's what good also linear that that track. quarter. progression some you've continue back we this progress, we saw and more of the right get we and work discipline market

Jeffrey Silber

much. so Thanks, great. Okay,

Operator

Thank you.

coming is question of McHugh next William & Our Company. Blair Tim from

open. now is line Your

Timothy McHugh

thanks. Hi,

I strength the underlying related, and to particular follow-up if three holiday Just or in December. activity end those there's retail was of mentioned know I recur could two the trying guess don’t thing and the it France on whether so at but you what Was years to think it want not? about sales the

Jack McGinnis

Thanks, Tim.

related a driver really period. I'd was of quarter, that is was month that say that as the a seasonal December, in we we strongest on And December the of to suggested to Regarding day strong Italy very they outperformer. that performed that was And volumes saw. holiday for In pointed that going terms of out fourth big the and due the the month yes, retail drivers increase up the basis.

So, probably most that's the that's one notable. I'd say

we France, As continued strong very talked to be I think the overall quarter, about on an basis. during

improvement did So, revenue some in terms as had said declines, France came in, continued in strong growth we've we Jonas' we of saw where see earlier those that in of actually U.S. then and the overall good that declines And talking fourth quarter. rate was decline the the fourth U.K. And markets and now, quarter. certainly the see quarter we the very in December. point to rate on other of improving so, on to it was

Timothy McHugh

moving Pound what was just know Okay, here. you is that quite in the But year-to-date guess, I currencies if great. given guidance say into a just of kind weeks. we the embedded kind assumed it numbers was of here? and Euro, the bit of so approach willing to a been, bit the of the And kind question the a and QX around you're

Jack McGinnis

Sure.

the of use We the in estimate on for So, significantly the right, has Pound been January. use for XXX month Euro and Euro and the accelerating very you're we XXX.

Timothy McHugh

Alright, thank you.

Operator

Thank you.

Our from next McVeigh coming Deutsche is of question Kevin Bank.

line Your open. is now

Kevin McVeigh

think to of Hey the is And about hey. look congratulations to on on kind was X.X% the like. the there any X% target. what there EBITDA type that you, of Jonas is Jack, to way embedded mix or would Thank and Great. way that come and revenue any what

Just broad strokes?

Jonas Prising

in environment think on assuming indicated revenue, a terms we've economic stable We're Kevin, the slide. growth. revenue consistent of Sure and as No. Yes. I

of you think for. kind that I So, you're get what looking

cost is the establishing revenue before some what we've reach a reached target. achieve target target, based efficiencies in are number previously new have revenue we We based to in to grow dollars we on you a were able we X% had we terms on past gross had of our ongoing what a of saw as not that done

I that. on you've seen growth, economic in just So, we're consistent then consistent would to periods about recent continued and as what focused environment, really think you is what look back

Kevin McVeigh

kind some margins there as signs GP just and helpful. Jack, And starting as we this we perspective That's that, wage it. the operating both of just, to see about ultimately are of way think Got is well. capture inflation from a And overall. that to then then

leverage starting I seen of Yes. Just and early then -- where this something signs about through know, to but are are. how see starting haven’t to an we you give just given But see, that it It's of do you that? it's know wage cycle. that much of we inflation looks you're sense any we

Jack McGinnis

Yes.

said improves an GP as good inflation us, margin the So, wage for obviously on that in is we've our overall past, and basis.

the haven’t been We've of in in fourth an trending the to wage example, generally U.S. inflation. dramatic X% talked range the quarter. In terms we that, the we've for change X.X% past using for that speaking on and in seen

So, future. it's that are are getting the but some we key probably labor the about based higher in tightness talked on different. an to forward, not in there that for towards that opportunity range going markets, end the into looking But dramatically that of I we is think market improve optimistic the we've certainly

we're we I that expecting yet on in a future. it haven’t happen in think based point way quite on at that, significant but outlook, that So, should some based that the seen

Kevin McVeigh

thank Great, you.

Operator

you. Thank

Bisbee coming Markets. from Capital is Our RBC next question Gary of

line open. now is Your

Gary Bisbee

morning. good Hi,

tax. question Jack, target I a about have So I in the margin guess

tax margin margin this in this tax to the would years France targets. and goes meaningfully think benefit last imply from hit CICE that. would the you clearly has make yet the gave, longer down go rate difficult in you So, margin guidance I segment France to the in France up the helped term five higher it seem segment and

can misunderstanding me it it's against So, help why on going or it's you line? what you looks like now, the been I tax am margin helping understand

Jack McGinnis

Yes.

of So, margin target, in talking targets target the the about. been the EBITDA terms that we've

tax. ignoring So,

about forward need that say specifically U,S. look on no changes territorial that that. it to that at that's up tax changes regime look previous So, we outlook, not to the tax trying in about going the what and we the terms are Gary, to rates. going in talked way when estimates related longer we've move U.S. to and tax XXXX into the we we the about the But of statutory to this is tax are France top about we result at think your point the impact what

and end past and program CICE So, tax our that was the translates the part a of exempt be In a tax a that on December, in will and and exempt for cost reform, France the an that that taxable their overall. it's of tax a in a significant has that provides said are tax line. came into they or be benefit reduction into increase XXXX going the non-taxable That, to XXXX. France end favorable to to the transitioning social subsidy government that benefit XXXX, continuing result of of tax a through improvement income very at at then representing

moving happening. what's I tax that's into really XX% that, CICE because significant a France XX% a that income of result a more XXXX in would pre-tax of a expect XX% And XX% to more from in of under we situation taxable think is really that to to unique. We're very normalized XX% in to driving and the XXXX. XX% really to as that's today rate CICE benefit to change increase is tax rate So, of and France taxes benefit

Gary Bisbee

to thanks. flows segment just this in does in margins of Okay, for versus there so does clarify, what France what And mean tax not. terms

that the Is France, not in form tax are is the of was what X.X% you'd some had really your guess saying? you line? longer in in I that So, that but line payroll tax tax

Jack McGinnis

Yes.

did CVAE, GAAP to to business was referred an cost. viewed So, that on is that that specific under people to recorded as and XXXX, XXXX that we that to which French taxes it tax direct is and to also U.S. required a income remind going point highlight back previous be

So, that in OUP. consolidated not tax ManpowerGroup. comes from line through in is France's amount the That income amount

under been the So, reform amount really years. calculation that's changed France tax forward. what's income part has France's not recent margins same in and that and The the hasn't changing of in going OUP

to continue as margins. will amount line that our rate in out that income the about effective that's to adds the in So, OUP we France slide. not our And tax on X.X% be pointed

Gary Bisbee

So, then thanks.

on it. to sure this, Sorry understand just make keep to want beating I I

is is setting So, going based these through versus margin you're it the because changes flowing the XXXX here, segment XXXX to be on France of up expectations impacted line? or the tax

Jack McGinnis

on as margins won't of an France you impact tax No, see the OUP result the changes. a

Gary Bisbee

of Okay, or think Thank of one that then the a follow-up. mix is margin we versus just things solutions with should perm much longer businesses? there How your great. further efficiency the on like-for-like shift new And new to expectation you. is gains like basis target term

Jack McGinnis

would talked both I there of those and you say elements part that about are that is it. of all going to be that

we've great margin significant solutions right we to with higher many So, profitability higher and in technology to the that higher markets on a processes business core as Manpower improved experiences margins leveraged our stellar and drive which our think as improvements has able but years seen, we some of grow productivity over because performer along to we've we aim been also in well and you've course we continue and as business of efficiencies the growth many to we've side. drive because continue double-digit management have And extensively. opportunities been

those seen improve we'll all that in as think levers used continue So, we've also our that exactly have we do of announced within as target have going to financial to our and I today, the you've past set forward. you performance

Jonas Prising

a subsidy the I is just on XXXX. to item about tax more in I change come in want to taxable the nature one exempt CICE France talked back Gary, to of

just just and at comes the quite don't CICE a thinking an an stage, up impact. So, terms what that bit know that. update tax basis XXXX have on in And I as topic we're that we not overall of really on on this

indicated said So, still that believe as what will we government of see have has made tax transition. until We budget be the that At able for mean that of we in pre-tax be likely of precision that tax has to don't impact out to about haven't recurring into what changing see to that September government will this it any now and change But is that XXXX it's that assumptions in point XXXX. comes we what subsidy for margins. the right OUP be the of clear point. at might But don't and exempt XXXX reform the taxable. not their that part enough France expect we'll that we'll

Gary Bisbee

That's helpful, you. very thank

Operator

Thank you.

Marcon from is Mark Our coming Baird. next question of

now Your open. line is

Mark Marcon

Alright, of a several good on performance. morning. two of lines Congratulations and on questioning. terrific 'XX strong was years I wondering

just relates following want are on smooth still basically you to for they First our doubles. CICE, lobbying last just comment. Method we're to And over Jack's transition it is not? see as

Jonas Prising

Yes, and want competitive. absolutely. a more discussion still that's the to. the become on overall the details And what French was still markets what There lot referring are of I is that exactly government how position they think to Jack and and of their labor

Mark Marcon

Alright.

Jonas Prising

employment investment. to Then attracting seen So, the way that France I in that was might and as driving do thing. to that exactly more that very as was had intended event companies which to as a foreign lower invited Versailles well cost attract of have of in expand labor, flexibility an Macron you

of They want So, off more business. overall be the they to are competitive.

views France. So, to know component move they But negotiations decided French and moved and organization employment Jack which very of keep in tax a because the beyond into lowering for the as subsidy and going MEDEF still you lot labor free detail heard is cost don't on discussion a they they've there of this important the have the is we the it that's and conversation and into earlier. subsidy tax that taxable to want of CICE a

Mark Marcon

assumed input. and there able provide meeting to Versailles were we're that about knew I probably you and

do perspective I a a of for the of there the greater that change need mean little bit is and productivity competitiveness? from you improve level that a So, or sense appreciation to absolute

Jonas Prising

given at to the and labor the Minister. as their making based clear they that President and Minister, that. providing of the providing the Macron, was general have that competitive I the with meetings employer that conversation and our provide more flexibility access as of also the Prime the to It given on way government when they kind while we think of markets like I given with is the was had Labor French French in to frankly good and same the that time intent see and we actually very flexibility taxes a training things obligations such

feel about very from own as country also perspective growth our and an a future perspective. economic good we from France So, for

Mark Marcon

taxable the to subsidy so to still it's X.X XX% and X% going make times look like to that's up Okay is occur.

Jonas Prising

mark, tax the yes Yes, French that? business

Mark Marcon

I'm replace CICE. No, to about talking the subsidy

Jonas Prising

Yes.

from to exempt tax we assumed to people has made that a turns So, government at gross it's for but your the to that there this Mark, closer move The indicated haven't up all exactly of to an stage, that will taxable is what minimum we've into. going wage. point subsidy estimate

Mark Marcon

Alright.

Jonas Prising

that get minimum lacking And to still but an X.X aspects And on December the at that allows was of able are at we to update of be you wage as model to detail precision us times to end there that. stage. the we tax the really model will reduce to the level this but seen have not

comes detail of September. until out So, it's in preliminary likely budget the not that may get we level

Mark Marcon

the And it. assuming I'm How that. on you incremental two reducing constant date growth about made to progress you business a about getting year of have think over lines that X%. continue we on as of One margins, same with which neighborhood is to doing your regards currency X.X% are wondering to so a SG&A to market just lately. then, what you is thinking been the questioning the Got assuming in much revenue. just percentage we've I'm basis this as of

Jonas Prising

margin revenue look we've that as as us have basis on environment a we And restructuring overall really pointed in still good a consistent very past XX.X%. And the I think past the that gross expand potential in operating So, as it the out revenue is profit a I where We even think in again thinking quarter, the to the for of XX forward, fourth look we again where an an would we down the SG&A excluding the just XXXX great what way able is in been observation, earlier a of recent point reduction charges ability environment, that's reduction in we to had basis. points year. XX a took Mark. in year-over-year basis margin percentage as profit about hitting to

the we this in doing forward. So, I to feel good remarks. that the continue feel our is and work good as We going demonstrated think that opportunity we said quarter-ending we've and ongoing about about that that quarter-out we're prepared

that to that's I how would respond question. So,

Mark Marcon

for as are then you could for a headcount ended the thinking if we you XXXX give that and to front? where lastly, about us offices XXXX, And Great. on think how just XXXX preliminarily relative we year in flavor and

Jonas Prising

we of resources Well, headcount and expanding for are places drive in a mode to have growth continue with we that and lot feathering of where we're course growth of to markets were, France a number other and of and profitable to are along growth. a be Italy number a like where strong markets Mexico markets and investments make able

changing as processes evolution a So, technologies. that's models technology our the behavior acceleration our at as sort we foresee expansion really as during that of serve and the continuation an we've because that new that expect from couple will we seen job of and don't the over about candidates point what we've clients our new continue and and years. our of don't done with XXXX to that well leveraging delivery detailed, actually this of as how made And an last investments see just it but means we we've just able been we footprint and candidates we've Jack think and

Jack McGinnis

add Mark. And that, I to would

continued we've So, and regard. count talked seen of we've office about, is what in terms specifically, in efficiencies this

year below the were XXXX at XXXX we are the End last this So, about year XX; offices. about offices. at year of year at we the end of just

to get your footprints. opportunity about headcount. to And think as increasing So, more from efficiencies point then improvement we the good where office we're our about continued

you'd So, be very headcount we where we're based on our growth. expect would increasing strong

going our optimizing in that's on as processes. be the activities Italy. back processes, we And we going to talked terms of headcount based office in have in improve in to to continue mentioned about So, that's our then France; of office earlier back be I terms

enabled technology of forward is to efficiencies. definitely more and some more and for to of is part technology leverage this And that automation continue is your for that going path

Mark Marcon

Terrific, thanks.

Jonas Prising

in candidates meaning not very been way that drive but how us. engage us for all automate really value on that value we to moving our part in well with in as for you candidates least that traditional think relationships forefront spend that to that at changed a employees. and delivery view evolution are heard so broader technology can we by clients strategy an know and and that's so to of very models our will them that creation make more that we've their segmented value employees last and opportunity hasn't me itself as candidates. more advantage wherever at the create better more of and access then as strategy can the chain the And our deliver saw that's with they encouraged for evolution of very clients activities providing point speak how our you've they we looking about significantly. streamline processes deeper to time various better because away much building we we components changed continue evolution with client the And I'm that's that transactional much intent of from it's our also sure but efficient and stay take for we to has and continue for for The not you

Mark Marcon

Thank great. you. That's

Operator

Thank you.

is of Manav from Barclays. Our next question Patnaik coming

now is line open. Your

Manav Patnaik

Thank and survey achieve under just question timeframe to everything cost the you. all And hesitancy can it this provide the first is you Good well. your was their control. morning, the is a from even macro My sounds target, when like going gentlemen. around side around all suggest

other range variables us some what avoid least? So, years giving of you a sort of in there at from

Jack McGinnis

Sure, Manav.

out as certainly development one. that there we are there talked about, is regulatory could various items line; change the time So,

good think if feel I developments about past. look in you the we've handle how those and that we though at regulatory

timeline due those. for are a of bit a that think could give giving create if the the move we to But don't our prefer we variables. a That's is for in as forward. good reason are reason reasons negative there regulatory business and a incorporate terms to those basically exact have same We of into a we that range to developments ability adapt we same the timeline little speed bump those to

Jonas Prising

I about feel now, as where that. by about where very is Europe Manav, and whilst that And we That good add as emerging whilst in affected business, we outlook, we the the are cycles. you've would to still diversifying where working and good we, seen And good labor are markets we are is U.S. we're our as other feel right well about markets. feel from economic

global this would is last telling synchronized a really no it's it There So, economic long when and point. at expansion change. that how will

that be that So, and we our it slower. we which it's to us to financial committed to would between sure stay might same achieve financial But are for things we if we bit go it will targets be will we term better things and targets. faster get long confident and the indicate think will make happen in these if a it

Manav Patnaik

it. Got

follow-up on maybe So, if that. I can just

sound now? more be I does we development in that were terms France on focused the it obviously there should there could that like of regulatory you mean tracking negative there out sounds is like called are it So, all out but stuff be we

Jonas Prising

we way we No, nothing talked is about dealt future that specific what with added that there just is I more wouldn't. than saying some trying to flow that are something are that are isn't items the there. of will we've There specific call developments but There out. anything the And our we've generally What already nothing the is regulatory that to into Manav. other we're trying in out specifically past. highlight,

Manav Patnaik

we'll comment to profitability. grow and one around the then, trying in terms we'll of pick And market a it. just try above but the right Got last choose and

on Just or you pricing anticipate general in any change more was if can dynamics, do you pressures comment a the comment? just that competitive a quick

Jack McGinnis

Manav. Yes,

competitive see the environment where but we operate all what change last very continue to a of markets in seen We the from really year. no we've over

some we pricing you've remains above to heard So, seen as disciplined rational. it's make our ensure conditions price on a some we you have growth is to good we're market stay back in bit but and sure that very really the drive in sustainable do at our points markets we and no basis. us about in talk market profitable want or it on And but and with competition case-by-case now. that growth, and have a to we But competitive as pull there changes ensure we right profitable

Manav Patnaik

Thanks it. Got a lot, guys.

Operator

you. Thank

of Our Tobey SunTrust. next question is coming Sommer from

is line Your now open.

Tobey Sommer

Thank you. In service contributing what could discuss the most are the in business, lines solutions which is driving you demand?

Jonas Prising

growth is in fourth talked of our lower we Sure. away pay pulled We've bit MSP but some really rolling prepared as margin great in seen little RPO see. of quarter about was some remarks, businesses XX%, good the strong lower of growth a Jack which from there. in the to

GP in then looking progress. we has are and but Proservia where continued think I France last business had improved not fact, So, actual particularly profitability in has hoped. that's least, been in our excellent as some we for And And and performance then Europe there also our as well.

solutions of be So, drivers that of business. be, would contributions, those would the growth in the order

Tobey Sommer

the market did growth the that your with of pace and prepared Great. U.S. a And you rate of growth sight your in in different so remarks opinion? is to level keeping kind of if then, specific

Jonas Prising

performance and very had we We X% growth had growth. the a good actually a at U.S. in in 'XX good

growing So, to because very but in the I the I demand performance is do U.S. pick I a the we started in the think up bit overall, little good. But can market U.S. for our better is we've faster think again RPO the think still overall business and still

of continued see growth to the a offerings. RPO hope the we So, board across

Jack McGinnis

And just Yes. I would add to that.

very RPO the quarter. fourth U.S. strong specifically in in the So, was

lower U.S. quarter As business gross overall reflected did growth was about the profit some specific the to this And on Europe basis well. margin we've decrease in good Jonas as Proservia mentioned, but well well. an very MSP not very in talked as but

Tobey Sommer

Okay. much. Thank you, very

Jonas Prising

to Thank our speaking year. with We this for everybody. call. call you thanks again Thanks first for you. quarter look forward our quarter attending on And fourth everyone conference later conference

Operator

And that Thank your today's you for concludes conference. participation.

may disconnect. now You

ManpowerGroup (MAN) 2 Feb 182017 Q4 Earnings call transcript