Jonas. Thanks,
of a impacts, a our currency As we basis disclosed year-over-year a withdrawing represented of on result of previous March we're and decrease represented in quarter. guidance on reported quarter first for X%. related the the X% XX Revenue constant decline a the COVID-XX
a quarter the of on to contributed an a Acquisitions revenue impact This results in about first the X.X% X% basis. adjusted currency in not X% trend in significant constant of revenue the quarter additional this revenue. dispositions on quarter quarter the to days the of impact and and compares similar decline organic, fourth have decline year billing more and of in days did offset the
requirements. revenue of during included lockdown related a by of basis of emergency the March, during year-over-year issued trend last currency the two European day the weeks as on constant decline government's the adjusted monthly in our In of quarter the revenue driven March. was XX% billings Our decline the month businesses and states majority
reflected certain countries, increased basis in in absenteeism as sickness profit well early March. termination costs was and with contracts during associated down crisis the as gross client lower and COVID-XX higher margin recruitment direct Our and points of fees year-over-year XX permanent
operating profit quarter margin performance and XX% decline resulted on basis. operating a significant X.X%, excluding operational March. a first profit XX% resulted constant Our in costs currency deleveraging restructuring costs. This or of sudden experienced This after reflects of in in restructuring
On had a reported which was costs, which included basis, restructuring $X.XX a impact $X.XX, which negative settlement negative disclosed earnings pension a per $X.XX share previously charge, had impact. an and
was share per earnings costs, these $X.XX. Excluding
had tax full-year rate Regarding rate, our previously, XX%. effective to estimated guided at a we
by is tax. As discussed have past, impacted we the significantly business our effective tax rate French in the
based pre-tax GAAP not income considered French tax it earnings, Although and this US on primarily for business tax is calculated purposes. revenues is
a In business economic component based to effective represented income about globally, was tax -- X% on plus X% comprised tax underlying periods, blended XX% on normal the normal country in impact tax the our an rates rate, the meaning of tax tax XX% estimate XX% of component. to French the XX% rate business is corporate French
taxes calculated income downward levels. France will pre-tax comparable on be business lower corporate to would it French decrease tax income, scaled revenue due not since remains the Although in as level of see
decrease as income. the our lower French our reduced not French as become our total As will business pre-tax be of will business significantly on result, a XXXX, tax tax business, tax of portion but significant amount taxable the as in income, revenues expense underlying income amount as will more corporate income which as component significantly as tax not from will decrease French derived a
as further business incremental we updates overall the in within tax quarter This pension about as will is effective settlement rate restructuring and provide benefit our effective French effective tax for included tax increased costs our in weighting result first the expense dependent progresses the million, revenues which rate quarter first expense tax quarter, X% on the about discrete favorable lowered represented X%.The XX.X%. and of $X.X Separately, France. rate a the excluding by tax year
gross within margin our year-over-year outcome margin gross staffing a business. was Looking impact XX.X%. basis in fees offset of decline Manpower of came recruitment a The in well detail, lower increase activity in result profit the interim as permanent as in year-over-year based the as talent at COVID-XX margin points at March, XX by our
We continues second the higher markets in government recruitment anticipate of decline the material our lockdowns quarter. the in crisis as of permanent the margin duration activity COVID-XX into during ongoing most
Next, profit gross our line. review by business let's
Experis XX%. comprised the XX% comprised gross brand Manpower quarter, brand XX% of comprised our business and Solutions the Professional profit, During launched Talent newly our
our of year-end updates. we XXXX part earnings discussed As our brand release,
prior comparisons year-over-year the Our reflect the of brands year our for period. restatement
two Germany, declines largest decrease of This was gross our the our During brand experience a U.K in gross basis. of reflects constant and the year-over-year by in profit flat during X% organic an this quarter, U.S. in Sweden, declined in constant the on and X% our Gross organic Netherlands the Australia. offset markets, Manpower brand the on XX%. In Experis profit quarter profit currency currency report decrease
our the quarter includes leading market and in global Right Management increased constant was the in RPO, and the currency, which first in growth RPO X% offering. two Talent MSP driven gross by activity of months quarter. MSP profit Solutions Organic
March light We the client programs freezes in hiring during RPO experienced of activity as many reduction a crisis. sharp in initiated COVID-XX
the experienced X% Our Management currency in quarter. business Right a of in decline organic constant profit during gross
in believe has an of as activity the an at downturn. duration seeing Although clients experienced not time uncertain economic as activity in increase are Management we increase we outplacement are historically this during outplacement Right to downturns, the
restructuring of quarter SG&A the from year was reported was excluding costs. a $XXX of costs restructuring $XXX million, Our years. including after decrease expense from in $XX $XX million SG&A million, the the prior million expense both
costs, to down On restructuring currency a basis, compared constant X% SG&A were excluding the year. prior expenses
revenue drop XX.X%, reflected as a the revenues deleveraging Excluding in March. percentage the significant in expenses of sudden represented the on costs, SG&A the restructuring quarter of which
to we in drop very SG&A short and significant the activity down meaningfully mid-March not time in scale period. were was able this in sudden, As
gross SG&A much degree in declines in have the early quarter. late and taken the a second we will significant However, to better offset reduce April, anticipated to to actions allow March profit significant us which greater
quickly leveraging programs. includes move associates to unemployment which staff benefits, government This unutilized and allowed these related onto us
full expect savings beginning restructuring third quarter. months in million through $XX recover the the costs rate of We savings the over XX next cost to with run
announced, geographical the have we've segments Management results As and include prior for periods Right now the of restated purposes. comparative previously been
from operation in sheet. up the in defined of as growth strong order I'll flow these plus free represented prior equal capital $XX compared balance flow flow cash This the of slides to cash cash move year Free to a as $XXX and conditions. current expenditures million. market now million. cash I turn result to
experienced free historically second the beginning experience March. that through similar trend in client strong to payment patterns. the flow effect We we contributed of underlying provided a We cash we a expect we cash would activity. lower enter have quarter consistent while flow receivables, in This incur and increase we our as costs out as lower downturn, payroll to collect begin free a
end, At are receipts have pursue payment a this to collection carefully slightly priorities significant quarter In day date, decrease in experienced one cash cash this maintaining our teams as outstanding of diligently from from collection environment, top activities. flows appropriately our is very and ensuring year-over-year. we per sales decreased watching staffed terms. payments are strong and clients To original not
expenditures quarter. during represented $X million the Capital
During $XX the million. stock quarter, for of we XXX,XXX purchased shares
for XX, of As X.X August share program XXXX. remaining the repurchase under X of March have in approved we million million shares
Our million. was billion, billion of quarter $X.X of a $XX at position and total net cash in cash end debt resulting balance with of sheet strong $X.XX
to at total Our XX%. of gross total trailing debt comfortable EBITDA ratios XX end X.XX debt months are debt with to a and capitalization at quarter total very
facilities the for another credit note the not is and not maturity debt years. change Our euro X.X and did quarter, earliest in
a $XXX remained million addition, unused. agreement for revolving In credit
the $X excluding consolidated of X% an Now in Revenue of XX% segment including I billion, results. the the restructuring Americas will costs. segment equals represented decrease was revenue. year, quarter $XX currency of in in restructuring from constant constant This million. increase a OUP, currency. turn XX% The comprised to costs, prior
simplify Canada and the restructuring facilities million balance related back the and to to countries the operations. costs, branches office our $XX we of $XX and Americas other where and related to Of the U.S., continue other processes consolidated we in optimized where million and front
the the and country segment XX% was Americas billing of largest days The Revenue acquisitions, the impacts million, down March. in the X% year-over-year, as a U.S. included the of more quarter. of we a in year. revenues. comprising compared prior to U.S U.S Adjusting became ended $XXX this X% decrease crisis in month which in franchise is decrease segment, represented The significant the the for the COVID-XX XX%
state business During charge. quarter, decreased of sales the debt U.S. excluding our costs included related items, tax OUP including and restructuring. a XX% $XX to for charge $X SG&A a million bad one-off million
X.X%, was year. from margin decrease restructuring XXX prior Excluding OUP a charges, the of basis points
Talent XX% when franchise Management which the was of Revenue the down and U.S., gross quarter. days for quarter the Right brand the in for adjusted during Within now brand or Manpower the in down the part Manpower U.S. profit of comprised acquisitions. Solutions, X% includes billing as XX%
The an comprised skills Experis XX% quarter. the U.S. in of approximately XX% comprise Experis of gross brand With U.S., the in revenues. in IT profit the
During the a of after our business U.S for Experis the represented the during well crisis. decline revenues from up adjusting the quarter, prior X% this held X%.Our has days, and year in declined billing Experis COVID-XX
Talent of basis. of gross revenue increase the the or XX% in on experienced Solutions days X% adjusted X% quarter, in U.S contributed increase a a a profit,
March RPO April business significant as indicated into of a our As earlier, experienced COVID-XX in freezes hiring late result the has crisis. client
a business decline date, related activity April Manpower impact the down when Talent lifted and significantly about of different will mid-single revenue on decline. be trends. our Experis the our Solutions those of the uncertain digit parts On how businesses the U.S. revenue in in and declines in is reflects is It that overall business developments U.S will restrictions is and are experiencing based COVID-XX double-digit both basis, And XX%. to
of revenue the Mexico was on a March. environment. business. issued in an The having quarter March with the in operation of in had growth the the of government Mexico in at impact in our business of month overall. well requirements quarter is month line currency which quarter the constant The and flat Our performed Mexico in lockdown beginning the April, difficult And
During Mexico single has percentage May COVID-XX declines high business mid experiencing currently our in digits. to through extended The revenue Mexico April, is government the restrictions XX.
was performance business a lead with Canada X% a And to this Canada the continue basis. X% revenue as in our in decline currency, of pleased adjusted very the days month included on We're up March. Revenue in constant the market. of or they X%
range. April During the in low Canada's date, percentage activity decline is rate double-digit current to of revenue
Canada has XX% within Revenue in up extended country. XX their currency. in countries other growth the COVID-XX restrictions parts was of through in the large constant May Americas
Southern Europe $X.X in restructuring Europe came constant currency. million. including Revenue equal in X% billion, revenue a decrease revenue in in comprise XX% consolidated at quarter. of the OUP Southern of costs $XX
result OUP March. the costs, and the margin XX% prior on and OUP basis restructuring by France down impacts the COVID-XX Italy Excluding severe was driven as currency from year XXX constant a decreased points, in of of crisis
and Of the third costs office of front our relates for the restructuring relates a in to XX% each organizational simplification balance changes, to relates European office $XX region, operations. are where of about and we centralization back delivery including less and to Italy Portugal, million reducing significantly profitable call and and office Eastern And Spain simplification, XX% to center branches primarily Israel the front about relates Switzerland optimization. operations. for our
March, XX% a by comprise basis. adjusted driven declaration year constant In experienced of the quarter France emergency the down mid-month. currency revenue segment adjusted XX% Europe on the prior days France decrease a government's of from XX% XX%, in in of state Southern currency, of and down or constant days was a
date, During April XX%. has OUP currency points approximately our decrease was XX% year-over-year a currency $XX in decline been and experiencing OUP was constant million, activity X.X%. constant to at margin a down business XX in basis of of
reduce significant activity. France to this of taken actions period materially have reduced We our costs in during
quarter unemployment the decline timing time the ease our the These a actions virtually and programs manage the crisis. France's dependent SG&A is rate to to lockdown should Improvement in April revenue government's a full requirements. about We of significantly cut spend. of the moved through initiatives through in as we all reduce have government, equivalent discretionary temporary have third other actions of and on
that has restrictions extended As France of their through May today, XX. COVID-XX be will announced
activity adjusted equaled Revenue been to and At $XXX significant in has March, to XX% XX% April government a crisis, which included the days Italy decline of a in million, X% the year-over-year. imposed in currency, constant due date restrictions representing decrease the to March. down of end approximately XX% additional
permanent XX% down component in has experienced March gross has decline business been activity is approximately to important of date We profit recruitment our the during Permanent and a crisis. recruitment XX% year-over-year. an and materially Italy April declined in
OUP lower OUP costs, lower X.X%, and margin $XX contribution. driven to declined million profit largely basis restructuring margin Excluding on currency perm points decreased constant to by XX% gross XXX in a
restructuring significant have action FTEs crisis, in We reduce actions, to allow Italian significantly moving during temporary involves benefits taken with April. business reduce our this unemployment combined Italy programs. the the to of costs which SG&A in also their onto This should
As broader extended there some have and may that Italy's been before opening X today, date. businesses of through May be restrictions
increased in of from year X% in Spain X% basis days includes hold. adjusted currency of crisis adjusted a prior a in the the the took on Revenue in as March the quarter, impact days which constant decrease
at date, is XX%. to revenue about activity estimated decline April currently During year-over-year an Spain operating of
Although Spain has to broader May through their has government X. the lockdown announced recently eased certain they work extend related intend restrictions,
We quarter Manpower franchise to in represented experienced of due other beginning similar and This in last Switzerland of region the revenues at X% the second remaining countries year. the the Europe's to our COVID-XX crisis. the acquire the interest business trends Southern
segment Northern currency in declined comprise Revenue loss revenue represented quarter. of a constant XX% to OUP restructuring $X.X of million. X% $XX including in costs Europe consolidated the billion. Our
constant costs, Netherlands restructuring the by representing OUP was currency was OUP decline and million, Excluding points. The a XXX Sweden. Germany, $X driven down was of and in margin decline XX% basis
and to office significant two-thirds the Netherlands Of the actions where taking and where the relating to reduce with relates we to operations. restructuring to Belgium balance $XX we finance Nordics, back shared simplify costs, the costs million Germany, are of our continue services
segment the quarter. is segment the U.K., which revenue Europe Northern XX% in in market of largest The represented
included March. revenue in X% a currency X% U.K quarter, year-over-year of days adjusted were decline constant on business adjusted basis, of in And and down U.K days the activity decline approximately estimated which XX%. revenues our experienced April to date, the During an flat
has through U.S quarter, XX% March. X. April revenue at restrictions decline basis least of May which date, on or declined days estimate XX% XX% activity COVID-XX of the XX% decline a in imposed As on we revenues adjusted In in XX%. Germany, to includes today, first a basis days the adjusted a of constant to government In currency a year-over-year
unutilized is a cost is market, are we our Germany temporary and workers time staffed sickness. employees As for of absorb time bench which meaning the full
unemployment government full utilize to profit current ability preserve and to in associates Our for critical the able operating environment. to gross being margin equivalents and is bench time benefits our minimize losses
program German gross The is crisis. XX% after program loss margin. tax to We anticipate the will bench costs to subject of is avoid absorbing providing preserve conditions this and allow us to certain levels unutilized COVID-XX substantial wages of due
allowing In addition mentioned, actions the costs actions program, are which to I also X. us the is the significant they beginning operations, restructuring taking running Germany announced to has to also to down business April. is locked gradually that the provisions reduce costs certain utilizing May will lift reduce they SG&A of significantly in SG&A government start
revenues and model Nordics, are and basis a constant XX% Sweden, a both Norway currency, are decline businesses. The adjusted includes which business days declined primary two on bench Nordics the In XX% March. of which in
of activity revenue approximately estimate April date, a our businesses to XX%. decline During Nordic total
significantly bench will minimize gross profit and in benefits in allow Government this markets, the impact expect reduce these Sweden associates steep margin and running FTEs we the operations are during us also to Norway for erosion and SG&A critical our and of in activity. declines for programs these unemployment
includes currently activity decreased decline quarter, during of Revenue date, a decline In a currency days March. adjusted in April revenue XX% a are constant year-over-year Netherlands experiencing XX%. XX% in we on the of which to basis first the in
the work of our revenue did the Netherlands increasing We previously have temporary revenue not of as of experienced in cost beginning this impact the And new in legislation the significant effective first quarter. appear quarter. to a the at mentioned we at the trends beginning an of improvement rate on
FTEs to to constant decline running includes operations. utilized as will as March. bench related currency Belgium significant today's pretending bench of first XX% our be which Experis government during quarter, for also current of decline well to our Netherlands wages in business revenue operations experienced has a adjusted compensate and XX% programs the associates in
of revenue Poland XX%. driven Europe experience to activity we year-year-over-year are Other results growth X% a currently currency, involve April of primarily February During and by Ireland. year-over-year markets had increase revenue a in decline in in January and northern date, constant and
markets operations, comprises revenue approaching these million. increase expect in company XX% revenue their July single-digit decline total Pacific for April. greater to experience the XX% high decline deconsolidation public initial quarter. XXXX. in We of constant an constant the a of Asia currency revenue. decreased organic $XXX X% our to In first following The quarter, segment a revenue offering China This currency the of in double-digit East in Middle Adjusting represented
$XX OUP, in quarter. including million restructuring costs equal the
costs, this represented constant in OUP XX decreased organic decline of basis an China deconsolidation, and greater a X%. points after Excluding restructuring of reduction currency for OUP adjusting represented margin OUP excluding XX%, restructuring the currency, costs. constant
we continue restructuring of All Australia, low million costs $X of the business after exiting clients. certain where simplify the involve to margin about
Revenue in X% of the in in will single-digit growth in range, be and revenue up in April COVID-XX activity includes quarter, this In March. impacted we through percentage could date, May. restrictive to April revenue the result trend Japan the year-over-year which of X% The increase of large experiencing Tokyo other initiated but measures during as was a districts, more be negatively basis restrictions. Japan government currency which constant place a adjusted low days are recent in
revenue took billing constant includes in for of crisis experiencing XX% March in COVID-XX activity the Decline and we April In XX% Revenues to as a a declined in of are year-over-year XX%. date, decline days, hold. Australia currently currency adjusted
COVID-XX revenue April. restrictions. experience declines our declines business, double-digit markets We group has market represented markets April growth a double-digit down for Asia rate. the experiencing in imposed constant in will in other adjusting and estimate other Middle which XX% as this East were is India currency largest The in revenue X% Pacific, in includes various overall the in Revenue that dispositions country
the lifted restrictions quarter world As we business result, the earnings will impacted in for lifted. services by not extent providing when as change as COVID-XX and cannot guidance. forecast place in will cannot the our is We are restrictions operate. forecast previously, a Jonas mentioned which significantly in throughout these And be what to we the our or our markets in demand restrictions second be and
will cover net China quick of The I about last net a administrative couple in quarter, dispositions the the one represents items. reduction year-over-year of $XXX second in largely representing QX a million revenue impact of Greater quarter. for deconsolidation full of
As on I million, is estimate for business March is the to based earnings. have tax, share repurchases which weighted shares reflecting GAAP, revenues in average French We our an recorded tax and XX.X as will on our be that not tax XXXX, US as expense mentioned, through income XX. impact rate
and significant enter manage In gross we reduction. during the difficult summary, a profit immediate sheet strength significant optimizing the environment respond balance SG&A through on sheet and actions in we strong to We our second as focused quarter, very second quarter. the laser to flow back significant this liquidity and environment cash scale balance collections activity are taking are to management with
and business capitalize immediate also continuing are phase Although more outlined will a us opportunities we productive us and our when enterprise. actions to we new recovery efficient more on strategic taking, enter believe forward. a programs stronger, We we are move will this the we allow have to significant make
like I'd back to turn to that, With it Jonas.
