MAN - Earnings call transcript Q2 2020

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

Operator

Welcome to ManpowerGroup’s Second 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 will turn the call over to ManpowerGroup Chairman and CEO, Jonas Prising. Sir, you may begin.

Jonas Prising

morning. Good second for the conference quarter to XXXX. call Welcome

today Chief Financial the call Jack our me with On Officer, is McGinnis.

manpowergroup.com. of For our your website section prepared included at our remarks within convenience, the Investor we have Relations

concluding of then We will start the before the quarter, the going thoughts and through segments, through quarter. share our Jack go I results and third the cash guidance our the will flow start some then operating Q&A second of by some highlights will and balance And we sheet for session.

now proceed, Jack the we Before language. will cover Safe Harbor

Jack McGinnis

from morning, forward-looking and management’s the those of might or regarding beliefs. the which X includes regarding to Good statements risks important conference considerations assume update statements. differ no non-GAAP This our COVID-XX and revise subject current We additional earnings expectations obligation materially statements. are everyone. Slide and any reconciliation These release SEC call presentation filings forward-looking on unknown statements, including statement pandemic, based results of the projected of includes or measures. Actual and forward-looking statements forward-looking known previous to in uncertainties. impact information are

Jonas Prising

our the global crisis. continued world call, earnings be impacted now to by Since the economic Jack. health Thanks, is last which social crisis has also and

has levels. countries Latin in pandemic world, and Elsewhere contained elevated with the parts the America pandemic of and the the impact economies Some at in reopening. been deal U.S. continue are to the slowly of

we the normal gradual to get have company, to we to back still we quarter that made a The quarters levels but recognized improvement as history activity. of people of from COVID-XX the pre-pandemic of lifestyle in know different we pleased see of of the quarter challenging way long go With a Having most said one lockdowns, workplace. is and the that, to are the gradually second progressed. the our to the returning were the easing business life business very effects

growth economy our efficiency, this and for the position we when in ensuring towards are taking the long-term. business preparing the continue to opportunity highest to rebounds the We growth profitable investments drive for while still make

see constant for will quarter. the we in doing for to our underlying basis, that constant are significant In the an and with the In quarter. began the activity and operating year-over-year believe in that $XX this will $X.X the an we ensure able that, we reductions impairment in drop continue loss declines control gross March recorded SG&A aggressive reported currency operating a offset also put we of in decreased that of revenue have XX%, collection significant this billion, the generated profit environment, continued partially and plans profit a in at quarter. of currency. cost too to our QX that it’s the were You start same On reflecting excluding in day second financials is the was down place charges. throughout every On cost sudden critical million. involved executed organic and basis, opportunities the quarter the mindful XX% the during second second third growth. revenue just to crisis seize organization that The quarter, actions And the we March

discrete negative profit which of basis charges, that operating and $X.XX. had X.X%, year a prior impact excluding impairment year the the down impact and after special impairment from a from tax share per loss items. prior the basis million, down $XX was the profit year operating XX% profit impact margin of prior margin points Reported constant of had reflects $X.XX item points $X.XX an charges, XXX was impairment, the down XXX in was Excluding currency. operating Reported positive excluding

special the constant share quarter currency. our positive representing XX% of items, per in for was a $X.XX earnings decrease the Excluding

the worse X, already conditions we felt skills modern high Recession, furloughs. and we we started thaw of the to the in And almost this the than markets gradual. and in across to history, time. software for driving labor second also and with scale. hospitality War levels, at furlough in slow and improvement shifting conditions multi-decade example By skills to reallocation March for the expect continue impacted analysts unprecedented or as What the longer inevitably accelerating technical most that the the since are of levels the at of shortages rising or is Great will we world and world. and reflecting workforce aviation fastest the of quick at need as tech, levels some rapidly uncertain were in supported revolution in turbulent the freeze the from been and to shift seeing economies an a market from our that and and labor as needs full and biggest and consequently, experienced to the levels magnitude going those transformations some information much World Despite security of data in crisis skills employment April skills is around Effects unemployment shift well labor high global of development, force. skills that tracking quarter, have soft markets, evidence the shutdowns. Acute predicting and of we quickly government unabated, is market quarter, During saw start for unprecedented be security, here take resulting reinforcing unemployment speed cyber

years, confident of emerge very take in the also and and themselves. digitization have are pandemic recent diversification, making position stronger that help when well in they innovation us We crises these opportunities us weather the been to to market present investments from we the advantage

will following as We accelerate to in our the the pandemic IT to this serve technology our We higher of and diversification business investments. believe through growth Experis, growth confident improve resourcing companies our are strategy of provide professional expertise. the

downturn roadmap that RPO, for brand with helping Solutions market global is leading economic in clients their organizations Talent growth. this in stronger workforce our are to and collaboration clients preparing create for and our value new future and working building of them our combines return in to tools technology Management MSP solutions Right us ways. for to offerings Investments Our operate help of business customized while different the our their shape in candidates our allowing more and ability and remote work, also our

as believe brands we through globally Manpower in now delivered help and Centers access pandemic. particular to Our MyPath the it market and increasingly data next, Assessment role us people country from one to close and Excellence and up-skilling our unprecedented during flexibility enabling turn skills have like finally, predictive through the performance And and to in and adjust sectors, that declining identify are Academy to address financials recognize from you growth the will impacts the pandemic. Jack to over conditions skills performance organizations fast-changing workforce Innovation changes the the would and developing social and demands, to re-skilling details. and while staffing I of of industries had strategic value economic and the to of to progress they the programs take gaps operational unpredictable to

Jack McGinnis

which a currency Net constant in on about the first on decrease and year-over-year. constant represented the represented basis of of similar largely currency Jonas. of organic quarter X% XX%. contributed were Thanks, the impact to XX% billing the revenue X% a began second business dispositions This an reflects of quarter compares to in our second a decline decline basis, decline reported days days-adjusted of the XX% Revenue material in of COVID-XX the results impact revenue to crisis a same in quarter the and decrease March. year-over-year and and

on As the are by driven the am my reopening pace improvement remarks more in the of this interested in investors monthly including during progression impacts information the quarter. activities, any I of release

as I economies revenue during reflects requirements. and lifted more on the the The basis largely days XX% of in trends May segments. reopening May cover in a XX% give trend in decrease adjusted the billing currency quarter will during included details organic rate country large lock-down April, the when year-over-year of decline regional governments in the I quarter in XX% on monthly improvement Our of revenue a June. constant

Our countries COVID-XX fees at certain gross basis and year-over-year client a of enterprise of in points sickness beginning down as mix profit the higher absenteeism quarter business, XX was permanent higher the result and reflected recruitment of crisis. and margin lower the rates of significantly a

impairment operating profit Our government excluding in performance charges, of the in de-leveraging resulted margin restrictions second reflects in force. excluding impairment an This X.X%, which This XX%. resulted material charges. experienced full were at in period lockdowns decline, a profit and operational operating of quarter an

walks which from impairment bridge had QX, we was earnings a current to per not items provide for prior did basis, negative $X.XX tax guidance discrete included quarter. which our year a quarter $X.XX EPS loss On a negative As which year of impact a $X.XX, and had reported the impact. share charges, the

per non-cash $X.XX. was these items, Excluding special earnings share

mentioned special of that usual impact reflects rate items, This tax quarter. effective the the our I the rate within the XX%. expense impact Tax last French tax than of Excluding was outsized higher Business

the in XX decline margin permanent gross at crisis impact COVID-XX decline fees XX a our margin a on an points activity. significant of represented result our XX.X%. points margin additional came and Staffing/interim in at detail, Looking of the margin gross as recruitment profit drove in basis hiring basis gross decrease

direct margin the crisis execution the by yield and the reflects the response reduced of due as staffing in clients as to weighting in quarter sickness initiatives enterprise our a environment. government higher of various beginning pay current Our bill certain of mix rate well higher countries at offset in costs of programs our

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

of the quarter, Talent XX%, Manpower gross brand comprised Solutions XX% Experis our comprised the brand and XX%. During business profit, comprised professional

Manpower Experis organic declined our profit the organic decrease an during Gross brand quarter an in XX%. on currency currency profit basis. our year-over-year quarter, the XX% of constant During gross constant reported brand

and down Although perm our In higher the profit profit the Management currency, organically clients constant in gross support U.S. which a MSP lower the in in significant revenues a our reflects XX% driven XX% Organic this Right only to drop profit IT business market includes were within RPO. offerings. decline high and Solutions leading percentage Talent gross gross XX% more range low single-digits was a of profit combined a declined Experis end Germany of UK. consultants double-digits the drove in the decline. RPO, quarter, shift in and XX% by two enterprise largest Experis with markets, user utilization almost global gross our mix during to

beginning crisis through in in double-digit percentage this light continued quarter, RPO of in last second and decline activity mid-March, a hiring COVID-XX we many initiated as client quarter. mentioned experienced we programs sharp As freezes reduction the the

the in growth business been gross single-digit has the low during the MSP crisis experienced quarter. Our resilient during year-over-year percentages very in and profit

offset Our outplacement single-digit X% experienced profit, profit decline a constant the quarter, gross Right reduced management increase business currency a gross Management which which in was in by during of in mid included talent consulting. organic

Our $XX million $XXX a was of U.S. SG&A million, of The impairment the impairment goodwill $X impairment software and impairment $XX charges. expense a include in million reported million in Germany capitalized including the charges, quarter the for

have the of progress Although the ongoing improvement has pace various business it German the difficult our the timing business, to results. made particularly in and made automotive, sector, recovery good decline project Germany extremely we manufacturing executing initiatives within in our of within

quarter. $XXX our was from were currency expense the the million, Germany XX% expenses SG&A a we in basis, a uncertainty special the prior manufacturing compared of year. constant of Germany, a down excluding the goodwill sector to On outlook impaired of SG&A from million the in charges, prior As year. of decrease the remaining the years, $XXX excluding special charges during both result balance After increased

the the of during expenses in as de-leveraging which drop quarter. Excluding revenue on significant the special represented the quarter charges, a in reflected XX.X%, material percentage SG&A revenues

the compared the excluding by cash As a businesses, to across receivable. of decreases, balance million XXXX million was free flow to revenue flow management after to all now year allowed the defined I and cost cash strong as $XXX excluding quarter. significantly XX, of the underlying actions the the post of for sheet. in less cash X Free expenditures charges, impairment an which for of prior SG&A gross after profit This CICE turn equaled will our months flow offset X of operating us July first operations capital declines impact year. the France cash result of and $XXX sale from the profit

lower the very on activity. while receivable quarter, During we second successful were in collections, payroll incurring costs lower

of part in one of appropriately per cash second cash flows as of our the measures the flow are lower The is staffed half maintaining activities. At receipts payments about deferral by clients fourth we the levels as third $XX a Our priorities To-date, environment, government during improved and these during free COVID-XX from very cash significant represented first certain of expenditures collection this and Capital have to the watching ensuring In days this X not carefully are X top impact benefited crisis. introduced benefits and original we decreased cash sales is end, strong also flow pursue quarter. of months teams payment expect and the collection payment experienced terms. of million year, year. of diligently our from quarter outstanding the deferral maturing day. from

with stable XX. year-to-date stock shares did which our the our of stock $X.XX XXX,XXX at semi-annual stand Board purchases $XX the million. was any second purchase of levels, quarter June on and during of XXXX amount the quarter, not declared our shares a We During paid for dividend keeping

we of XXXX. for remaining X.X As million June August under in million XX, program the repurchase of approved have share shares X

sheet debt cash of million. a of billion, total balance $X.XX $X.X in was position end billion at with $XXX strong quarter cash and Our of net resulting

debt trailing total to remain with at end quarter at total debt to capitalization debt comfortable XX%. and months X.XX ratios of EBITDA Our gross total XX

increases receivable to mentioned, of in second associated with out our the year. accounts the payments of I will cash the certain and collecting As half begin reverse timing

until the XXXX. of note did not Our not euro is in maturity quarter debt and earliest September credit the and facilities change

the constant million to was our addition, turn prior Revenue in revenue. The related facility of $X July segment quarter for will Now, credit XX% $XXX remained million this $XX represented the from trend charges a capitalized decrease monthly I constant a April, XX% June. The The U.S. organic segment for Adjusting the country in during of to of year-over-year revenue a days-adjusted The Americas software the and compared of the decline XX% OUP year. XX% the May XX% days franchise the XX, largest billing equaled XX% XX% and unused. decline segment a U.S. in was excluding decrease million, decrease represented impairment $XXX revolving prior In in $XXX results. U.S. a year-over-year. acquisitions, XXXX in comprised is in in million a million, in was of consolidated segment, XX% Revenue the currency. charges currency year. impairment and quarter in decline comprising XX% Americas down to revenues. the

our During margin the for million prior quarter, U.S. excluding a charge, points OUP to business decreased the basis of XXX and from impairment year. XX% decrease the X.X%, $XX OUP was

quarter. in vertical the the significant U.S. Experis quarter. or XX% IT days gross of of Within brand X% when U.S. XX% the comprise Experis total declined U.S., XX% Within for and XX% quarter Manpower profit U.S. of decreases. Finance in the Experis quarter more The in contributed and verticals the revenues. decline the IT approximately revenue profit experienced Experis in U.S., during of brand in gross declined U.S. comprised during the quarter. as X% our gross the and U.S. brand Manpower within franchise now in a Revenue XX% profit XX% the Talent experienced within Revenues skills comprised Engineering acquisitions. Solutions the down was the billing for the down the adjusted XX% and in revenues

The our and July experiencing which percentage activity earlier, is decline to-date, revenue an the overall in COVID-XX were hiring offset mid second increases in business Talent U.S. RPO indicated experienced reflects by increases single-digit in throughout the As XX% significant in our low has basis, result On late Management. quarter single-digit about of client a late improving trend of based as revenue Experis MSP in second businesses. of Solutions slightly quarter a continuation declines and a and Manpower freezes business RPO a continued on the trends Right March, crisis. and

recent for forecast certain the based the Provided, additional of concerns. there on path the health significant uncertainty of restrictions quarter recovery based cautious in is being reversals on reopening are U.S., third based Our activity of decline of states the introduced U.S. no an XX%, in a we Manpower XX% across expect to modest Solutions minus the current minus overall U.S. improvement which the quarter, Talent of the continuation Experis of third trends. in and and the rate reflects in on

a quarter result effect Our certain constant a in of trend in American as well a Mexico regions. later crisis XX% crisis for countries in of of quarter XX% currency the April, decline declined included quarter. decline in continue restrictions XX% The COVID-XX a June. decline to expect than the in X% in operation lockdown impacted during third The the to and in the be Latin experienced included decline and in the as continues many experienced improved other constant revenue days-adjusted as as a challenging during X% countries second revenue Revenue trend X% during in the the Mexico height which currency The revenue June. May these Mexico revenue quarter in of as currency May, the in during the restrictions and as quarter. of business trend the be constant to April quarter environment decline decline similar a X% other a in the in Canada we

very our pleased of are business challenging in We environment. performance a Canada with the

countries XX% decline to currency. the Revenue the third quarter We quarter the constant expect similar Canada. in in in be within declined other in the second revenue decline to Americas

million constant in consolidated comprised in quarter. June. quarter Europe a decrease OUP at revenue XX% Southern the in $XX decline was Southern currency. above in decrease The revenue came from from year-over-year in of represented in a of of decline the of billion, in France quarter currency. XX% was May down XX% monthly OUP revenue days-adjusted a points, prior threshold. as in decline driven currency Southern improved the a XX% XX% Revenue the in and year margin France Europe revenue decline million. and severe and basis the equaled XX% of course was and OUP Europe of down impacts a XX% result the the of loss quarter of the during as a France crisis. comprised constant by rate OUP Italy the COVID-XX in regained the XXX the revenue segment of XX% and trend the $X.X in a profitability decline constant improved over June $X year XX% prior April, and was

have taken materially France We actions activity. to in significant during of our reduced reduce this costs period

actions Our this French of cost an and resulted second reduction during SG&A the business took in significant quarter. XX%

Although rate of has steady has trend slowed. been revenue France, in the the in improvement improvement

July experiencing a During the decline about of is business currently to-date, year-over-year activity XX%.

quarter. points XXX constant basis to in the leading We the currency April in monthly a estimating equaled March The to decline decline XX% for Italy year-over-year currency to in rate XX% between trend Revenue in XX% noted improvement and profit XX% days-adjusted quarter cautiously May third XX% material XX%. revenue X.X%. permanent during The after and adjusting are April, in for million quarter of in $XXX decrease quarter, $XX during June. of recruitment gradual OUP XX% constant decrease that activity XX% and in million the in of days. margin a permanent slow we was a representing and a the throughout a OUP decline minus gross billing and declined the recruitment decreased the decline a minus continued in in decline quarter in

Italy with Revenue of third quarter. the reduced during costs decline basis the significant decline the on estimate decreased action of a in within range currency gradual XX%. which prior Spain and the XX% to will XX% days-adjusted minus the crisis, slow year in continue in rate revenue to this constant see a We SG&A We significantly quarter, in from to minus that improvement Italy have reduce taken in quarter. during a

low of XXXX, in out gradual. business. XX% The our in of a slight a business basis anniversaried decline we Having in the On of revenue Switzerland days-adjusted the business trend improvement the the improvement is the of quarter. a currency, rate revenue quarter. We the for in experienced now of breaking trend Franchise decline April purchase are in from experienced our rate entire point April and improving constant third Manpower an now second the early our Spain Switzerland revenue more Switzerland expect

the second We slight during improvement expect the quarter from in of trend. rate decline a third quarter

in A in by in $XXX Germany, segment very Our XX% and quarter. for Northern Netherlands challenging Norway, Revenue Belgium Sweden flat the reduced was quarter. OUP in to revenue consolidated comprised the million. environment Europe constant XX% offset declined profits UK, currency of and the Poland. was the

largest XX% is segment segment of in the in the Our market revenue represented UK, quarter. Northern Europe the which

a the decline UK that constant XX% has with in revenue XX%. the April monthly decline UK days declined April, year-over-year the revenues gradual constant billing out a a bottomed of quarter the slow on experienced see in the May and quarter in trend revenues that a XX% UK revenue XX% third currency improvement in minus During XX% during and The to rate decline estimate quarter June. trend point. decline range XX% and in We for since in XX% in revenue quarter, to In second minus adjusted quarter. during The gradual and decline a in currency May, currency. the Germany, monthly continue a was basis in decreased both the of was decline during XX% will improvement The constant decline June. days-adjusted year-over-year May a in the days-adjusted XX% and

business have as related mentioned be the manufacturing to Germany the and our businesses Our experienced conditions. goodwill many of continue of our sector particularly other of impairment balance experienced, the automotive, previously experiencing extremely has German rate business challenging not remaining recovery that the of to a European during I quarter.

gross partially loss during in actions reduced offset the by XX% the quarter German significant profit. year-over-year, business took which cost that Our significant SG&A

during the a result basis. third within a revenue slight XX% constant manufacturing As days-adjusted a only of on declined In ongoing primary the expect we the decline in the two quarter. businesses challenges Nordics, improvement The sector, the government quarter, Nordics declined which Sweden significant the and rate in programs decreases revenues of SG&A reduce Sweden. currency in a Norway headcount of basis, experienced in to days-adjusted XX%. On countries resulted Both year-over-year. decline currency XX% a the and Norway constant are during leveraged

the in we a the quarter, quarter, during moderate the Netherlands gross rate also during Nordics decline in experienced the third significantly significant Revenue of took basis costs decreased XX% second overall, During expect Netherlands second The quarter. for improvement a in the revenue in the profit. offset quarter. on second days-adjusted constant the reduced out which currency

quarter, a in decline the revenue slight improvement decline second during the third of the expect quarter. constant quarter. second in Belgium a currency During days-adjusted rate XX% from experienced of the we

XX% during We in a of currency. decrease second Europe revenue constant a of moderate the had the revenue markets quarter. improvement quarter in Northern rate decline third in expect the Other from

constant has quarter, to for the The on and Greater following a adjusting these basis up constant in represented quarter. on XXXX, decrease China adjusted increased slight well OUP XX% this July experience of Japan Asia-Pacific currency the the quarter, represented total during represented public deconsolidation during beginning second points XX% staffing. crisis. OUP in our of of at legislation organic X.X% or constant cost region APME year-over-year second the XXX held quarter. which decrease Japan offering improvement an of revenue OUP million. constant operations decline of temporary X% points of currency decreased currency currency decrease the quarter. their constant Revenue organic initial of after a revenue. up an segment in the X% billing for Greater in relatively Middle the basis in We the days and during comprises this XX% the represented growth the China markets basis. In XX The $XX rate new basis expect third to deconsolidation, was decline in a of XX%. an Adjusting currency was revenue organic for the $XXX company quarter, instituted margin East million of a

legislation impact managed and did on significant our the very of this business Our results. have well adoption a this not

business reflect Australia from Japan level anticipate to quarter adjusted perform Our in quarter. decrease the growth. slight second we during declined second well the constant quarter a XX% for continues to growth of Revenues billing and third days very currency in

the the a double-digit Revenue in this India second includes quarter, overall decline this other light our that currency group improvement decline. and revenue in experience improvement business, East estimate quarter restrictions. in declines in in second market rate experienced third largest a COVID-XX The from markets APME slight which revenue We the various rate we the XX% will dispositions, Asia-Pacific, in the of of in in of in rate third were quarter. X% for quarter. markets decline represented constant moderate During expect down a other in adjusting of the Middle

review XXXX. quarter for third will I our Next, outlook of the

uncertainty guidance been with major resuming the largely the are We lifted. government associated as lockdowns has

the we per to which third markets. per our assumes of are the However, $X.XX currency any share includes in largest share. major of negative our guidance $X.XX from range in $X.XX, of activities to for be On of basis, a impact no reopening rollbacks quarter forecasting that earnings foreign

decline a Our constant decline revenue of of is of currency also as currency of equals midpoint decline guidance rate range XX% decline organic the the are year-over-year currency the an days-adjusted improvement and quarter. of represents of X% decline U.S. constant XX% XX%. days-adjusted slight. The essentially days of the impacts billing organic franchise in the between a second XX% This acquisitions from constant very are same to

will improving as SG&A reductions down quarter XXX steadily at margin levels levels prior increase. basis expect points challenging to strong during continued performance actions, be quarter year an the reflecting reflects extremely to We compared be third year-over-year This to operating progressively continue but environment. our cost profit in of the lower what activity

We approximate our tax third the XX%, Tax effect French quarter. discussed the to income the rate last I quarter expect reflects in that which impact Business of outsized

average additional incorporate shares restructuring to that, guidance to our charges turn our and like be we weighted does to million. repurchases usual, XX.X or As With back it Jonas. I’d share estimate not

Jonas Prising

the of and an our hard the their innovation to unprecedented to seek employees, Jack. able strategic of partners, mix where and example resilience, partner provide clients and diversified and this with continues simplification, COVID-XX, are well-being from times received and which business recognizing during proud deliver to we operational brands. be been they like support provide clients when for team. identified our the and amazing this we award you, continued directly our well-positioned our us health workforce From candidates is Thank our specifically great these can our our crisis, flexibility that these has one to global and our times. challenging is efficiency thankful and global they invaluable through In and need, people them and solutions associates, to beginning this, of attributable of of exceptional clients, the be very I priority. am for largest to and their to the risk organizations mitigation and we incredibly in our our work ManpowerGroup, throughout team callout A to top

national innovative sheet that to we move more scale our for like hearing We well together that us intentions global and reliable, and ManpowerGroup and organizations broad services are solutions, with balance to and of shift. our and trusted are confident positions more companies’ our strength, reach

difficult, we in let to our solution our unrest the is the social believe see on of and and polarization, close and many the of questions, that reflect also me playing communities out in be emerging. to We need to address part organizations move racism crisis to and Before broken we broken now candidates role And the term. clients confident environment help for uniquely we all countries. ManpowerGroup able business the be longer are is us. and some, continues to When that eventually in our positioned our for of is is society and while succeed it

the We solutions and is meaningful people agile needing and employment contribute providing will companies very our across millions more field become with skills in environment. which by sustainable and turbulent competitive of within world a expertise, their aspirations matching to of for

can to communities and competitive our Q&A. emerge to than more would to I committed for from delivering ever this more the values, and more like skilled, individuals stronger, more organizations, crisis successful ensuring call are more making We and on now workplaces open and Operator? equitable before. inclusive, to

Operator

the [Operator question The sir. from Steinerman Andrew line is Instructions] of of you, coming first JPMorgan. Thank

Your is now open. line

Andrew Steinerman

of then the France trends to France. the but at being third and assuming continued low XX you be to minus obviously continued minus at improvement minus in XX, minus your improvement, are look XX better mid and Hi. end, guide at When I quarter your assuming July obviously at no the XX, end

as could on there the this know, kind fall. continued in into declines that’s hey, a there give of like, And France narrowing continuing good kind is that’s just really you average, kind And are be so summer of of you in assuming sense just that you if will us anecdotal or France. improvement we is a through to assume reason move the of

Jonas Prising

that of amounts changing the Good of, context uncertainty morning, be they of with lesser a companies, trend indicating, when slightly at clients Andrew. Yes. anything were gradual carry expect In don’t within, May. the of quarters and although saw gradual we at that’s than beginning see with are improvement it great during that on, but the rate continued And the saw clearly our a and improvements. released gradual we overall, to course, or lockdowns what conversations a second the we we

Andrew Steinerman

look September, really kind of of Right. And month through to September the is hard is key France? it to for any kind

Jonas Prising

we difficult. that that Yes, is much of that our had from with an we September assuming that they a setbacks the France that lockdowns are month that of conversations would in no our other But for terms improvement. to much there scares September continuation and are markets. however, for are believe is and clients necessitate for more we see month becomes right beyond health number looking key a expect us you in assessment continued further important much the But more of gradual our

Jack McGinnis

be ended to pace you of add important. there case range And France Andrew, return is are a at from the that assuming the pace holidays that improvement will are holidays a as we we progressive of is how just slower the mentioned, recovery. put would I slower we at steady in have from returns quarter. that, at we is that reason midpoint part And And range the the in the the

of range. will we the how But So that the intent turns that is see out.

Andrew Steinerman

That’s fair. very Thank you.

Operator

coming Baird. question next Our is of from the Marcon of Mark line

line open. now Your is

Mark Marcon

to bit quarter the mentioned, improve? that seeing if talk you automotive everybody. when get on or was wondering of are suggest could front, little better about progress just things you morning, or or in I lack to things you Hi, expect occurring do what the what’s Germany what might imply good would more a to they extent in clients, fourth basically due hope your

Jonas Prising

as is degrees near of very think of strength that Mark, intensive of and because the the to with them around hallmarks any situation in economies our the Germany I into the of term, the recovery pace one an clients the this ideas the have uncertainty is high discussions of really country. clear few quarter, the the of various recovery course, fourth is of of export

on a export So recovering depends in their lot are to to of themselves. the economic ability growth markets that

sector our quarter as companies shadow automotive that a have gradual very prepared overall, economy outlook the the of do. the continuation improvement quarter a better until we that intend is in the is So have if into provided, remarks, any German the slow, the the to one said casting really visibility really what shows third fourth over into and we we

Mark Marcon

talk for place globe things of capacity in when get hopefully you how then excess in you the another you in Okay. have And have lockdowns eventually how very how it contingency across you actions. the terms things back, reductions? much reacted you if capacity room get much worse? further if Or Can plans do materially about putting you Do you your SG&A quickly, do have do place reduced, much have, in do doesn’t but SG&A we series happen, of

Jack McGinnis

thanks, Yes will take that I Mark. one.

we So on currency take point, basis down second to constant to the an was XX% organic did cost quarter. your in what

markets. programs our leveraging reflected biggest in that in So place

that we for As question our SG&A that back to on serve anticipating see the your third some are And forward increased look base that with If a resumption of able quarter, to based we coming we in to activity. be guidance, levels. cost increased activity that with doesn’t, doesn’t level line it we will action we closely. what take are then, forecasting monitoring materialize seeing so very side. SG&A way that and reduce GP If are of are the we on that is in we falling the coming the in

to recovering the quarter, of we XX% about to came through of savings. dollars very recovery And be we at And our second lost that reductions. is in GP to to decline. when in amount SG&A we costs to that, a to think very serve strong offset are So, guidance in to SG&A continue are manage GP – of going GP the the through the look close to when through SG&A implying activity, SG&A additional of we we dollars be what third quarter, able coming look although going that additional a terms dollars

plans in question, need taken. So, there we we and just same will and We are do we in have experienced is quarter second to. will will a if be what monitor We actions in a that, the is to will there the with do need setback ratio if your that line rollbacks, just they we always to market place. we continue to significant know take do, additional to if we in contingency reassess, to actions we what have �� major

monitoring those take we And transpire. looking current showing by trends key at we in line have costs right each But good we in So, done markets. those are prepared if additional need trends very that some with progress to we trajectory. and are and of are the market our detailed now, some we action events our to analysis are should

Mark Marcon

Terrific. Thank you.

Operator

BMO from of of Capital Our next question Jeff is coming Silber the line Markets.

Your line is now open.

Jeff Silber

Thank you so much.

I SG&A come hard you we crisis? this it’s gauge, back are comments, not SG&A we the expect but in of that get to follow-up out to know expecting of some once a would Just

Jack McGinnis

Yes.

spending time lot Jeff. you have We been on that a would imagine, of as

to there And at about. good one travel is the travel that at that will the didn’t We all get area $XX we really, second million the There remotely. see we cost through the harnessing prior quarter, will back. are way And least an at we we crisis, level that the is We working the know are And very, everyone so of piece that been we have great costs resume of second is be when put we look place that’s by potential after this obviously travel example of back definitely is changed not to crisis. quarter a forced but to in full till that very all hard technology reduced this some we it’s come that. through technology in were working. have really going to it talking of and the we looking use of that, lot a get

that. as continue technology which do And technology we so help think that will savings through in to great very the as will of investment we we is of at result the our looking do are roadmap. spend more closely there We be continued look a that, permanent offset some it because

that branch optimizing we it great record is will us opportunity our of portions have permanent. clearly are there in network. So, a be another would for And I say track

look We at are to that. going to continue

the in continue experience global of can footprint as that side done the management side. there. on some think particularly we savings we we get that akin have probably more at we I optimization to right like as experience that, to well. in and to branch the think, some know the have looking And of side are opportunity and just working out I headquarter we to do on and of key very also workforce the space work offices, our on side, is an remote have reducing we And a think virtual more markets moving I we at will and in well look on manpower our past

Jeff Silber

have thought in furloughed been it’s you far than have of temps. what clients it’s U.S. because their right they going or they weaker are of first little that then an telling bit a upturn, typically us some rehiring see employees before the we of hire the so in companies would And the moving the some been recovery speaking have but the and at in direction, looking great. rate to that – it’s to Okay, private

On only in days a in more seeing even also hand, globally? few I the terms there. filling U.S., the wondering of but the if few in am you bit here, are days terms little absences thing other just seeing of they not same Thanks. are in,

Jack McGinnis

Yes, Jeff.

We our business. similar seeing are own trends in

unemployment clear the level comments, to workforce come So, programs making exist to that of the it’s that work. some of a to back get are in U.S. the few harder

states coming And U.S. return effect services We also the now the is demand improved be economic of crisis, the the a some countered We seeing an of because is downturn think in of and into are we due having well kind that Europe the will that to lockdown the improved would very industry by various a schedules had general we for that’s temporarily the some healthcare in as the our looking unemployment traditional will low have recession. continue you don’t cyclical crisis here experiencing easing subsidies and large, in that programs. unemployment we for to during structurally the flare-ups in that Europe But an really as morphs impact, out the may overall, levels by demand the furlough still the at unemployment the of expect and think of that furlough are services. as impacted. dampen return dynamics of be our level same activity rapid that the

think effect. in programs a may or term They are don’t have any the that expire. we temporary So programs nature short they furlough unemployment and

So to that demand would come you we they back had their when a see of workforce having recession. increase decide out and in whether then happens, when we the want to expect see typically everyone that restructure or companies brought

Jeff Silber

so Okay, much. Really helpful. Thanks great.

Operator

from question of line Hamzah of Jefferies. is next the Mazari Our coming

open. now is line Your

Hamzah Mazari

you. Thank morning. Good

are and of expectations of this Just at of time increasing recovery following other? same as to the mature? and also cycle, furloughs terms perm the in the on the but can between one impact see touch and Any touched kind or on on do the continues temp what recovery mix up your leading temp perm changes the in you you you maybe question, last the on

Jonas Prising

had is trends into quarter. cycles. the really quarter have to resourcing seen our in third seeing Morning, we business that perm, to other we a third the be you drop think pretty improve going no, Yes, can what are as Frankly, not are the Hamzah. improve outlook our tell, in of steep we we similar yes off that in projected materially to that

recovery expect business perm within would and our be the see consultancy from perm would normally resourcing business, come the business during would we after typically lagging we or So to And as resourcing Experis? recession? then our temporary back that,

Hamzah Mazari

kind Got that base. it. of us update enterprises And maybe you. penetrating you just my maybe of Could on it diversification of terms in customer non from businesses, sized are will just penetration follow-up any Thank sort I medium larger sort where process or turn question, of initiative over. small or to in you increase that

Jonas Prising

is the have have the strength These us and enterprise enterprise large in and size now to enterprises because are national that it of global national enterprises, want of for that operational to continue we flexibility. a clients level stability. the strength Right Hamzah strategic provides business

think demand we a convenience would in recovery strength from recession. We see something until that our the is have to be to that be we our clearly seen going clients continue the all brands, in softening the from and case of some in

stability great or very the provides of progress that and when a we expect we fact a period good also the place countries movement that have term. of in think number in progress So and momentum and make the short that us the to still leveraging very to we made Subsequently, strength at good a that are actually passes, customer to enterprise this convenience segment some we in least in upward market with continue we have the be segment is segment. good and upward

Hamzah Mazari

you. thank Great,

Operator

Suisse. of Next McVeigh line one from Kevin coming is the of Credit

open. now is line Your

Kevin McVeigh

of capture and to to some us emerging, some kind see are skill you business and thank you. shift. you percentages talked are positioned out Jack about you legacy capture Great, where versus shifts, versus revenue position legacy whether what how Hey, trying it’s help accelerating and that skill the you to IT on sets that of maybe Jones some where I of frame wonder,

Jonas Prising

that pandemic to structural underlying are way before that be think accelerating. we is going Kevin. about Thanks, the place were this changes The in the

that towards So Jack our essentially, accelerating of to and set. using of business quickly different shift your a means you business. own it very we run gave are also That the technology a be you and evolution, it when then movement an requires to how which to able have you place to workforce suddenly some of skill be have use do going example in skilled you have to means more you it all have is

trends many course, acceleration an we are our don’t major trends change We business, business our that, technology for acceleration represents we anticipate years. portfolio. experience our those of making strengthening but that a of preparing and we So sure rather many, and those that have really on in diversifying a bigger ourselves, but been in invested for part

change we strategic be the operational therefore unpredictable probably expect the the can would Our going gotten and we business ever to have we their forward as side. also our also really of comes seen quickly core is expertise area things business, Talent those of then for through Solutions agility that of needed core is the see areas goes out how where on provide are the that on in and this that the and aligned the those part business very that the manpower and with organizations, deeming are will this companies manpower the to that’s benefit how for need that, other pandemic. And expertise pandemic can flexibility good think the reminder to say would very and focusing have within environment I areas why if good accelerated by effects growth unfortunate companies lastly, and growth in reminder the not and that the

Kevin McVeigh

It’s very helpful. Thank you.

Operator

Our line of next Ryan Barclays. from Leonard the coming of question is

now Your open. line is

Ryan Leonard

for Thanks guys. the Hey, time.

your kind of the activity curious picking rates and shutdowns, of if of I kind do underpinning look of to today, macro assuming now the call, we lower the get activity is I level out you bit you you about but more of of think what what you it October September, end are expectations. kind If into of real kind am that the talked macro or going earnings guess just more little And kind is is quarter, third of impact? flare-ups virus to at a function up expect no if or next be a incremental

Jonas Prising

impact markets unprecedented, The seen really is we the Ryan. have that in

have into you over impact market taken, been amount have to the to other the quickly If It’s And from pouring of I at going would world, predict the the get long-term the second actions how difficult you quite they the look all stimulus you to be clear in and look that we going is quarter. think here. are expect you this. that key of deep recovery that see really is very drop out the levels that to issue governments the it’s schemes this furlough of what subsidies that if or at actually labor or saw

You-shaped the that, the the based recovery. of the going to on to longer companies and U world. spoke that more quickly to this are as all how So we on about bottom that of are slower. clearly client questions were still gradual opinions a a and a out within the the is that big of taking all of extraordinary range over pandemic this all beginning recovery the of around the of is today But V-shaped how we of whole Most our there the clearly stimulus governments be a It’s going more on how at thinking the and recovery U. come conversations actions of most were

projections the outlook going environment that inevitably benefit Today, been those is reopening rate improvement economies. world that So still have that the will assumes looking is flare-ups that at and have large our doesn’t that to managed the well. market to an really and our any as that and the the a thinking forward improvement slowing going really contained in euro have of but that place business, we all operate continued will happen lockdowns of are making from all operations third own I in quarter gradual be over

Ryan Leonard

generally really macro follow-up Germany that the Germany has in any of things any kind I all fiasco? impact If specific Wirecard there that can of dampened or been I of the just on on is purely impact it’s kind it. specifically, is Wirecard country. today? over Got of the from mean, just there Is kind sentiment commentary hanging

Jonas Prising

Ryan, Yes. no from our is can tell there I Wirecard, specifically. business to you specific impact

our our I comments, Germany sector you which it pressure. really that back reflecting to the a quite sector continues when some be at time think it and for been lot look big automotive was really than industrial talking more manufacturing was business under we about a concentration have of for

a German our in And be So, just the hard that to so term. terms on we medium as force driving the comments at predict looked it that’s business segment goodwill it and and, the makes economy very that reflection of the really of Germany. over continues really forecast the to of and was very was challenging impairment,

Ryan Leonard

it. you. Thank Got

Operator

Sachs. line coming Goldman one of Next the of Tong is George from

line now Your is open.

George Tong

Hi, thanks. Good morning.

and year. pay you to government and the flow cash of measures Can and You and second third receivables effective how mature in flow in the the the talk benefits XQ indicated quarter. cash lower much your on free expect from government benefited in free fourth resulting expectations in that collections deferral the these for quarter payment about you are elaborate measures helped deferral you half in

Jonas Prising

George. Sure,

them example. put payroll defer place of seeing good taxes programs are our the of we payment some markets what is key but not our is of in Specifically markets, of key the in to a some U.S. all government

have majority our the the in benefit tax the of staying year, level trying increases on see down. $XX not of from of is benefit what in by that is across will job day is driving and around second spectacular that about that benefit flow level the will but quarter free was it’s so that we was that impact perspective France of I that’s a program, as by there same reverse think cash I the I free our to place temporary currently really cash and DSO payroll about talking get differs some half in a some flow what really activities we collections. what really And market on million to collections the top of from is expect of were looking the of teams benefit and quarter, really done our decrease that free a world the to We do flow well. evidenced cash second be

As half trying is AR, down out we in And we collecting continue to. that really that expecting free that to guide that what year. the flow look at cash of of to phenomena as be we would levels second our the are matures, are

balance in part So cash quarter, of the have half of very and sheet, of a that lower second we in feel good in free second we very able ability strong we’ll be to is collect to the about the withhold the the level year. the position cash flow

George Tong

That’s helpful. it. Got

approximately of effect. the the Until the in you to tax be tax rate third the expect your tax persist? You reflects XX%, effect that impact do to French expect business which outsized you indicated quarter income French when

Jonas Prising

say more Yes, to be George. probably I going quarters it’s a couple would

think, of referred calculated in still significant the end tax in is GAAP. terms a France. whole business there And overall of end are as U.S. way down up us, it’s of crisis, revenue that, a is being and the the even to tax a I of up though the dynamic calculated levels, result ends the result CVA on as French pretax earnings part that under being result revenues as for it a primarily

CVAE income our in We required to line. record are tax that

France. recovery a more in a see couple be will until it quarters stronger rate we So

that. we third that forward, looking look you know two for the expect at that more would say, least in and the quarters, update But George but would and at I our the I give future third gave So for pace based trend on we if guide of on in will continuing, trend we quarter, will quarter. an the the next

George Tong

it. helpful. Thank Got Very you.

Operator

of from one of Securities. the line of Next Bank Gary coming Bisbee is America

is line open. Your now

Gary Bisbee

morning. Hi, Good guys.

change just the and margins on that the sequentially. to that on rebounding commentary, QX back there heard that another is you of But, question I business the I in to revenue playing is support, some move applies or it aggregate, there structure should then more SG&A, moderately thoughts getting out And a In we out, question the the in First SG&A this comes so are happened if to continues margin, less the a couldn’t detrimental to to the how just, that’s is for third anything XXXX. margins get quickly I what any then in lot you. the changed when Thank coming think these suddenly, quarter change that GP cost looked than since better. at with about worst happened guess two think even about is and I you relative on quarter seem relation revenue though GP the second lot trend parts just as better? be quarters in SG&A

Jack McGinnis

the aligned I are actually pretty I would say think to SG&A. Gary, level of closely we

around important back of that this at that business was saw our there very management with I the downturn time. Companies at were during pretty think I’d were dealing a height experienced keep the outplacement an decisions and the say for right where adjusted more of prolonged If GP Recession, the our time. was making XX% happening of quarter to and increased decrease was close to to thing last time. significantly one what look in outplacement, which market at mind impacted, Great we as we XXXX SG&A they you

Great prepared comments, at this profit same result So, as at we and we a the in we contribution to in outplacement not were we that the are the seeing as getting said that time surge in Recession. that height gross last our are of not

say, stronger And what programs currently even in significant that if will that, forward of line I But in the I some going change I would dynamic. of say of on perhaps for past, with we that have of recovery taking the place. could is adjust very we that a the tad seen not, actions. and level the strength so in think based we And monitor you cost if would good did a job

Gary Bisbee

repurchase Thank that to one, working that about the the some of Okay, curious you to hear flow that some work, didn’t color. you. as until using from highs cash number last obviously a but to how to I one of cash of that’s any you. the likely pre-COVID. you reverse the you thinking are the do with anticipate, that, your focus numbers, continue or are liquidity just this more to around repurchases will you particular visibility, you strong, stocks strong, enough helpful view some share again, confidence then are shares you have give obviously that liquidity on Do its of down guidance timing quarter, that in factor? you more cash And lot the putting the here capital Thank

Jack McGinnis

I would I we what say, Gary. Thanks, have overall done past. in guess strategy, very to in our consistent terms Yes. of the

the we we to record cash to a think shareholders and second I have quarter. were pleased declare in great a being able very pay in return dividend track to

we cash, So the we that's don't on to terms guide We We consider we But activity. current will will forecast sheet focused forward. environment at quarter, continue continue. ahead our there for our left If going in we for first – repurchase the we And second quarter. lied whatever priority. that. look are acquisition, don't on and talked we we about share do a that's have that's ensuring And what isn't that – of laid first the us ahead balance access strong an in share where buybacks. as

to will the environment and we give on monitor future we update the an repurchases. So share will continue in

Gary Bisbee

Thank you.

Operator

line of next of is Sommer from Our SunTrust. Tobey the question

Your line open. now is

Tobey Sommer

revenue levels just cuts are think are term during afterwards, prior structural those those could XXXX?. realignment the on be want Do you more from and perhaps targets. your than cost margin of at Thanks. targets in that near-term this hit think such I that endeavor Thanks. little context the to a you lower downturn and step longer margin additional back to going

Jack McGinnis

back targets, when I they we think I and at so should Tobey, unchanged. remain say our Yes, look first,

key that we committed to major a reason, that exact will with the driver purposely those to of planned initiatives is with continued We the to are targets. didn't be be our base so of we one are key to definitely that, us. believe cost put various for that, margin We other and one costs financial And organization. associated optimize target the actions revenue continue gross of have profit a the drivers for

in about talked those help and back that business we come the more enterprise, to continue progress and recover, to it coming but making Jonas environment will shift as margin, staffing mix start the is the on will to shifted to natural, to through based continues recovery continue we to in that it as earlier and bit the to see our a helped will that we that So which convenience chip back were the prior the call gained on downturn steam.

without say, very those good feel would opportunities I a to we specific about our target. So, hitting very, to margins revenue get

level need to revenue we not we a hit. that more specific return We won’t, to will the of environment. are anchoring some obviously conducive we But to level to a environment have

it as we downturn So over possible we come make increase is margin in that our accelerating progress time. operating will of even out profit the

Tobey Sommer

and as believe whether customers a as are higher described recruiting look a could it you more of XQ? their the comment going about up your to you demand still in XQ those you could variable a get RPO fixed costs hiring that up follow and loosening step in are shift that of to are are place to function to conversations in of And freezes in segment, for result, customer leading kind some the Thanks. RPL

Jonas Prising

our they freezes this in believe good QX the earnings flexibility out and should for our continued we pandemic, clients. outlined, support in recession as those and hiring just to So be some needing that would call, as that have And very companies lost in through any of just said come growth in and RPO one we drive you idea business. but have not as this some are hiring hiring still we place,

despite that RPO out our held perm And general but also than numbers, in course our seen that and some than we whole, had we business that our time. being On perm context business penetration the perm significantly but the held up business. held on RPO see, some have general better industries activity perm others because were a of that’s given better suffered and business, within pleased strong have declining during average, of good this up actually to an

Tobey Sommer

Thank you.

Operator

Markets. Our Seth coming Capital from the next of is of RBC question line Weber

is line Your now open.

Seth Weber

the contracts understand on growth a to Hey will our Thanks. you happened just you clients to morning. and seeing, going going place into roll trying on to on, exquisite, back I understand the down or revenue for up follow kind if can could wanted low talk questions pocket forward. you contracts think ask continue double-digits, hit to as are air margins that an of I kind appetite questions forward, of going of support high business. gross the guys. what to talk off, you the said are of just to as better just Experis to whether amount here Good on kind side? to coming I And we then my that couple projects continue Jack heard enter to singles, contracts can

Jack McGinnis

Yes, Seth. I that. to can a color add little

have seen the client on Experis side, enterprise activity. So stable we pretty

that’s good. So been

had in in the of really that the second do the side refer we, up I bigger the think I X% side, parts of but revenue. was that business, those see decreases, IT focused engineering on those, the quite did an fact business bit to finance and quarter in the of held with the half we a a decrease well, actually U.S. only decrease

we call and, So is of IT benefits about, side bit invest say, the the IT in on holding actions the our a and talked really business. really, up it well I little would to the earlier

that’s on the holding finance engineering pressure of but half up the has second the more been a and bit So, there in quarter side.

of that’s half we quarter what get quarter now to are So second the trying rate great. the the on there. that is further our we anticipating are holding that in third in slight to our holding are out adjustment not into we is really what forecast that that deteriorate so

the the side has Experis on margin holding I up been well on margin side. the think quite

what you at look the of and about on that Experis impacting is dollars that would have in portion recruitment you would gross that’s explain at they but is the that talked the fees staffing profit when have was why if in profit do bit a heavier bigger we margin, Experis gross permanent of a heavier the margin is look bit it divide on so of a profit keep and why a we, So thing little to one profit gross side, a mind side. that the gross terms with

Seth Weber

Solutions the I help Okay, grow Talent on interest on more dislocation any the could any Were seeing to on that’s helpful. you if the business able side, Thanks. just you And then outside Thanks. the follow-up markets Europe of are use to current in Talent the in etcetera Solutions the U.S.? the side?

Jonas Prising

very But I really say part the of course as surge, not part was of seen the growth Jack Well, a for that’s overall outplacement to. Management, and TAPFIN we good on have that the pipeline. consolidation, referred Right would some positive although business evolution true, MSP for strong vendor a

restructuring well about why much good which yet. have think don’t they don’t see thinking are some growth their starting we we that there as plans is to seen are on companies pipeline as of know although We

We there as good are well. a starting evolution to see

really MSP the there well on lost any as there that And think in strong globally haven’t we side. as us the business still and say Management performing I would So, And is we we mentioned for its pockets, RPO some than Right on side good traction is seeing are we clients. that going and holding growth better our overall own firm forward. some opportunities outplacement

Seth Weber

guys. I much. Thank appreciate you it. Super very

Operator

CL is line of King. question coming last Our from from David Silver the

is now open. line Your

David Silver

Yes, thank you.

would I So, the reassuring. first a of couple about bigger picture questions. guess one had I be

perspective, in one I So starting re-shoring the China global pandemic? with term countries? you. other seeing activities in discussions think open are your prepared they am maybe medium your in discussions, their are am wondering term clients maybe or shorter clients, the maybe but Thank emerging plans conducted and about potential customers, Are countries I unduly thinking that from So highlighted you you suffering I of remarks certain currently effect.

Jonas Prising

the I’d the trends that an before really we the saw pandemic. in say acceleration of discussions clients, our that with trends is

As various tested the different know, been the disasters places that in you global there chain. of have fundamentals natural supply really

I building in really are at chain. near that their they greater looking shoring say So, supply resilience at but would looking global are companies most

combination being supply but not their shore of are many for that’s of very the and any have we we major what how hearing companies U.S. initiatives market chain onshore. that offshore, global are into companies near and around hearing can that So, they of is a thoughtful instance, re-shoring are protect

about So, continue the it’s trend already that on And as saw the will chain. we of sure and will that’s have we making spoke before. trend the as following accelerate think call, that a pandemic we of reminder a earlier resilient supply been a importance that you

David Silver

Okay, thank you maybe about footprint. thinking about you for global ask that. just I to your And how are then wanted

you believe kind your has overall been you employment believe am XX demand did many the countries rethinking that how to sectors how amongst you changes and does environment years Thank you critical you maybe So, wondering do operating in changes countries your roughly in in country business opening highlighted mass here the ManpowerGroup, the as of think And business current again them I environment – you remarks. prompt many, you. I in And XX strategy, of now about that? I have or cite just have in mean, the some for shifting does any still do interpret you cause that

Jonas Prising

in in apply leading helps participate on are emerging of diversification can and to brands those diversification I leading markets the diversification markets to XX those in being it starting our terms that labor and markets. footprint we strategy able a strength early start terms market positions on saying very that our brands trends, emerging in our markets and take in Well, think there with in of by geographical is catching would as we

think it’s very our We a feel diversification. good geographical strength we about So, company. the great for

is our of that are to get growth also of markets operations the of said portfolio We in company, big markets, needs. part in from. good and to have the that is for think strength of any we Having be and looking the originally kind is we our ensure those those discipline whether term as we all going coverage longer then so ways of at the we that, can and which serve that same where of in coming population really make course, had very the that emerging we the operations anticipated. if the contribution and But normal the meaningful sure potential don’t other looking as operations of at in that as and there we contribute that’s can make benefit today clients sort making are can management a have and finally our same

asset is strength geographical where ability is that’s tremendous basis. global for to diversification And on our us. service a the Our the clients a

David Silver

you thank very Okay, much.

Jonas Prising

And earnings on with speaking Thanks call. the We rest a second later the quarter quarter that, our again to with Have call forward of on we third come – of year. again. good look week. this to you in end earnings the the

Operator

And conference. you for Thank concludes joining. all today’s speakers. you, that Thank

at time. this disconnect may You

ManpowerGroup (MAN) 20 Jul 202020 Q2 Earnings call transcript