Short answer
ManpowerGroup Inc (MAN) filed its fiscal 2017 10-K annual report with the SEC on Feb 23, 2018. It reported revenue of $21.0B (+7.0% year over year) and net income of $545M.
- Top risk flagged: GDPR effective May 25, 2018, increasing privacy compliance burdens and potential penalties across ManpowerGroup’s European operations
FY2017 key financial metrics · XBRL
- Revenue
- $21.0B
- +7.0% YoY
- Net income
- $545M
- +22.9% YoY
- Operating margin
- 3.7%
- −0.1 pp YoY
- Gross margin
- 16.6%
- −0.4 pp YoY
- EPS (diluted)
- $8.04
- +28.2% YoY
- ROE
- 19.7%
- +0.9 pp YoY
- Operating cash flow
- $401M
- −33.2% YoY
Source: XBRL data from the ManpowerGroup Inc (MAN) FY2017 10-K on SEC EDGAR. USD.
ManpowerGroup Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global workforce-solutions provider, connecting millions of workers with clients through nearly 2,700 offices
- Experis delivered 66 million professional-talent hours in 2017 across IT, Engineering and Finance
- 2017 emphasis on higher-value workforce management, outsourcing and consulting beyond traditional staffing
- Large national and multinational clients generated approximately 58% of 2017 revenue
- Approximately 29,000 full-time equivalent employees as of December 31, 2017
Management Discussion & Analysis
- Revenue $21,034.3M, up 7.0% YoY, or 6.0% constant currency
- Operating margin 3.7% vs 3.8%, with $34.5M restructuring costs
- Best segment: Southern Europe revenue up 15.5%, OUP margin 5.1%; worst: Right Management revenue down 15.8%, OUP margin 16.5% vs 17.3%
- Operating cash flow $400.9M, capex $54.7M, acquisitions $32.7M, buybacks $203.9M
- Outlook: French CICE reduction expected to reduce 2018 gross profit by approximately $34.2M, with 2018 tax rate expected at 27% to 28%
Risk Factors
- GDPR effective May 25, 2018, increasing privacy compliance burdens and potential penalties across ManpowerGroup’s European operations
- Europe represents approximately 67% of revenue, exposing results to Brexit-related disruption and uneven regional growth
- Third-party vendors host data centers and support onboarding, payroll, and analytics, creating service-interruption and data-loss vulnerability
- Adecco Group and Randstad possess substantial resources, intensifying pricing pressure in a commoditizing staffing market
- $947.5 million debt, including variable-rate borrowings, limits operating flexibility and increases interest-rate sensitivity
Generated from the filing text; verify against the original. How to read a 10-K
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