ManpowerGroup Inc (MAN) 2023 Q1 法說會逐字稿

Welcome to ManpowerGroup First Quarter Earnings Results Conference Call. (Operator Instructions) This call will be recorded. If you have any objections, please disconnect at this time.

歡迎來到萬寶盛華第一季度收益結果電話會議。 （操作員說明）此通話將被錄音。如果您有異議，請此時斷開連接。

And now I will turn the call over to ManpowerGroup Chairman and CEO, Jonas Prising. Sir, you may begin.

現在我將把電話轉給 ManpowerGroup 董事長兼首席執行官 Jonas Prising。先生，您可以開始了。

Welcome to the first quarter conference call for 2023. Our Chief Financial Officer, Jack McGinnis, is with me today. For your convenience, we have included our prepared remarks within the Investor Relations section of our website at manpowergroup.com. I'll start by going through some of the highlights of the quarter, and Jack will go through the first quarter results and guidance for the second quarter of 2023. And I'll then share some concluding thoughts before we start our Q&A session. Jack will now cover the safe harbor language.

歡迎來到 2023 年第一季度電話會議。我們的首席財務官傑克麥金尼斯今天和我在一起。為方便起見，我們已將準備好的評論包含在我們網站 manpowergroup.com 的投資者關係部分。我將首先介紹本季度的一些亮點，傑克將介紹第一季度的業績和 2023 年第二季度的指導意見。然後在我們開始問答環節之前，我將分享一些總結性想法。傑克現在將介紹安全港語言。

Good morning, everyone. This conference call includes forward-looking statements, including statements concerning economic and geopolitical uncertainty, which are subject to known and unknown risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results might differ materially from those projected in the forward-looking statements. We assume no obligation to update or revise any forward-looking statements.

大家，早安。本次電話會議包括前瞻性陳述，包括有關經濟和地緣政治不確定性的陳述，這些陳述受已知和未知的風險和不確定性的影響。這些陳述基於管理層當前的期望或信念。實際結果可能與前瞻性陳述中預測的結果存在重大差異。我們不承擔更新或修改任何前瞻性陳述的義務。

Slide 2 of our earnings release presentation further identifies forward-looking statements made in this call and factors that may cause our actual results to differ materially and information regarding reconciliation of non-GAAP measures.

我們的收益發布演示文稿的幻燈片 2 進一步確定了本次電話會議中做出的前瞻性陳述和可能導致我們的實際結果出現重大差異的因素，以及有關非 GAAP 措施對賬的信息。

Thanks, Jack.

謝謝，傑克。

In our previous earnings call, we reported that organizations remained focused on maintaining and augmenting headcount for essential talent, though we're also seeing softening of demand for staffing services due to the increased economic uncertainty.

在我們之前的財報電話會議上，我們報告說，組織仍然專注於維持和增加必要人才的人數，儘管我們也看到由於經濟不確定性增加而導致對人員配置服務的需求減弱。

This softening trend continued into the first quarter of this year, with demand for staffing services slowing further, most notably in the U.S. Europe continued to experience a modest decrease in demand in most major markets during the quarter, following a trend that started early in 2022.

這種疲軟趨勢一直持續到今年第一季度，對人力資源服務的需求進一步放緩，最明顯的是美國。歐洲在本季度大多數主要市場的需求繼續溫和下降，這是從 2022 年初開始的趨勢.

After months of remarkably strong U.S. labor market, we're now seeing more companies across various industries recalibrating their workforces after a period of bullish hiring, shifting their focus towards more intentional hiring for specialist skills and in-demand roles, delaying hiring decisions and reducing their demand for contingent workforce, in line with dynamics we have seen in past economic slowdowns.

在經歷了幾個月非常強勁的美國勞動力市場之後，我們現在看到各行各業的更多公司在經歷了一段時間的招聘牛市後重新調整了他們的勞動力，將他們的注意力轉移到更有針對性地招聘專業技能和需求職位上，推遲招聘決定並減少他們對臨時勞動力的需求，與我們在過去的經濟放緩中看到的動態一致。

Although this cautious environment is resulting in lower volumes of staffing activity in the U.S. and Europe, we continue to support our clients by delivering the in-demand specialist resources they need in this environment and also playing a big role in replenishing their permanent workforce in critical parts of their businesses. It is important to note the business trends in Asia Pacific, the Middle East and Latin America continued to be quite robust and helped offset the more challenging environment in the U.S. and Europe, illustrating the advantage of our geographically diversified market presence. I just finished business review meetings on the ground in our Asia and Latin America businesses and I'll talk more about that later.

儘管這種謹慎的環境導緻美國和歐洲的人員配備活動減少，但我們繼續通過提供客戶在這種環境下所需的緊缺專家資源來支持我們的客戶，並在關鍵領域補充他們的永久勞動力方面發揮重要作用他們業務的一部分。值得注意的是，亞太地區、中東和拉丁美洲的業務趨勢繼續相當強勁，並幫助抵消了美國和歐洲更具挑戰性的環境，這說明了我們地域多元化市場存在的優勢。我剛剛結束了亞洲和拉丁美洲業務的實地業務審查會議，稍後我會詳細討論。

Turning to our financial results, in the first quarter, revenue was $4.8 billion, down 2% year-over-year in constant currency. Our reported EBITA for the quarter was $127 million. Adjusting for restructuring costs, EBITA was $133 million, representing an 11% decrease in constant currency year-over-year. Reported EBITA margin was 2.7% and adjusted EBITA margin was 2.8%. Earnings per diluted share were $1.51 on a reported basis and $1.61 on an adjusted basis. Adjusted earnings per share were down 7% year-over-year in constant currency.

談到我們的財務業績，第一季度收入為 48 億美元，按固定匯率計算同比下降 2%。我們報告的本季度 EBITA 為 1.27 億美元。調整重組成本後，EBITA 為 1.33 億美元，按固定匯率計算同比下降 11%。報告的 EBITA 利潤率為 2.7%，調整後的 EBITA 利潤率為 2.8%。報告基礎上的每股攤薄收益為 1.51 美元，調整後每股收益為 1.61 美元。按固定匯率計算，調整後每股收益同比下降 7%。

Our clients have indicated that despite the slowing environment, core business transformation must continue, underscoring the need for different and more advanced skills. Our own quarterly ManpowerGroup Employment Survey data shows employers plan to continue hiring mission-critical talent, given shortages for in-demand roles are at record levels. This demand for talent is evidenced by ongoing strong growth in permanent recruitment in many of our largest markets, including the U.K., France, Italy, Japan, Spain and the Nordics, among others.

我們的客戶表示，儘管環境放緩，但核心業務轉型必須繼續，強調需要不同的和更先進的技能。我們自己的季度 ManpowerGroup 就業調查數據顯示，雇主計劃繼續僱用關鍵任務人才，因為需求職位的短缺達到創紀錄水平。我們許多最大市場（包括英國、法國、意大利、日本、西班牙和北歐等）的長期招聘持續強勁增長證明了對人才的這種需求。

I'll now pass to Jack to share more details on the financials.

我現在將轉交給傑克分享有關財務的更多詳細信息。

Thanks, Jonas.

謝謝，喬納斯。

Revenues in the first quarter came in between the low end and the midpoint of our constant currency guidance range. Gross profit margin came in at the high end of our guidance range. As adjusted, EBITA was $133 million, representing an 11% decrease in constant currency compared to the prior year period. As adjusted, EBITA margin was 2.8% and came in at the midpoint of our guidance range, representing 30 basis points of decline year-over-year.

第一季度的收入介於我們不變的貨幣指導範圍的低端和中點之間。毛利率處於我們指導範圍的高端。經調整後，EBITA 為 1.33 億美元，與上年同期相比按固定匯率計算下降 11%。調整後，EBITA 利潤率為 2.8%，處於我們指導範圍的中點，同比下降 30 個基點。

Due to the strengthening of the dollar, year-over-year foreign currency movements continued to have a significant impact on our results. It's important to note that our businesses operate in local currencies and as a result, foreign currency translation does not impact cash flow activity within our businesses and is largely an accounting item based on reporting translation into U.S. dollars.

由於美元走強，同比外匯變動繼續對我們的業績產生重大影響。請務必注意，我們的業務以當地貨幣運營，因此外幣換算不會影響我們業務中的現金流量活動，並且主要是基於報告換算成美元的會計項目。

Foreign currency translation drove about 5.5% swing between the U.S. dollar reported revenue trend and the constant currency related trend. After adjusting for the negative impact of foreign exchange rates, our constant currency revenue decreased 2%. Organic days-adjusted revenue decreased 4% in the quarter compared to our guidance of minus 2.5% at the midpoint. Lower revenue trend reflected a deteriorating environment during the first quarter, particularly across the U.S. and Europe.

外幣換算導緻美元報告的收入趨勢與持續的貨幣相關趨勢之間出現約 5.5% 的波動。調整匯率的負面影響後，我們的固定貨幣收入下降了 2%。與我們中點的負 2.5% 的指導相比，本季度有機天數調整後的收入下降了 4%。較低的收入趨勢反映了第一季度環境的惡化，尤其是在美國和歐洲。

Turning to the EPS bridge on Slide 4, reported earnings per share was $1.51, which included $0.10 related to restructuring costs. Excluding restructuring costs, adjusted EPS was $1.61. Walking from our guidance midpoint, our results included a softer operational performance of $0.04, a lower effective tax rate which had a positive impact of $0.01, foreign currency impact that was $0.01 better than our guidance due to the strengthening of the euro and the pound during the quarter, and other expenses, which included increased pension plan-related interest costs, had a negative $0.03 impact.

轉向幻燈片 4 上的 EPS 橋樑，報告的每股收益為 1.51 美元，其中包括與重組成本相關的 0.10 美元。不計重組成本，調整後每股收益為 1.61 美元。從我們的指導中點來看，我們的結果包括 0.04 美元的疲軟運營業績，較低的有效稅率產生 0.01 美元的積極影響，外匯影響比我們的指導好 0.01 美元，這是由於歐元和英鎊在該季度和其他費用（包括增加的與養老金計劃相關的利息成本）產生了 0.03 美元的負面影響。

Next, let's review our revenues by business line. Year-over-year, on an organic constant currency basis, the Manpower brand reported a revenue decline of 1%, the Experis brand declined by 5%, and the Talent Solutions brand reported a revenue decline of 1%. The Experis decline was driven by lower volumes from enterprise clients as we anniversaried significant growth in the prior year.

接下來，讓我們按業務線回顧一下我們的收入。與去年同期相比，在自然不變的貨幣基礎上，Manpower 品牌報告收入下降 1%，Experis 品牌下降 5%，Talent Solutions 品牌報告收入下降 1%。 Experis 下降的原因是企業客戶的銷量下降，因為我們在上一年實現了顯著增長。

Within Talent Solutions, we saw a modest year-over-year revenue decline in RPO, as we anniversaried exceptional levels of permanent hiring across our key markets in the prior year period. Our MSP business saw revenue declines in the quarter as we reduced certain lower margin activity, while Right Management experienced significant revenue growth on higher outplacement volumes in the quarter compared to low levels in the prior year.

在 Talent Solutions 中，我們發現 RPO 的收入同比略有下降，因為我們在上一年期間在我們的主要市場上實現了異常水平的長期招聘。由於我們減少了某些利潤率較低的活動，我們的 MSP 業務在本季度出現了收入下降，而睿仕管理在本季度的人員安置量高於上一年的低水平，因此收入顯著增長。

Looking at our gross profit margin in detail, our gross margin came in at 18.2%. Staffing margin contributed to a 40 basis point increase as Experis and Manpower both experienced staffing margin expansion. Permanent recruitment, including Talent Solutions RPO, contributed a 10 basis point GP margin reduction as permanent hiring demand continued at reduced levels from the exceptional activity in the prior year period. Favorable direct cost adjustments, primarily in the U.S., contributed 10 basis points in the quarter. Right Management career transition within Talent Solutions contributed 20 basis points of improvement and other items represented a positive 20 basis points.

詳細查看我們的毛利率，我們的毛利率為 18.2%。由於 Experis 和 Manpower 都經歷了人員配置利潤率的擴張，人員配置利潤率增加了 40 個基點。永久性招聘，包括 Talent Solutions RPO，貢獻了 10 個基點的 GP 利潤率下降，因為永久性招聘需求繼續低於去年同期的異常活動水平。有利的直接成本調整（主要在美國）在本季度貢獻了 10 個基點。 Talent Solutions 內的睿仕管理職業轉型貢獻了 20 個基點的改進，其他項目代表了 20 個正基點。

Moving on to our gross profit by business line. During the quarter, the Manpower brand comprised 56% of gross profit, our Experis professional business comprised 27% and Talent Solutions comprised 17%.

按業務線繼續我們的毛利潤。本季度，萬寶盛華品牌佔毛利的 56%，我們的 Experis 專業業務佔 27%，人才解決方案佔 17%。

During the quarter, our consolidated gross profit increased 1% on an organic constant currency basis year-over-year.

本季度，我們的綜合毛利按有機固定匯率計算同比增長 1%。

Our Manpower brand reported an organic gross profit increase of 2% in constant currency year-over-year.

我們的 Manpower 品牌按固定匯率計算的有機毛利潤同比增長 2%。

Organic gross profit in our Experis brand decreased 2% in constant currency year-over-year. Organic gross profit in Talent Solutions increased 1% in constant currency year-over-year. This was driven by significant growth in Right Management. Gross profit in RPO decreased in the mid- to high single-digit percentage range in the quarter, as we anniversary record levels of permanent hiring activity in the prior year period, while MSP experienced a slight GP decline during the quarter.

我們 Experis 品牌的有機毛利潤按固定匯率計算同比下降 2%。 Talent Solutions 的有機毛利潤按固定匯率計算同比增長 1%。這是由睿仕管理的顯著增長推動的。 RPO 的毛利潤在本季度的中高個位數百分比範圍內下降，因為我們在去年同期的永久性招聘活動創下了周年紀念水平，而 MSP 在本季度的 GP 略有下降。

Reported SG&A expense in the quarter was $745 million. Excluding restructuring costs, SG&A was 3% higher year-over-year on an organic constant currency basis, down from the 4% growth in the fourth quarter on the same basis. This reflects a balance of cost reductions in areas of slowing demand while we continue to invest in strategic digitization initiatives as well as growth opportunities, most notably including Experis, Talent Solutions and specialty skills in Manpower.

本季度報告的 SG&A 費用為 7.45 億美元。不計重組成本，按有機固定匯率計算，SG&A 同比增長 3%，低於第四季度同期 4% 的增幅。這反映了在需求放緩領域降低成本的平衡，同時我們繼續投資於戰略數字化計劃和增長機會，最值得注意的是包括 Experis、人才解決方案和人力專業技能。

The underlying increases consisted of operational costs of $25 million, incremental costs related to net acquisitions and dispositions of businesses of $3 million, offset by currency changes of $35 million. Adjusted SG&A expenses as a percentage of revenue represented 15.4% in constant currency in the first quarter, reflecting lowered operational leverage on the revenue decline. Restructuring costs totaled $7 million.

基本增加包括 2500 萬美元的運營成本、與 300 萬美元的業務淨收購和處置相關的增量成本，被 3500 萬美元的貨幣變動所抵消。調整後的 SG&A 費用佔收入的百分比在第一季度按固定匯率計算為 15.4%，反映出收入下降導致運營槓桿降低。重組成本總計 700 萬美元。

The Americas segment comprised 24% of consolidated revenue. Revenue in the quarter was $1.1 billion, representing a decrease of 6% compared to the prior year period on a constant currency basis. Reported OUP was $49 million and includes $1 million of restructuring costs. As adjusted, OUP was $50 million and OUP margin was 4.4%.

美洲分部佔合併收入的 24%。本季度收入為 11 億美元，按固定匯率計算，與去年同期相比下降 6%。報告的 OUP 為 4900 萬美元，其中包括 100 萬美元的重組成本。調整後，OUP 為 5000 萬美元，OUP 利潤率為 4.4%。

The U.S. is the largest country in the Americas segment, comprising 68% of segment revenues. Revenue in the U.S. was $770 million during the quarter, representing a 13% days-adjusted decrease compared to the prior year.

美國是美洲分部中最大的國家，佔分部收入的 68%。本季度在美國的收入為 7.7 億美元，與去年同期相比減少 13%。

As adjusted to exclude restructuring costs, OUP for our U.S. business was $32 million in the quarter, representing a decrease of 49%. As adjusted, OUP margin was 4.1%.

經調整以排除重組成本後，本季度美國業務的 OUP 為 3200 萬美元，下降了 49%。調整後，OUP 利潤率為 4.1%。

Within the U.S., the Manpower brand comprised 25% of gross profit during the quarter. Revenue for the Manpower brand in the U.S. decreased 15% on days-adjusted basis during the quarter, representing a decline from the 8% decrease in the fourth quarter. Manufacturing PMI in the U.S. continued to decline during the first quarter from the 48 range in December to the 46 range in March. Our U.S. Manpower business experienced a progressive pullback in demand during the course of the quarter.

在美國，萬寶盛華品牌佔本季度毛利潤的 25%。 Manpower 品牌在美國的收入在本季度按天數調整後下降了 15%，低於第四季度 8% 的降幅。美國製造業 PMI 在第一季度繼續下降，從 12 月份的 48 區間下降至 3 月份的 46 區間。我們的美國人力資源業務在本季度經歷了需求的逐步回落。

The Experis brand in the U.S. comprised 45% of gross profit in the quarter. Within Experis in the U.S., IT skills comprised approximately 90% of revenues. On a days-adjusted basis, Experis U.S. revenue decreased 12% as we anniversaried peak 2022 growth of 33% organically in the year-ago period. As referenced earlier, the year-ago period experienced dramatic growth from enterprise clients for which activity levels are lower in the current period.

美國的 Experis 品牌佔本季度毛利潤的 45%。在美國的 Experis，IT 技能約佔收入的 90%。在調整後的天數基礎上，Experis 美國收入下降了 12%，因為我們在去年同期達到了 2022 年 33% 的有機增長峰值。如前所述，去年同期活動水平較低的企業客戶出現了顯著增長。

Talent Solutions in the U.S. contributed 30% of gross profit and experienced revenue decline of 15% in the quarter. This was driven by a decrease in RPO revenues in the U.S. as permanent hiring programs continued at lower levels in the first quarter, as we anniversaried exceptional growth in the prior year. Although RPO activity is lower in the current environment, first quarter RPO revenues were well above pre-pandemic levels. The U.S. MSP business saw revenue decline as we reduced some lower-margin activity, while outplacement activity within our Right Management business drove significant revenue increases.

美國的 Talent Solutions 在本季度貢獻了 30% 的毛利，收入下降了 15%。這是由於美國的 RPO 收入下降所致，因為第一季度永久性招聘計劃繼續處於較低水平，因為我們在上一年實現了超常增長。儘管在當前環境下 RPO 活動較低，但第一季度 RPO 收入遠高於大流行前的水平。美國 MSP 業務收入下降，因為我們減少了一些利潤率較低的活動，而我們 Right Management 業務中的再就業活動推動了收入的顯著增長。

In the second quarter of 2023, we expect a similar to slightly higher rate of year-over-year revenue decline as compared to the first quarter trend in the U.S.

與美國第一季度的趨勢相比，我們預計 2023 年第二季度的收入同比下降幅度將略高於去年同期。

Southern Europe revenue comprised 43% of consolidated revenue in the quarter. Revenue in Southern Europe came in at $2.1 billion, representing a 2% decrease in organic constant currency. OUP for our Southern Europe business was $90 million during the quarter, representing an OUP margin of 4.4%, excluding some minor restructuring.

南歐收入佔本季度綜合收入的 43%。南歐的收入為 21 億美元，按有機固定匯率計算下降了 2%。本季度我們南歐業務的 OUP 為 9000 萬美元，不包括一些小的重組，OUP 利潤率為 4.4%。

France revenue comprised 57% of the Southern Europe segment in the quarter and revenue equaled $1.2 billion in the quarter and was flat on a days-adjusted organic constant currency basis. OUP for our France business was $45 million in the quarter, representing an organic decrease of 8% in constant currency. OUP margin was 3.8%.

本季度法國收入佔南歐部分的 57%，本季度收入為 12 億美元，按天數調整後的有機固定貨幣計算持平。本季度我們法國業務的 OUP 為 4500 萬美元，按固定匯率計算有機下降 8%。 OUP 利潤率為 3.8%。

We are estimating the year-over-year constant currency revenue trend in the second quarter for France to be a slight decrease year-over-year.

我們估計法國第二季度的同比固定貨幣收入趨勢將同比略有下降。

Revenue in Italy equaled $422 million in the quarter, reflecting a decrease of 3% on a days-adjusted constant currency basis. OUP equaled $31 million and OUP margin was 7.3%. We estimate in constant currency that Italy will have a flat to slight growth revenue trend year-over-year in the second quarter.

本季度意大利的收入為 4.22 億美元，按天數調整後的固定匯率計算下降了 3%。 OUP 為 3100 萬美元，OUP 利潤率為 7.3%。我們估計，以固定匯率計算，意大利第二季度的收入同比將持平或略有增長。

Our Northern Europe segment comprised 20% of consolidated revenue in the quarter. Revenue of $968 million represented a 3% decline in organic constant currency. After excluding restructuring costs, adjusted OUP was $8 million and OUP margin was 0.8%.

我們的北歐分部佔本季度綜合收入的 20%。 9.68 億美元的收入代表有機固定貨幣下降 3%。剔除重組成本後，調整後的 OUP 為 800 萬美元，OUP 利潤率為 0.8%。

Our largest market in the Northern Europe segment is the U.K., which represented 35% of segment revenues in the quarter. During the quarter, U.K. revenues decreased 12% on a days-adjusted constant currency basis. This reflects a higher rate of decline from the fourth quarter decrease of 6% on the same basis. We expect a slightly lower rate of revenue decline in the second quarter compared to the first quarter.

我們在北歐細分市場中最大的市場是英國，佔本季度細分市場收入的 35%。本季度，按天數調整後的固定匯率計算，英國收入下降了 12%。這反映了在相同基礎上比第四季度下降 6% 更高的下降率。我們預計第二季度的收入下降幅度將略低於第一季度。

In Germany, revenues increased 1% in days-adjusted constant currency in the quarter, representing 2 consecutive quarters of improvement driven by our Manpower business. Our Germany managed services Proservia business continues to require significant management attention and actions to improve performance. We are in the process of performing a detailed evaluation of the Proservia business and will provide a further update in future periods. Overall, in the second quarter, we are expecting slightly improved year-over-year revenue growth compared to the first quarter trend.

在德國，本季度收入按天數調整後的固定匯率計算增長了 1%，這表明我們的人力資源業務連續兩個季度實現了增長。我們的德國託管服務 Proservia 業務繼續需要大量的管理關注和行動來提高績效。我們正在對 Proservia 業務進行詳細評估，並將在未來期間提供進一步的更新。總體而言，與第一季度趨勢相比，我們預計第二季度的收入同比增長略有改善。

The Netherlands is one of our smaller businesses in Northern Europe. The revenue decreased in the first quarter of 7% days-adjusted constant currency was a slightly higher rate of decline than the fourth quarter trend of minus 5% on the same basis.

荷蘭是我們在北歐的較小業務之一。第一季度收入下降 7%，調整後固定匯率略高於第四季度同期下降 5% 的趨勢。

The Asia Pacific Middle East segment comprises 13% of total company revenue. In the quarter, revenue grew 7% in constant currency to $606 million. As adjusted to exclude restructuring, OUP was $24 million and OUP margin was 3.9%. Restructuring charges of $2.5 million related to our Australia business.

亞太中東業務占公司總收入的 13%。本季度，收入按固定匯率計算增長 7% 至 6.06 億美元。經調整排除重組後，OUP 為 2400 萬美元，OUP 利潤率為 3.9%。與我們的澳大利亞業務相關的 250 萬美元重組費用。

Our largest market in the APME segment is Japan, which represented 47% of segment revenues in the quarter. Revenue in Japan grew 13% in constant currency or 11% on a days-adjusted basis. We remain very pleased with the consistent performance of our Japan business. We expect continued strong revenue growth in the second quarter.

我們在 APME 細分市場中最大的市場是日本，佔本季度細分市場收入的 47%。日本的收入按固定匯率計算增長 13%，按天數調整後增長 11%。我們對日本業務的一貫表現感到非常滿意。我們預計第二季度收入將繼續強勁增長。

I'll now turn to cash flow and balance sheet. In the first quarter, free cash flow equaled $111 million compared to $52 million in the prior year. At the end of the first quarter, days sales outstanding decreased about half a day to 56 days. During the first quarter, capital expenditures represented $13 million.

我現在將轉向現金流量和資產負債表。第一季度，自由現金流為 1.11 億美元，而去年同期為 5200 萬美元。第一季度末，銷售未完成天數減少了約半天至 56 天。第一季度，資本支出為 1300 萬美元。

During the first quarter, we repurchased 369,000 shares of stock for $30 million. As of March 31, we have 1.6 million shares remaining for repurchase under the share program approved in August of 2021.

第一季度，我們以 3000 萬美元回購了 369,000 股股票。截至 3 月 31 日，根據 2021 年 8 月批准的股票計劃，我們還有 160 萬股股票可供回購。

Our balance sheet ended the quarter with cash of $707 million and total debt of $989 million. Net debt equaled $282 million at quarter end. Our debt ratios at quarter end reflect total adjusted gross debt to trailing 12 months adjusted EBITDA of 1.38 and total debt to total capitalization at 28%.

我們的資產負債表在本季度結束時現金為 7.07 億美元，總債務為 9.89 億美元。季度末淨債務為 2.82 億美元。我們在季度末的債務比率反映了調整後總債務與過去 12 個月調整後 EBITDA 的 1.38 以及總債務與總資本的 28%。

Our debt and credit facilities remained unchanged during the quarter. After successfully lengthening our debt duration profile with the Euro Note executed in mid-2022, we exit the quarter with a very strong balance sheet.

我們的債務和信貸額度在本季度保持不變。在通過 2022 年年中執行的歐元票據成功延長我們的債務期限後，我們以非常強勁的資產負債表結束了本季度。

Next, I'll review our outlook for the second quarter of 2023. Based on trends in the first quarter and April activity to date, our forecast is cautious and anticipates that the second quarter will continue to be challenging in the U.S. and Europe. We are forecasting underlying earnings per share for the second quarter to be in the range of $1.58 to $1.68, which includes an unfavorable foreign currency impact of $0.03 per share. We have disclosed our foreign currency translation rate estimates at the bottom of the guidance slide.

接下來，我將回顧我們對 2023 年第二季度的展望。根據第一季度的趨勢和迄今為止 4 月份的活動，我們的預測是謹慎的，預計第二季度在美國和歐洲將繼續充滿挑戰。我們預測第二季度的基本每股收益在 1.58 美元至 1.68 美元之間，其中包括每股 0.03 美元的不利外匯影響。我們在指導幻燈片的底部披露了我們的外幣換算率估計。

Our constant currency revenue guidance range is between a decrease of 5% and 1% and at the midpoint represents a 3% decrease. The impact of net acquisitions and less billing days year over year is slight and the organic days-adjusted constant currency revenue trend is the same 3% decrease at the midpoint. This is slightly lower than the 4% decrease in the first quarter on the same basis as the comparable growth rate stepped down from Q1 to Q2 last year.

我們的固定貨幣收入指導範圍在 5% 到 1% 之間，中點代表下降 3%。淨收購和計費天數同比減少的影響很小，有機天數調整後的固定貨幣收入趨勢與中點相同，下降 3%。這略低於一季度 4% 的降幅，與去年一季度至二季度的可比增長率下降幅度相同。

We expect our EBITA margin during the second quarter to be down 100 basis points at the midpoint compared to the prior year.

我們預計第二季度的 EBITA 利潤率與去年同期相比將下降 100 個基點。

We estimate that the effective tax rate for the second quarter will be 30%. As usual, our guidance does not incorporate restructuring charges or additional share repurchases and we estimate our weighted average shares to be 51.3 million.

我們預計二季度的有效稅率為 30%。與往常一樣，我們的指導不包括重組費用或額外的股票回購，我們估計我們的加權平均股票為 5130 萬股。

I will now turn it back to Jonas.

我現在把它轉回給喬納斯。

Thanks, Jack.

謝謝，傑克。

Although the environment is becoming more challenging, we're doubling down on our strategic initiatives within the pillars of Diversification, Digitization and Innovation to strengthen our capabilities and make progress on shifting our business mix to higher-value services, supported by a market-leading technology platform strategy in all our brands.

儘管環境變得更具挑戰性，但我們在多元化、數字化和創新的支柱下加倍實施我們的戰略舉措，以加強我們的能力，並在市場領先的支持下，將我們的業務組合轉向更高價值的服務方面取得進展我們所有品牌的技術平台戰略。

We continue to make strong progress on diversifying our business with our higher-margin brands Experis and Talent Solutions making up 44% of gross profit dollars. This, together with our industry-leading geographic footprint and strong balance sheet, leaves us well prepared to weather economic cycles. Within Talent Solutions, although activity levels in RPO and MSP are down from the peaks in the prior year period, gross profit levels remain well above pre-pandemic levels while our countercyclical Right Management business is currently experiencing significant gross profit growth.

我們在業務多元化方面繼續取得重大進展，我們的高利潤品牌 Experis 和 Talent Solutions 佔毛利潤的 44%。這一點，再加上我們行業領先的地理足跡和強大的資產負債表，讓我們做好了應對經濟周期的準備。在 Talent Solutions 中，儘管 RPO 和 MSP 的活動水平低於去年同期的峰值，但毛利潤水平仍遠高於大流行前的水平，而我們的逆週期 Right Management 業務目前正在經歷顯著的毛利潤增長。

As I mentioned, I recently spent time with clients and our leaders in Asia and Latin America where the economic outlook in both regions continues to be strong. Business conditions are especially conducive to an increased demand for our temporary staffing services. This is very evident across most of our Latin America businesses where, just last week, I had the pleasure of celebrating the 60th anniversary of our very successful business in Chile.

正如我所提到的，我最近與亞洲和拉丁美洲的客戶和我們的領導人進行了交流，這兩個地區的經濟前景依然強勁。商業環境特別有利於增加對我們臨時人員配置服務的需求。這在我們大多數拉丁美洲業務中非常明顯，就在上週，我有幸慶祝了我們在智利非常成功的業務成立 60 週年。

As global supply chains normalize and China reopens, the growth outlook in the APME region is also very bright. Japan, our largest business in the APME region and fifth largest globally, has been extremely resilient post pandemic, and our business is continuing a strong track record of revenue and profit growth. In fact, our Japan business has had 34 consecutive quarters of constant currency growth, which is remarkable. Congratulations to the Japanese leadership team, who have been laser-focused on the growth sectors based on the data and trends we've been predicting and tracking for many years.

隨著全球供應鏈正常化和中國重新開放，APME 地區的增長前景也非常光明。日本是我們在 APME 地區最大的業務，也是全球第五大業務，在大流行後表現出極強的彈性，我們的業務繼續保持著強勁的收入和利潤增長記錄。事實上，我們的日本業務已連續 34 個季度保持貨幣穩定增長，這非常了不起。祝賀日本領導團隊，他們根據我們多年來預測和跟踪的數據和趨勢，一直專注於增長領域。

Specific to Digitization, in Q1, we further expanded our global PowerSuite technology platform with the launch of PowerSuite Next for Right management in the U.S., Canada, U.K. and Australia, with all main Right Management operations planning to be onboarded by the end of 2023. This B2C platform provides talent career development and outplacement services with personalized virtual coaching, curated self-help resources, upskilling and job matching.

具體到數字化，在第一季度，我們進一步擴展了我們的全球 PowerSuite 技術平台，在美國、加拿大、英國和澳大利亞推出了用於權利管理的 PowerSuite Next，所有主要的權利管理業務計劃在 2023 年底前上線。這個 B2C 平台提供人才職業發展和再就業服務，包括個性化的虛擬輔導、精選的自助資源、技能提升和工作匹配。

Furthermore, we're delighted that Right Management was named a Global Leader and Star Performer in Everest Group's recent Outplacement and Career Transition Services PEAK Matrix Assessment, scoring highly for investments in internal transitions and redeployment offerings, and the creation of a strategic road map for the digital delivery of its services.

此外，我們很高興睿仕管理在 Everest Group 最近的再就業和職業過渡服務 PEAK 矩陣評估中被評為全球領導者和明星表現者，在內部過渡和重新部署產品的投資以及為其服務的數字交付。

This year, 2023, we celebrate our 75th anniversary, and throughout our history, we have been at the forefront of innovation, helping businesses and workers adapt to new technologies, economic shifts and social trends. We've never hesitated to move quickly to take advantage of new opportunities. Our experienced leadership team is poised to pivot to where growth lies and our breadth of diversified solutions across geographic markets will continue to set us apart and help our clients and candidates win in the changing world of work.

今年，也就是 2023 年，我們慶祝成立 75 週年，縱觀我們的歷史，我們一直走在創新的前沿，幫助企業和員工適應新技術、經濟變革和社會趨勢。我們毫不猶豫地迅速採取行動以利用新的機會。我們經驗豐富的領導團隊隨時準備轉向增長所在，我們跨地域市場的廣泛多元化解決方案將繼續使我們脫穎而出，並幫助我們的客戶和候選人在不斷變化的工作世界中取勝。

Our belief that meaningful and sustainable employment has the power to change the world remains central to all we do. In March, we were recognized as one of the World's Most Ethical Companies by Ethisphere for the 14th time, the only firm in the industry to be recognized for more than a decade for playing a critical role in driving positive change in societies and communities around the world.

我們相信有意義和可持續的就業有能力改變世界，這仍然是我們所做的一切的核心。 3 月，我們第 14 次被 Ethisphere 評為世界上最具商業道德的公司之一，這是業內唯一一家十多年來在推動全球社會和社區積極變革方面發揮關鍵作用而獲得認可的公司世界。

As always, we know that a key driver of our success is our great team that doubles down on our priorities and remains focused on the path forward, and I'd like to close by thanking our entire ManpowerGroup employee base for their efforts and contributions.

一如既往，我們知道，我們成功的關鍵驅動力是我們偉大的團隊，他們加倍關注我們的優先事項，並始終專注於前進的道路，我想在結束時感謝我們整個 ManpowerGroup 員工群的努力和貢獻。

Our DDI strategy and our purpose remains our North Star and being disciplined in our execution is how we will continue to strengthen our capabilities and lay the foundation to create long-term sustainable value for our shareholders.

我們的 DDI 戰略和目標仍然是我們的北極星，在我們的執行中遵守紀律是我們將如何繼續加強我們的能力並為為我們的股東創造長期可持續價值奠定基礎。

I'd now like to open the line for Q&A. Operator?

我現在想打開問答熱線。操作員？

Thank you. (Operator Instructions) Our first question comes from Mark Marcon from Baird.

謝謝。 （操作員說明）我們的第一個問題來自 Baird 的 Mark Marcon。

Jonas and Jack, two big questions. One, can you just describe the pace of change as the quarter unfolded? Just to what extent was March worse than, say, February, particularly in the markets that ended up showing weakness like the U.S. or the U.K. That's the first question.

喬納斯和傑克，兩個大問題。第一，你能描述一下這個季度展開的變化速度嗎？ 3 月份比 2 月份差到什麼程度，尤其是在美國或英國等最終表現疲軟的市場中。這是第一個問題。

Good morning, Mark. What we saw U.S. catch up to the European declines, we've seen really over the last 5 quarters quite quickly, frankly. So the U.S. had the biggest step-down during the quarter, followed closely by the U.K. And most of that quick step-down came from our enterprise client segment. So larger businesses in the U.S. and the U.K. pulling back, and that's what we saw evolved during the quarter.

早上好，馬克。坦率地說，我們看到美國在過去 5 個季度中很快就趕上了歐洲的下滑趨勢。因此，美國在本季度的降幅最大，緊隨其後的是英國。大部分快速降幅來自我們的企業客戶群。因此，美國和英國的大型企業紛紛撤退，這就是我們在本季度看到的演變情況。

But maybe, Jack, do you want to give a little bit more color on the specifics?

但也許，傑克，你想在細節上多說一點嗎？

Yes, sure. I'd be happy to. So specifically on the U.S., we saw a gradual deterioration over the course of the quarter that was building through the end of the quarter. So I'd say, if you look at that average rate for the quarter of minus 13, we ended the quarter slightly higher than that. And as I talked about the guide, we expect a similar trend into the second quarter. It might be a tad bit higher as we take that higher rate. So that was the U.S.

是的，當然。我很樂意。因此，特別是在美國，我們看到在本季度末的整個季度中逐漸惡化。所以我想說，如果你看一下負 13 季度的平均利率，我們在本季度結束時略高於該水平。當我談到指南時，我們預計第二季度會出現類似的趨勢。當我們採用更高的利率時，它可能會高一點。那就是美國

I think the U.K., fairly constant throughout the quarter. I think the quarter started a little softer, and that just carried through the entire way. So when you look at that average for the U.K. for the quarter, it was pretty even throughout the entire quarter. And as we look forward for the U.K. for next quarter, we see it being really kind of stable to perhaps maybe just slightly up or down 0.5% as we kind of look at that trend.

我認為英國在整個季度都相當穩定。我認為本季度開始時有點疲軟，並且一直持續到現在。因此，當您查看本季度英國的平均水平時，整個季度的平均水平相當。當我們期待下個季度的英國時，我們看到它真的很穩定，可能只是略微上升或下降 0.5%，因為我們有點看這種趨勢。

And I'd say maybe just on the third biggest market for us would be Italy. And Italy, actually, on the flip side, strengthened over the course of the quarter. So we saw Italy actually exit the quarter closer to flattish, which was good, and we take that into our second quarter forecast where we think Italy will likely do a bit better than the trend from the first quarter.

我想說對我們來說第三大市場可能就是意大利。事實上，另一方面，意大利在本季度加強了實力。因此，我們看到意大利實際上在本季度結束時接近持平，這很好，我們將其納入我們的第二季度預測，我們認為意大利的表現可能會比第一季度的趨勢好一些。

Great. And then with regards to the U.S., obviously, you mentioned Experis and the enterprise clients pulling back from what were really high comparison periods a year ago. How broad-based was that pullback in terms of the Experis business, either within the U.S. or even globally? And what are your expectations on a go-forward basis with regards to Experis in terms of how that could unfold over the second and potentially even third quarters?

偉大的。然後關於美國，很明顯，你提到了 Experis 和企業客戶從一年前真正高的比較期撤回。就 Experis 業務而言，無論是在美國還是在全球範圍內，這種回調的基礎有多廣泛？您對 Experis 在第二季度甚至可能甚至第三季度如何展開的未來預期是什麼？

Well, as you mentioned, Mark, the pullback that we're seeing in the U.S. comes after very high growth rates in the prior year period, and it is focused on enterprise clients. Our convenience business for Experis is holding up much better. And although we're seeing some declines, it's substantially lower declines than what we're seeing on the enterprise side. So we feel good about the business in Experis in the U.S.

好吧，正如你提到的，馬克，我們在美國看到的回調是在前一年的非常高的增長率之後出現的，它主要集中在企業客戶上。我們為 Experis 提供的便利業務表現得更好。儘管我們看到了一些下降，但它的下降幅度遠低於我們在企業方面看到的下降幅度。所以我們對Experis在美國的業務感覺很好。

And the other market that saw the same step-down from an enterprise perspective was the U.K. Excluding those 2 markets, Experis showed good growth everywhere else globally. So we continue to feel extremely good about the opportunities for Experis as a brand going forward because we see that clients, although pulling back from their very strong investments in technology around digital transformation, they still are going to be undergoing significant digital efforts, which is benefiting and will continue to benefit Experis going forward.

從企業角度來看，另一個出現同樣下滑的市場是英國。除了這兩個市場，Experis 在全球其他地方都顯示出良好的增長。因此，我們繼續對 Experis 作為一個品牌向前發展的機會感到非常滿意，因為我們看到客戶雖然放棄了圍繞數字化轉型對技術的大力投資，但他們仍將進行重大的數字化努力，這是Experis 受益並將繼續受益。

And what we're seeing here in the U.S. in particular, and to a lesser degree also in the U.K., is really businesses pulling back from the very strong spending they had a year ago. And we feel good about the prospects of Experis, and we feel very good about our convenience business as well, Mark.

我們在美國尤其是在英國看到的情況確實是企業從一年前非常強勁的支出中撤回。我們對 Experis 的前景感到滿意，我們對我們的便利業務也感到非常滿意，馬克。

I would just add, Mark, just a little more context. Experis, overall, was only down 2% in GP dollars, as we showed on the GP chart in the slide. So although there's some bigger decreases that we talked about in the U.S. and the U.K. which are enterprise driven, when you look across the global business, actually, it's holding up quite well, a modest decline on an overall basis. And as Jonas said, convenience is performing really well. And that includes the ettain acquisition, which is holding up very well. And we're actually seeing good growth in certain pockets, particularly in financial services. So a little additional context.

馬克，我只想補充一點背景信息。總體而言，Experis 的 GP 美元僅下降了 2%，正如我們在幻燈片中的 GP 圖表上顯示的那樣。因此，儘管我們在美國和英國談到了一些更大的下降，這是由企業驅動的，但當你縱觀全球業務時，實際上，它的表現相當不錯，總體上略有下降。正如喬納斯所說，便利性表現非常好。這包括對 ettain 的收購，它的表現非常好。我們實際上看到了某些領域的良好增長，尤其是在金融服務領域。所以有一點額外的背景。

Great. And then if I can squeeze in one last one. Just on the guidance overall, the revenue and gross profit guidance is in line with our expectations. But the EBIT guidance is materially below. What's the driver in terms of just the -- with gross profit holding up, what's the driver with the EBIT falling off? Is it just SG&A deleveraging or are there incremental investments that are occurring?

偉大的。然後如果我能擠進最後一個。就整體指引而言，收入和毛利指引符合我們的預期。但 EBIT 指導實質上低於此。就毛利潤而言，驅動因素是什麼，EBIT 下降的驅動因素是什麼？僅僅是 SG&A 去槓桿化還是正在發生增量投資？

Yes. Thanks, Mark, for that question. I would say the context is the deleveraging. We are seeing a lower revenue trend on a constant currency basis into the second quarter. As you said, the good news is GP margin is holding up quite well at 18% at the midpoint. But SG&A -- and I should say SG&A is coming down. As we talked about in our prepared remarks, organically, SG&A was down -- was at 3% growth rate, which was down from the 4% growth rate in the fourth quarter. And you should expect that growth rate to continue to come down as part of our guidance for the second quarter. But with that being said, it's not a broad-based reduction across all parts of our business.

是的。馬克，謝謝你提出這個問題。我會說背景是去槓桿化。在第二季度，我們看到按固定匯率計算的收入呈下降趨勢。正如您所說，好消息是 GP 利潤率在中點保持在 18% 的良好水平。但是 SG&A——我應該說 SG&A 正在下降。正如我們在準備好的評論中談到的那樣，SG&A 有機地下降了——增長率為 3%，低於第四季度 4% 的增長率。作為我們第二季度指導的一部分，您應該預計增長率將繼續下降。但話雖如此，這並不是我們業務所有部門的廣泛裁員。

As we said, and as you can see from the GP dollar trends, the business is still holding up quite well in various parts. So we're still investing. We're looking at -- you should expect that GP dollars will decline in the second quarter from the first quarter trend based on the revenues. But there's still some very good pockets of investment happening in the businesses. We talked about Experis in parts of the business that are still seeing some really good growth in financial services.

正如我們所說，正如您從 GP 美元趨勢中看到的那樣，該業務在各個方面仍然表現良好。所以我們還在投資。我們正在研究——你應該預計第二季度的 GP 美元將根據收入的趨勢從第一季度下降。但仍有一些非常好的投資發生在企業中。我們在部分業務中談到了 Experis，這些業務在金融服務方面仍然有一些非常好的增長。

And we did emphasize we continue to invest in Digitization in our technology platform. So we think that's a strategic advantage for us. We believe we have a leading technology global platform. And we're doing more than the front office, we're doing back office as well. And so all of that equates to continued steady investment in Digitization. And as a result, although the SG&A trend will continue to improve in the second quarter, we're not in an environment where we're taking broad-based dramatic reductions based on the fact that the market is still holding up relatively well in certain areas.

我們確實強調我們將繼續在我們的技術平台上投資數字化。所以我們認為這對我們來說是一個戰略優勢。我們相信我們擁有領先的技術全球平台。我們做的不僅僅是前台，我們也在做後台。因此，所有這些都等同於對數字化的持續穩定投資。因此，儘管 SG&A 趨勢將在第二季度繼續改善，但我們並未處於基於市場在某些領域仍保持相對良好這一事實而進行廣泛大幅削減的環境領域。

Our next question comes from Jeff Silber of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Jeff Silber。

You've given us some color by geography and by client size. I'm wondering if you can get a little bit more color by industry verticals, specifically in the U.K. and Europe.

您根據地理位置和客戶規模給了我們一些顏色。我想知道您是否可以通過垂直行業獲得更多顏色，特別是在英國和歐洲。

So as you heard in our prepared remarks, Jeff, we feel very good about our business in Latin America and Asia Pacific, they're continuing to grow. And having just visited Asia as well as Latin America recently, our clients are still looking for talent, the labor markets are tight and the opportunities are plentiful.

因此，正如您在我們準備好的發言中聽到的那樣，傑夫，我們對我們在拉丁美洲和亞太地區的業務感到非常滿意，它們正在繼續增長。最近剛剛訪問了亞洲和拉丁美洲，我們的客戶仍在尋找人才，勞動力市場緊張，機會很多。

When it comes to Europe and the U.S., as you heard us talk about in our prepared remarks, Europe started to decline in the first quarter of 2022 and has really been on a path of modest decreases in demand overall, and that's a continuation of a trend that we see now into the first as well as in our projections into the second quarter as well.

談到歐洲和美國，正如您在我們準備好的發言中聽到的那樣，歐洲在 2022 年第一季度開始下滑，並且確實處於總體需求適度下降的道路上，這是我們現在看到的第一季度趨勢以及我們對第二季度的預測。

The U.S. is the part of the geography that made the biggest step-down. And as you've just heard us discuss, a lot of that comes from enterprise clients, deciding that the economic outlook is uncertain they are holding on to their workforces, which is why you see our perm numbers still looking very strong. And frankly, we're having very good perm growth in the U.K., France, Italy, Japan, Spain, Nordics, amongst others. But they are pulling back on contingent staffing demand because they are preparing for worsening economic time. So very similar to what we would expect and what we have seen impressed economic slowdowns. And that's really the story.

美國是降幅最大的地區。正如你剛剛聽到我們討論的那樣，其中很多來自企業客戶，他們認為經濟前景不確定，他們會留住他們的員工隊伍，這就是為什麼你看到我們的燙髮數據看起來仍然非常強勁。坦率地說，我們在英國、法國、意大利、日本、西班牙、北歐等國家的燙髮率增長非常好。但他們正在縮減臨時員工需求，因為他們正在為經濟形勢的惡化做準備。與我們的預期以及我們所看到的令人印象深刻的經濟放緩非常相似。這就是故事的真相。

So the U.S. caught up to Europe at a faster pace, which is also something we would expect as the U.S. is a much more dynamic labor market and it tends to react quicker to shifts in the economic cycle.

因此，美國以更快的速度趕上了歐洲，這也是我們所期望的，因為美國是一個更具活力的勞動力市場，而且往往對經濟周期的變化反應更快。

I'm sorry, please go ahead, Jack.

對不起，請繼續，傑克。

No, Jeff, since you specifically mentioned the U.K., I would just add, from an industry vertical perspective, public sector is big in the U.K., that's about 1/3 of the business, that's holding up fairly well. But as you know, U.K. is a big enterprise market, a lot of enterprise clients in the U.K., and that's really the pressure we're seeing. We talked about Experis. It is the second biggest Experis market. And that's where the pressure has been more on the enterprise side and within the verticals, probably a bit more on the technology side in terms of technology enterprise clients. So I would just add that.

不，傑夫，既然你特別提到了英國，我只想補充一點，從垂直行業的角度來看，英國的公共部門很大，大約佔業務的 1/3，而且表現相當不錯。但正如你所知，英國是一個大企業市場，英國有很多企業客戶，這確實是我們所看到的壓力。我們談到了 Experis。它是第二大 Experis 市場。這就是企業和垂直領域的壓力更大的地方，就技術企業客戶而言，技術方面的壓力可能更大。所以我只想補充一點。

That's helpful. And can we get that kind of color in the U.S. and Europe as well? That was actually my question.

這很有幫助。我們能在美國和歐洲得到那種顏色嗎？這實際上是我的問題。

Yes, I'd say in the U.S., similar. I think we're seeing the pressures on the enterprise side, as we talked. And I'd say, a very similar story for Experis. I think on the technology enterprise clients, that's where there's more cautious behavior in terms of demand. I think as we looked across financial services, we're seeing very strong trends, and that's in both enterprise and convenience.

是的，我會說在美國，類似。我認為，正如我們所說，我們看到了企業方面的壓力。我想說，Experis 的情況非常相似。我認為在技術企業客戶中，這就是需求方面更加謹慎的行為。我認為，當我們審視金融服務時，我們看到了非常強勁的趨勢，這在企業和便利方面都是如此。

And I'd say other verticals that are seeing strength would be on the manufacturing side. Food continues to be fairly stable. Auto, we're not big in auto in the U.S. specifically, but auto across Europe, and the large markets there are France and Germany and the Nordics, is actually coming back. So we're seeing improving trends in auto.

我想說其他看到實力的垂直行業將在製造方面。食物繼續相當穩定。汽車，我們在美國的汽車市場並不大，但整個歐洲的汽車市場，以及法國、德國和北歐等大型市場，實際上正在回歸。因此，我們看到了汽車行業的改善趨勢。

And then I'd say more globally, in terms of areas where we're seeing more pressure, consistent with what we said last quarter, it's going to be logistics, transportation, construction. And generally, I'd say enterprise manufacturing that are not auto- and not food-related are generally seeing pressure. And that correlates to what Jonas talked about in terms of the PMI trends as well.

然後我會在全球範圍內說更多，就我們看到更多壓力的領域而言，與我們上個季度所說的一致，這將是物流、運輸和建築。總的來說，我想說與汽車和食品無關的企業製造普遍面臨壓力。這也與喬納斯談到的 PMI 趨勢相關。

Thank you. Our next question comes from Kartik Mehta of Northcoast Research.

謝謝。我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Jack, as you indicated, you've done a good job in maintaining the gross margin or gross profit dollars, especially. I'm thinking, as we go forward and if the trends continue this way throughout the year, your ability to kind of maintain gross margin and then just what you think might happen on the SG&A side as you think about if you need to rightsize the business at all.

傑克，正如你所說，你在保持毛利率或毛利潤方面做得很好，尤其是。我在想，隨著我們的前進，如果這一趨勢在全年繼續保持這種趨勢，您有能力維持毛利率，然後在您考慮是否需要調整規模時，您認為 SG&A 方面可能會發生什麼根本沒有生意。

Yes. Thanks, Kartik. I would say on -- the good news is that staffing margins held up quite nicely despite the pullback in demand, and that trend is continuing. And we talked a lot about that last quarter. You can see in the GP margin walk that, that continues to be the case. So we feel really good about that, and you can see that in the guidance to Q2 from a GP margin.

是的。謝謝，卡爾蒂克。我要說的是——好消息是，儘管需求回落，但人員配備利潤率仍然保持得很好，而且這種趨勢還在繼續。我們在上個季度談了很多。您可以在 GP 保證金走動中看到，情況仍然如此。所以我們對此感覺非常好，你可以從 GP 保證金的第二季度指導中看到這一點。

I think as we think about GP margin, one of the factors is going to be perm, right? So perm was still -- as Jonas talked about, was still very strong outside of some of the U.S. trends. In the U.S., we're really just anniversarying exceptional growth. But very good perm continues to be very strong in a lot of our European and Asian markets and we see that continuing. And that is the result of a lot of investment we've made in perm in those markets, and that's paying off for us currently.

我認為當我們考慮 GP 保證金時，其中一個因素就是燙髮，對吧？所以燙髮仍然——正如喬納斯所說，在美國的一些趨勢之外仍然非常強大。在美國，我們真的只是在慶祝非凡的增長。但非常好的燙髮在我們的許多歐洲和亞洲市場仍然非常強勁，我們看到這種情況仍在繼續。這是我們在這些市場上對燙髮進行大量投資的結果，目前正在為我們帶來回報。

So -- so I think perm, as part of the equation, will continue to anniversary some record levels. We actually hit our peak record all-time of perm GP dollars in Q2 of last year. So it's natural to expect perm to continue to come off a bit in terms of year-over-year trends, but I think it's still a pretty substantial part of the overall GP equation.

所以 - 所以我認為燙髮，作為等式的一部分，將繼續保持一些創紀錄的水平。我們實際上在去年第二季度創下了 Perm GP 美元的歷史最高記錄。因此，很自然地期望燙髮在同比趨勢方面繼續有所下降，但我認為它仍然是整個 GP 等式中相當重要的一部分。

So as we go forward through the year, I think when we look at the staffing margin, the mix of the clients are going to be part of the equation. We talked about more pressure from enterprise. That means that the convenience side is becoming a little bit bigger piece of the pie, and that's positive for staffing margin. So we'll have to continue to monitor it.

因此，隨著我們今年的前進，我認為當我們查看人員配置利潤率時，客戶的組合將成為等式的一部分。我們談到了來自企業的更多壓力。這意味著便利方面的份額正在變得更大，這對員工利潤率來說是積極的。所以我們必須繼續監測它。

But I think the good news is, and as Jonas talked about, the labor market overall is still holding up quite well, and that's helping in terms of talent and pricing for talent. And so we feel pretty optimistic about staffing margin even in an environment that is continuing to see more pressure going forward.

但我認為好消息是，正如喬納斯所說，整體勞動力市場仍然保持良好狀態，這在人才和人才定價方面有所幫助。因此，即使在繼續看到更多壓力的環境中，我們也對員工利潤率感到非常樂觀。

And then on SG&A, just, Jack, your thoughts on -- I know you talked about that, that should continue to grow -- decelerate. And I'm wondering, as you look at the business and if you need to rightsize it or what do you think the outlook there could be.

然後在 SG&A 上，Jack，你的想法——我知道你談到過，應該繼續增長——減速。我想知道，當您審視業務時，是否需要對其進行調整，或者您認為前景如何。

Yes. No, absolutely. I think our track record and our playbook is if we do see significant declines in GP dollars, you should expect we're going to move into more dramatic cost actions. And so in that case, we move into recovery-ratio management. That means for the GP dollar declines, our goal is to offset half of the GP dollar declines with SG&A reductions.

是的。不，絕對。我認為我們的往績記錄和我們的劇本是，如果我們確實看到 GP 美元大幅下降，你應該預料到我們將採取更劇烈的成本行動。因此，在這種情況下，我們進入恢復率管理。這意味著對於 GP 美元的下降，我們的目標是通過減少 SG&A 來抵消 GP 美元下降的一半。

Now with that being said, the context of the current environment is we still grew GP dollars in the first quarter 1%, as we disclosed on the GP chart. And even though we're moving in Q2 into a modest decrease, it's still a pretty balanced environment overall in various parts of the business.

話雖如此，正如我們在 GP 圖表上披露的那樣，當前環境的背景是我們在第一季度的 GP 美元仍然增長了 1%。即使我們在第二季度進入適度下降，但在業務的各個部分總體上仍然是一個相當平衡的環境。

So we're not in the dramatic broad-based SG&A reduction territory yet based on the environment. However, if the environment moves in that direction, we will -- you should expect we'll do what we always do and we'll take appropriate actions to preserve margin to the greatest degree possible.

因此，我們並未處於基礎廣泛的 SG&A 減少領域，而是基於環境。然而，如果環境朝那個方向發展，我們將——你應該期待我們會做我們一直做的事情，我們會採取適當的行動來最大程度地保持利潤率。

So it's really going to depend on how the environment continues to unfold. We are doing already in parts of the business that have seen more broad pullbacks. But in other parts of the business that are holding up pretty well, we're still investing. So it's going to be a balance. And if we see broader changes, we'll react accordingly.

所以這真的取決於環境如何繼續發展。我們已經在部分業務中進行了更廣泛的回調。但在其他業務表現良好的部分，我們仍在投資。所以這將是一個平衡。如果我們看到更廣泛的變化，我們會做出相應的反應。

And just one last question, Jonas. You talked about, I think, meeting with clients in Europe. And I'm wondering your thoughts on France concerning some of the unrest that they've seen and how that might be impacting the business if at all?

最後一個問題，喬納斯。我想你談到了與歐洲客戶的會面。我想知道您對法國所看到的一些動蕩的看法，以及這將如何影響業務（如果有的話）？

Well, Kartik, the unrest in France and the debate around the pension reforms and all of that, that you've seen, has actually had very little impact so far on our business in France. The strikes had an impact in that it makes it difficult for the workers to get to their assignments. But since there haven't been broad-based long-term strikes, but rather day interruptions, the business has been able to manage it very well. And the learnings that we had from the pandemic means that many of our workers for some assignments are able to do their work remotely as well.

好吧，Kartik，法國的動盪和圍繞養老金改革的辯論以及所有這些，你已經看到，到目前為止，實際上對我們在法國的業務影響很小。罷工的影響在於，工人們很難完成任務。但由於沒有發生廣泛的長期罷工，而是白天中斷，因此企業能夠很好地管理它。我們從大流行病中吸取的教訓意味著，我們許多從事某些任務的工作人員也能夠遠程完成工作。

So the French team has managed a difficult environment in a very good way, and it was very encouraging to see as well that France is generally flattish in terms of its trend following a slightly softening market demand, as you've seen from other data points as well. So the French team is doing a good job, and we've not really seen a major impact on those strikes in the past. And we hope that the debate now with the decision to increase the pension reform is going to calm down the protests that we've seen and the trends can continue on its path, although reasonably good growth, although pressured on PMI, but we feel with very good reforms in place and conducive to good growth in the future.

因此，法國團隊以非常好的方式應對了困難的環境，而且令人鼓舞的是，正如您從其他數據點看到的那樣，隨著市場需求略有疲軟，法國的趨勢總體持平以及。所以法國隊做得很好，過去我們並沒有真正看到對這些罷工的重大影響。我們希望現在關於增加養老金改革的決定的辯論能夠平息我們所看到的抗議，並且趨勢能夠繼續沿著它的道路前進，儘管增長相當不錯，儘管 PMI 受到壓力，但我們覺得改革非常到位，有利於未來的良好增長。

Thank you. Our next question comes from the line of Stephanie Yee from JPMorgan.

謝謝。我們的下一個問題來自摩根大通的 Stephanie Yee。

Hi. Good morning. I'm stepping in for Andrew Steinerman. Just a question on France, in particular. So in the first quarter, it seemed like France did better than what you were expecting coming into the quarter. And now we're kind of expecting a slight revenue decrease in the second quarter. I was wondering if you can comment on maybe what the March or April trends were in France and any impact or deceleration you're seeing on the wage pricing front.

你好。早上好。我正在接替安德魯·斯坦納曼。只是關於法國的問題，特別是。所以在第一季度，法國的表現似乎比你預期的要好。現在我們有點期待第二季度的收入略有下降。我想知道您是否可以評論法國 3 月或 4 月的趨勢以及您在工資定價方面看到的任何影響或減速。

Stephanie, thanks for the question. Yes, I would say France, based on the trends during the quarter, we exited the quarter close to flattish to slightly down on an overall basis. And we take that into the second quarter guidance, anticipating a little more pressure based on what we've been seeing in some of the weeklies here in April.

斯蒂芬妮，謝謝你的提問。是的，我會說法國，根據本季度的趨勢，我們在本季度結束時總體上接近持平或略有下降。我們將其納入第二季度的指導方針，根據我們在 4 月份的一些周刊中看到的情況，預計會出現更多壓力。

I'd say the only caveat on the weeklies in April, we do have some mismatch with Easter timing year-over-year and so forth, which impacts some of the weekly trends we've been seeing. But I would say it's a fair point, and we're being a bit cautious based on the fact that although France has held up okay versus our guidance in Q1, we have seen a progressive step-down over the last couple of quarters. So that's a little bit in terms of what's happening.

我想說的是 4 月份周刊的唯一警告，我們確實與去年同期的複活節時間不匹配等等，這影響了我們一直看到的一些每週趨勢。但我想說這是一個公平的觀點，我們有點謹慎，因為儘管法國在第一季度的表現與我們的指導相比還不錯，但我們在過去幾個季度看到了逐步下調。因此，就正在發生的事情而言，這有點。

I think in terms of your second item related to getting at bill pay spreads and wage inflation, France is holding up quite well. So when we look at margin and staffing margin, France was part of that improvement year-over-year. So we feel good about pricing in the environment, and we feel good in terms of bill pay spreads on an overall basis in France.

我認為就你關於獲得賬單支付差價和工資通脹的第二項而言，法國表現良好。因此，當我們查看利潤率和人員配置利潤率時，法國是同比改善的一部分。因此，我們對環境定價感覺良好，我們對法國整體的賬單支付利差感覺良好。

Our next question comes from George Tong of Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

You mentioned that the [pullback] hiring and late (inaudible) decisions in line with dynamics you've seen in past economic slowdowns. From a macro perspective, can you just tell how this pullback compares with past cycle and what macro assumptions in the U.S. you're embedding into your 2Q guide?

你提到 [回調] 招聘和延遲（聽不清）決策符合你在過去經濟放緩中看到的動態。從宏觀角度來看，您能說說這次回調與過去的周期相比如何，以及您將美國的哪些宏觀假設嵌入到您的 2Q 指南中？

George, we couldn't hear you perfectly, but I think you're asking how does this slowdown in demand and softening in the markets compare to prior cycles that we've experienced in our now 75-year history. Is that correct?

喬治，我們聽不太清楚，但我想你是在問，與我們在 75 年曆史中經歷過的先前週期相比，需求放緩和市場疲軟有何影響。那是對的嗎？

Yes, that's right.

恩，那就對了。

And it's a great question, because as we look at the last slowdowns and recessions, they were very strong, so the great financial recession and the recessions we saw related to the pandemic. Clearly, we don't know what the economic cycle is going to be. But if we do look at our past economic cycles and our current data, this tends to indicate that we are in a garden variety recession. By that, I mean a shallow economic slowdown or recession. And it harks back maybe it's a little bit of back to the future, where employers, aware of the need for talent, the tight labor markets, hold on to their workforces to a greater degree than what we've seen in the last 2 big recessions. And they are very careful in their hiring, they're delaying their hiring decisions, but they're really anticipating through their behaviors a shorter and shallower slowdown/recession so that they have enough firepower to come back and meet the demands for their products and services when the recession abates and the economic growth starts to accelerate again.

這是一個很好的問題，因為當我們觀察上一次經濟放緩和衰退時，它們非常強勁，因此我們看到的大金融衰退和衰退與大流行有關。顯然，我們不知道經濟周期會怎樣。但如果我們真的看看過去的經濟周期和當前的數據，這往往表明我們正處於一場普通的衰退中。就此而言，我的意思是輕微的經濟放緩或衰退。這讓人回想起未來，雇主意識到對人才的需求，勞動力市場緊張，比我們在過去 2 年看到的更大程度地留住他們的勞動力經濟衰退。他們在招聘時非常謹慎，他們推遲了他們的招聘決定，但他們確實通過他們的行為預期更短和更淺的放緩/衰退，以便他們有足夠的火力回來滿足對其產品的需求和當經濟衰退減弱並且經濟增長開始再次加速時，服務業就會出現。

So that's how I would characterize our view, and it's exactly why you're hearing Jack discussed our position on our SG&A. We're very careful in terms of our own hiring. We're very focused on productivity, but we keep on investing in the opportunities that we see, whether they be in perm and Experis and Talent Solutions. So we want to make sure that we are positioned for good growth when the market comes back, but we're very cautious -- we're cautious at this time because the economic uncertainty is getting higher and some of the headwinds are really coming through and the demand drops that we are seeing.

這就是我如何描述我們的觀點，這正是你聽到傑克討論我們在 SG&A 上的立場的原因。我們在自己的招聘方面非常謹慎。我們非常關註生產力，但我們繼續投資於我們看到的機會，無論是在 perm 和 Experis 和 Talent Solutions 中。因此，我們希望確保在市場復甦時我們能夠實現良好的增長，但我們非常謹慎——我們此時持謹慎態度是因為經濟不確定性越來越高，一些逆風確實正在襲來我們看到的需求下降。

So hopefully, that gives you a little bit of our view when we compare this environment to our experience from past economic cycles.

因此，當我們將這種環境與過去經濟周期的經驗進行比較時，希望這能讓您了解我們的一些觀點。

Yes. That's very helpful. And on the margin front, you're guiding for [EBIT] margin down 100 bps year-over-year in the second quarter. Which specific areas of the business are you scaling expending and which areas are you maintaining or (inaudible) best levels?

是的。這很有幫助。在利潤率方面，您指導第二季度 [EBIT] 利潤率同比下降 100 個基點。您正在擴展業務的哪些特定領域以及您正在維持或（聽不清）最佳水平的哪些領域？

George, I can talk to that. So I think on the EBITA down 100 basis points, maybe a little context for that. The other point to remember is, we had dramatic growth a year ago in EBITA margin from Q1 to Q2. So we went up 70 basis points from Q1 to Q2. Q2 actually was our high watermark and EBITA margin on an overall basis at 3.8% last year. So we're anniversarying that as part of this. And we have the opposite impact from a year ago where the environment was improving and we were getting better operational leverage. And we have the opposite now where it's declining in certain markets that we've talked about, offset by strength in others. But a different dynamic on an overall basis, which is why the EBITA margin is coming off to the degree that we're forecasting.

喬治，我可以談談。所以我認為 EBITA 下降了 100 個基點，也許有一點背景。另一點要記住的是，一年前我們的 EBITA 利潤率從第一季度到第二季度有了顯著增長。所以我們從第一季度到第二季度上漲了 70 個基點。第二季度實際上是我們去年總體上的高水位線和 EBITA 利潤率 3.8%。因此，我們將周年紀念作為其中的一部分。與一年前相比，我們產生了相反的影響，當時環境正在改善，我們正在獲得更好的運營槓桿。而我們現在的情況恰恰相反，它在我們談到的某些市場正在下降，但被其他市場的實力所抵消。但總體上情況不同，這就是 EBITA 利潤率下降到我們預測的程度的原因。

So in terms of where we're taking actions, on an overall basis, you could see -- I'd say our FTE continues to go down. FTE from year-end to the end of the first quarter, our headcount is down about 2%. We did talk about in the fourth quarter about the fact that we took headcount down sequentially from the third quarter, we continued that again to a greater degree. And you should expect that trend to continue based on the actions we've taken.

因此，就我們採取行動的地方而言，總體而言，你可以看到——我想說我們的 FTE 繼續下降。 FTE 從年底到第一季度末，我們的員工人數減少了約 2%。我們在第四季度確實談到了我們從第三季度開始連續裁員的事實，我們再次在更大程度上繼續裁員。根據我們採取的行動，您應該期望這種趨勢會繼續下去。

If we look at our biggest markets, where we're taking FTEs down based on the environment and the parts of the business that aren't seeing the correlated demand, that's going to be the U.S., that's going to be the U.K., it's going to be various other markets in Europe. And as you would expect in this environment of negative revenues, you should expect that in the global functions and the corporate parts of the business, we have hiring freezes going on. We're pulling back in discretionary spend.

如果我們看看我們最大的市場，我們根據環境和業務中沒有看到相關需求的部分來降低 FTE，那將是美國，那將是英國，它將會成為歐洲的其他各種市場。正如您在這種負收入環境中所期望的那樣，您應該期望在全球職能部門和業務的公司部分，我們正在凍結招聘。我們正在縮減可自由支配的支出。

So those are the actions we're taking. And as I mentioned, if the environment continues to decrease further, then you should expect we'll take further actions as well.

所以這些就是我們正在採取的行動。正如我提到的，如果環境繼續進一步惡化，那麼你應該期待我們也會採取進一步的行動。

Our next question comes from Manav Patnaik of Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

This is actually Ronan Kennedy on for Manav. If I may follow up to the insight provided in response to George's question with macro and a potential garden variety recession. Last quarter, you used a very helpful analogy of saying companies were beginning to tap the brakes, others had their foot hovering above the brake pedals. How would you categorize that now? And then also as a follow-up to the assessment of it being garden variety, how do you think the quarters will progress? Will there be continual gradual declines? And do you have any thoughts as to when things could potentially turn around?

這實際上是 Manav 的 Ronan Kennedy。如果我可以跟進針對喬治關於宏觀經濟和潛在的普通品種衰退的問題所提供的見解。上個季度，您使用了一個非常有用的類比，說公司開始踩剎車，其他公司的腳懸停在剎車踏板上方。你現在如何歸類？然後作為對普通品種的評估的後續行動，您認為季度將如何進展？是否會持續逐漸下降？你對事情何時可能好轉有什麼想法嗎？

And then lastly, in this weakened environment, how are industry competitive dynamics? Is it more intensely competitive, pricing pressures, et cetera?

最後，在這種疲軟的環境下，行業競爭動態如何？是不是競爭更激烈、定價壓力等等？

I'm glad you liked the analogy that we used last time, so I think I would say more companies are tapping the brake. New companies are hitting the brakes hard. We don't really see that to the degree that we've seen in other economic slowdown.

很高興你喜歡我們上次使用的類比，所以我想我會說更多的公司正在踩剎車。新公司正在猛踩剎車。我們並沒有真正看到我們在其他經濟放緩中看到的程度。

So -- so you have -- as you can see, outside of the U.S., you have companies that are being more cautious based on their outlook, but there is still demand, there is still good convenience, there's still hiring going on based on the tight labor markets and the demand for higher skill talent. So it's still a conducive environment in terms of opportunities, and that's what we're very focused on, to make sure that we have the firepower.

所以 - 所以你有 - 正如你所看到的，在美國以外，你有公司根據他們的前景更加謹慎，但仍然有需求，仍然有很好的便利，仍然有招聘基於緊張的勞動力市場和對高技能人才的需求。因此，就機會而言，這仍然是一個有利的環境，而這正是我們非常關注的，以確保我們擁有火力。

And as Jack talked about, clearly, we were thinking about our SG&A from a defensive perspective in the areas that don't impact the business where we see the opportunities, but at the same time we're hiring recruiters and we're hiring salespeople, because it's important that we maintain our strength in the market. So I think that's sort of our view.

正如傑克所說，很明顯，我們在不影響我們看到機會的業務的領域從防禦的角度考慮我們的 SG&A，但與此同時，我們正在招聘招聘人員和銷售人員，因為我們在市場上保持實力很重要。所以我認為這是我們的觀點。

And in terms of the progression around the quarter, I'll let Jack talk about that. But I think overall, we're essentially adopting a cautious stance in terms of looking for a slight further softening based on what we've seen at the beginning of the second quarter. Jack, maybe you'd like to provide some more color.

就本季度的進展而言，我會讓傑克談談。但我認為總的來說，我們基本上是在根據我們在第二季度初看到的情況尋求進一步的軟化來採取謹慎的立場。傑克，也許你想提供更多顏色。

Yes. I would just say briefly, that is, Ronan, what we are seeing in our projection. You're seeing a slight decrease in constant currency revenues into the second quarter. And as we look at -- if we go back another quarter, you see us going from that minus 2.5% to 4% on an organic ADR basis. So these movements are relatively modest in terms of the degree of revenue change, and that's how we're -- that's reflecting the environment. So parts of the environment are moving more significantly than others, we're seeing that as we talked about at length on the enterprise side. But other parts are holding up nicely, and we do have the balance of some of our European businesses actually continuing to perform quite nicely, and I put -- definitely put Italy in that camp despite some modest revenue decline in the quarter.

是的。我只想簡單地說一下，也就是羅南，我們在投影中看到的。您會看到第二季度的固定貨幣收入略有下降。正如我們所看到的——如果我們再回溯一個季度，你會看到我們在有機 ADR 的基礎上從負 2.5% 上升到 4%。因此，就收入變化的程度而言，這些變動相對溫和，這就是我們的方式——這反映了環境。因此，環境的某些部分比其他部分變化更顯著，正如我們在企業方面詳細討論的那樣，我們正在看到這一點。但其他部分錶現良好，我們確實有一些歐洲業務的平衡實際上繼續表現得相當好，而且我說 - 儘管本季度收入略有下降，但肯定將意大利放在那個陣營中。

So -- and we would expect -- based on everything we're seeing now, we would expect that trend, that kind of lighter decrease, to continue.

因此——我們預計——根據我們現在看到的一切，我們預計這種趨勢，即那種較輕的下降，將繼續下去。

May I confirm the competitive dynamics within the industry and if any particular insights by brand in kind of a weaker macro environment?

我可以確認行業內的競爭動態，以及品牌在較弱的宏觀環境中是否有任何特別的見解？

Generally, I'd say the competitive dynamics remain competitive but rationale. So we know that demand for talent, that companies are hiring, remains strong and labor markets are tight. So the pricing environment for us is still healthy. We're seeing good pay-bill spreads. And whilst we are seeing some softening in some skill sets, this is still in the context of a tight labor market where there are many open jobs here in the U.S. as well as in Europe and, frankly, globally as well.

一般來說，我會說競爭動態仍然是競爭性的，但也是合理的。因此我們知道，公司正在招聘的人才需求依然強勁，勞動力市場吃緊。所以我們的定價環境仍然健康。我們看到良好的工資單利差。雖然我們看到某些技能組合有所減弱，但這仍然是在勞動力市場緊張的背景下發生的，在美國和歐洲，坦率地說，在全球範圍內都有許多空缺職位。

And we saw this as well in the employer ManpowerGroup Employment Outlook Survey looking into the second quarter. So employers are still intent on hiring talent. And that's why we feel that the environment is still solid, and the competitive environment is always competitive, but rationale at the same time.

我們在調查第二季度的雇主 ManpowerGroup 就業前景調查中也看到了這一點。因此，雇主仍然有意聘請人才。這就是為什麼我們覺得環境仍然是堅實的，競爭環境總是競爭的，但同時也是理性的。

And if I may as a quick follow-up, can you just cover kind of working capital management, capital allocation and even business review, such as the Proservia in this weakened environment and as the cycle -- as we progress through the cycle, how we should think about that?

如果我可以快速跟進，你能不能談談營運資本管理、資本分配甚至業務審查，比如 Proservia 在這個疲軟的環境和周期中——隨著我們在周期中的進展，如何我們應該考慮一下嗎？

I'll let Jack talk about the capital allocation. You mentioned Proservia, on this note, you've seen in our prepared remarks, we're pleased to see that our German business is making progress in a number of our brands, but we are working on solving our Proservia business as well, and that's really where we're focused. We still have some work to do in Germany to perform the way we would like, and in particular, in Proservia. And that's where our focus is right now. But Jack, maybe you'd like to go on to the capital allocation question.

我會讓傑克談談資本配置。你在這張紙條上提到了 Proservia，你在我們準備好的評論中看到了，我們很高興看到我們的德國業務在我們的許多品牌上取得了進展，但我們也在努力解決我們的 Proservia 業務，並且那才是我們真正關注的地方。我們在德國還有一些工作要做，以按照我們希望的方式進行，特別是在 Proservia。這就是我們現在關注的重點。但是傑克，也許你想繼續討論資本分配問題。

Yes. And I'll be brief. I know we have a couple of other callers that are trying to get in before we end the call. So capital allocation is fairly straightforward, Ronan, I'd say. It continues, no change in strategy. You saw us do the share repurchases during the course of the quarter.

是的。我會很簡短。我知道我們還有其他幾個來電者正試圖在我們結束通話之前加入。所以資本配置相當簡單，羅南，我會說。它繼續，策略沒有改變。你看到我們在本季度進行了股票回購。

Remember, we are opportunistic. So you'll see us do higher volumes when we perceive there would be a very good value, and we'll continue along those lines.

記住，我們是機會主義者。所以當我們認為會有很好的價值時，你會看到我們做更多的事情，我們將繼續沿著這些路線前進。

The dividend continues to be our top priority, and a progressive dividend is our strategy. In a decent environment, we would consider this an environment where we would have a progressive dividend.

股息仍然是我們的首要任務，漸進式股息是我們的戰略。在一個體面的環境中，我們會認為這是一個我們將獲得累進紅利的環境。

And then in terms of M&A and so forth, really no change. I think, as we said, we prefer organic growth. But as we've shown in the past, there is room for strategic M&A, particularly in the higher-margin parts of our business. And you saw us do that with the ettain acquisition back at the end of '21.

然後在併購等方面，真的沒有變化。我認為，正如我們所說，我們更喜歡有機增長。但正如我們過去所表明的那樣，存在戰略併購的空間，特別是在我們業務的利潤率較高的部分。你看到我們在 21 世紀末通過收購 ettain 來做到這一點。

So continue to keep our eyes open, and that's really what I'd say on capital allocation.

所以繼續睜大眼睛，這就是我要說的關於資本配置的內容。

Our last question comes from Tobey Sommer of Truist Securities.

我們的最後一個問題來自 Truist Securities 的 Tobey Sommer。

This is Jasper Bibb on for Tobey. Just one question for me because I know we're short on time. So on the tax rate, the first half looks a little bit higher than the prior full year expectation at 29%. I know in some of your markets, the tax rate actually might go higher when your OUP margins are under pressure. So should we be modeling a slightly higher tax rate in the second half of the year than previously expected?

這是托比的 Jasper Bibb。只問我一個問題，因為我知道我們時間不多了。因此，就稅率而言，上半年看起來略高於此前全年預期的 29%。我知道在你們的一些市場中，當你們的 OUP 利潤率面臨壓力時，稅率實際上可能會更高。那麼，我們是否應該在今年下半年模擬比之前預期略高的稅率？

Yes. Thanks, Jasper, for that question. No, I would say the guidance for the second quarter is 30%, which is a tad higher than the full year guidance. And we came in a little bit better in the first quarter than we anticipated.

是的。謝謝，Jasper，提出這個問題。不，我會說第二季度的指導是 30%，比全年指導略高。我們在第一季度的表現比我們預期的要好一些。

I would say, you're exactly right. One of the components of the tax rate is the country mix. And with the volatility we've been seeing, that's added a little bit more volatility to the rate and the forecast for the rate.

我會說，你完全正確。稅率的組成部分之一是國家組合。由於我們一直看到的波動性，這增加了利率和利率預測的波動性。

But with all that being said, we still feel pretty good about the 29% for the full year. So although Q2 is a little bit higher, there's some timing considerations and things like that. I would continue to use 29% for the back half of the year.

但話雖如此，我們仍然對全年 29% 的增長感到滿意。因此，儘管第二季度略高一些，但還是有一些時間上的考慮因素等等。我會在下半年繼續使用 29%。

Okay. That brings us to the end of our first quarter earnings call. Thanks, everyone, for your participation, and we look forward to speaking with you again when we announce our second quarter earnings. Thanks, everyone. Have a good rest of the week.

好的。這使我們結束了第一季度財報電話會議。感謝大家的參與，我們期待在公佈第二季度財報時再次與您交談。感謝大家。好好休息一周。

Thank you. And that concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。