ManpowerGroup Inc (MAN) 2024 Q3 法說會逐字稿

Welcome to ManpowerGroup's third-quarter earnings results conference call. (Operator Instructions)

歡迎參加萬寶盛華集團第三季​​財報電話會議。 （操作員說明）

This call is being recorded. If you care to drop off now, please do so. I would now like to turn the call over to ManpowerGroup's Chairman and CEO, Mr. Jonas Prising. Sir, you may begin.

此通話正在錄音。如果您現在想下車，請這樣做。我現在想將電話轉給萬寶盛華集團董事長兼執行長喬納斯·普里辛先生。先生，您可以開始了。

Welcome, and thank you for joining us for our third-quarter 2024 conference call. Our Chief Financial Officer, Jack McGinnis, is with me today.

歡迎並感謝您參加我們的 2024 年第三季電話會議。我們的財務長傑克麥金尼斯今天和我在一起。

For your convenience, we have included our prepared remarks within the Investor Relations section of our website at manpowergroup.com. I will start by going through some of the highlights of the quarter, and then Jack will go through the third quarter results and guidance for the fourth quarter of 2024. I will then share some concluding thoughts before we start our Q&A session.

為了您的方便，我們已將準備好的評論納入我們網站 manpowergroup.com 的投資者關係部分。我將首先介紹本季的一些亮點，然後 Jack 將介紹第三季的業績和 2024 年第四季的指導。

Jack will now cover the Safe Harbor language.

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。本次電話會議包含前瞻性陳述，包括有關經濟和地緣政治不確定性的陳述，這些陳述受到已知和未知的風險和不確定性的影響。這些陳述是基於管理層目前的期望或信念。實際結果可能與前瞻性陳述中的預測有重大差異。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.

我們的收益發布簡報的投影片 2 進一步確定了本次電話會議中所做的前瞻性陳述以及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公認會計準則措施調節的資訊。

Thanks, Jack. I recently returned from visits with our teams and clients in Europe, including spending two days with country managers from across our key markets. And as market experts, each of them speaks with CEOs and business leaders. So central to our discussions was the broader economic environment and what we're hearing from our clients on the ground.

謝謝，傑克。我最近從歐洲拜訪了我們的團隊和客戶回來，包括與來自我們主要市場的國家經理一起度過了兩天。作為市場專家，他們每個人都與執行長和商業領袖交談。我們討論的核心是更廣泛的經濟環境以及我們從當地客戶那裡聽到的情況。

Right now, we see a continuation of the cautious employer approach we've been talking about for some time, particularly in Europe and North America, while the situation is good in Latin America and Asia Pacific.

目前，我們看到一段時間以來我們一直在談論的謹慎雇主態度仍在繼續，特別是在歐洲和北美，而拉丁美洲和亞太地區的情況良好。

In essence, there hasn't been a significant tone change in the conversations we've been having with employers over the past 12 months. They remain focused on managing the macroeconomic and geopolitical challenges impacting their businesses. Most are optimistic, yet cautious about market conditions improving, and they are largely maintaining their current workforce. Since the timing of any improvement is not certain, they're still hesitant to increase their spend and expand their workforce without a significant step change in economic outlook.

從本質上講，過去 12 個月我們與雇主的對話基調沒有重大變化。他們仍然專注於管理影響其業務的宏觀經濟和地緣政治挑戰。大多數人對市場狀況的改善持樂觀但謹慎的態度，並且他們基本上維持現有的勞動力。由於任何改善的時間都不確定，因此在經濟前景沒有重大變化的情況下，他們仍然對增加支出和擴大勞動力猶豫不決。

Looking at labor markets broadly, we continue to see resilient top line trends, with unemployment holding relatively steady in many places and little indication of widespread layoffs. In our Q3 earnings call last year, we spoke about our industry being at the leading edge, the first to feel the impact going into downturn and the first to benefit from improving outlooks on the other side. While we're not seeing signals of significant improvements, we're also not seeing signs of significantly weaker environment ahead.

縱觀勞動市場，我們繼續看到有彈性的收入趨勢，許多地方的失業率保持相對穩定，幾乎沒有跡象表明存在大規模裁員。在去年第三季的財報電話會議上，我們談到我們的行業處於領先地位，是第一個感受到經濟低迷影響的行業，也是第一個從另一面前景改善中受益的行業。雖然我們沒有看到顯著改善的訊號，但我們也沒有看到未來環境明顯疲軟的跡象。

Our most recent ManpowerGroup Employment Outlook Survey of 38,000 employers, published in September, found employers report cautious, yet steady hiring intentions for us ahead, with many prioritizing retaining and attracting workers with specialized flexible skills and adaptable mindset to adjust to the evolving requirements. We believe this growing demand for specialized and flexible skill sets will serve us well.

我們於9 月發布的最新萬寶盛華集團就業前景調查顯示，對38,000 名雇主進行了調查，發現雇主對我們未來的招聘意向持謹慎而穩定的態度，許多雇主優先考慮留住和吸引具有專業靈活技能和適應性思維的工人，以適應不斷變化的需求。我們相信，對專業和靈活技能組合不斷增長的需求將為我們帶來好處。

Tight new hiring remaining at lower levels in many places. Labor markets remain historically tight as demand and supply mismatches persist. Companies are seeking deeper pools of export talent and new ways to skill and reskill talent as well as increase mobility within their own organization, particularly as advances in AI transform roles and increase the value of soft skills.

許多地方的新招聘仍處於較低水平。由於供需錯配持續存在，勞動市場仍處於歷史緊張狀態。公司正在尋求更深層的輸出人才庫以及培養人才和再培訓人才的新方法，以及提高組織內的流動性，特別是隨著人工智慧的進步改變了角色並增加了軟技能的價值。

Now turning to our results. In the third quarter, revenue was $4.5 billion, down 2% year-over-year in constant currency. Our reported EBITA for the quarter was $79 million. Adjusting for restructuring, EBITA was $117 million, representing an increase of 2% in constant currency year over year. Reported EBITA margin was 1.7% and adjusted EBITA margin was 2.6%.

現在轉向我們的結果。第三季營收為 45 億美元，以固定匯率計算年減 2%。我們報告的本季 EBITA 為 7900 萬美元。調整重組後，EBITA 為 1.17 億美元，以固定匯率計算年增 2%。報告的 EBITA 利潤率為 1.7%，調整後的 EBITA 利潤率為 2.6%。

Earnings per diluted share was $0.47 on a reported basis, while adjusted earnings per diluted share was $1.29. Adjusted earnings per share decreased 8% year over year in constant currency.

報告基礎上攤薄後每股收益為 0.47 美元，調整後每股攤薄收益為 1.29 美元。以固定匯率計算，調整後每股盈餘較去年同期下降 8%。

Regardless of the environment we find ourselves in, we are focused on maximizing the opportunity to deliver services today, while being well positioned to capitalize more broadly when market conditions improve.

無論我們所處的環境如何，我們都專注於最大限度地利用當今提供服務的機會，同時在市場狀況改善時做好更廣泛的資本利用。

The diversity of our geographic and client industry vertical mix from IT to health care and life sciences, industrials, consumer goods and public sector, is serving us well. And our data is enabling us to provide real-time assessments, which are experiencing headwinds and tailwinds by market.

我們的地理和客戶產業垂直組合（從 IT 到醫療保健和生命科學、工業、消費品和公共部門）的多樣性為我們提供了良好的服務。我們的數據使我們能夠提供即時評估，這些評估正在經歷市場的逆風和順風。

We currently see encouraging signs from healtch care and life sciences and select pockets within industrials who are stepping up our sales activity accordingly. We're also seeing improvement in the manpower sales pipeline for both a number of opportunities and the pipeline size has grown throughout 2024. I'll now turn it over to Jack to take you through the results in more detail.

目前，我們看到醫療保健和生命科學領域出現了令人鼓舞的跡象，而工業界的一些特定領域正在相應地加強我們的銷售活動。我們也看到許多機會的人力銷售管道有所改善，並且通路規模在 2024 年有所增長。

Thanks, Jonas. Revenues in the third quarter came in at the midpoint of our constant currency guidance range. Gross profit margin came in at the low end of our guidance range.

謝謝，喬納斯。第三季的營收處於我們固定匯率指引範圍的中點。毛利率處於我們指導範圍的低端。

As adjusted, EBITA was $117 million, representing a 2% increase in constant currency compared to the prior year period. As adjusted, EBITA margin was 2.6% and came in at the high end of our guidance range, representing 10 basis points of improvement year over year.

調整後的 EBITA 為 1.17 億美元，以固定匯率計算，較上年同期成長 2%。調整後，EBITA 利潤率為 2.6%，處於我們指導範圍的高端，比去年同期改善 10 個基點。

During the quarter, year-over-year foreign currency movements had an impact on our results. Foreign currency translation drove a 1% unfavorable impact to the US dollar reported revenue trend, in addition to the constant currency decrease of 2%. Organic days adjusted constant currency revenue also decreased 2% in the quarter, slightly better than our guidance.

本季度，年比外匯變動對我們的業績產生了影響。除了 2% 的匯率持續下降外，外幣換算對以美元計價的收入趨勢產生了 1% 的不利影響。本季調整後的有機天數固定貨幣收入也下降了 2%，略優於我們的指導。

Turning to the EPS bridge. Reported net earnings per share was $0.47. Adjusted EPS was $1.29, and came in very close to the midpoint of our guidance range.

轉向 EPS 橋。報告的每股淨利潤為 0.47 美元。調整後每股收益為 1.29 美元，非常接近我們指引範圍的中點。

Walking from our guidance midpoint of $1.30, our results included a stronger operational performance of $0.04, a lower weighted average share count due to share repurchases in the quarter, which had a positive impact of $0.01, a higher tax rate on country mix, which had a negative impact of $0.04, a foreign currency impact that was $0.02 better guidance, and interest and other expenses had a negative impact of $0.04. Restructuring costs and the discrete tax charge represented $0.82, resulting in the reported EPS of $0.47.

從我們指導的中點1.30 美元開始，我們的業績包括0.04 美元的更強勁的營運業績，由於本季度股票回購而導致的加權平均股票數量減少，這產生了0.01 美元的積極影響，即國家組合的稅率較高，這使得負面影響為 0.04 美元，外幣影響為 0.02 美元，更好的指導，利息和其他費用的負面影響為 0.04 美元。重組成本和離散稅費為 0.82 美元，報告的每股收益為 0.47 美元。

Next, let's review our revenue by business line. Year-over-year, on an organic constant currency basis, the Manpower brand revenue trend was flat in the quarter. The Experis brand declined by 10% and Talent Solutions brand had a revenue increase of 7%. Within Talent Solutions, our RPO business experienced a year-over-year revenue decline, which was a slight improvement from the trend in the second quarter. Our MSP business revenues increased compared to the prior year.

接下來，我們按業務線回顧我們的收入。與去年同期相比，在有機固定匯率基礎上，萬寶盛華品牌營收趨勢在本季持平。 Experis 品牌下降 10%，Talent Solutions 品牌營收成長 7%。在Talent Solutions內部，我們的RPO業務營收年減，但較第二季的趨勢略有改善。我們的 MSP 業務收入與前一年相比有所成長。

Right management experienced year-over-year revenue growth on higher outplacement volumes in the quarter. I'll give more color on the trends from the previous quarter when I cover gross profit trends.

由於本季就業人數增加，正確的管理層收入年增。當我介紹毛利趨勢時，我將更詳細地介紹上一季的趨勢。

Looking at our gross profit margin in detail, our gross margin came in at 17.3% for the quarter. Staffing margin contributed a 10-basis-point reduction in mix shifts and lower volumes, while pricing remained solid.

詳細看我們的毛利率，本季毛利率為 17.3%。人員配置利潤率導致組合轉變和銷售減少 10 個基點，而定價保持穩定。

Permanent recruitment, including Talent Solutions RPO, contributed 20-basis-point GP margin reduction. The permanent hiring activity in the third quarter decreased year-over-year. Right Management career transition within Talent Solutions contributed 10 basis points of improvement as outplacement activity was solid in the third quarter. Other items resulted in a 10-basis-point margin decrease.

包括人才解決方案 RPO 在內的永久招募導致 GP 利潤率下降 20 個基點。第三季的長期招募活動較去年同期下降。由於第三季的再就業活動強勁，人才解決方案內的正確管理職涯轉型貢獻了 10 個基點的改進。其他項目導致利潤率下降 10 個基點。

On to our gross profit by business line. During the quarter, the Manpower brand comprised 60% of gross profit, our Experis Professional business comprised 24% and Talent Solutions comprised 16%. During the quarter, our consolidated gross profit decreased by 4% on an organic constant currency basis year-over-year, representing an improvement from the 6% decline in the second quarter.

按業務線劃分的毛利。本季度，Manpower 品牌佔毛利的 60%，Experis Professional 業務佔 24%，Talent Solutions 佔 16%。本季度，我們的綜合毛利以有機固定匯率計算年減 4%，較第二季 6% 的下降有所改善。

Our Manpower brand reported an organic gross profit decrease of 2% in constant currency year over year, an improvement from the 4% decline in the second quarter. Gross profit in our Experis brand decreased 12% in organic constant currency year over year, a decline from the 7% decrease in the second quarter, reflecting the continuation of a challenging professional staffing environment.

我們的 Manpower 品牌報告稱，以固定匯率計算，有機毛利年減 2%，較第二季 4% 的下降有所改善。以有機固定匯率計算，我們的 Experis 品牌毛利年減 12%，較第二季 7% 的降幅有所下降，反映出專業人才環境仍充滿挑戰。

Gross profit in Talent Solutions increased 9% in organic constant currency year over year, representing an improvement from the second quarter decrease of 11%. All brands within Talent Solutions achieved gross profit growth in the quarter as PO and MSP volumes were slightly higher in the third quarter compared to the previous quarter, and right management volumes also increased sequentially, driven by increased activity in France and the UK.

Talent Solutions 的毛利以有機固定匯率計算年增 9%，較第二季 11% 的下降有所改善。 Talent Solutions 旗下的所有品牌在本季度都實現了毛利成長，因為第三季的PO 和MSP 銷量比上一季略有增加，而且在法國和英國活動增加的推動下，權利管理量也環比增長。

Reported SG&A expense in the quarter was $711 million. Excluding restructuring costs, SG&A as adjusted was down 5% year-over-year on a constant currency basis. The year-over-year SG&A decreases largely consisted of reductions in operational costs of $32 million.

本季報告的 SG&A 費用為 7.11 億美元。不包括重組成本，以固定匯率計算，調整後的銷售及管理費用較去年同期下降 5%。 SG&A 年減主要是營運成本減少了 3,200 萬美元。

During the quarter, corporate expenses were reduced for incentives and certain other health plan trends, and we would expect corporate cost to return to prior quarter run rate trends next quarter. Underlying corporate costs continue to include our back-office transformation spend, and these programs are progressing well with expected medium- and long-term efficiencies.

本季度，由於激勵措施和某些其他健康計畫趨勢，企業支出減少，我們預計下一季企業成本將恢復到上一季的營運率趨勢。基本的企業成本繼續包括我們的後台轉型支出，這些計劃進展順利，達到了預期的中長期效率。

Currency changes also contributed to a $7 million decrease. Adjusted SG&A expenses as a percentage of revenue represented 14.8% in constant currency in the quarter. Restructuring costs in the third quarter totaled $38 million.

貨幣變化也導致了 700 萬美元的減少。以固定匯率計算，本季調整後的 SG&A 費用佔營收的百分比為 14.8%。第三季的重組成本總計 3,800 萬美元。

The Americas segment comprised 23% of consolidated revenue. Revenue in the quarter was $1.1 billion, representing an increase of 2% compared to the prior year period on a constant currency basis. As adjusted, OUP was $41 million and OUP margin was 3.9%. Restructuring charges of $5 million included the largest actions in the US, with modest amounts in Argentina and Canada.

美洲業務佔合併收入的 23%。該季度營收為 11 億美元，以固定匯率計算比去年同期成長 2%。調整後，OUP 為 4,100 萬美元，OUP 利潤率為 3.9%。 500 萬美元的重組費用包括美國最大的重組費用，以及阿根廷和加拿大的少量重組費用。

The US is the largest country in the Americas segment, comprising 66% of segment revenues. Revenue in the US was $697 million during the quarter, representing a 4% days adjusted decrease compared to the prior year. This represents a slight additional decrease from the 2% decline in the second quarter as Manpower and Talent Solutions partially offset the nonrecurrence of Experis Healthcare IT projects.

美國是美洲細分市場中最大的國家，佔該細分市場收入的 66%。該季度美國營收為 6.97 億美元，調整後天數較上年同期下降 4%。這比第二季 2% 的下降略有增加，因為人力和人才解決方案部分抵消了 Experis Healthcare IT 專案的不重複性。

As adjusted, OUP for our US business was $26 million in the quarter. As adjusted, OUP margin was 3.7%. Within the US, the Manpower brand comprised 24% of gross profit during the quarter. Revenue for the Manpower brand in the US

調整後，本季我們美國業務的 OUP 為 2,600 萬美元。調整後，OUP 利潤率為 3.7%。在美國，萬寶盛華品牌佔本季毛利的 24%。 Manpower 品牌在美國的收入

crossed back over to growth, increasing 1% days adjusted during the quarter, which was a step up from the slight decline in the second quarter. The Experis brand in the US comprised 42% of gross profit in the quarter. Within Experis in the US, IT skills comprised approximately 90% of revenues.

回歸成長，本季調整後天數增加 1%，較第二季的小幅下降上升。美國的 Experis 品牌佔本季毛利的 42%。在美國的 Experis 中，IT 技能約佔收入的 90%。

Experis US revenue decreased 11% on a days adjusted basis during the quarter compared to the 3% decline in the second quarter due to the expected nonrecurrence of health care IT go-live projects in the third quarter. Talent Solutions in the US contributed 34% of gross profit and also crossed over to growth during the quarter with a revenue increase of 10%, an improvement from the 2% decline in the second quarter.

由於預計第三季醫療保健 IT 上線專案不會再發生，Experis 美國本季營收按天數調整後下降 11%，而第二季則下降 3%。美國的 Talent Solutions 貢獻了 34% 的毛利，並在本季度實現了成長，營收成長了 10%，較第二季下降 2% 有所改善。

RPO revenue increased in the US, reflecting increased activity in select client programs. The US MSP business executed well during the quarter, posting strong revenue increases, allowed placement activity within our Right Management business leveled off year-over-year. In the fourth quarter of 2024, we expect the rate of revenue to be similar to the third quarter trend for our overall US business.

美國的 RPO 收入增加，反映出特定客戶計畫活動的增加。美國 MSP 業務在本季表現良好，營收強勁成長，使得我們的 Right Management 業務中的安置活動較去年同期趨於平穩。 2024 年第四季度，我們預期美國整體業務的營收率將與第三季的趨勢相似。

Southern Europe revenue comprised 46% of consolidated revenue in the quarter. Revenue in Southern Europe was $2.1 billion, representing a 1% decrease in constant currency. As adjusted, OUP for our Southern Europe business was $81 million in the quarter and OUP margin was 3.9%. Restructuring charges of $5 million represented actions in our France, Spain and regional head office.

南歐收入佔本季合併收入的 46%。南歐的營收為 21 億美元，以固定匯率計算下降 1%。調整後，本季南歐業務的 OUP 為 8,100 萬美元，OUP 利潤率為 3.9%。 500 萬美元的重組費用代表我們法國、西班牙和地區總部的行動。

France revenue comprised 56% of the Southern Europe segment in the quarter and decreased 5% on a days adjusted constant currency basis. As adjusted, OUP for our French business was $44 million in the quarter. Adjusted OUP margin was 3.7%. The Olympics provided a modest boost in activity in the middle of the quarter, and the month of September experienced a slight further decrease in line with activity levels in the second quarter. Activity to date in October is largely consistent with the trends experienced in September, and we are estimating a fourth quarter trend to reflect a slight further decline from the third quarter trend.

本季法國營收佔南歐市場的 56%，以天數調整後的固定匯率計算下降 5%。調整後，本季我們法國業務的 OUP 為 4,400 萬美元。調整後的 OUP 利潤率為 3.7%。奧運會為本季中期的活動帶來了小幅提振，而 9 月則與第二季的活動水平持平，進一步小幅下降。迄今為止，10 月的活動與 9 月的趨勢基本一致，我們預計第四季的趨勢將反映比第三季趨勢進一步小幅下降的情況。

Revenue in Italy equaled $419 million in the third quarter, reflecting a decrease of 1% on days adjusted constant currency basis. OUP equaled $27 million and OUP margin was 65%. We estimate that Italy will have a slightly improved revenue trend in the fourth quarter compared to the third quarter.

第三季義大利營收為 4.19 億美元，以天數調整後的固定匯率計算下降 1%。 OUP 相當於 2,700 萬美元，OUP 利潤率為 65%。我們預計義大利第四季的營收趨勢將較第三季略有改善。

Our Northern Europe segment comprised 19% of the consolidated revenue in the quarter. Revenue of $828 million represented an 11% decline in constant currency. As adjusted, OUP was flat. This was the most challenged part of our business, subject to the lowest economic growth rates with many markets operating a bench model, which creates higher financial and operational pressures than we see in other markets.

我們的北歐業務佔本季合併收入的 19%。以固定匯率計算，營收為 8.28 億美元，下降 11%。調整後，OUP 持平。這是我們業務中最具挑戰性的部分，受經濟成長率最低的影響，許多市場都採用基準模型，這造成了比我們在其他市場看到的更高的財務和營運壓力。

The restructuring charges of $26 million represented $11 million in the Nordics, $9 million in Germany, with modest additional charges in the UK, the Netherlands, Belgium and regional head office. Our largest market in the Northern Europe segment is the UK, which represented 35% of segment revenues in the quarter.

2,600 萬美元的重組費用意味著北歐地區為 1,100 萬美元，德國為 900 萬美元，英國、荷蘭、比利時和地區總部還收取少量額外費用。我們在北歐細分市場的最大市場是英國，佔本季細分市場收入的 35%。

During the quarter, UK revenues decreased 12% on a days adjusted constant currency basis. The UK market continues to be very challenging, and we expect the rate of revenue decline to worsen in the fourth quarter compared to the third quarter based on reduced seasonal holiday and lower public sector demand.

本季度，英國營收以天調整固定匯率計算下降了 12%。英國市場仍然充滿挑戰，由於季節性假期減少和公共部門需求下降，我們預計第四季營收下降速度將比第三季更嚴重。

In Germany, revenues decreased 16% in days adjusted constant currency in the quarter. Germany manufacturing trends have been weak, driving further declines.

在德國，以固定匯率調整天數計算，該季度營收下降了 16%。德國製造業趨勢疲弱，導致進一步下滑。

In the fourth quarter, we are expecting a similar to slightly worse year-over-year revenue decline compared to the third quarter trend. The Nordics continue to experience very difficult market conditions, with revenues decreasing 19% in days adjusted constant currency in the quarter.

與第三季的趨勢相比，我們預計第四季的營收年減幅度會略有下降。北歐地區持續經歷非常困難的市場狀況，本季營收以固定匯率調整天數下降 19%。

Within the Nordics, Sweden is experiencing the largest declines based on a weak manufacturing and auto environment. The Swedish market was also impacted by the introduction of new temporary worker term limits beginning in October of 2024, where many more clients than we expected converted our Manpower temporary staff to their permanent payrolls ahead of this change.

在北歐地區，由於製造業和汽車環境疲軟，瑞典的跌幅最大。瑞典市場也受到從 2024 年 10 月開始實行的新臨時工任期限制的影響，在這項變更之前，比我們預期更多的客戶將我們的萬寶盛華臨時員工轉為正式員工。

We believe temporary worker demand impacts from the shortened term limits to two years will normalize in the quarters ahead as it has in many other European markets that have instituted similar adjustments in the past.

我們認為，期限限制縮短至兩年對臨時工需求的影響將在未來幾季正常化，就像許多其他歐洲市場過去曾實施類似的調整一樣。

The Asia Pacific Middle East segment comprises 12% of our total company revenue. In the quarter, revenues equaled $563 million, representing an increase of 3% in organic constant currency. As adjusted, OUP was $25 million and OUP margin was 4.5%. Restructuring charges of $2 million relate to actions taken in our Australia business. Our largest market in the APME segment is Japan, which represented 52% of segment revenues in the quarter.

亞太和中東部門占我們公司總收入的 12%。本季營收為 5.63 億美元，以有機固定貨幣計算成長了 3%。調整後，OUP 為 2,500 萬美元，OUP 利潤率為 4.5%。 200 萬美元的重組費用與我們在澳洲業務中採取的行動有關。我們在 APME 細分市場中最大的市場是日本，佔本季細分市場收入的 52%。

Revenue in Japan grew 9% on a days adjusted constant currency basis. We remain very pleased with the consistent performance of our Japan business, and we expect continued strong revenue growth in the fourth quarter.

日本的營收以日調整固定匯率計算成長了 9%。我們對日本業務的持續表現感到非常滿意，我們預計第四季度的營收將繼續強勁成長。

As part of our ongoing strategy to optimize our mix of businesses and geo footprint, we have recently agreed to sell our South Korea business, which will operate as a Manpower franchise in the future. We expect this transaction to close at the end of October, which will be reflected in my guidance for the fourth quarter.

作為我們優化業務組合和地理足跡的持續策略的一部分，我們最近同意出售我們的韓國業務，該業務未來將作為萬寶盛華的特許經營權運營。我們預計這筆交易將於 10 月底完成，這將反映在我對第四季的指導中。

I'll now turn to cash flow and balance sheet. In the third quarter, free cash flow represented $67 million and compares to $245 million in the prior year. Onetime restructuring-related payments on the wind down of our Germany Proservia business decreased our free cash flow during 2024.

我現在轉向現金流和資產負債表。第三季自由現金流為 6,700 萬美元，而前一年為 2.45 億美元。我們的德國 Proservia 業務結束時的一次性重組相關付款減少了我們 2024 年的自由現金流。

At quarter end, days sales outstanding decreased by about 2 days to 57 days. During the third quarter, capital expenditures represented $16 million. During the third quarter, we repurchased 415,000 shares of stock for $29 million. As of September 30, we have 3.1 million shares remaining for repurchase under the share program approved in August of 2023.

季度末，應收帳款週轉天數減少約 2 天至 57 天。第三季資本支出為 1600 萬美元。第三季度，我們以 2,900 萬美元回購了 415,000 股股票。截至 9 月 30 日，根據 2023 年 8 月批准的股票計劃，我們仍有 310 萬股可供回購。

Our balance sheet ended the quarter with cash of $411 million and total debt of $1 billion. Net debt equaled $614 million at quarter end. Our debt ratios at quarter end reflect total gross debt to trailing 12 months adjusted EBITA of 2.1 and total debt to total capitalization at 32%. Our debt and credit facility arrangements remain unchanged during the quarter as displayed in the appendix of the presentation.

截至本季末，我們的資產負債表中現金為 4.11 億美元，債務總額為 10 億美元。季末淨債務為 6.14 億美元。我們季末的負債比率反映了總負債與過去 12 個月調整後 EBITA 的比率為 2.1，總負債與總資本的比率為 32%。正如簡報附錄所示，我們的債務和信貸安排在本季保持不變。

Next, I'll review our outlook for the fourth quarter of 2024. Based on trends in the third quarter and October activity to date, our forecast is cautious and anticipates that the fourth quarter will continue to be challenging in North America and Europe.

接下來，我將回顧我們對 2024 年第四季的展望。

Within Europe, Northern Europe continues to experience the most challenging conditions, and we anticipate lower seasonal holiday activity and extended year-end plant closures. As I mentioned, we expect the sale of our South Korea business to close at the end of October, and accordingly, our guidance only reflects one month of South Korea operations. And we have provided organic variances to show like-for-like revenue trends.

在歐洲，北歐繼續面臨最具挑戰性的條件，我們預計季節性假期活動將減少，年底工廠關閉時間將延長。正如我所提到的，我們預計韓國業務的出售將於 10 月底完成，因此，我們的指引僅反映了一個月的韓國業務。我們也提供了有機差異來顯示同類收入趨勢。

With that said, we are forecasting earnings per share for the fourth quarter to be in the range of $0.98 to $1.08. The guidance range also includes an unfavorable foreign currency impact of $0.01 per share and our foreign currency translation rate estimates are disclosed at the bottom of the guidance slide.

儘管如此，我們預計第四季度每股收益將在 0.98 美元至 1.08 美元之間。指導範圍還包括每股 0.01 美元的不利外幣影響，我們的外幣換算率估計值披露在指導幻燈片的底部。

Our constant currency revenue guidance range is between a decrease of 1% and 5% and at the midpoint is a 3% decrease. The impact of the South Korea disposition is about 1% of the decrease, and there is about one more working day in the fourth quarter.

我們的固定貨幣收入指引範圍為減少 1% 至 5%，中間為減少 3%。韓國處置的影響約為1%的減少，第四季大約多了1個工作天。

In summary, our organic days adjusted constant currency revenue decrease represents 4% at the midpoint. This represents a slight decrease compared to the third quarter trend on the same basis. EBITA margin for the fourth quarter is projected to be down 30 basis points at the midpoint compared to the prior year.

總之，我們的自然天數調整後的固定貨幣所得下降幅度中位數為 4%。這與第三季同一基礎上的趨勢相比略有下降。預計第四季 EBITA 利潤率中位數將比去年同期下降 30 個基點。

We estimate the effective tax rate for the fourth quarter will be 37.5%, which reflects the overall mix effect of lower earnings from lower tax geographies in the current environment as well as the impact of valuation allowances in certain markets, which will reverse in the future when those markets rebound.

我們預計第四季度的有效稅率將為37.5%，這反映了當前環境下低稅收地區盈利下降的整體混合效應以及某些市場估值補貼的影響，未來這種情況將會逆轉當這些市場反彈時。

The government of France very recently published the preliminary budget for 2025. Although the preliminary budget currently includes provisions that would increase our corporate tax rate in France temporarily in 2024 and 2025, we will wait to quantify this potential impact, along with other possible provisions until the budget review by all the appropriate stakeholders in the French government is further along.

法國政府最近公佈了 2025 年初步預算。利害關係人的預算審查工作正在進一步推進。

In addition, as usual, our guidance does not incorporate restructuring charges or additional share repurchases, and we estimate our weighted average shares to be 48.1 million. We will carve out the gain loss impact on the sale of our South Korea business separately in our fourth quarter results.

此外，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 4,810 萬股。我們將在第四季業績中單獨計算出售韓國業務的損益影響。

Our guidance also does not include the impact of the noncash hyperinflationary balance sheet-related currency translation adjustment for our Argentina business, and we will also report that separately if it is a meaningful amount.

我們的指導也不包括與非現金惡性通貨膨脹資產負債表相關的貨幣換算調整對我們阿根廷業務的影響，如果該金額有意義，我們也將單獨報告。

I will now turn it back to Jonas.

我現在將其轉回給喬納斯。

Thank you, Jack. We are steadfast in being front of mind with our clients and our talent and teams of experts across our strong and distinct brands, Manpower, Experis and Talent Solutions, building deep relationships, a specialist partners with a data, insight, solutions and seamless execution to earn their loyalty and trust for the long term.

謝謝你，傑克。我們堅定不移地在我們強大而獨特的品牌、Manpower、Experis 和Talent Solutions 中始終站在客戶、人才和專家團隊的前面，建立深厚的關係，成為擁有數據、洞察力、解決方案和無縫執行力的專業夥伴，贏得他們的長期忠誠和信任。

We have expanded visibility with our clients this year, with in-person and virtual touch points showing strong increases. And our data reveals, we are improving our win rates quarter-on-quarter and year-on-year as we continue building client loyalty. We know data analysis becomes insights that drive better outcomes for our clients, associates and candidates. We are convinced the data-centric commercial muscle we are building is positioning us to win in the market.

今年，我們擴大了客戶的知名度，面對面和虛擬接觸點均強勁成長。我們的數據顯示，隨著我們繼續建立客戶忠誠度，我們正在逐季度和逐年提高我們的贏率。我們知道，數據分析可以成為洞察力，為我們的客戶、員工和候選人帶來更好的結果。我們堅信，我們正在建立的以數據為中心的商業力量將使我們能夠贏得市場。

AI-enabled dashboards, sourced from our global data platform, ensure our team's focus on the activities that create the most value for our clients and our prospects. As you've seen in our actions this quarter, while we've taken a surgical approach to analyzing demand signals across our verticals and client segments, we're also being laser-focused on how we manage costs. We strive to optimize profitability, ensure that we have the talent, innovation and digital platforms to capture growth.

支援人工智慧的儀表板源自於我們的全球數據平台，確保我們的團隊專注於為我們的客戶和潛在客戶創造最大價值的活動。正如您在本季度的行動中看到的那樣，雖然我們採取了外科手術方法來分析垂直行業和客戶群的需求訊號，但我們也非常關注如何管理成本。我們努力優化獲利能力，確保我們擁有人才、創新和數位平台來實現成長。

We remain committed to our diversification, digitization, and innovation strategy and to find new ways creating value for our clients and our candidates. Our Manpop brand is our history and our future, and we're intent on strengthening our positioning for candidates as an employer of choice, stands by their side to build skills and offer great opportunities throughout their career journey.

我們仍然致力於多元化、數位化和創新策略，並尋找為我們的客戶和候選人創造價值的新方法。我們的 Manpop 品牌是我們的歷史和未來，我們致力於加強我們作為候選人的首選雇主的定位，支持他們培養技能，並在整個職業生涯中提供絕佳的機會。

That's why one of our priorities is finding new ways to meet our candidates where they are. We're delighted to have recently opened job hubs in several Walmart locations across the US, offering one-stop convenience and breaking down barriers for local job seekers. We're proud to have led the US industry with this model and to continuously improve how we attract top talent and create exceptional opportunities for both job seekers and employers.

這就是為什麼我們的首要任務之一是找到新的方式來與我們的候選人見面。我們很高興最近在美國多個沃爾瑪地點開設了就業中心，為當地求職者提供一站式便利並打破障礙。我們很自豪能夠以這種模式引領美國產業，並不斷改進我們吸引頂尖人才的方式，並為求職者和雇主創造非凡的機會。

We're also delighted to have again been honored with multiple leadership recognitions in Everest Group's 2024 Peak Matrix assessments, including Talent Solutions being named as a global leader in contingent workforce management for the 11th consecutive year. Experis as a leader in IT, contingent talent and strategic solutions in both the US and UK, and Manpower as a leader in UK business and professionals contingent talent and strategic solutions.

我們也很高興在 Everest Group 的 2024 年 Peak Matrix 評估中再次獲得多項領導力認可，其中 Talent Solutions 連續 11 年被評為臨時員工管理領域的全球領導者。 Experis 是美國和英國 IT、臨時人才和策略解決方案的領導者，Manpower 是英國商業和專業人員臨時人才和策略解決方案的領導者。

In closing, we are committed to creating shareholder value by building a sustainable company that takes care of all of our stakeholders, employees, clients, candidates and the communities in which we operate. We're proud of our ongoing commitment to people and planet.

最後，我們致力於建立一家永續發展的公司，照顧我們所有的利害關係人、員工、客戶、候選人和我們經營所在的社區，從而創造股東價值。我們為我們對人類和地球的持續承諾感到自豪。

And at New York Climate Week in September, we released our fourth annual Working to Change the World report, tracking our progress in building a skilled global workforce to leverage innovation and emerging technologies for a better, greener tomorrow.

在 9 月的紐約氣候週上，我們發布了第四份年度《努力改變世界》報告，追蹤我們在建立全球熟練勞動力隊伍以利用創新和新興技術創造更美好、更綠色的明天方面取得的進展。

We cannot underestimate the impact on work or workers of the transformative changes taking place in AI and the global green transition. This report shares the many ways we're guiding both employers and workers through this moment of transformation, building partnerships with clients to address skills gaps and developing in-demand talent pools with our Manpower MyPath and Experis academy training programs. We know this work energizes our people, and we're pleased to have been named a Forbes World's Best Employer, recognizing our commitment to talent development.

我們不能低估人工智慧和全球綠色轉型所發生的變革對工作或工人的影響。本報告分享了我們指導雇主和工人度過這一轉型時刻、與客戶建立合作夥伴關係以解決技能差距以及透過我們的 Manpower MyPath 和 Experis 學院培訓計劃開發需求人才庫的多種方式。我們知道這項工作能夠激發我們的員工的活力，我們很高興被評為《福布斯》全球最佳雇主，認可了我們對人才發展的承諾。

I would like to close by thanking our teams around the world for their considerable efforts to build the future of work and to our clients and candidates for trusting us to be their guide on this journey.

最後，我要感謝我們世界各地的團隊為建立未來工作所做的巨大努力，並感謝我們的客戶和候選人相信我們將成為他們這趟旅程的嚮導。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（操作員說明）Kartik Mehta，Northcoast Research。

Jack, maybe just your -- I know you talked a little about the trends that are happening, at least in September and maybe into October for some of the geographies. I'm just wondering as you looked at the entire quarter, what you saw in the business? And if there was any change even month by month?

傑克，也許只是你的——我知道你談到了一些正在發生的趨勢，至少在 9 月，也許到 10 月，對於某些地區來說是這樣。我只是想知道，當您回顧整個季度時，您在業務中看到了什麼？甚至逐月是否有任何變化？

Thanks for the question, Kartik. Yes, I'd be happy to talk about what we saw during the course of the quarter. I'd say, maybe starting with France, as we talked about in the prepared remarks, France, we did see that boost from the Olympics in the middle of the quarter. So that flattered their results a bit, and we anticipated that.

謝謝你的提問，卡蒂克。是的，我很樂意談論我們在本季所看到的情況。我想說，也許從法國開始，正如我們在準備好的發言中談到的那樣，法國，我們確實在本季度中期看到了奧運會帶來的提振。所以這讓他們的結果有點受寵若驚，我們也預料到了這一點。

As we moved into September, we did see a step down. And we have them here in early October, very similar rates, just saw the last weekly this morning as well. And so basically, as we ended about -- we have them at about minus 6% from a revenue trend. So that's what we've incorporated into the guide for the fourth quarter for France in line with recent activity in both September and October at this stage.

當我們進入九月時，我們確實看到了下降。我們十月初就在這裡，價格非常相似，今天早上也看到了最後一週。基本上，正如我們結束時所說，我們的收入趨勢約為負 6%。這就是我們根據現階段 9 月和 10 月的近期活動將其納入法國第四季指南的內容。

And I'd say, if we go to the US, as I mentioned, US, for the most part, performed, on an overall basis, very well in line with our expectations. And I'd say it was pretty even over the course of the quarter from a mid-single-digit perspective as you saw kind of what we posted there in terms of percentage declines.

我想說，如果我們去美國，正如我所提到的，美國在很大程度上，整體上的表現非常符合我們的預期。我想說，從中等個位數的角度來看，整個季度的情況相當均勻，因為你看到了我們在那裡發布的百分比下降的情況。

And it was really good to see that Manpower and Talent Solutions in the US actually helped offset some of the pressure we continue to see on the professional side. So I'd say that was pretty even on an overall basis over the course of the quarter in the US.

很高興看到美國的人力和人才解決方案實際上幫助抵消了我們在專業方面繼續看到的一些壓力。所以我想說，美國本季的整體情況相當均勻。

And then, in Italy, I'd say, also a similar story. Italy was -- came in slightly better than we anticipated. And if you look at the pace during the course of the quarter, sequential improvement from the previous second quarter into the third quarter. And I'd say that ran most of the quarter.

然後，我想說，在義大利，也有類似的故事。義大利的表現比我們預期的要好一些。如果你看一下本季的進度，你會發現從第二季到第三季的連續改善。我想說這個季度的大部分時間都是這樣。

I'd say August was a little bit better on a days adjusted basis. But all in all, I think Italy coming in at that minus 1% days adjusted, very close to flat year over year. We anticipate Italy will continue that trend into the fourth quarter with slight improvement. So Italy has been one of the more resilient markets in Europe, and that certainly is part of our outlook into Q4.

我想說，天數​​調整後，八月的情況要好一些。但總而言之，我認為義大利調整後的天數為負 1%，非常接近同比持平。我們預計義大利將在第四季繼續這一趨勢，並略有改善。因此，義大利一直是歐洲最具彈性的市場之一，這當然也是我們對第四季前景的一部分。

And maybe lastly, in terms of the bigger countries, just the UK As we said, UK was difficult seeing some of the most pressure among our largest countries. And certainly, we talked about Northern Europe seeing some of the most significant pressure. That was pretty constant over the entire quarter running very close to that quarterly average that we talked about at minus 12% for the entire quarter, pretty constant the entire way, July, August, and September.

也許最後，就較大的國家而言，只有英國，正如我們所說，英國很難看到我們最大的國家中壓力最大的國家。當然，我們談到北歐面臨一些最重大的壓力。整個季度這一數字非常穩定，非常接近我們所說的整個季度負 12% 的季度平均值，整個季度（7 月、8 月和 9 月）都非常穩定。

And as I said, we expect that to step down a bit further based on the fact that we expect December, which is always a sensitive month when we look at the fourth quarter, to be a little softer on the logistics side, transportation as well as public sector demand pulling back a bit more in the fourth quarter. So that's a bit of the puts and takes from the biggest markets.

正如我所說，我們預計這一數字會進一步下降，因為我們預計 12 月（當我們審視第四季度時始終是一個敏感的月份），物流、運輸方面也會有所疲軟由於公共部門需求在第第四季進一步回落。這就是最大市場的一些看跌期權和跌幅。

And just you've done a good job in managing the SG&A cost, and it sounds like you're going to manage it even further. But as the business stands now, what do you think the incremental margins will be going forward compared to where they were, considering some of the efficiency costs and some of the other processes you've been able to put in place?

而且您在管理 SG&A 成本方面做得很好，而且聽起來您將進一步管理它。但就目前的業務狀況而言，考慮到一些效率成本和您已經能夠實施的其他一些流程，您認為與以前相比，未來的增量利潤會是多少？

Thanks, Kartik. I'd say you're right. We -- as we said previously, we've been making adjustments. You saw us make some adjustments pretty significantly at the end of last year in 2023, and that was predicated on what we anticipated to be a softer first half of this year. That certainly played out.

謝謝，卡蒂克。我想說你是對的。正如我們之前所說，我們一直在做出調整。您看到我們在 2023 年去年年底做出了一些相當大的調整，這是基於我們預計今年上半年會更加疲軟的情況。這當然發揮了作用。

And here we are now in the second half of this year with conditions continuing, right? And so we leaned in and we made additional adjustments this quarter. You can see that in the restructuring charges, and that's all to preserve bottom line margin in this current environment, which is continuing.

現在已經是今年下半年，情況仍在繼續，對吧？因此，我們在本季做出了額外的調整。你可以在重組費用中看到這一點，這一切都是為了在當前環境下保持底線利潤率，而且這種情況仍在持續。

So what I would say is that will help us preserve margin in -- as the environment continues in the demand appetite currently. But as we go forward, I think the real good news here is we're making really good progress advancing our transformation agenda. We've talked about that in the prepared remarks.

因此，我想說的是，這將有助於我們維持利潤率，因為目前的需求仍處於需求強勁的環境中。但隨著我們前進，我認為真正的好消息是我們在推動轉型議程方面取得了非常好的進展。我們已經在準備好的發言中討論過這一點。

And we see that on the front office side, with the progress we made with PowerSuite front office, and that's going to help recruiter efficiency. That will come through more meaningfully when we have more operational leverage, and we're doing the same thing on the back-office side, with very good progress in the implementation of our PowerSuite back office. That will drive savings for us as we complete those migrations.

我們在前台方面看到了這一點，隨著我們在 PowerSuite 前台方面取得的進展，這將有助於提高招募人員的效率。當我們擁有更多的營運槓桿時，這將變得更有意義，並且我們在後台方面做同樣的事情，並且在實施 PowerSuite 後台方面取得了非常好的進展。當我們完成這些遷移時，這將為我們節省成本。

So as I've talked about in the past, I would expect that to be in the range of 25 basis points improvement in our EBITA margin as we get through and complete those transformations on the back-office side, and that will come through in efficiencies as we move forward.

因此，正如我過去談到的那樣，隨著我們在後台完成這些轉型，我預計我們的 EBITA 利潤率將提高 25 個基點，這將在 2019 年實現。

When we get operational leverage back in the business when we start to see the markets rebound, then of course, we'll start to get back to more historical EBITA margin ranges and then we'd add those savings to that level on top of that from the transformation.

當我們開始看到市場反彈時，我們的業務又恢復了營運槓桿，那麼當然，我們將開始回到歷史上更高的 EBITA 利潤率範圍，然後我們會將這些節省添加到該水平來自轉變。

Trevor Romeo, William Blair.

特雷弗·羅密歐，威廉·布萊爾。

Hi, good morning. First one I had was just on Manpower Brand versus Experis. Maybe seeing a little bit of a growing divergence in performance between the two. It looked like Manpower was kind of flat in the quarter. Experis was down, I think, 10% globally year-over-year. Just what would you attribute the difference in demand trends between the two? It's just a question of kind of timing of when each one started to decline, and each one is at a different point in the cycle now. Or are there other fundamental factors you'd call out there?

嗨，早安。我的第一個主題是 Manpower Brand 與 Experis。也許會發現兩者之間的表現差異越來越大。看起來萬寶盛華在本季的表現有些持平。我認為全球範圍內的 Experis 年比下降了 10%。您將兩者之間需求趨勢的差異歸因於什麼？這只是每個人何時開始衰退的時間問題，而且每個人現在都處於週期的不同點。或者您還需要指出其他基本因素嗎？

Trevor, great question. So if you think back during the pandemic, there was a big hiring bubble of IT and other professional resources, especially within the tech sector, but I would say, it was pretty broad increases in hiring.

特雷弗，好問題。因此，如果你回想一下大流行期間，你會發現 IT 和其他專業資源存在很大的招募泡沫，尤其是在科技領域，但我想說，招募人數的成長相當廣泛。

And as we are looking at an environment where many organizations are now looking to manage their costs based on the headwinds, economic headwinds and maintain the workforces that they had, clearly, the professional resourcing side is seeing more significant headwinds than we've seen in the Manpower business. And we've been very pleased with how Manpower has held up.

當我們看到這樣一個環境時，許多組織現在希望根據逆風、經濟逆風來管理成本並維持現有的勞動力，顯然，專業資源方面遇到的逆風比我們在過去幾年中看到的更嚴重。人力業務。我們對萬寶盛華的表現非常滿意。

Frankly, the cyclicality of what we're seeing today, we think can be explained by the post-pandemic anomalies that we saw both leading into, during and then afterwards as companies were adjusting their payrolls.

坦白說，我們今天所看到的周期性，我們認為可以用我們在公司調整工資單時看到的大流行後異常現象來解釋。

Having said that though, I think the outlook for professional resourcing and the need, in our case, for IT skills, will continue to be very strong over the medium to long term. Everything that you read about, everything that every organization talks about is to make investments in the digital space. And to do that, they need projects, they need resources with the skills, they need the solutions that we can provide in Experis.

儘管如此，我認為從中長期來看，專業資源的前景以及對 IT 技能的需求將持續強勁。你讀到的一切、每個組織談論的一切都是為了在數位空間投資。為此，他們需要專案、需要具備技能的資源、需要我們可以在 Experis 中提供的解決方案。

So I think our outlook is very good in terms of what we see Experis being able to do for us and how it can perform, but right now, you can see that there is a bit of a gap between how Manpower and Experis is progressing. We think it's temporary. No pun intended.

因此，我認為就 Experis 能夠為我們做的事情以及它的表現而言，我們的前景非常好，但現在，您可以看到 Manpower 和 Experis 的進展之間存在一些差距。我們認為這是暫時的。沒有雙關語的意思。

That was helpful. And then just a quick follow-up on the -- with the South Korea divestiture. I was just curious why you decided to sell that business and transition to the franchise model? And anything you could say about kind of the financial impact or the proceeds received from the sale would be helpful.

這很有幫助。然後是韓國資產剝離的快速跟進。我只是好奇你為什麼決定出售該業務並過渡到特許經營模式？關於財務影響或出售所得收益的任何資訊都會有所幫助。

Well, Trevor asked about the strategic areas around our portfolio. And over the past years, you have seen us look at certain geographies where we feel they could be better served and managed within a franchise model in terms of their ability to drive growth at a faster rate and take market share at a faster rate. They tend to be markets that are more complex, lower-margin markets, maybe with a higher risk profile than we think is suitable for a company of our stature to manage directly as wholly-owned subsidiaries.

特雷弗詢問了我們投資組合的策略領域。在過去的幾年裡，您已經看到我們關注了某些地區，我們認為這些地區可以在特許經營模式中得到更好的服務和管理，因為它們有能力以更快的速度推動增長並以更快的速度佔據市場份額。它們往往是更複雜、利潤率更低的市場，其風險狀況可能比我們認為適合我們這樣規模的公司作為全資子公司直接管理的市場更高。

So we've been pruning our portfolio of geographies and transitioning those operations and those markets into franchise models, which we think will make us more successful from a ManpowerGroup perspective, but also make the franchise holder more successful in terms of being able to unleash their abilities, maybe with lower margins gaining greater share at a faster pace than would be consistent with the targets that we have from a financial and operating margin perspective.

因此，我們一直在修剪我們的地域組合，並將這些業務和市場轉變為特許經營模式，我們認為，從萬寶盛華集團的角度來看，這將使我們更加成功，同時也使特許經營權持有人能夠更成功地釋放他們的潛力。

Yes. And Trevor, in terms of your question on the financial details, we'll disclose that after we close the transaction. As I said, we expect to close it at the end of this month, very beginning of next month, and we'll have more to say on that in the fourth quarter.

是的。 Trevor，關於你關於財務細節的問題，我們將在交易結束後披露。正如我所說，我們預計將在本月底、下個月初關閉它，我們將在第四季度對此進行更多討論。

But I would say for modeling purposes, think of it as running generally about $80 million a quarter. So as you think about the impact from a revenue trend perspective, and as I said, we have one month in the guide for the month of October, that would give you a pretty good idea.

但我想說的是，出於建模目的，可以將其視為一般每季運行 8000 萬美元左右。因此，當您從收入趨勢的角度考慮影響時，正如我所說，我們在 10 月的指南中列出了一個月，這會給您一個很好的想法。

I think the main punchline for the fourth quarter is it doesn't have a significant impact in terms of the loss of those two months on our bottom line EPS. And we'll talk more about that after we close the transaction.

我認為第四季的主要亮點是，這兩個月的損失並沒有對我們的每股盈餘底線產生重大影響。交易結束後我們將進一步討論這一點。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Jonas, at the beginning of your commentary, you cited that conditions aren't really changing that much. And when we take a look, particularly at Northern Europe, it doesn't look like things have changed -- well, they've changed, but they've gotten worse.

喬納斯，在您評論的開頭，您提到情況並沒有真正改變那麼多。當我們觀察時，特別是在北歐，情況看起來並沒有改變——嗯，它們已經改變了，但情況變得更糟了。

I'm wondering how are you thinking about what would be the catalyst to lead to improvement in the overall economic environment, but specifically in Northern Europe? And how long do you think that would take to come about? And if it doesn't come about anytime soon, are there additional steps that we could take to improve the profitability level there?

我想知道您如何看待改善整體經濟環境（尤其是北歐）的催化劑？您認為這需要多長時間才能實現？如果它不會很快實現，我們是否可以採取其他措施來提高那裡的獲利水準？

Thanks, Mark. Yes, as I mentioned in my prepared remarks, Northern Europe is our most challenged region and has been for quite some time. And as you've seen, we've taken significant actions to write the business and adjust what is the most challenging market conditions across the world.

謝謝，馬克。是的，正如我在準備好的發言中提到的那樣，北歐是我們面臨最大挑戰的地區，而且這種情況已經持續相當長一段時間了。正如您所看到的，我們已採取重大行動來製定業務並調整全球最具挑戰性的市場條件。

If you look at the economic growth outlook for Germany, it is the weakest economy in Europe. The Nordics are seeing significant economic headwinds, and mostly everybody in that in that region is seeing the pressures both the macroeconomic pressures really coming to bear. And that is, of course, something that's reflected in the performance of our industry and specifically, for our company as well.

如果你看看德國的經濟成長前景，你會發現它是歐洲最疲軟的經濟體。北歐國家正面臨巨大的經濟逆風，該地區的大多數人都看到了宏觀經濟壓力真正帶來的壓力。當然，這也反映在我們產業的表現中，特別是我們公司的表現。

Having said that, we are confident that, at some point, when the market turns back, these are great places to be and these are important markets for us to operate. They also happen to be markets where we primarily have bench models, and they are harder to manage in a downturn because the associates are part of our permanent payroll. So it takes us some time to make and take the required actions to rightsize the business when the demand drops.

話雖如此，我們相信，在某個時候，當市場回升時，這些都是很棒的地方，也是我們經營的重要市場。它們也恰好是我們主要擁有替補模型的市場，在經濟低迷時期它們更難管理，因為員工是我們永久薪資的一部分。因此，當需求下降時，我們需要一些時間來制定並採取必要的行動來調整業務規模。

So we would never rule any further actions out in terms of what we need to do to adjust to the market conditions, but we also want to make sure that we maintain the strength in what we think are good markets in a more normalized environment.

因此，我們永遠不會排除任何進一步的行動來適應市場狀況，但我們也希望確保在更正常化的環境中保持我們認為良好的市場的實力。

As you saw maybe this morning, Mark, the ECB, once again, for the second time in five weeks, lowered their interest rates down to 3.25% by 25 basis points. So I think that is going to be positive from encouraging businesses to start to invest more.

正如你今天早上看到的那樣，馬克，歐洲央行在五週內第二次將利率下調 25 個基點至 3.25%。因此，我認為鼓勵企業開始加大投資將是正面的。

And I think as you look at, the inflation rate has come down as well. And we continue to monitor this last year. You heard us take action in Germany specifically and wind down our Proservia business, which is an important decision for us, which I think puts us in a very good position as those markets improve.

我認為正如你所看到的，通貨膨脹率也有所下降。我們去年繼續對此進行監測。您聽說我們專門在德國採取了行動，減少了 Proservia 業務，這對我們來說是一個重要的決定，我認為隨著這些市場的改善，這使我們處於非常有利的地位。

Great. I mean aside from the rates coming down, are there any other things that you're -- that you would expect to see in the not-too-distant future that would positively impact growth in Northern Europe?

偉大的。我的意思是，除了利率下降之外，您預計在不久的將來會看到哪些其他事情會對北歐的成長產生積極影響？

I think a lot of it, Mark, depends on the macroeconomic circumstances. Of course, as we talked about in our prepared remarks, we've increased our sales activities, the industry verticals that are positive, where we are seeing increases in our pipeline.

馬克，我認為這很大程度取決於宏觀經濟環境。當然，正如我們在準備好的發言中談到的那樣，我們增加了銷售活動，垂直行業是積極的，我們看到我們的管道增加。

So we're doing everything that you do expect us to do, manage demand and increase the pressure on demand to try and get some good results out of that, being very focused on our cost structure and then keep on investing into the kind of digital transformation that Jack mentioned earlier that we think is going to improve our efficiency and our productivity both from a recruiter and frontline perspective as well as from a back-office perspective.

因此，我們正在做您期望我們做的一切，管理需求並增加需求壓力，試圖從中獲得一些好的結果，非常關注我們的成本結構，然後繼續投資於數位化傑克之前提到的轉型，我們認為無論是從招募人員、第一線角度或從後台角度來看，這都會提高我們的效率和生產力。

So those are the things that we can control that we are working on, and we are very, very determined to make sure that we get Northern Europe back to where it needs to be. This is certainly a pressure point for us as a company, but it is also a pressure point from an industry perspective. We can see the markets being tough for us and for mostly everyone in our industry as well.

因此，這些都是我們可以控制的、我們正在努力的事情，我們非常非常有決心確保我們讓北歐回到它需要的狀態。這對我們公司來說當然是一個壓力點，但從行業角度來說也是一個壓力點。我們可以看到市場對我們以及我們行業的大多數人來說都很艱難。

Yes. We're just certainly seen that. One last question, if I can squeeze one in. And Jack, I know you want to defer until the final rulings come out and all the interested parties comment. But as we take a look at the French tax proposals, how would you suggest investors think about based on the most likely scenarios? And what's been out in the press, how to think about tax rates as we look out?

是的。我們確實看到了這一點。最後一個問題，我是否可以插話。但當我們審視法國的稅務提案時，您建議投資人根據最可能的情況如何考慮？媒體報導了什麼，我們如何看待稅率？

Yes. Thanks, Mark, for the question. So yes, I'm a little hesitant to talk to it because it's still very preliminary, and particularly when you think about where the government is right now. So it's a bit unprecedented. We're used to a preliminary budget that's very far along within parliament that usually is adjusted very lightly as it gets finalized. And we'll see how this one advances through the various factions of parliament in the discussions.

是的。謝謝馬克提出這個問題。所以，是的，我有點猶豫是否要與它交談，因為它仍然非常初步，特別是當你想到政府現在的處境時。所以這有點史無前例。我們已經習慣了議會內部製定的初步預算，通常在最終確定後會進行輕微調整。我們將在議會各派系的討論中看到這個問題如何取得進展。

But specific to your question on the tax rate, I think the way investors should think about it is the way the government has talked about it is a temporary increase on the tax rate is what they're looking at. That's what's proposed.

但具體到你關於稅率的問題，我認為投資人應該考慮的方式是政府談論的方式，他們正在考慮暫時提高稅率。這就是提議的內容。

And it would -- it's being applied to the largest companies. We fall into that bucket, of course, based on the size of our French business, and it would really only be for 2024 and 2025. And it is a measure to help them shore up this deficit that they have today. But it's -- but everything we understand is they're still committed to their long-term tax reform that they put in place, that took their rate down, and this would just be a temporary measure.

它將被應用到最大的公司。當然，根據我們法國業務的規模，我們屬於這個範圍，而且實際上只適用於 2024 年和 2025 年。但我們所了解的是，他們仍然致力於實施長期稅收改革，降低了稅率，而這只是一項臨時措施。

So we'll see how this advances here through the end of the year. And we'll have a lot more to say about that at year-end. And I think the last thing is, again, it's just 2024 and 2025. '24 would be hit a bit harder in terms of the increase the way it's drafted, and '25 would be a lesser increase. And -- we'll have more to say on that at year-end.

因此，我們將在今年年底看到這方面的進展。年底我們將對此有更多的內容要說。我認為最後一件事是，這只是 2024 年和 2025 年。而且——我們將在年底對此進行更多討論。

But again, I'd say the main takeaway is temporary and still committed to making France more competitive for corporates and their longer-term tax reform and getting back to where they were.

但我想說，主要的收穫是暫時的，仍然致力於讓法國對企業和長期稅收改革更具競爭力，並回到原來的狀態。

George Tong, Goldman Sachs.

喬治唐，高盛。

Can you talk about behavioral changes among employers that you're seeing in the temp space this cycle compared to prior cycles. It seems like time staffing trends are lagging perm trends. I'm wondering if hiring managers are bypassing temp hiring this cycle and going straight to perm hiring?

您能否談談與先前週期相比，您在本週期的臨時工空間中看到的雇主行為變化。似乎人員配置趨勢的時間落後於燙髮趨勢。我想知道招聘經理是否會繞過本週期的臨時招聘而直接進行永久招聘？

Looking at this, I would say it's, now for the last 12 months, roughly playing out as we would expect it to play out and as we have seen it play out in the past. With one important difference, and that is that employers have been holding on to their workforce for much longer with economic headwinds than we have seen in the past.

綜觀這一點，我想說，在過去的 12 個月裡，事情的發展大致符合我們的預期，也正如我們過去所看到的。一個重要的區別是，在經濟逆風的情況下，雇主保留勞動力的時間比我們過去看到的要長得多。

And we think this comes from the pandemic experience of the difficulty of finding talent. And we can see that employers are being very surgical in their hiring at this stage. But I don't really see any difference in behavior or preferring permanent hiring over temporary hiring. In fact, our temporary staffing business is doing much better than our permanent recruitment is, both within the brands of Experis and Manpower as well as in Talent Solutions RPO.

我們認為這來自於疫情期間人才難找的經驗。我們可以看到，現階段雇主在招募方面非常謹慎。但我確實沒有看到行為上有任何差異，或者更喜歡永久僱用而不是臨時僱用。事實上，無論是在 Experis 和 Manpower 品牌內，還是在 Talent Solutions RPO 中，我們的臨時招募業務都比我們的長期招募業務做得更好。

So I wouldn't read any different -- I don't see any difference in employer behavior, with the exception of they are holding on to their workforces, they are not ready to invest in new workforce from a temporary or contingent perspective to the degree that we saw of course, in better economic times. But we fully expect them to revert back to tapping into those resources as the economic conditions improve in their respective industries as we would expect outcome recruitment also to come back and be as strong as we've seen in the past.

因此，我不會讀到任何不同的內容 - 我沒有看到雇主行為有任何差異，除了他們保留了自己的勞動力之外，他們還沒有準備好從臨時或偶然的角度投資於新勞動力當然，在經濟較好的時期，我們看到了這樣的程度。但我們完全預計，隨著各自行業的經濟狀況改善，他們將重新利用這些資源，因為我們預計招聘結果也會回來，並像我們過去看到的那樣強勁。

Because certainly, our ability as a business and within our brands of Manpower, Experis, and Talent Solutions to satisfy permanent recruitment needs and really become much, much stronger, and it's a very important part of our business. And we'd expect that to come back in the same way once conditions improve as well.

因為當然，我們作為一家企業以及我們的 Manpower、Experis 和 Talent Solutions 品牌滿足永久招募需求的能力確實變得非常非常強大，這是我們業務的非常重要的一部分。我們預計，一旦情況好轉，這種情況也會以同樣的方式恢復。

Got it. That's helpful. And you talked earlier about taking additional cost actions based on the extended duration of the current operating environment. Can you elaborate a little bit more on where these cost actions are concentrated?

知道了。這很有幫助。您之前談到根據當前操作環境的延長持續時間採取額外的成本行動。能否詳細說明這些成本行動集中在哪裡？

George, I'd be happy to do that. I think in line with the discussion we just had on Northern Europe, the biggest part of it is in Northern Europe. So of the total restructuring that we took of the $37.6 million, Germany was about $9 million, Sweden was about $7 million, Norway was just about $4 million. We did have a bit in France as well, much more modest. And in the US, we also had about $3.5 million as well.

喬治，我很樂意這麼做。我想，按照我們剛才討論北歐的情況，最大的一部分是在北歐。因此，在我們花費的 3,760 萬美元的重組總額中，德國約為 900 萬美元，瑞典約 700 萬美元，挪威約 400 萬美元。我們在法國也有過一些活動，但要溫和得多。在美國，我們也有大約 350 萬美元。

So I'd say those were some of the bigger moving pieces. But think about it the way we talked about it. I think the most pressure right now is in some of the bench countries that kind of follows where we've taken some of the restructuring but also where we haven't seen demand pick up the way we were originally anticipating earlier in the year. So we've done some rightsizing to adjust that.

所以我想說這些是一些更大的移動部分。但想想我們談論它的方式。我認為目前最大的壓力是在一些替補國家，我們已經進行了一些重組，但我們還沒有看到需求像今年早些時候最初預期的那樣回升。因此，我們進行了一些規模調整來調整這一點。

We've been very focused on more of the overhead, the back office, the functions, the regional head offices. And as you heard Jonas say, trying to preserve sales strength. So we've been very careful in surgical, as you've heard based on our prepared comments.

我們一直非常關注管理費用、後台、職能、區域總部。正如喬納斯所說，努力保持銷售實力。因此，正如您根據我們準備好的評論所聽到的那樣，我們在手術方面非常謹慎。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Hi, good morning. This is Princy on for Manav. I just wanted to ask around your prepared remarks where you were saying that you're seeing improvements in the Manpower sales pipeline, where -- I wanted to just see if you could expand on that? Or is that with mainly new clients? Any color that you can provide would be great.

嗨，早安。這是馬納夫的普林西。我只是想問您準備好的發言，您說您看到了人力銷售管道的改進，我想看看您是否可以對此進行擴展？還是主要針對新客戶？你能提供的任何顏色都會很棒。

Yes, we see some very nice improvements in our pipeline, both for our existing customer base, but primarily on our new business and new client base.

是的，我們在管道中看到了一些非常好的改進，不僅針對我們現有的客戶群，而且主要針對我們的新業務和新客戶群。

And this is the result of our increased focus over the last 12 months to really make sure that we are increasing our demand-generating activities that are being very focused on the industry verticals, that we think can be fruitful and that we're leveraging the technologies that we've implemented so that we spend our time on the opportunities that we think can yield better results and faster growth for us going forward. And that's why we're pleased to see that the pipeline is increasing.

這是我們在過去 12 個月中更加關注的結果，以真正確保我們正在增加我們的需求生成活動，這些活動非常關注垂直行業，我們認為這些活動可以取得成果，並且我們正在利用我們已經實施的技術，以便我們將時間花在我們認為可以為我們未來帶來更好結果和更快增長的機會上。這就是為什麼我們很高興看到管道正在增加。

In an environment like this, having an increasing pipeline means the conversion rates and the monetization rate, the timing of that is extended because whilst we're winning more deals, the size of the deals tends to be smaller and the speed to monetization tends to be slower.

在這樣的環境中，通路的增加意味著轉換率和貨幣化率的提高，其時間會延長，因為雖然我們贏得了更多交易，但交易規模往往較小，貨幣化速度也趨於緩慢。一點。

But regardless of that, having won these deals is going to be beneficial for us in the short term, but certainly also in the medium to long term when the market conditions improve and those deals start to come to their full monetization potential and generate greater amounts of revenue growth for Manpower and as well as full Experis and Talent Solutions.

但無論如何，贏得這些交易在短期內將對我們有利，但從中長期來看，當市場狀況改善並且這些交易開始充分發揮其貨幣化潛力並產生更大金額時，這肯定也是有利的Manpower 以及完整的Experis 和人才解決方案的收入成長。

Great. And can you speak a little bit to what you're seeing in terms of competitive dynamics?

偉大的。您能談談您所看到的競爭動態嗎？

Our industry has always been a competitive industry. But as we mentioned in our prepared remarks, pricing is also competitive, but rational.

我們的行業一直是一個競爭激烈的行業。但正如我們在準備好的發言中所提到的，定價也具有競爭力，但很合理。

So the pricing levels, as you can see from our gross profit margins, are stable. The changes that we saw quarter-over-quarter are primarily driven by business mix and geo mix changes, not by pricing pressure.

因此，正如您從我們的毛利率中看到的那樣，定價水平是穩定的。我們看到的季度環比變化主要是由業務組合和地理組合變化驅動的，而不是由定價壓力驅動的。

The demand for skilled talent is still strong, and our customers know that it's difficult to find people with the right skills. And I think that is -- we're seeing reflected in the dynamics of our industry. But it's always going to be a competitive industry. But at this stage, we're seeing the pricing being solid and behavior rational.

對熟練人才的需求仍然強勁，我們的客戶知道很難找到擁有合適技能的人才。我認為這反映在我們行業的動態中。但這始終是一個競爭激烈的行業。但在現階段，我們看到定價是穩固的並且行為是理性的。

Josh Chan, UBS.

喬許陳，瑞銀。

I wanted to ask about the conversations you're having with your customers. I think for a while now, we've heard that customers are being cautious because of high interest rates and global elections. But as you mentioned, the ECB has started to cut rates. The Fed has started to cut rates. Elections are progressing, I guess, globally.

我想問一下您與客戶的對話。我想一段時間以來，我們聽說客戶由於高利率和全球選舉而變得謹慎。但正如您所提到的，歐洲央行已經開始降息。聯準會已經開始降息。我想，全球範圍內的選舉正在取得進展。

So as all of these play out, how do you see demand being catalyzed in the upcoming quarters? Do you expect some resolution? Or do you expect kind of this continued sluggishness to persist even though some of these events are kind of transpiring?

那麼，隨著所有這些的展開，您認為未來幾季的需求將如何被催化？您期待一些解決方案嗎？或者您是否預計這種持續的低迷狀態會持續下去，儘管其中一些事件已經發生？

Well, as you heard from our outlook, we certainly think that this kind of environment that, frankly, we have seen now almost for the full year, will continue into Q4. So when we're together again at year-end, we'll see if any of those items that you mentioned have started to move the needle.

好吧，正如您從我們的展望中聽到的那樣，坦率地說，我們當然認為這種環境將持續到第四季度。因此，當我們在年底再次聚在一起時，我們將看看您提到的這些項目是否已開始發揮作用。

Ultimately, we do believe that those are exactly the kind of elements that will start to move the needle, give employers greater confidence that the worst is over, start looking ahead, starting to activate the projects and the developments that they've been planning for.

最終，我們確實相信，這些正是將開始發揮作用的因素，讓雇主更有信心最壞的情況已經過去，開始展望未來，開始啟動他們一直在計劃的專案和開發。

The environment still maybe being a little bit uncertain means they will turn to contingent and flexible workforce first, accelerate the digital investments that they've done, which should show us some good improvement in demand for Experis resources.

環境可能仍然有點不確定，這意味著他們將首先轉向臨時和靈活的勞動力，加速他們所做的數位投資，這應該向我們表明對 Experis 資源的需求有一些良好的改善。

So we think the actions that are being taken and where we are is clearly going to be improving. The question is when. And what we're saying is that we didn't see anything materially change in the third quarter. We don't expect to see anything materially changed into the fourth quarter. And then when we get together again at the end of -- when we talk about our year-end results, we'll update that view and see if anything has changed then.

因此，我們認為正在採取的行動以及我們所處的位置顯然將會得到改善。問題是什麼時候。我們想說的是，我們在第三季沒有看到任何實質變化。我們預計第四季不會有任何重大變化。然後，當我們年底再次聚在一起時，當我們談論年終結果時，我們將更新該視圖，看看是否有任何變化。

But the kinds of actions that we're seeing on lower inflation, actions by central banks to lower interest rates, to stimulate demand, I think, are exactly the kind of -- and getting past elections in many of the countries, solidify budgets and things like that to provide for greater certainty and create a more dynamic business environment.

但我認為，我們看到的降低通膨的行動，央行降低利率、刺激需求的行動，正是這樣的——許多國家都通過了選舉，鞏固了預算，諸如此類的事情可以提供更大的確定性並創造更有活力的商業環境。

That certainly makes sense. I guess, as you think about your margin progression going from Q3 to Q4, I think typically, Q3 and Q4 margins are relatively slower, but according to your guidance, there is a bigger step down this Q4 than what seems to be normal. Could you talk about what's driving that sequential margin decline.

這當然有道理。我想，當您考慮從第三季到第四季的利潤率進展時，我認為通常情況下，第三季和第四季的利潤率相對較慢，但根據您的指導，第四季度的下降幅度比正常情況更大。能否談談是什麼導致利潤率持續下降？

Josh, yes, this is Jack. I'd be happy to talk to that. I think the main takeaway on that is in our -- sequentially in our Q3 results in the SG&A, I did talk about the fact that we were -- we had some favorability in corporate costs that I carved out, and I talked about that with incentives and some of the health care plan-related charges being more favorable this quarter. And we expect that Q4 will kind of return to the run rate we saw in previous quarters for corporate. So that's part of it sequentially.

喬什，是的，這是傑克。我很樂意談論這一點。我認為主要的收穫是在我們的第三季度銷售管理費用結果中，我確實談到了這樣一個事實：我們對我制定的企業成本有一些優惠，我與本季度的激勵措施和一些與醫療保健計劃相關的費用更優惠。我們預計第四季度的企業運作率將恢復到前幾季的水準。這就是它的一部分。

And that's part of the reason we're slightly better on EBITA than the midpoint of our guide in Q3. But I'd say the other part is really kind of what I was referring to in terms of December being a sensitive month for the fourth quarter.

這就是我們的 EBITA 略好於第三季指南中位數的部分原因。但我想說的是，另一部分確實是我所說的，12 月是第四季的敏感月份。

And so December -- if December is really strong with holiday-related activity and volumes, and we don't see plant closures -- extended plant closures like you typically see in a softer environment, then it could be a stronger environment, but we're not anticipating that at the moment.

因此，12 月——如果12 月與假期相關的活動和銷量確實強勁，並且我們沒有看到工廠關閉——像通常在疲軟環境中看到的那樣延長工廠關閉時間，那麼這可能是一個更強勁的環境，但我們目前還沒有預料到這一點。

So I think we're anticipating a kind of a continuation of some of the caution we've seen out there. That means when you get to December, some IT projects will probably be paused around the holidays for an extra week or so than they normally would, and plants may decide to close for an extra week or so.

因此，我認為我們預計我們所看到的一些謹慎態度將會繼續下去。這意味著，到了 12 月，一些 IT 專案可能會在假期期間比平常多暫停一周左右，工廠也可能決定額外關閉一周左右。

So that's really the main item that we're looking at. We don't see it as a permanent step change by any means, but we do anticipate December will likely be a bit softer. So that's why this year, sequentially, you're not seeing us able to hold the same level of margin. But like I said, I think it's a bit unique based on the way we're just seeing December at this stage.

這確實是我們正在研究的主要項目。無論如何，我們並不認為這是一個永久性的改變，但我們確實預計 12 月的情況可能會更加疲軟。因此，這就是為什麼今年我們無法連續維持相同水準的利潤率。但正如我所說，根據我們現階段 12 月的情況，我認為這有點獨特。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Hey. Good morning. This is Ryan on for Jeff. Just looking at the Talent Solutions business, it looks like it had a pretty notable change from 2Q, just on a year-over-year basis. I know you called out the right management in MSP driving some of the strength. But I was wondering if you could give any more color on some of the diverging trends between Talent Solutions and the other business lines.

嘿。早安.這是瑞恩替傑夫發言。僅看人才解決方案業務，與第二季度相比，與去年同期相比，它似乎發生了相當顯著的變化。我知道您在 MSP 中召集了正確的管理層來推動一些力量。但我想知道您是否可以對人才解決方案和其他業務線之間的一些不同趨勢進行更多描述。

Thanks for the question, Ryan. Yes, I think -- real very quickly on that, I think what we are seeing is some improving trends. It was really great to see all three offerings have GP growth in the quarter. So that's good. That's a nice step in the right direction.

謝謝你的提問，瑞安。是的，我認為 - 很快，我認為我們看到的是一些改善的趨勢。很高興看到這三款產品在本季的 GP 均能成長。所以這樣很好。這是朝著正確方向邁出的良好一步。

RPO, as we said on an overall basis, is seeing an improve trend sequentially from the last quarter. And as we talked about RPO in the US actually grew. And we are seeing in select programs some good activity. So it's not broad-based yet, but it's a start. So it's somewhat encouraging, but we'll wait and see whether that continues to be a nice trend going into the fourth quarter and whether we see that spread into other programs.

正如我們所說，總體而言，RPO 較上季度呈連續改善趨勢。正如我們所討論的，美國的 RPO 實際上有所增長。我們在選定的計劃中看到了一些很好的活動。所以它還沒有廣泛基礎，但它是一個開始。所以這有點令人鼓舞，但我們將拭目以待，看看這是否會繼續成為第四季度的良好趨勢，以及我們是否會看到這種趨勢蔓延到其他計劃中。

MSP has been very, very strong for us, so really nice growth in the quarter. That business has been executing very well, and we've seen that actually continue to grow at higher rates as we progress through the year. And like we said, right was very strong in France and the UK, and that was really the big driver there. So I'd say that's kind of the wrap-up on Talent Solutions. It's a good step, in the right direction, and we'll continue to monitor that as we go forward.

MSP 對我們來說非常非常強勁，所以本季的成長非常好。該業務一直執行得非常好，而且我們已經看到，隨著我們今年的進展，它實際上繼續以更高的速度成長。正如我們所說，右派在法國和英國非常強大，這確實是那裡的主要推動力。我想說這就是人才解決方案的總結。這是朝著正確方向邁出的良好一步，我們將在前進過程中繼續監控這一點。

Understood. And then can you talk a little bit more about the Walmart job hub? Just what the business rationale there? And what you expect from that partnership?

明白了。那麼您能多談談沃爾瑪就業中心嗎？那裡的商業理由是什麼？您對這種合作關係有何期望？

Sure, Ryan. No, we're excited about that. It's a very nice innovation. As we think about a market that is more candidate-restrained and as part of our innovation initiatives, we want to meet candidates in new ways and in different places.

當然，瑞安。不，我們對此感到興奮。這是一個非常好的創新。當我們考慮一個對候選人更嚴格的市場時，作為我們創新計劃的一部分，我們希望以新的方式在不同的地方與候選人見面。

Of course, a lot of those encounters are going to be enabled by digital platforms, but they're also going to be in new physical spaces. And that's why we think this partnership with Walmart for us in the US is a very, very exciting opportunity.

當然，許多這樣的相遇將由數位平台實現，但它們也將發生在新的實體空間中。這就是為什麼我們認為與沃爾瑪在美國的合作對我們來說是一個非常非常令人興奮的機會。

We'll see how it evolves over time, but it's kind of initiatives that we're taking as part of how we're navigating this environment, making sure that we invest in sales and create demand, making sure that we manage our costs appropriately, but still maintaining the strength and the investments into products and innovations that excite customers as well as excite our candidates and makes it easier for them to access meaningful and sustainable employment aligned with our purpose.

我們將看到它如何隨著時間的推移而演變，但這是我們正在採取的舉措，作為我們如何應對這種環境的一部分，確保我們投資於銷售並創造需求，確保我們適當地管理我們的成本，但仍保持對產品和創新的實力和投資，這些產品和創新能夠激發客戶以及我們的候選人，並使他們更容易獲得符合我們目標的有意義和可持續的就業機會。

And therefore, we're monitor and see how this progresses and continue to drive this kind of innovation in the US as well as in many other markets across the world.

因此，我們正在監控並了解這一進展，並繼續推動美國以及世界各地許多其他市場的此類創新。

Tobey Sommer, Truist.

托比·索默，真理主義者。

Thank you. I wanted to ask you what kind of growth the industry and the company could achieve if we get to some sort of recovery in recruiting? Because this is a different scenario. In prior recoveries, there's generally been a recession or GDP that hasn't grown or other sort of more obvious telltale signs that aren't idiosyncratic to the industry.

謝謝。我想問你，如果我們在招募方面得到某種程度的復甦，產業和公司能夠實現什麼樣的成長？因為這是一個不同的場景。在先前的復甦中，通常會出現經濟衰退或國內生產總值沒有成長，或其他更明顯的跡象，但這些跡象對於該行業來說並不是特有的。

And following those periods, yourselves, Manpower and the industry have grown double digits at the top line. How do you envision this perhaps being different, given that your customers are retaining permanent talent and might have more capacity headed into a rebound than is typical?

在這些時期之後，你們自己、萬寶盛華和整個產業的收入都實現了兩位數的成長。考慮到您的客戶正在保留永久性人才，並且可能擁有比典型情況更多的產能來實現反彈，您認為這可能會有何不同？

Well, Tobey, I don't think, from our perspective, it's a question of if. It's a question of when the recovery starts to happen. And as far as the shape of the recovery is concerned, that's actually quite hard to predict.

好吧，托比，我認為，從我們的角度來看，這不是一個「是否」的問題。問題是何時開始復甦。就復甦的形式而言，實際上很難預測。

Now when you think back about where we are in the world, Latin America and Asia Pacific continued to perform very well. The economic headwinds in terms of low economic growth, 0 growth in the Eurozone clearly indicates that this is an economic cycle where our industry is really feeling the effects in this economic cycle likely felt the effects in past economic cycles.

現在，當你回想一下我們在世界上所處的位置時，拉丁美洲和亞太地區的表現仍然非常出色。歐元區經濟低成長、零成長等經濟逆風清楚地表明，這是一個我們的產業真正感受到本次經濟週期影響的經濟週期，很可能也感受到了過去經濟週期的影響。

So then we come to the US, and we look at the US And I think the anomaly is that you might be referring to are very visible here. We have good economic growth, yet our industry has really been operating as if it was a recession for the better part of two years.

那我們來到美國，我們看看美國，我認為你可能提到的異常現像在這裡非常明顯。我們的經濟成長良好，但兩年來的大部分時間裡，我們的產業一直在像衰退一樣運作。

The way we think about it at least is that the first year of those two years were driven by pandemic anomalies where companies starting to feel headwinds, they're adjusting, they're monitoring their cost very carefully, and the brand of that need for cost cuts came as it relates to workforce came into our industry.

我們至少認為，這兩年的第一年是由大流行異常推動的，公司開始感受到逆風，他們正在調整，他們正在非常仔細地監控他們的成本，以及這種需求的品牌成本削減與勞動力進入我們行業有關。

But what we're seeing over the last 12 months is really a cooling economy, a cooling labor market and our industry really the dynamics of the industry playing out the way we've seen it play out in the past. If you look at the penetration rate of our industry here in the US, it really shows us that we have some really good growth opportunities as we look ahead.

但在過去 12 個月裡，我們看到的確實是經濟降溫、勞動市場降溫，而我們的產業確實是產業的動態，正如我們過去所看到的。如果你看看我們產業在美國的滲透率，你會發現，展望未來，我們確實擁有一些非常好的成長機會。

The question is going to be, what kind of economic confidence are we going to be seeing in the manufacturing sector in the US? The PMI has been below 50 for 23 months out of 24, with a brief blip at the beginning of this year and then below 50 again.

問題是，我們將在美國製造業中看到什麼樣的經濟信心？在 24 個月中，PMI 有 23 個月低於 50，今年年初短暫停留，然後再次低於 50。

So that -- seeing that turnaround from a manufacturing perspective is going to be important. And then I also think it's very important to look at the employment and labor market and realize that most of the growth that we've seen in employment and the strength of the labor market in the US, in particular, is driven by versions of public sector hiring, be it in healthcare -- healthcare being more private here in the US, but the same is true also for Europe.

因此，從製造業的角度來看這種轉變非常重要。然後，我還認為，關注就業和勞動力市場並認識到，我們所看到的就業增長和美國勞動力市場的實力，特別是由公共政策版本推動的，這一點非常重要。保健領域－醫療保健在美國較為私密，但歐洲也是如此。

Private sector hiring is lagging public sector hiring. So government spending and driven employment is a big factor. Healthcare is a big factor.

私部門的招募落後於公部門的招募。因此，政府支出和帶動就業是一個重要因素。醫療保健是一個重要因素。

And then hospitality, leisure, restaurant spend, that's where the growth has been from the workforce. But if you look at manufacturing employment and you look at many other industry verticals in the US, that traditionally are the sectors that are driving growth in demand for our industry.

然後是旅館、休閒、餐飲消費，這就是勞動力成長的領域。但如果你看看製造業就業情況以及美國許多其他垂直的產業，就會發現這些產業傳統上是推動我們產業需求成長的產業。

And as far as we're concerned, growth in demand for services in Manpower and Experis and Talent Solutions, those have been weak for quite some time, and we would expect them to rebound. But as to the shape and the timing of that curve, that's very difficult to predict.

就我們而言，人力、經驗和人才解決方案服務的需求成長在相當長一段時間內一直疲軟，我們預計它們將會反彈。但至於該曲線的形狀和時間，很難預測。

Within the Experis business in the US, could you speak to the -- some -- offer some more color on the IT and tech exposure in differences you may be seeing between convenience and your larger customers and to the extent you have exposure and managed services and more sort of project consulting-related work?

在美國的 Experis 業務中，您能否與一些人談談您在便利性和大客戶之間可能看到的 IT 和技術暴露的差異以及您的暴露和託管服務的程度？相關的工作？

Sure. No, we have a very strong presence in IT resourcing as well as in solutions. And most of our customers are big enterprise users of those services, and we continue to see pretty strong headwinds and low demand for larger enterprise clients.

當然。不，我們在 IT 資源和解決方案方面擁有非常強大的影響力。我們的大多數客戶都是這些服務的大型企業用戶，我們繼續看到較大的阻力和對大型企業客戶的低需求。

They're pausing projects. They are reallocating resources from traditional IT projects into AI spend, cyber spend, that's where the demand is still strong. But on a volume and on a scale basis, those are relatively small opportunities for Experis in terms of what moves the needle on the larger projects.

他們正在暫停項目。他們正在將資源從傳統 IT 專案重新分配到人工智慧支出、網路支出，這些領域的需求仍然強勁。但從數量和規模來看，對於 Experis 來說，就大型專案的推動而言，這些機會相對較小。

So we are very strong on the solutions side. As we mentioned in our prepared notes, we can see a better performance from the convenience side of the business on Experis, but you are seeing headwinds there as well. Companies are a little bit more smaller companies a little bit more cautious in terms of starting the projects.

所以我們在解決方案方面非常強大。正如我們在準備好的筆記中提到的，我們可以從 Experis 業務的便利性方面看到更好的表現，但您也看到了那裡的阻力。公司規模較小，在啟動專案方面更加謹慎。

But as you step back from all of that and you think about what's happening with all corporations, large and small, the investments that they are thinking about doing and are executing today, in terms of their plans for digital transformation means that in terms of demand outlook, the timing being uncertain, but in terms of it coming back, and coming back strong, we feel really good about that, and our business is very well positioned to take advantage of the market coming back when it does.

但當你從這一切中退一步，思考所有大大小小的公司正在發生的事情時，他們今天正在考慮進行和正在執行的投資，就他們的數位轉型計劃而言，意味著就需求而言展望未來，時機尚不確定，但就其回歸和強勢回歸而言，我們對此感覺非常好，而且我們的業務處於非常有利的位置，可以在市場回歸時利用它。

Thanks, everyone, for participating in the Q3 earnings call, and we look forward to speaking with you again when we discuss our year-end results in a few months. Thanks, everyone. Have a great rest of the week.

感謝大家參加第三季財報電話會議，我們期待在幾個月後討論年終業績時再次與您交談。謝謝大家。本週好好休息。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。