ManpowerGroup Inc (MAN) 2025 Q2 法說會逐字稿

Welcome to ManpowerGroup second-quarter earnings results conference call. (Operator Instructions). I would now like to turn the call over to ManpowerGroup's Chair and CEO, Mr. Jonas Prising. Sir, you may begin.

歡迎參加萬寶盛華集團第二季獲利業績電話會議。（操作員指令）。現在，我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 second-quarter 2025 conference call. 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.

歡迎，感謝您參加我們的 2025 年第二季電話會議。我們的財務長傑克麥金尼斯今天和我在一起。為了您的方便，我們在網站 manpowergroup.com 的投資者關係部分包含了我們準備好的評論。

I will start by going through some of the highlights of the quarter. Then Jack will go through the second-quarter results and guidance for the third quarter of 2025. I will then share some concluding thoughts before we start our Q&A session.

我將首先介紹本季的一些亮點。然後傑克將介紹第二季的業績以及 2025 年第三季的指引。在我們開始問答環節之前，我將分享一些總結性的想法。

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.

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，這些陳述受已知和未知風險和不確定性的影響。

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.

這些聲明是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第二張投影片進一步指出了本次電話會議中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指標調節的資訊。

When we last reported our Q1 results in April, we spoke at a time of heightened uncertainty, particularly surrounding trade negotiations and their potential impact on the global economy. At that point, many organizations were choosing to pause or slow hiring plans as they waited for greater clarity.

當我們上次在四月報告第一季業績時，我們正處於不確定性加劇的時期，尤其是圍繞貿易談判及其對全球經濟的潛在影響。當時，許多組織選擇暫停或放慢招聘計劃，等待更明確的消息。

Since then, we've seen some of this uncertainty begin to ease. Employers, facing not only macroeconomic complexity but also continued geopolitical tensions, are proving resilient. What might once have been seen as black swan moments are now being absorbed with greater pragmatism and pace. Our most recent ManpowerGroup employment outlook survey of more than 40,000 employees across 42 countries also supports this view.

自那時起，我們看到這種不確定性開始有所緩解。雇主不僅面臨宏觀經濟的複雜性，還面臨持續的地緣政治緊張局勢，但他們表現出了韌性。曾經被視為黑天鵝時刻的事件現在正以更務實的態度和更快的速度被人們所接受。我們最近對 42 個國家的 40,000 多名員工進行的萬寶盛華集團就業前景調查也支持了這一觀點。

The global hiring outlook is holding steady, up very slightly year over year and just one point lower than last quarter. The picture continues to be mixed globally, though, with Latin America and Asia-Pacific labor markets performing well, while we see cooling, yet resilient, hiring intent in North America. In Europe, employers continue to be more cautious, particularly in Northern Europe, reflecting its great exposure to economic and geopolitical headwinds.

全球招募前景保持穩定，年比略有上升，僅比上一季低一個百分點。然而，全球情勢仍喜憂參半，拉丁美洲和亞太勞動力市場表現良好，而北美的招募意願正在降溫，但仍具有韌性。在歐洲，雇主繼續更加謹慎，特別是在北歐，這反映出其受到經濟和地緣政治逆風的巨大影響。

Turning to our results, we are pleased to see encouraging signs of stabilization in the US and parts of Europe, and a return to revenue growth in our Manpower and Talent Solutions brands this quarter. Systemwide revenue, which includes our expanding franchise revenue base, was $4.9 billion. Reported revenue was $4.5 billion, down 3% year over year in constant currency.

談到我們的業績，我們很高興看到美國和歐洲部分地區出現令人鼓舞的穩定跡象，並且本季度我們的人力資源和人才解決方案品牌的收入恢復增長。全系統收入（包括我們不斷擴大的特許經營收入基礎）為 49 億美元。報告收入為 45 億美元，以固定匯率計算年減 3%。

Our reported EBITA for the quarter was $72 million. Adjusting for restructuring costs, EBITA was $89 million, representing a decrease of 25% in constant currency year over year. Reported EBITA margin was 1.6%, and adjusted EBITA margin was 2.0%. Earnings per basic share was a negative $1.44 on a reported basis, while earnings per diluted share was $0.78 on an adjusted basis. Adjusted earnings per share decreased 43% year over year in constant currency.

我們報告的本季息稅折舊攤提前利潤為 7,200 萬美元。調整重組成本後，EBITA 為 8,900 萬美元，以固定匯率計算年減 25%。報告的 EBITA 利潤率為 1.6%，調整後的 EBITA 利潤率為 2.0%。以報告基礎計算，每股基本收益為負 1.44 美元，以調整基礎計算，每股稀釋收益為 0.78 美元。以固定匯率計算，調整後每股盈餘較去年同期下降 43%。

The diversity of our vertical mix, from consumer goods to technology and industrials, is proving to be a strength in the current environment. Leveraging our proprietary data, we continuously assess real-time market dynamics to identify and act on growth opportunities.

事實證明，從消費品到技術和工業，我們的垂直組合的多樣性在當前環境中是一種優勢。利用我們的專有數據，我們不斷評估即時市場動態，以識別並抓住成長機會。

We're seeing solid momentum in consumer goods across both the US and Europe, alongside encouraging signals in aerospace and defense. At the same time, we're taking swift, targeted actions to protect and optimize performance in sectors experiencing headwinds, such as automotive, ensuring we remain focused on profitable growth and long-term resilience.

我們看到美國和歐洲的消費品市場呈現強勁勢頭，同時航空航太和國防領域也出現了令人鼓舞的訊號。同時，我們正在採取迅速、有針對性的行動，保護和優化汽車等面臨逆風的行業的業績，確保我們繼續專注於盈利增長和長期韌性。

We know client demand is reactive to many factors, and we are staying closely connected to our clients, anticipating their evolving needs and ensuring we remain the strategic workforce partner of choice as technology transformation accelerates. We continue to build a strong enterprise sales pipeline, simplify our organization, and manage costs with discipline while prioritizing growth initiatives that will deliver the greatest value.

我們知道客戶需求會受到多種因素的影響，因此我們與客戶保持密切聯繫，預測他們不斷變化的需求，並確保在技術轉型加速的過程中，我們仍然是首選的策略性勞動力合作夥伴。我們將繼續建立強大的企業銷售管道，簡化我們的組織，嚴格管理成本，同時優先考慮能夠帶來最大價值的成長計畫。

I'll now turn it over to Jack to take you through the results in more detail.

現在我將把話題交給傑克，讓他更詳細地向您介紹結果。

Thanks, Jonas. US dollar-reported revenues in the second quarter were impacted by foreign currency translation and after adjusting for currency impacts, came in at the high end of our constant currency guidance range.

謝謝，喬納斯。第二季以美元報告的收入受到外幣折算的影響，在調整貨幣影響後，達到了我們恆定貨幣指導範圍的高端。

Although conditions remain challenging in certain markets, our revenue trends demonstrate we continue to perform well in the market. Our revenues from franchise offices are significant and are included within systemwide revenues, which equaled $4.9 billion for the quarter. Gross profit margin came in just below the low end of our guidance range, driven by shifts within staffing, reflecting an increased mix of enterprise accounts.

儘管某些市場的情況仍然充滿挑戰，但我們的收入趨勢表明我們在市場上的表現仍然良好。我們從特許經營辦事處獲得的收入非常可觀，並且包含在全系統收入中，本季全系統收入為 49 億美元。毛利率略低於我們指導範圍的低端，這是由於人員變動所致，反映出企業帳戶組合的增加。

As adjusted, EBITA was $89 million, representing a 25% decrease in constant currency compared to the prior-year period. As adjusted, EBITA margin was 2% and came in at the high end of our guidance range, representing 50 basis points of decline year over year.

經調整後，EBITA 為 8,900 萬美元，以固定匯率計算，與去年同期相比下降了 25%。經調整後，EBITA利潤率為2%，處於我們指引範圍的高端，較去年同期下降50個基點。

Foreign currency translation drove a favorable impact to the flat US dollar-reported revenue trend from the constant currency decrease of 3.5%. Organic days-adjusted constant currency revenue decreased 1% in the quarter, which was favorable to our midpoint guidance of a decrease of 2%. Turning to the EPS bridge, reported losses per share was $1.44. Adjusted EPS was $0.78 and came in $0.08 above our guidance midpoint.

外幣折算對美元報告收入持平的趨勢產生了有利影響，而固定匯率收入則下降了 3.5%。本季有機天數調整後固定匯率營收下降 1%，符合我們預期的 2% 的中間值下降預期。就每股收益而言，報告每股虧損為1.44美元。調整後每股收益為0.78美元，比我們的指導中點高出0.08美元。

Walking from our guidance point of $0.70, our results included a stronger operational performance of $0.04; slightly lower weighted average shares due to share repurchases in the quarter, which had a positive impact of $0.01; a foreign currency impact that was $0.01 favorable to our guidance; and interest and other expenses, which was $0.02 favorable. Restructuring costs and disposition losses represented $0.43, and non-cash goodwill and intangible impairment charges represented $1.79, bringing reported losses per share to $1.44.

從我們的指導點 0.70 美元來看，我們的業績包括：營運業績強勁 0.04 美元；由於本季度股票回購，加權平均股數略有下降，產生了 0.01 美元的正面影響；外匯影響對我們的指導有利 0.01 美元；利息和其他費用有利 0.02 美元。重組成本和處置損失為 0.43 美元，非現金商譽和無形資產減損費用為 1.79 美元，導致每股報告虧損達到 1.44 美元。

Next, let's review our revenue by business line. Year over year, on an organic constant currency basis, the Manpower brand had growth of 1% in the quarter. The Experis brand declined by 9%, and the Talent Solutions brand had growth of 1%.

接下來我們來回顧一下我們各業務線的收入。與去年同期相比，以有機固定匯率計算，Manpower 品牌本季成長了 1%。Experis 品牌下降了 9%，而 Talent Solutions 品牌成長了 1%。

Within Talent Solutions, our RPO business experienced a slight year-over-year revenue decrease. Our MSP business reported strong revenue increase compared to the prior year. Our Right Management experienced a year-on-year mid-single-digit percentage revenue decline in the quarter as outplacement activity continued to slow.

在人才解決方案領域，我們的 RPO 業務收入較去年同期略有下降。我們的 MSP 業務收入與前一年相比強勁成長。由於再就業活動持續放緩，我們的 Right Management 本季的營收年減了中等個位數百分比。

Looking at our gross profit margin in detail, our gross margin came in at 16.9% for the quarter. Staffing margin contributed 30-basis-point reduction due to mix shifts towards enterprise accounts. Permanent recruitment was relatively stable at lower levels and contributed a 10-basis-point reduction. Other items resulted in a 10-basis-point margin decrease.

詳細看一下我們的毛利率，本季我們的毛利率為 16.9%。由於業務組合向企業帳戶轉移，員工利潤率下降了 30 個基點。較低階的長期招募相對穩定，並貢獻了 10 個基點的減少。其他項目導致利潤率下降10個基點。

Moving on to our gross profit by business line, during the quarter, the Manpower brand comprised 62% of gross profit. Our Experis professional business comprised 22%, and Talent Solutions comprised 16%. During the quarter, our consolidated gross profit decreased by 5% on an organic constant currency basis year over year, representing a slight improvement from the 6% decline in the first quarter.

按業務線劃分的毛利方面，本季度，Manpower 品牌佔毛利的 62%。我們的 Experis 專業業務佔 22%，人才解決方案佔 16%。本季度，我們的綜合毛利潤以有機固定匯率計算年減 5%，較第一季 6% 的降幅略有改善。

Our Manpower brand reported flat organic constant currency gross profit year over year, an improvement from the 2% decrease in the first quarter. Gross profit in our Experis brand decreased 14% in organic constant currency year over year, a step down from the 11% decrease in the first quarter, driven by the nonrecurrence of healthcare technology projects.

我們的 Manpower 品牌報告有機固定匯率毛利與去年同期持平，較第一季 2% 的降幅有所改善。我們的 Experis 品牌的毛利以有機固定匯率計算年減 14%，較第一季的 11% 的降幅有所收窄，這主要是由於醫療技術項目未再發生所致。

Gross profit in Talent Solutions was flat in organic constant currency year over year, representing an improvement from the first-quarter decrease of 5%. MSP and RPO experienced similar activity levels from the first quarter, while Right Management gross profit increased slightly.

人才解決方案部門的毛利以有機固定匯率計算與去年同期持平，較第一季 5% 的降幅有所改善。MSP 和 RPO 從第一季開始經歷了類似的活動水平，而 Right Management 的毛利略有增加。

Reported SG&A expense in the quarter was $789 million. SG&A as adjusted was down 3% year over year on a constant currency basis and down 2% on an organic constant currency basis. The year-over-year SG&A decreases largely consisted of reductions in operational costs of $10 million.

本季報告的銷售、一般及行政費用為 7.89 億美元。銷售、一般及行政費用經調整後，以固定匯率計算年減 3%，以有機固定匯率計算下降 2%。銷售、一般及行政費用年減主要由於營運成本減少 1,000 萬美元。

Corporate costs continue to include our back-office transformation spend. And these programs are progressing well, with expected medium- and long-term efficiencies. Dispositions represented a decrease of $8 million, while currency changes contributed to a $19 million increase. Adjusted SG&A expenses as a percentage of revenue represented 15.2% in constant currency in the second quarter.

公司成本繼續包括我們的後台轉型支出。這些項目進展順利，預計中長期將取得成效。處置金額減少了 800 萬美元，而貨幣變化則導致處置金額增加了 1,900 萬美元。以固定匯率計算，第二季調整後的銷售、一般及行政費用佔收入的百分比為 15.2%。

Adjustments represented restructuring and disposition losses of $17 million. The goodwill and intangible impairment relates to Switzerland and the UK, which experienced further market declines in recent quarters. Balancing gross profit trends with strong cost actions to enhance EBITA margin is one of our highest priorities. And we continue to analyze all aspects of our cost base for additional ongoing efficiency improvements.

調整代表重組和處置損失 1700 萬美元。商譽和無形資產減損與瑞士和英國有關，這兩個國家近幾季的市場進一步下滑。平衡毛利趨勢和強有力的成本行動以提高 EBITA 利潤率是我們的首要任務之一。我們將繼續分析成本基礎的各個方面，以進一步持續提高效率。

The Americas segment comprised 23% of consolidated revenue. Revenue in the quarter was $1.1 billion, representing an increase of 2% year over year on a constant currency basis. OUP was $36 million, and OUP margin was 3.4%. The US is the largest country in the Americas segment, comprising 64% of segment revenues.

美洲分部佔合併收入的23%。本季營收為 11 億美元，以固定匯率計算年增 2%。OUP 的利潤為 3,600 萬美元，OUP 的利潤率為 3.4%。美國是美洲分部最大的國家，佔該分部收入的 64%。

Revenue in the US was $674 million during the quarter, representing a 3% days-adjusted decrease compared to the prior year. This represents a decline from the 2% increase in the first quarter, as I will explain in the brand commentary. OUP for our US business was $20 million in the quarter. OUP margin was 2.9%.

本季美國營收為 6.74 億美元，與前一年相比，經天數調整後下降 3%。這比第一季 2% 的增幅有所下降，我將在品牌評論中解釋。本季度，我們美國業務的 OUP 收入為 2000 萬美元。OUP利潤率為2.9%。

Within the US, the Manpower brand comprised 26% of gross profit during the quarter. Revenue for the Manpower brand in the US increased 9% on a days-adjusted basis during the quarter, which represented strong market performance and an improvement from the 7% increase in the first quarter. The Experis brand in the US comprised 41% of gross profit in the quarter.

在美國，Manpower 品牌佔本季毛利的 26%。本季度，美國 Manpower 品牌的營收按天數調整後成長了 9%，這代表了強勁的市場表現，並且比第一季 7% 的增幅有所提高。美國 Experis 品牌佔本季毛利的 41%。

Within Experis in the US, IT skills comprised approximately 90% of revenues. Experis US revenues decreased 14% as expected on a days-adjusted basis during the quarter, down from the 2% decline in the first quarter based on nonrecurrence of healthcare technology projects. As the healthcare technology project significantly impacted the US Q1 and Q2 trend, the six-month trend of a decrease of 8% is more indicative of the underlying business activity.

在美國的 Experis 公司中，IT 技能約佔營收的 90%。Experis 美國收入以天數調整後計算，本季如預期下降 14%，低於第一季因醫療技術項目未發生而導致的 2% 的降幅。由於醫療技術計畫對美國第一季和第二季的趨勢產生了重大影響，因此六個月內下降 8% 的趨勢更能說明潛在的商業活動。

Talent Solutions in the US contributed 33% of gross profit and saw a revenue increase of 13% in the quarter, an improvement from the 3% increase in the first quarter, driven by RPO and Right Management. RPO experienced solid revenue growth in the US during the quarter. Both the US MSP and Right Management businesses executed well during the quarter, posting strong double-digit revenue increases year over year.

美國人才解決方案貢獻了 33% 的毛利，本季營收成長 13%，高於第一季 3% 的增幅，這得益於 RPO 和 Right Management 的推動。本季度，RPO 在美國實現了穩健的收入成長。美國 MSP 和 Right Management 業務在本季均表現良好，營收較去年同期實現強勁的兩位數成長。

In the third quarter of 2025, we expect the overall US business to have a slightly improved low single-digit percentage revenue decline compared to the second quarter. Southern Europe revenue comprised 47% of consolidated revenue in the quarter. Revenue in Southern Europe was $2.1 billion, representing a 2% decrease in organic constant currency.

2025年第三季度，我們預期美國業務整體營收降幅將較第二季略有改善，低個位數百分比降幅。南歐收入佔本季合併收入的 47%。南歐地區的營收為 21 億美元，以有機固定匯率計算下降了 2%。

As adjusted, OUP for the Southern Europe business was $75 million in the quarter, and OUP margin was 3.5%. Restructuring charges of $2 million represented actions in France. France revenue comprised 53% of the Southern Europe segment in the quarter and decreased 6% on a days-adjusted constant currency basis.

經調整後，本季牛津大學南歐業務的利潤為 7,500 萬美元，牛津大學南歐業務利潤率為 3.5%。200 萬美元的重組費用代表了法國的行動。本季度，法國營收佔南歐地區的 53%，以調整天數後的固定匯率計算下降了 6%。

As adjusted, OUP for our France business was $34 million in the quarter. Adjusted OUP margin was 3%. France revenue trends came in slightly better than expected during the second quarter. And we expect stable activity trends into the third quarter, representing a slightly improved rate of revenue decline. Revenue in Italy equaled $476 million in the second quarter, reflecting an increase of 4% on a days-adjusted constant currency basis. OUP equaled $32 million, and OUP margin was 6.7%.

經過調整後，本季我們法國業務的牛津大學出版社收入為 3,400 萬美元。調整後的 OUP 利潤率為 3%。法國第二季的營收趨勢略優於預期。我們預計第三季活動趨勢將保持穩定，收入下降率將略有改善。第二季義大利的營收達到 4.76 億美元，以調整天數後的固定匯率計算成長了 4%。OUP 相當於 3,200 萬美元，OUP 利潤率為 6.7%。

Our Italy business is performing well, and we estimate a similar to slightly improved constant currency revenue growth trend in the third quarter compared to the second quarter. Our Northern Europe segment comprised 18% of consolidated revenue in the quarter.

我們的義大利業務表現良好，我們估計第三季與第二季相比，以固定匯率計算的營收成長趨勢將略有改善。我們的北歐部門佔本季合併收入的 18%。

Revenue of $794 million represented a 10% decline in constant currency. As adjusted, OUP equaled a $6 million loss. The restructuring charges of $12 million represented actions in the Nordics, the Netherlands, and Germany.

7.94 億美元的營收以固定匯率計算下降了 10%。經過調整後，OUP 的損失相當於 600 萬美元。1200 萬美元的重組費用來自北歐、荷蘭和德國的行動。

Our largest market in Northern Europe segment is the UK, which represented 33% of segment revenues in the quarter. During the quarter, UK revenues decreased 13% on a days-adjusted constant currency basis. The UK market continues to be challenging, and we expect the rate of revenue decline to improve into the third quarter compared to the second quarter.

我們在北歐地區最大的市場是英國，佔本季地區營收的 33%。本季度，英國收入按調整天數後的固定匯率計算下降了 13%。英國市場持續面臨挑戰，我們預計第三季的營收下降率將比第二季有所改善。

In Germany, revenues decreased 22% on a days-adjusted constant currency basis in the quarter. Germany automotive manufacturing trends continue to be weak. In the third quarter, we are expecting a slightly improved year-over-year revenue decline compared to the second-quarter trend. The Nordics continued to experience difficult market conditions, with revenues decreasing 9% in days-adjusted constant currency in the quarter.

在德國，本季營收按調整天數後的固定匯率計算下降了 22%。德國汽車製造業趨勢持續疲軟。與第二季的趨勢相比，我們預計第三季的年收入降幅將略有改善。北歐地區持續經歷艱難的市場環境，本季營收按調整後固定匯率計算下降了 9%。

The Asia-Pacific, Middle East segment comprises 12% of total company revenue. In the quarter, revenues equaled $525 million, representing an increase of 8% in organic constant currency. Adjusted OUP was $27 million, and adjusted OUP margin was 5.1%.

亞太、中東地區占公司總收入的 12%。本季度，營收達到 5.25 億美元，以有機固定匯率計算成長 8%。調整後的 OUP 為 2,700 萬美元，調整後的 OUP 利潤率為 5.1%。

Our largest market in the APME segment is Japan, which represented 61% of segment revenues in the quarter. Revenue in Japan grew 7% 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 third quarter.

我們在 APME 部門的最大市場是日本，佔本季部門營收的 61%。以調整天數後的固定匯率計算，日本的營收成長了 7%。我們對日本業務的持續表現感到非常滿意。我們預計第三季營收將繼續強勁成長。

I'll now turn to cash flow and balance sheet. In the second quarter, free cash flow represented an outflow of $207 million compared to an outflow of $150 million in the prior year. As in the prior year, timing of payables impacted the level of outflow in the second quarter. Outflows of free cash flow in the first half of the year are typically followed by strong free cash flow in the second half.

現在我將討論現金流和資產負債表。第二季度，自由現金流流出 2.07 億美元，而去年同期的自由現金流流出 1.5 億美元。與前一年一樣，應付款項的時間影響了第二季的流出水準。上半年自由現金流流出通常會導致下半年自由現金流強勁。

Free cash flow in the first half of 2025 included outflows for a large tax transition payment, technology prepayments, and the impacts of timing of MSP program payments, which typically are not large factors in the second half of the year. At quarter-end, days sales outstanding increased by about a day to 56 days. During the second quarter, capital expenditures represented $18 million.

2025 年上半年的自由現金流包括大額稅收過渡付款、技術預付款的流出以及 MSP 計畫付款時間的影響，這些通常不是下半年的重要因素。截至季末，應收帳款週轉天數增加了約一天，達到 56 天。第二季度，資本支出為 1800 萬美元。

During the second quarter, we repurchased 230,000 shares of stock for $12 million. As of June 30, we have 2 million shares remaining for repurchase under the share program approved in August of 2023. Our balance sheet ended the quarter with cash of $290 million and total debt of $1.29 billion.

第二季度，我們以 1,200 萬美元回購了 23 萬股股票。截至 6 月 30 日，根據 2023 年 8 月批准的股票計劃，我們還有 200 萬股可供回購。本季末，我們的資產負債表顯示現金為 2.9 億美元，總負債為 12.9 億美元。

Net debt equaled $996 million at quarter-end. Our net debt levels peak at June 30 and historically improve in the second half of the year. Our debt ratios at quarter-end reflect total gross debt to trailing 12 months adjusted EBITDA of 3.2 and total debt to total capitalization at 39%. Our debt and credit facility arrangements and related updates are included in the appendix of the presentation.

季末淨債務為 9.96 億美元。我們的淨債務水準在 6 月 30 日達到峰值，並且歷史上在下半年有所改善。我們季度末的負債比率反映出總負債與過去 12 個月調整後 EBITDA 的比率為 3.2，總負債與總資本的比率為 39%。我們的債務和信貸安排及相關更新包含在簡報的附錄中。

Next, I'll review our outlook for the third quarter of 2025. Based on trends in the second quarter and July activity to date, our forecast anticipates ongoing stability in the majority of our markets and a continuation of existing trends. With that said, we are forecasting earnings per share for the third quarter to be in the range of $0.77 to $0.87.

接下來，我將回顧我們對 2025 年第三季的展望。根據第二季和迄今為止 7 月活動的趨勢，我們預測大多數市場將持續保持穩定，現有趨勢也將延續。話雖如此，我們預測第三季每股收益將在 0.77 美元至 0.87 美元之間。

The guidance range also includes a favorable foreign currency impact of $0.03 per share. And our foreign currency translation rate estimates are disclosed at the bottom of the guidance slide. Our constant currency revenue guidance range is between a flat and 4% decrease, and at the midpoint, is a 2% decrease. Considering the impact of a slight increase in business days and dispositions, our organic days-adjusted constant currency revenue increase represents a flat revenue trend at the midpoint.

該指導範圍還包括每股 0.03 美元的有利外匯影響。我們的外幣折算率估算在指導幻燈片的底部披露。我們的固定匯率收入指引範圍是持平至下降 4%，中間值是下降 2%。考慮到營業日和處置量略有增加的影響，我們的有機天數調整後的固定貨幣收入成長代表了中點的持平收入趨勢。

EBITA margin for the third quarter is projected to be down 50 basis points at the midpoint compared to the prior year. We estimate that the effective tax rate for the full year on an adjusted basis to continue to be 46.5%, and the third quarter will be slightly higher at 48%. This incorporates the previously disclosed French tax change for the one-year period of 2025. In addition, as usual, our guidance does not incorporate restructuring charges or additional share repurchases. And we estimate our weighted average shares to be 47 million.

預計第三季的 EBITA 利潤率將比去年同期下降 50 個基點。我們預計全年調整後有效稅率將持續為46.5%，第三季將略高至48%。這包含了先前揭露的2025年一年期法國稅收變化。此外，與往常一樣，我們的指導不包含重組費用或額外的股票回購。我們估計我們的加權平均股數為 4700 萬股。

I will now turn it back to Jonas.

現在我將把話題轉回給喬納斯。

Thank you, Jack. We know from our clients that companies are navigating the here and now while also investing in the mid- to long term. GenAI continues to emerge as a powerful catalyst, with an eye on productivity gains as well as the opportunity to unleash human potential, allowing people to focus on more value-added tasks.

謝謝你，傑克。我們從客戶那裡了解到，公司在把握當前情勢的同時也在進行中長期投資。GenAI 繼續成為一種強大的催化劑，著眼於提高生產力以及釋放人類潛力的機會，使人們能夠專注於更多增值任務。

At this stage, most organizations are focused on driving adoption and exploring possibilities. And outside of some specific areas, we are not seeing any structural impact to labor markets at this time. Yet the lag from exploration to impact has the potential to be shorter than any tech advancement in history.

在這個階段，大多數組織都專注於推動採用和探索可能性。除某些特定領域外，我們目前尚未看到勞動市場受到任何結構性影響。然而，從探索到撞擊的時間間隔可能比歷史上任何技術進步都要短。

Our research underscores this stage of development, too. 58% of employers are now investing in AI, but only 26% believe their workforce is ready to use it. This proprietary data is sourced from our work intelligence lab launched in May, an innovative new platform that brings together our real-time labor market insights and predictive research to deliver deep workforce intelligence, enabling our advisory and consulting services for our clients across sectors.

我們的研究也強調了這個發展階段。 58% 的雇主目前正在投資人工智慧，但只有 26% 的雇主認為他們的員工已經準備好使用它。這些專有數據來自我們於 5 月推出的工作智慧實驗室，這是一個創新的新平台，匯集了我們的即時勞動力市場洞察和預測研究，以提供深度勞動力智能，從而為各行業的客戶提供諮詢和顧問服務。

We showcased this data and our Humans First, Digital Always perspective at VivaTech, the world's leading tech conference held in Paris in June, where we joined tech leaders and policymakers alongside more than 200 clients and prospects. It is clear that the AI readiness gap represents a significant opportunity for us, supporting companies to find new talent and augmenting their skills to be AI ready.

我們在 6 月於巴黎舉行的全球領先科技會議 VivaTech 上展示了這些數據以及我們的「以人為本，數位化永存」觀點，會上我們與科技領袖和政策制定者以及 200 多名客戶和潛在客戶一起出席了會議。顯然，人工智慧準備差距對我們來說是一個巨大的機遇，支持公司尋找新的人才並增強他們的技能，為人工智慧做好準備。

We continue to execute our Diversification, Digitization, and Innovation strategy at pace. At the core of this is accelerating the adoption of new technologies to better support the evolving needs of both our clients and candidates, all positioning us to drive greater productivity and unlock more profitable, sustainable growth in the quarters ahead.

我們將繼續快速執行多元化、數位化和創新策略。其核心是加速採用新技術，以更好地支持客戶和候選人不斷變化的需求，所有這些都使我們能夠提高生產力，並在未來幾季實現更有利可圖、更永續的成長。

For over five years, we have been investing in and building our digital core PowerSuite. PowerSuite is our foundational tech stack that we believe is unrivaled on a global scale in the industry, and has enabled the pace of our digital transformation and the rapid development and deployment of our AI capability. As an example, the strength of PowerSuite is enabling the build-out of Sophie AI, our enterprise-wide AI platform, where our AI solutions are being developed, refined, and incorporated into our operational workflows to further enhance our capabilities.

五年多來，我們一直在投資和建立我們的數位核心 PowerSuite。PowerSuite 是我們的基礎技術堆疊，我們相信它在全球範圍內在行業中是無與倫比的，它推動了我們的數位轉型步伐以及人工智慧能力的快速開發和部署。例如，PowerSuite 的優勢在於支援我們企業範圍的 AI 平台 Sophie AI 的構建，我們的 AI 解決方案在該平台上開發、完善並融入我們的營運工作流程中，以進一步增強我們的能力。

Sophie is already being deployed by our Talent Solutions brand. And we are moving quickly to scale so we can continue to take AI-infused products, solutions, and insights into the market across our strong and distinct brands, supporting our clients wherever they are in their transformation journey.

我們的人才解決方案品牌已開始部署 Sophie。我們正在迅速擴大規模，以便我們能夠繼續透過我們強大而獨特的品牌將融合人工智慧的產品、解決方案和洞察力推向市場，為處於轉型之旅中的任何客戶提供支援。

Our commitment to transformation extends beyond the technology. It is embedded in how we operate as a responsible, sustainable business, and it's being recognized. In the second quarter, we were proud to receive multiple global accolades.

我們對轉型的承諾不僅限於科技。它深深植根於我們作為一家負責任、可持續發展的企業的運作方式中，並且正在得到認可。第二季度，我們很榮幸獲得多項全球讚譽。

We received Forbes America's number one rating as the Best Temp Staffing Firm. Talent Solutions was again recognized by Everest Group as a Global Leader in RPO. And we're also named to Time's World's Most Sustainable Companies for the 15th consecutive year.

我們榮獲《富比士美國》最佳臨時員工配置公司第一名。Talent Solutions 再次被 Everest Group 評為 RPO 領域的全球領導者。我們也連續第 15 年被《時代》雜誌評為全球最具永續發展能力的公司。

Congratulations, and thank you to all our teams for these honors, which are evidence of the trust placed in us by our clients, candidates, and stakeholders around the world.

恭喜並感謝我們所有團隊獲得這些榮譽，證明了我們來自世界各地的客戶、候選人和利害關係人對我們的信任。

Operator, please open the line for our Q&A.

接線員，請打開我們的問答專線。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（操作員指示）Jeff Silber，BMO 資本市場。

Hey, this is Ryan on for Jeff. You called out in the press release you remain focused on market share gains. I was just wondering who you're gaining share from, and what is your share gain strategy there?

嘿，我是 Ryan，代替 Jeff。您在新聞稿中表示，您仍然專注於市場份額的成長。我只是想知道您從誰那裡獲得了份額，以及您的份額成長策略是什麼？

Thanks, Ryan. Yeah, no, we've been very pleased to see the progress in how we are competing. We've built a very strong pipeline. And with the available data, we are now able to target our faster-growing industry verticals in a much more precise way.

謝謝，瑞安。是的，不，我們很高興看到我們在競爭方面取得的進步。我們已經建立了非常強大的管道。利用現有數據，我們現在能夠以更精確的方式瞄準成長更快的垂直產業。

So we are very quickly able to determine which industry verticals are moving forward and are growing, which are lagging a bit. And we talked about that in our prepared remarks. And we're very pleased with the outcomes of what we're seeing there.

因此，我們可以很快確定哪些垂直產業正在向前發展、不斷成長，哪些產業略有滯後。我們在準備好的演講中談到了這一點。我們對所看到的結果感到非常滿意。

We're also able to deploy AI in what we call our sales targeting engine, which is now able to much better identify leads that are highly likely to generate orders and higher revenue to the tune of 50% higher revenue than when we do this through human intervention only. So it's really augmenting human capabilities with AI.

我們還能夠在所謂的銷售定位引擎中部署人工智慧，現在它能夠更好地識別最有可能產生訂單和更高收入的潛在客戶，與僅透過人工幹預相比，收入可高出 50%。所以這其實是利用人工智慧增強了人類的能力。

And all of this said, in many of our major markets, we are competing very well from a revenue perspective. And you could also see that in our performance in the second quarter as it relates to where we ended up compared to our initial guide as we look ahead into the second quarter.

綜上所述，從收入角度來看，我們在許多主要市場都具有良好的競爭力。您也可以從我們第二季的業績中看到這一點，因為我們對第二季的展望與我們最初的指導相比處於同一水平。

Great. Thank you. I appreciate that. And then just for my follow-up, you sold a couple of businesses and are moving them to franchise models during the quarter. I imagine those were relatively small in the broader P&L.

偉大的。謝謝。我很感激。然後，為了我的後續問題，您在本季度出售了幾家企業，並將其轉向特許經營模式。我想這些在更廣泛的損益表中相對較小。

I was just wondering if you see yourself moving anything else selectively to a franchise model down the road? Or do you think there are any other geographies where it might make sense? Thank you.

我只是想知道，您是否認為自己將來會選擇性地將其他業務轉向特許經營模式？或者您認為在其他地區也可能有這樣的道理嗎？謝謝。

This is something that we've been working on for a number of years, and we've talked about this in the past. There are some markets, big and small, in some cases, where we really feel a more local approach might be beneficial to grow faster with our brands. But it doesn't have to be a wholly owned subsidiary that executes on that strategy.

這是我們多年來一直致力於的事情，過去我們也討論過這個問題。在某些情況下，無論市場大小，我們確實認為採取更在地化的方法可能有利於我們的品牌更快發展。但執行該策略的不一定是全資子公司。

So yes, you saw us move out of some smaller markets this quarter. We've had some bigger markets in prior quarters. And we're constantly looking at both existing markets but also new markets in new parts of the world where we think this model could be really beneficial to help us deploy our brands and serve our clients as we look at where the demographic labor market growth is the strongest.

是的，您看到我們本季退出了一些較小的市場。我們在前幾個季度已經擁有一些更大的市場。我們一直在關注現有市場以及世界新地區的新市場，我們認為這種模式可以真正幫助我們部署品牌並服務客戶，因為我們關注的是人口勞動力市場成長最強勁的地方。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫‧帕特奈克 (Manav Patnaik)。

Hi, good morning. This is Princy Thomas, on for Manav. Thank you for taking my question. Just wanted to see if you could talk about US trends and moving pieces, what the true underlying organic growth would be, and what you're seeing for outlook?

嗨，早安。這是普林西‧湯瑪斯 (Princy Thomas)，取代馬納夫 (Manav)。感謝您回答我的問題。只是想看看您是否可以談談美國的趨勢和變化因素，真正的潛在有機增長是什麼，以及您對前景的看法？

Sure, Princy. Thanks for the question. This is Jack. I'd be happy to talk about the US trends. So you can see on an overall basis, the US business came in at minus 3% for the quarter. It's actually slightly better than what we expected when we gave the guide.

當然，王子。謝謝你的提問。這是傑克。我很樂意談論美國的趨勢。因此，從整體來看，你可以看到，本季美國業務的營收為負 3%。事實上，它比我們給出指南時預期的要好一些。

We did know that a lot of that Experis healthcare technology project work was not going to recur back into the second quarter. So that incorporated that, and we still did a bit better. That was -- the overperformance, I would say, was driven by the Manpower brand which came in at plus 9% in the quarter. So very strong performance.

我們確實知道，Experis 醫療技術計畫的許多工作不會在第二季再次出現。因此，考慮到這一點，我們仍然做得更好。我想說的是，這筆超額表現是由 Manpower 品牌推動的，該品牌在本季的表現成長了 9%。表現非常強勁。

Jonas talked about our market trends earlier. Manpower US is clearly one of the businesses where we do believe we're leading the market. And I'd say the Experis business, as expected -- you heard me talk about the minus 14% in the quarter was really a reflection of the very large go-live work we had in the year-ago period.

喬納斯之前談到了我們的市場趨勢。我們確信 Manpower US 是引領市場的企業之一。我想說的是，正如預期的那樣，Experis 業務——您聽到我談到本季度的負 14% 實際上反映了我們去年同期的大量上線工作。

But if you average -- if you look at the first six months overall year over year, we're running about minus 8%, pretty much in line with what you're seeing in the professional staffing industry in the US as it continues to be a bit sluggish. We do anticipate that that's going to improve sequentially into the third quarter a bit as well.

但如果你平均一下——如果你看一下前六個月的整體同比情況，我們的增長率約為-8%，這與美國專業人員配備行業的情況基本一致，因為該行業仍然有點低迷。我們確實預計第三季的情況也會有所改善。

So I'd say those are the main trends. In terms of Talent Solutions, we saw good growth in Talent Solutions in the quarter as well in the US. And so I'd say all -- Talent Solutions and Manpower really both had very good positive growth. And Talent Solutions was pretty significant, double-digit growth as well on an overall basis in the US. Thanks.

所以我認為這些都是主要趨勢。在人才解決方案方面，我們在本季也看到美國人才解決方案的良好成長。所以我想說的是——Talent Solutions 和 Manpower 確實都實現了非常好的正成長。人才解決方案業務在美國的整體成長也相當顯著，達到了兩位數。謝謝。

Thanks. And as a follow-up, can you remind us of seasonality expectations for 3Q and for the second half of the year typically, and how that stacks up compared to the first two weeks of July?

謝謝。另外，您能否提醒我們第三季和下半年的季節性預期，以及與 7 月前兩週相比的情況如何？

Yes. I'd say in terms of seasonality from Q2 to Q3, we typically do see a bit of an improvement in EBITDA margin sequentially. And you can see in my guide, we have margin improving 10 basis points from the 2.0 we just posted to the 2.1.

是的。我想說，就第二季到第三季的季節性而言，我們通常會看到 EBITDA 利潤率較上季有所改善。您可以在我的指南中看到，我們的利潤率提高了 10 個基點，從剛發布的 2.0 提高到了 2.1。

And I'd say that has generally happened in recent years, not every year. If we're in a period where we're seeing significant declines and of course -- then maybe that's not the case. But this year, as we continue to see some momentum -- and you saw my organic days-adjusted guide for flat for the third quarter. So with that, moving from negative to flat, we are seeing a little momentum which is helping keep that plus 10 basis points from 2Q to 3Q.

我想說的是，這種情況通常都是近年來發生的，但不是每年都會發生。如果我們正處於一個出現大幅下滑的時期，當然——那麼情況可能並非如此。但今年，我們繼續看到一些勢頭——而且您也看到了我根據有機天數調整後的第三季持平指南。因此，從負值轉為持平，我們看到了一點勢頭，這有助於將第二季至第三季的增幅保持在 10 個基點以上。

So I'd say that's one thing to consider. Of course, we always have holidays that impact the August period in some of our European markets. But nothing is really different this year in that regard. I think the only other thing in terms of seasonality -- and I covered this in my prepared remarks -- is when you think about free cash flow.

所以我認為這是需要考慮的一件事。當然，我們的一些歐洲市場八月總是會受到假期的影響。但今年在這方面並沒有什麼不同。我認為就季節性而言，唯一的其他事情——我在準備好的發言中已經談到了這一點——就是當你考慮自由現金流時。

So we do see negative free cash flow typically in the first half of the year over the last four years. And that's followed by typically very strong free cash flow in the second half of the year. So that would be the other consideration as you think about seasonality. Thanks.

因此，我們確實看到過去四年中上半年的自由現金流通常為負值。隨後，下半年的自由現金流通常非常強勁。因此，當您考慮季節性時，這將是另一個考慮因素。謝謝。

Thanks, Jack.

謝謝，傑克。

Mark Marcon, Robert W. Baird.

馬克馬孔、羅伯特W貝爾德。

Hey, good morning, and thanks for taking my questions. First question has to do just with Northern Europe.

嘿，早上好，感謝您回答我的問題。第一個問題與北歐有關。

You mentioned, Jonas, in the early part of your comments that in Europe, employers continue to be more cautious, reflecting the greater exposure to economic and geopolitical headwinds. I'm wondering what do you think it will take to see some improvement in terms of the revenue trends in Northern Europe? Number one.

喬納斯，您在評論的開頭提到，在歐洲，雇主繼續更加謹慎，這反映出他們受到的經濟和地緣政治逆風影響更大。我想知道您認為需要採取哪些措施才能改善北歐的收入趨勢？第一。

And number two, how should we think about the profitability? And what are your long-term aspirations for profitability in Northern Europe?

第二，我們該如何看待獲利能力？您對北歐的長期獲利目標是什麼？

Thanks, Mark. Yeah. And I think as you correctly point out, and we also talk about in the prepared remarks, it's really Northern Europe that is having a very tough time.

謝謝，馬克。是的。我認為，正如您正確指出的，而且我們在準備好的發言中也談到，北歐確實正經歷著非常艱難的時期。

And if you look at the economic performance of some of the main engines, notably Germany which is in a recessionary environment, and you look at many of the other countries that are also struggling with headwinds, although -- that is really what's driving the performance of our industry and the operations that we have in those markets.

如果你看一些主要引擎的經濟表現，特別是處於衰退環境中的德國，你會看到許多其他國家也在逆風中掙扎，但這才是真正推動我們產業表現和我們在這些市場運作的因素。

Now we believe that this continues to be areas where demand eventually will come back. And to have that happen, it will help when the economic environment improves and when some of the geopolitical uncertainties that are largely impacting some of those markets heavier than what we've seen in Southern Europe, such as energy costs and others, they start to subside if there is a resolution to the war in Ukraine.

現在我們相信這些領域的需求最終將會回升。而要實現這一目標，當經濟環境改善，以及當一些地緣政治不確定性（這些不確定性對一些市場的影響比我們在南歐看到的更嚴重）開始消退時，這將有助於解決烏克蘭戰爭。

So those are some of the elements that from an external factor, we think, could help Northern Europe improve. But as you've seen over time -- and we have taken significant actions to rightsize our business in Northern Europe and taken some very significant restructuring actions to make sure that we are rightsizing the business to the demand as we see it today and in the near term.

因此，我們認為，從外部因素來看，這些因素可以幫助北歐改善。但正如您長期以來所看到的——我們已採取重大行動來調整我們在北歐的業務規模，並採取了一些非常重要的重組措施，以確保我們能夠根據目前和近期的需求調整業務規模。

Longer term, we still feel good about Northern Europe and the ability for those markets to come back. One of the areas that make Northern Europe stick out from a profitability perspective is that most of these markets are using a bench model as part of the legislative environment that we are operating in from a staffing perspective.

從長遠來看，我們仍然對北歐以及這些市場復甦的能力充滿信心。從獲利能力角度來看，北歐脫穎而出的一個方面是，從人員配備角度來看，這些市場中的大多數都使用基準模型作為我們營運的立法環境的一部分。

And that's different from what we have from a legislative framework in Southern Europe. So we continue to improve our positioning in the short term and preparing for better times in the long term. And in the meantime, we're taking the actions that we need both to drive greater pipeline growth as well as to make sure that we have the appropriate cost structures for the environment that we're anticipating.

這與我們南歐的立法框架不同。因此，我們將繼續改善短期定位，為長期更好的發展做好準備。同時，我們正在採取必要的行動，以推動更大的管道成長，並確保我們擁有適合我們預期環境的成本結構。

Does that mean -- go ahead, Jack.

這是否意味著——繼續吧，傑克。

Sorry, Mark. I was just going to add just a little bit more color on -- in terms of the restructuring we took this quarter. So you've seen us take significant actions in Northern Europe, and we took additional actions this quarter. The majority of the restructuring was focused on Northern Europe.

抱歉，馬克。我只是想就我們本季進行的重組再補充一點內容。因此，您已經看到我們在北歐採取了重大行動，並且我們在本季度採取了額外行動。重組主要集中在北歐。

We do expect to start to see an improvement in that profitability trend as we go forward based on the savings we're going to be getting from those restructuring actions. So I did want to mention that. I think to your point on the longer-term margin, I think the reality is based on what Jonas mentioned with the regulatory model in many of the countries. And the large enterprise market in the UK is in periods where it's stable to slightly downward pressure.

我們確實希望，隨著我們透過重組行動節省開支，獲利趨勢將開始改善。所以我確實想提一下這一點。我認為，關於您提到的長期利潤，我認為現實情況是基於喬納斯提到的許多國家的監管模式。英國大型企業市場正處於穩定至略有下行壓力的時期。

We'll see Northern Europe be below the average for the company. But with that being said, when Northern Europe grows, Northern Europe definitely has the opportunity to be in line with the company overall profitability average. And it's about getting them back and to be in a position for growth for the future. So that's what we continue to work on, and just wanted to add that additional flavor.

我們會看到北歐的表現低於該公司的平均值。但話雖如此，當北歐發展起來時，北歐肯定有機會與公司整體獲利平均值保持一致。這是為了讓他們回歸並為未來的發展做好準備。所以這就是我們繼續努力的方向，只是想增加額外的風味。

Great. Thank you. And then in France, can you talk a little bit about the competitive dynamics? I was looking at the constant currency revenue trends and comparing that to the Prism data. And I was just wondering if there's any commentary there.

偉大的。謝謝。那麼在法國，您能談談競爭動態嗎？我正在觀察恆定貨幣收入趨勢並將其與 Prism 數據進行比較。我只是想知道那裡是否有任何評論。

And it sounds like you're expecting things to improve slightly. I was wondering now that it seems like tariffs are at least getting -- people are getting used to it, should we see some further improvement in France?

聽起來您期待事情會稍微改善。我現在想知道，看起來關稅至少已經——人們已經習慣了，我們是否應該看到法國出現進一步的改善？

Yeah. Mark, I think it's a very good point. My guide does incorporate some sequential improvement in that rate of decline. And to your point, we've seen that from Q1 to Q2, pretty big improvement from a constant currency perspective coming in at minus 6%. And as we said in our prepared remarks, slightly better than we expected.

是的。馬克，我認為這是一個非常好的觀點。我的指南確實體現了下降速度的一些連續改善。正如您所說，從第一季到第二季度，我們看到，以固定匯率計算，成長率有了相當大的改善，為負 6%。正如我們在準備好的發言中所說的那樣，情況比我們預期的要好一些。

So the way I would characterize it is, it's largely stabilized now as we exit the quarter. I think the run rate we see in our guide for Q3 is stable trends through the third quarter. And with that, we will walk into a slightly improved rate of decline.

因此，我對此的描述是，隨著我們結束本季度，它現在基本上已經穩定下來。我認為我們在第三季指南中看到的運行率是整個第三季的穩定趨勢。這樣一來，我們的下降速度就會略有改善。

But I would agree with your comments regarding the business environment overall. And as long as it continues to stay relatively stable, I think that's the trend we would expect to continue to see going forward.

但我同意您對整體商業環境的評論。只要它繼續保持相對穩定，我認為我們預計未來將繼續看到這種趨勢。

Great. Thank you.

偉大的。謝謝。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯·斯坦納曼。

Hi. I want to hop back to the Manpower brand in the US, that sort of 9% days-adjusted growth acceleration from 7% in the first quarter. I have a few questions on that. One, the Manpower brand is both light industrial and clerical. Could you just tell us if there was a divergence between how light industrial and clerical did in the second quarter?

你好。我想回到美國的 Manpower 品牌，其調整後天數成長率從第一季的 7% 加速到了 9%。我對此有幾個問題。一、Manpower 品牌既是輕工業品牌，也是文職品牌。您能否告訴我們第二季輕工業和文職工作的表現是否有差異？

The second question is with the acceleration of the Manpower brand, do you think that marketplace is picking up? Or do you think that this is just share gains from Manpower? And if it is share gains, how did that get accomplished?

第二個問題是，隨著 Manpower 品牌的加速發展，您認為市場正在回升嗎？或者您認為這只是 Manpower 的份額收益？如果是股價上漲，那麼這是如何實現的？

Thanks, Andrew. Yeah, I'd say that we're seeing the ability to fulfill and create demand to be a little bit stronger on the manufacturing side. I think you could look at PMI in the US, and you can see the gradual improvement we've seen there as well.

謝謝，安德魯。是的，我想說，我們看到製造方面滿足和創造需求的能力有所增強。我認為你可以看看美國的 PMI，你會發現我們也看到了它的逐步改善。

But in terms of the share gains, I think a lot of this is down to our ability to target the industry verticals and the opportunities in a much more granular and accurate way in real time, a lot of that driven by access to data that we now have in the US as well as globally. Thanks to the PowerSuite's ability to really predict where demand should be stronger, and that is part of it.

但就份額成長而言，我認為很大程度上歸功於我們能夠以更細緻、更準確的方式即時瞄準行業垂直領域和機遇，而這很大程度上得益於我們現在在美國和全球擁有的數據存取權。這要歸功於 PowerSuite 能夠真正預測哪些地方的需求會更強勁，這只是其中的一部分。

I do sense, though, that the market appears to be improving. And market demand is stable to slightly more positive, which we, of course, see as a very positive indicator of a market that is slowly healing from what has been a long period of tough market headwinds. So the team is doing a great job. We are taking share, but we also sense that the market is starting to improve.

不過，我確實感覺到市場似乎正在好轉。市場需求穩定且略有好轉，我們當然認為這是一個非常積極的指標，顯示市場正在慢慢從長期嚴峻的市場逆風中復甦。所以這個團隊做得很好。我們正在佔領市場份額，但我們也感覺到市場正在開始好轉。

Well said. Thank you.

說得好。謝謝。

Andy Grobler, BNP.

英國國家銀行的安迪·格羅布勒。

Hi. Good morning. A couple from me, if I may. Firstly, just going back to Northern Europe, where conditions are clearly very tough, there is some fiscal spending coming in Germany at some stage. Are you seeing any change in sentiment or kind of longer-term planning from your larger clients in Germany?

你好。早安.如果可以的話，我會分享一些。首先，回到北歐，那裡的情況顯然非常艱難，德國在某個階段會有一些財政支出。您是否看到德國大客戶的情緒或長期規劃有任何變化？

And then secondly, on a slightly different topic, there's been lots of changes in kind of back-office and front-office systems. Are you still on track for those to complete and to begin to see improvements both in cost and efficiency through 2026? Thank you.

其次，稍微不同的話題，後台和前台系統已經發生了許多變化。您是否仍有望在 2026 年前完成這些計劃並開始看到成本和效率的改善？謝謝。

Yeah. Thanks, Andy. I'd say in conversations with clients in Germany, they largely still have a defensive posture in terms of the economic conditions that they are seeing. They would say that they are optimistic on the outlook yet waiting to see these increased funds and the investments into various sectors come through, with the expectation that they're not really going to see any material change during 2025. But they're hoping to see a better operating environment in 2026 and beyond.

是的。謝謝，安迪。我想說，在與德國客戶的交談中，他們對於所看到的經濟狀況大多仍持防禦態度。他們會說，他們對前景持樂觀態度，但仍在等待這些增加的資金和對各個領域的投資到位，並預計 2025 年不會真正看到任何實質變化。但他們希望在 2026 年及以後看到更好的營運環境。

That is sort of the sentiment from a German employer perspective. So they, amongst all employers in Europe, are one of the most conservative and cautious employer base that we speak with because they are fully aware of the difficulties that are cyclical in nature, structural in terms of all of the former growth engines of Germany that are now stuttering, be it automotive, be it their export engine to China, and are expecting to see an improved environment, but are not really seeing it in the near term.

這是從德國雇主角度來看的情緒。因此，在歐洲所有雇主中，他們是我們交談過的最保守、最謹慎的雇主群體之一，因為他們充分意識到，德國所有以前的成長引擎（無論是汽車引擎還是對中國的出口引擎）現在都陷入了困境，這些困難本質上是周期性的、結構性的，他們期望看到環境改善，但在短期內不會真正看到。

And of course, that's reflected in how we are seeing the market evolve as well in our own performance. And, Jack, maybe you could give some comments around the progress on our transformation efforts?

當然，這也反映在我們對市場變化的觀察以及我們自身的表現。傑克，也許您可以就我們轉型工作的進展發表一些評論？

Yeah, no, I'd be happy to. Andy, thanks for the question. I think the short answer is, yes, we are tracking very well. I think particularly on the back-office transformation project, now on PowerSuite back office, we have almost 65% of our revenues going through that platform.

是的，不，我很樂意。安迪，謝謝你的提問。我認為簡短的回答是，是的，我們跟踪得很好。我認為特別是在後台轉型專案上，現在在 PowerSuite 後台，我們幾乎 65% 的收入都是透過這個平台實現的。

And as we've talked about before, that's really enabling us to make some real progress in our shared service centers and our global business centers. So we have 10 countries now moved in, more in-flight. So we're definitely tracking to crossing over in the second half of 26%, as we've talked about. So we feel really good about the progress we've been making on the transformation.

正如我們之前所討論的，這確實使我們能夠在共享服務中心和全球業務中心取得一些真正的進展。我們現在有 10 個國家/地區開展業務，並且有更多國家/地區開展業務。因此，正如我們之前談到的，我們肯定會在下半年實現 26% 的跨越。因此，我們對轉型所取得的進展感到非常滿意。

And on the front, Andy, we have now 90% of our revenues running through the PowerSuite front office with the same global platform. We have over 40 websites. So 70% -- 80% of our website traffic is now also being managed through one global platform.

安迪，就前端而言，我們現在 90% 的收入都是透過採用相同全球平台的 PowerSuite 前端辦公室實現的。我們有超過 40 個網站。因此，我們網站 70% 到 80% 的流量現在也透過一個全球平台進行管理。

So we are making excellent progress overall with our core technology stack. And we're very excited about what that opportunity could give us today as well as into the future.

因此，我們的核心技術堆疊總體上取得了良好的進展。我們對這個機會在今天以及未來能為我們帶來什麼感到非常興奮。

Excellent. Thank you very much.

出色的。非常感謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Hey, good morning. Jack, maybe just to get your thoughts on how the quarter trended, if you saw any differences as the quarter progressed?

嘿，早安。傑克，也許只是想了解一下您對本季趨勢的看法，您是否發現本季進展過程中存在任何差異？

Thanks, Kartik. I'd say it's -- the second quarter is always, from a trend perspective, influenced by holidays in the month of May, which kind of tends to make that a little different just when you see the holiday impact from a days-adjusted basis.

謝謝，卡爾蒂克。我想說的是——從趨勢角度來看，第二季度總是受到五月假期的影響，當你從天數調整的基礎上看到假期影響時，這往往會有所不同。

But with that being said, when we look at some of our major markets, I'd say, US -- once you adjust for the go-live volatility year over year -- as I mentioned, we had a lot of go-live activity -- I'd say we saw kind of steady -- very steady trends. And when -- I'd say improving during the course of the quarter for the Manpower business, which is really good to see. Otherwise, I'd say relatively steady.

但話雖如此，當我們看看我們的一些主要市場時，我想說，美國——一旦你調整了逐年上線的波動——正如我提到的，我們有很多上線活動——我想說我們看到了穩定——非常穩定的趨勢。我想說的是，本季 Manpower 業務有所改善，這確實令人欣喜。否則，我會說相對穩定。

I'd say France, similar -- I'd say, relatively steady, a bit of progress as we move through the quarter. And as we look at July activity, I think, as I mentioned before, we see stability into the third quarter. And then I'd say the third biggest business for us, Italy, very strong continued progress during the course of the quarter. So we saw an improvement in the rate of growth as we exit.

我想說法國的情況也類似——相對穩定，隨著本季的推進，會取得一些進展。當我們回顧七月份的活動時，我認為，正如我之前提到的，我們會看到第三季的穩定。然後我想說，我們的第三大業務是義大利，在本季取得了非常強勁的持續成長。因此，我們在退出時看到了成長率的提高。

And we expect Italy to continue to be very strong in the third quarter. And we believe we are leading the market in Italy today based on those growth trends in the first half of this year. So I'd say those -- in terms of the big ones, I'd say that's kind of the trends we've seen over the course of the quarter.

我們預計義大利第三季將繼續保持強勁勢頭。我們相信，根據今年上半年的成長趨勢，我們目前在義大利市場處於領先地位。所以我想說的是——就大趨勢而言，我想說這就是我們在本季看到的趨勢。

Jonas, I know you've talked a lot about Northern Europe and UK. And I'm wondering, is there any structural issue that you're witnessing in the country for temporary staffing as to why maybe the results haven't been as good as they have been in the past? Or is this just a reflection of where the economy is, and once the economy improves, the business should improve?

喬納斯，我知道你談了很多關於北歐和英國的事情。我想知道，在您所看到的這個國家，臨時人員配備方面是否存在結構性問題，以致結果可能不如過去那麼好？還是這只是經濟狀況的反映，一旦經濟好轉，業務也要好轉？

Yeah. Thanks, Kartik. We still believe that this is largely due to the economic cycle. And so it's a cyclical evolution. Now any cycle that has been going on for a long time, of course, ultimately, we'll also have elements of structural change in demand because companies are hiring different and new skills.

是的。謝謝，卡爾蒂克。我們仍然認為，這很大程度上是由經濟週期決定的。這是一個循環的演變過程。當然，任何持續很長時間的周期最終都會帶來需求結構性變化，因為公司正在招募不同的、具有新技能的人才。

So we still, at this point, think this is a minor issue from that regional perspective. This is all to do with a very tough operating environment due to economic and geopolitical headwinds, that is also then impacting the countries that have the bench model.

因此，目前我們仍然認為，從地區角度來看，這只是一個小問題。這一切都與經濟和地緣政治逆風造成的非常艱難的經營環境有關，這也對採用基準模型的國家產生了影響。

And with the bench model, just as Jack talked about earlier, comes the drawback that when headwinds are hitting those markets in our operations, we deleverage much faster and harder in those markets than we do in other parts of the world. So we would expect those markets to come back once the economy turns around.

正如傑克之前提到的，基準模型的缺點是，當我們的營運市場遭遇逆風時，我們在這些市場的去槓桿速度會比在世界其他地區更快、更劇烈。因此，我們預期一旦經濟好轉，這些市場就會復甦。

And in the meantime, of course, we are, from our business perspective, taking all the actions that we need to shore up both top line in areas where we can see growth as well as manage the costs so that we are bringing them back to profitability. And just as Jack said, with our latest actions here, we are anticipating an improvement in our performance into the third quarter also in this region.

當然，同時，從我們的業務角度來看，我們正在採取一切必要的行動，以鞏固我們能夠看到增長的領域的營收，並管理成本，以便我們恢復盈利能力。正如傑克所說，透過我們在這裡採取的最新行動，我們預計第三季我們在該地區的表現也會有所改善。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

(technical difficulty)

（技術難度）

Hey, Trevor. We can't really hear you. So can you try again?

嘿，特雷弗。我們確實聽不到你說話。那你能再試一次嗎？

Sorry, Jonas. Can you hear me now?

抱歉，喬納斯。現在你能聽到我說話嗎？

We can hear you better now.

現在我們可以聽得更清楚了。

That's better? Okay. Sorry about that. Appreciate you taking the questions. I think just on the German fiscal (technical difficulty) more broadly about Europe with the defense and infrastructure spending in (technical difficulty) NATO agreement.

這樣更好嗎？好的。很抱歉。感謝您回答這些問題。我認為不僅是德國的財政（技術難度），更廣泛地說，歐洲的國防和基礎設施支出（技術難度）也與北約協議有關。

I think your direct expense -- exposure to defense is pretty low. But I guess, I just wanted to ask for your thoughts on what the flow-through could be to industrial, manufacturing, other verticals? Any way to think about what that it could be like and how long that could take to materialize?

我認為你的直接費用——國防支出相當低。但我想，我只是想問您對於其對工業、製造業和其他垂直行業的影響的看法？有沒有辦法想像它會是什麼樣子以及需要多長時間才能實現？

Yeah. Thanks, Trevor. So overall, broadly speaking, the investment in defense and infrastructure into Europe, we feel, will have a good effect into the broader economy as well. So not only in those industry verticals but also into manufacturing where we, of course, have a very strong presence.

是的。謝謝，特雷弗。因此，總體而言，我們認為，對歐洲國防和基礎設施的投資也將對更廣泛的經濟產生良好影響。因此，我們不僅在垂直行業，而且在製造業也佔有非常強大的地位。

And actually, in defense, we have a very strong presence in Europe. In particular, in France and in Italy and Israel and other parts, we are very strongly represented. It is in the lower single-digit revenue numbers as far as our global exposure is concerned.

事實上，在國防方面，我們在歐洲擁有非常強大的影響力。特別是在法國、義大利、以色列和其他地區，我們的代表非常強大。就我們的全球影響力而言，其收入數字處於較低的個位數。

But for Europe, we see our ability to really benefit from these investments and have a material impact to us in Europe when the funds come through to be promising. And that's what the teams are working on. So we think these are great industry verticals for us. We're positioning our teams to ensure that we are taking share and continue to be very well represented in those sectors going forward.

但對於歐洲來說，我們看到我們能夠真正從這些投資中受益，並且當資金到位時，將對我們歐洲產生實質的影響。這就是團隊正在努力的方向。因此我們認為這些對我們來說都是很好的垂直產業。我們正在調整我們的團隊，以確保我們能夠佔據份額，並在未來繼續在這些領域保持良好的代表性。

But there is a delay in terms of when the funds will actually start to flow through in manufacturing activity that will be noticeable. But when we look at how our business, for instance, in Sweden is seeing an increase in demand, how we're seeing an increase in demand in France, we can start to see the beginnings of something which we think will be a great opportunity for our teams.

但資金真正開始流入製造業活動的時間有明顯的延遲。但是，當我們觀察我們的業務時，例如，在瑞典，需求不斷增長，在法國，需求不斷增長，我們就可以開始看到一些事情的開始，我們認為這對我們的團隊來說是一個很好的機會。

Great. Thanks for that, Jonas. And then for a follow-up (technical difficulty) back to US manufacturing, how are you thinking about the opportunity for reshoring, I guess, three months out from the tariff rollout? Just curious if you're hearing any clients kind of saying that they're increasing confidence or maybe starting to want to increase manufacturing activity more in the US.

偉大的。謝謝你，喬納斯。然後回到美國製造業的後續問題（技術難題），您如何看待在關稅推出三個月後回流的機會？我只是好奇，您是否聽到任何客戶說他們正在增強信心，或者可能開始希望在美國增加製造業活動。

Well, I think, Trevor, more broadly, what company clients are telling us that they're -- or what we're seeing in their behavior as well is that they're starting to sift through the noise from the signal and the trend that they believe is underlying these tariff negotiations.

嗯，我認為，特雷弗，更廣泛地說，公司客戶告訴我們，或者我們在他們的行為中看到的是，他們開始篩選訊號中的噪音以及他們認為是這些關稅談判背後的趨勢。

And we talked about that in our prepared remarks, that clients are taking a much more pragmatic approach. They believe that tariffs will eventually be settled and negotiated in a way that is not going to materially impact the economy.

我們在準備好的演講中談到了這一點，客戶正在採取更務實的方法。他們相信，關稅最終將以不會對經濟產生實質影響的方式解決和談判。

And as part of that, they are looking at the best place to conduct their business. And the US is considered to be a very positive business environment. So they are, many of them, thinking about expanding their manufacturing base here in the US, which, of course, from our perspective, could be very beneficial here in the US and from the Manpower business perspective as well.

作為其中的一部分，他們正在尋找開展業務的最佳地點。美國的商業環境被認為非常正面。因此，他們中的許多人都在考慮擴大在美國的生產基地，當然，從我們的角度來看，這對美國和萬寶盛華的業務角度來說都是非常有利的。

Now the kinds of jobs that are coming back and the volume of jobs is yet to be determined. Because, of course, the jobs that are being brought in, in many cases, are skilled jobs that are leveraging automated manufacturing processes.

目前，恢復的工作種類和數量尚不確定。因為，當然，在很多情況下，引進的工作都是利用自動化製造流程的技術性工作。

So in terms of the number of jobs that are coming in, that still remains to be seen. But generally speaking, companies are talking about investing in the US and adding manufacturing capacity. And we feel that's going to be very beneficial to our Manpower business and to our Experis business, as well as our Talent Solutions business here in the US as well.

因此，就新增就業人數而言，仍有待觀察。但總體而言，企業正在談論在美國投資並增加製造能力。我們認為這將對我們的人力資源業務、Experis 業務以及美國的人才解決方案業務非常有利。

Great. Thank you very much. I really appreciate it.

偉大的。非常感謝。我真的很感激。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. You talked about taking significant actions to rightsize the business in the UK from a cost perspective. Are these cost takeouts focused on frontline revenue generators or the more back-office overhead functions?

你好，謝謝。早安.您談到從成本角度採取重大措施來調整英國的業務規模。這些成本支出是否集中在前線收入來源還是更多的後台管理職能？

Hey, George, I'd be happy to talk to that. And actually, this quarter was really more focused on France, Netherlands, Germany, and the Nordics. So really Netherlands, Nordics, and Germany within Northern Europe. UK was a focus last quarter as well.

嘿，喬治，我很樂意談論這個。實際上，本季的重點是法國、荷蘭、德國和北歐。所以其實是北歐的荷蘭、北歐和德國。英國也是上個季度關注的焦點。

But to your question, regardless, it's been a mix, candidly. I think there has been parts of the business where we've needed to rightsize producers to the current demand environment. We've been doing that very carefully, particularly when it comes to any sales professionals. We've been extremely cautious.

但對於你的問題，無論如何，坦白說，這是一種混合。我認為，在某些業務領域，我們需要根據目前的需求環境調整生產商的規模。我們一直非常謹慎地做這件事，特別是對於任何銷售專業人員。我們一直非常謹慎。

But the reality is where demand has been down, we have adjusted some recruiter levels in some of those key markets. We are doing a lot in terms of overall back office in those markets as well. You can see that in our national head office.

但現實情況是，由於需求下降，我們已經調整了一些主要市場的招募人員水準。我們在這些市場的整體後台管理方面也做了很多工作。您可以在我們的國家總部看到這一點。

So outside of the business, all the real support functions, we've done some pretty significant cost actions to make those businesses more efficient. And you'll see that come through as we talked about in terms of some of the Northern Europe trends overall as we go into the next quarter. But I'd say it continues to be a balance, and we've been very careful on the producer side.

因此，在業務之外，所有真正的支援功能，我們都採取了一些相當重要的成本行動，以提高這些業務的效率。當我們進入下一季時，您會看到這一點，正如我們討論北歐整體的一些趨勢一樣。但我想說這仍然是一種平衡，我們在生產者方面一直非常謹慎。

Got it. That's helpful. And then with respect to AI, you mentioned not seeing any structural impact to the labor markets at this time. But the lag from exploration to impact could be shorter than other tech advancements. In the business, where would you expect to see impact, if there were to be one? And what percentage of revenue could be affected?

知道了。這很有幫助。關於人工智慧，您提到目前沒有看到其對勞動力市場產生任何結構性影響。但從探索到撞擊的時間間隔可能比其他技術進步短。在業務中，如果有影響的話，您預計會在哪裡看到影響？受影響的收入比例是多少？

Well, right now, George, what we're doing as many other companies are doing is exploring really the possibilities of how we can augment human capability. And the results so far have been very, very encouraging. I mentioned earlier our sales targeting engine, which we're deploying across Europe right now.

嗯，喬治，現在我們和許多其他公司一樣，正在探索如何增強人類能力的可能性。到目前為止的結果非常令人鼓舞。我之前提到過我們的銷售定位引擎，我們目前正在歐洲各地部署它。

It improves our accuracy in determining which prospects are likely to give better revenue opportunities and higher likelihood of generating an order. That's been very helpful. We've deployed through our Sophie AI technology, the ability to have a virtual recruiter assistant that automates the candidate screening, shortlist and ranks the candidates through a chatbot interview, providing great user experiences for the candidates.

它提高了我們確定哪些潛在客戶可能帶來更好的收入機會和更高的訂單產生可能性的準確性。這非常有幫助。我們透過 Sophie AI 技術部署了虛擬招募助理，該助理可以透過聊天機器人面試自動篩選候選人、確定候選名單並對候選人進行排名，為候選人提供出色的用戶體驗。

More than half of the candidates are fulfilling their candidate interview requirements off working hours in their own time. And we see great productivity improvements there as well to the tune of 2 to 3 times more effective time used by our producers.

超過一半的候選人是在工作時間之外利用自己的時間完成候選人面試要求的。我們也看到了生產力的巨大提高，生產者的有效使用時間提高了 2 到 3 倍。

And then we have our own assistant in terms of generating and enhancing job description candidate submittals and things like that, that is really deployed across the world today. And what we're seeing are point-to-point improvements in recruiter tasks.

然後，我們有自己的助理來產生和增強職位描述候選人提交的內容等，這些助理目前已在世界各地部署。我們看到招募人員的任務正在逐點改善。

But just as you're seeing with many other companies, whilst we see excellent opportunities in specific tasks that recruiters do, the impact really to have full effect on productivity needs to come through process transformation and leveraging agentic AI and automating various steps. And I would say we're in the early process of that, now that we're really seeing some very good progress on the individual tasks and what the impact can be.

但正如您在許多其他公司看到的那樣，雖然我們在招聘人員所做的特定任務中看到了絕佳的機會，但真正對生產力產生全面影響的影響需要透過流程轉型和利用代理人工智慧並自動化各個步驟來實現。我想說，我們正處於這一進程的早期階段，現在我們確實看到了各個任務上取得的一些非常好的進展以及可能產生的影響。

The last thing I would say, though, George, is that we're really starting to see tangible impact in terms of leveraging our data. And we have a database of tens of billions of data points that we're starting to generate insights for our clients and our candidates, and our own internal sales and recruitment team members so that we can generate much better outcomes for our clients.

不過，喬治，我最後要說的是，我們在利用數據方面確實開始看到實際的影響。我們擁有數百億個數據點的資料庫，我們開始為我們的客戶和候選人以及我們自己的內部銷售和招募團隊成員提供見解，以便我們能夠為客戶創造更好的結果。

And we're early on in that journey. But we are very encouraged by the progress that we're seeing and the reaction that we're getting from clients, especially in an environment that's moving very, very quickly.

我們才剛踏上這趟旅程。但我們看到取得的進展以及客戶的反應讓我們深受鼓舞，尤其是在這個瞬息萬變的環境中。

George, I would just add to your point on -- in terms of impact on revenues and so forth from AI, still very, very early days. I think as Jonas has talked about, we do know that coding at very basic levels is more exposed. I think the important thing for us is we do not run a bench in terms of those skill sets.

喬治，我只是想補充你的觀點——就人工智慧對收入等的影響而言，目前還處於非常早期的階段。我認為正如喬納斯所說的那樣，我們確實知道非常基礎的層面上的編碼更容易被揭露。我認為對我們來說重要的是我們不在這些技能方面進行替補。

So the key for us is pivoting our recruiters to recruit the IT skills that are in demand from our clients. And I would say that's not an overly significant part of our revenues today to begin with. But as we move forward, I think that is going to be the way we look at recruiting for technology skills going forward.

因此，對我們來說，關鍵是讓我們的招募人員招募客戶所需的 IT 技能人才。我想說，這對我們來說並不是今天收入中非常重要的一部分。但隨著我們不斷前進，我認為這將成為我們未來招募技術人才的方式。

That's helpful. And just a quick follow-up there. Would you see the clerical part of your business as potentially exposed, so administrative support or clerical, from a white collar perspective? And how big of the business is that?

這很有幫助。這只是一個簡單的後續問題。從白領的角度來看，您是否認為您業務中的文書部分（行政支援或文書）可能會受到影響？那項業務有多大？

George, largely, our view is that AI will augment human capability. And clerical roles have evolved over decades and become more productive with the help of technology tools like, at the time, the PC -- the advent of the PC from a typewriter and Microsoft tools that really improve productivity in terms of Excel and other things. So we would see this much in the same light.

喬治，總體而言，我們的觀點是人工智慧將增強人類的能力。幾十年來，文書工作已經發生了變化，在當時的個人電腦等科技工具的幫助下，工作效率也提高了——個人電腦從打字機到微軟工具的出現，確實提高了 Excel 和其他方面的工作效率。因此我們會以同樣的眼光看待這些事情。

The key from our business perspective is to understand where are we today, where are the skills of the future, what are our client needs, and then be sure that we pivot in terms of being able to provide and create those skills so that we can help the companies navigate this rapidly changing environment, as well as helping people find meaningful and sustainable employment in the areas that are growing faster.

從我們的商業角度來看，關鍵是要了解我們目前所處的位置、未來的技能在哪裡、我們的客戶需要什麼，然後確保我們在提供和創造這些技能方面能夠做出調整，以便我們能夠幫助公司應對這個快速變化的環境，並幫助人們在增長更快的領域找到有意義和可持續的就業機會。

So this is what our business is all about. We are now being helped with data and insights to a degree in scale that we've never seen before. And just as we said in our prepared remarks, this is a very, very promising evolution for our business. And we think there are some great opportunities for us going forward in this area as well.

這就是我們的業務的全部內容。現在，我們得到的數據和見解的幫助達到了前所未有的程度。正如我們在準備好的發言中所說的那樣，這對我們的業務來說是一個非常非常有希望的發展。我們認為，我們在這一領域也面臨一些很好的發展機會。

Very helpful. Thank you.

非常有幫助。謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Yes, hi. Good morning. I was hoping you could talk a bit about how perm activity trended as actually the quarter progressed, if there were any meaningful changes particularly in the US, just given ongoing tariff conversations; and then in the same vein, what your expectations are for perm as you look to the third quarter? Thank you.

是的，你好。早安.我希望您能談談本季實際進展中的永久居留活動趨勢，是否有任何有意義的變化，特別是在美國，考慮到正在進行的關稅談判；然後，同樣地，您對第三季度永久居留的預期是什麼？謝謝。

Thanks, Stephanie, and I'd be happy to take that. So the way I would say is perm was relatively stable overall on a consolidated basis. I think if you look at our revenues in GP for perm, slightly higher in Q2 than it was in Q1. I think as we exited Q1, I was asked, what do we think the mix of perm will be in terms of total GP for Q2, and I said about 15.5. And we came in right in that range.

謝謝，斯蒂芬妮，我很樂意接受這個。所以我想說的是，從合併基礎來看，燙髮整體來說是相對穩定的。我認為，如果你看一下我們永久的 GP 收入，你會發現第二季的收入略高於第一季。我記得在第一季結束時，有人問我，就第二季的總毛利率而言，我們認為永久貸款的組成比例會是多少？我說大約是15.5%。而我們當時的毛利率正好在這個範圍內。

We actually came in at 15.3% of our GP, and we see that 15.5% mark is relatively stable now. These trends that we've seen -- as we talked about last quarter, we saw a bit of an adjustment in Q1. But now that that's done, it actually has been quite stable. In terms of key markets, to your question, on the US, US actually saw kind of flattish perm on an overall basis, very, very slight growth. So that's a sign of stabilization as well.

我們的 GP 實際上為 15.3%，而且我們發現 15.5% 的水平現在相對穩定。我們看到的這些趨勢——正如我們上個季度所討論的，我們在第一季看到了一些調整。但現在已經完成了，它實際上已經相當穩定了。就您的問題而言，就主要市場而言，美國的整體成長率實際上比較平穩，成長幅度非常小。這也是穩定的跡象。

And I'd say in Europe, kind of in line with what we expected. We've seen stable levels, and that's still walking into a slight year-over-year decline in many of those markets. But I think the key point is from activity levels, relatively stable. So a bit of the reset was in Q1, slightly lower. And from that level, we've actually seen it be quite stable.

我想說，在歐洲，這與我們的預期一致。我們已經看到了穩定的水平，但其中許多市場仍出現同比小幅下降。但我覺得關鍵點還是從活動量來說，比較穩定。因此，第一季的重置程度略低。從這個層面來看，我們實際上已經看到它相當穩定。

And as we look at Q3, we're kind of projecting more of the same. We're not anticipating that it's going to change dramatically. But we are anticipating stability at these lower levels into the third quarter. And that's what you see in our guide.

當我們展望第三季時，我們預測情況將大致相同。我們並不認為它會發生巨大的變化。但我們預計第三季這些較低水準將保持穩定。這就是您在我們的指南中看到的內容。

Very helpful. Thank you. Thank you.

非常有幫助。謝謝。謝謝。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hi. Good morning, Jonas and Jack. I guess, my first question is on your tone. It sounds like you feel better about the trajectory of the business. I guess, at the same time, the macro clarity probably hasn't improved very much. So I'm trying to triangulate -- see if you can reconcile those two, and where you see the trajectory going from here after this stabilization period that you call? Thank you.

你好。早安，喬納斯和傑克。我想，我的第一個問題是關於你的語氣。聽起來您對業務的發展軌跡感覺更好了。我猜，同時，宏觀清晰度可能並沒有太大的改善。因此，我嘗試進行三角測量——看看您是否可以調和這兩者，並且您認為在您所說的這個穩定期之後，發展軌跡會如何？謝謝。

Well, thanks, Josh. And yes, as you can tell, whenever we can think of a moment and in our guide of a flat organic days-adjusted outlook, that is a change from what we've had to guide to for quite some time now. So we are feeling better about this. But mostly, it is based on what we're hearing from our clients.

好吧，謝謝，喬希。是的，正如您所看到的，每當我們想到某個時刻，在我們的平穩有機天數調整前景指南中，這與我們相當長一段時間以來所指導的內容有所不同。所以我們對此感覺好多了。但大多數情況下，它是基於我們從客戶那裡聽到的信息。

And we've talked in the past about how important employer confidence is in terms of their hiring intentions. And from our internal data, we can tell that clients are looking through the noise and are more interested in the signals of what is changing. I also believe that they are getting used to an environment of high levels of noise and new noise on a very regular basis, but that that doesn't necessarily translate into a reality in the market.

我們過去曾討論過雇主信心對於招募意願的重要性。從我們的內部數據中，我們可以發現客戶正在透過噪音尋找訊息，並且對正在發生變化的訊號更感興趣。我還相信，他們正在逐漸適應高噪音和新噪音的環境，但這並不一定能轉化為市場現實。

So therefore, their confidence into the future appears to be stabilizing. And of course, stabilization, as long as things stay the same and no actual major changes are occurring is, of course, followed by a period of, hopefully, some more positive demand environment. And we then look at markets like the US, where we're starting to see that occur in Manpower.

因此，他們對未來的信心似乎正在穩定下來。當然，只要情況不變，沒有任何重大變化，穩定之後當然會出現一段更積極的需求環境。然後我們看看美國這樣的市場，我們開始看到這種情況在 Manpower 中出現。

We're driving a lot of that share gains, broadly speaking, we're seeing it in Manpower. We're seeing it in Talent Solutions. We have strong performance in parts of Southern Europe, like Italy and Spain. We see Asia-Pacific as well as LatAm continuing to have strong environment. It gives us a sense -- an increased sense of optimism that we could be heading in the right direction.

總體而言，我們正在推動大量份額的成長，我們在 Manpower 中看到了這一點。我們在人才解決方案中看到了這一點。我們在義大利和西班牙等南歐部分地區表現強勁。我們看到亞太地區和拉丁美洲繼續保持強勁的環境。它給了我們一種感覺——一種更樂觀的感覺，我們正朝著正確的方向前進。

And to be clear, we're not calling the inflection point. We think that's a fool's errand. We'll see what the market does. But I think you can tell from what we're hearing from our clients their level of confidence is improving. And that's the reason and the underlying foundational element as to why we're believing the market is stabilizing in many cases at lower levels, but that's a starting point. That's the foundation for future opportunities of growth, we hope, into the future.

需要明確的是，我們不是在談論拐點。我們認為這是愚蠢的行為。我們將觀察市場表現。但我想從我們從客戶那裡聽到的消息可以看出，他們的信心水平正在提高。這就是我們相信市場在許多情況下在較低水平上穩定下來的原因和根本因素，但這只是一個起點。我們希望，這是未來成長機會的基礎。

That's great color. Thank you. And then my follow-up quickly on free cash flow. I know, Jack, that free cash flow is usually negative in the first half.

顏色真棒。謝謝。然後我快速跟進自由現金流。傑克，我知道，上半年的自由現金流通常是負。

But I guess, could you talk to the magnitude of activity in this first half? And relatedly, do you expect to recoup some of that in the second half? Or do we expect the second half to be relatively normal, so to speak?

但我想，您能談談上半年活動的規模嗎？與此相關的是，您是否預計下半年能夠收回部分損失？或者說，我們預計下半年會相對正常？

Yeah, no, thanks for the question, Josh. Yeah, when you look at the second quarter, particularly, second quarter has had very large outflows over the last four years. And every year, I think over the last three years, it's been somewhere in the range of $150 to what you see here in the current quarter, just above $200.

是的，不，謝謝你的提問，喬希。是的，當你看第二季時，特別是過去四年第二季的資金流出量非常大。我認為，過去三年中，每年的價格都在 150 美元到本季的 200 美元左右。

So that has been post pandemic, a little bit of the trend that we have been seeing with larger outflows in the second quarter. I think this year, as we talked about last quarter, the first quarter was influenced a bit by the timing of the MSP program. We have one of the largest MSP programs in the world. And that does cause some volatility specifically, and we saw that from Q4 into Q1.

因此，這是疫情過後出現的趨勢，我們在第二季度看到了資金流出的增加。我認為今年，正如我們上個季度所討論的，第一季受到了 MSP 計劃時間的影響。我們擁有世界上最大的 MSP 項目之一。這確實會造成一些波動，我們從第四季到第一季都看到了這一點。

With all that being said, we had very strong free cash flow in the second half of last year. We would expect similar dynamics again this year. I think the MSP program usually works itself out over the course of the year. So we'd expect to see that in the second half work itself out as well. So that's the way I would think about free cash flow in the second half.

話雖如此，去年下半年我們的自由現金流非常強勁。我們預計今年將再次出現類似的動態。我認為 MSP 計劃通常會在一年內自行發揮作用。因此，我們預計下半年也會有同樣的結果。這就是我對下半年自由現金流的看法。

Great. Thank you both for the color and the time.

偉大的。謝謝你們的顏色和時間。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Good morning. This is Tyler Barishaw, on for Tobey. Can you discuss the implications of the ceasefire or the end of the Russia-Ukraine war and any other events in Europe that we -- that could be sources of upside for you?

早安.這是泰勒·巴里肖 (Tyler Barishaw)，代替托比 (Tobee)。您能否討論一下停火或俄烏戰爭結束的影響以及歐洲其他可能為您帶來好處的事件？

Well, thanks, Tyler. I think it's hard to tell exactly what the consequences would be. But of course, having a war going on in Europe is causing great consternation and uncertainty for employers. It is also having negative economic impacts in terms of the price of the energy and the ability thus of manufacturing to absorb those costs.

好吧，謝謝，泰勒。我認為很難確切地說出其後果是什麼。但當然，歐洲的戰爭為雇主們帶來了極大的恐慌和不確定性。它也對能源價格以及製造業吸收這些成本的能力產生了負面的經濟影響。

So we think a ceasefire on the European continent and in particular, on Ukraine would be very beneficial in terms of providing greater confidence for employers in terms of how the European economy can start to show a bit more momentum.

因此，我們認為，歐洲大陸、特別是烏克蘭的停火將非常有益，因為這將為雇主提供更大的信心，讓他們相信歐洲經濟將開始顯示出更大的發展勢頭。

Got it. And then just one final one. On the recent cuts to the dividend, what would be conditions that could lead to the dividend being raised again? Thanks.

知道了。最後再說一句。關於最近削減股息，什麼條件可能導致股息再次增加？謝謝。

Yeah. On that, I think we talked a little bit about this in the past as well. So the dividend was reset as we announced back in May to the current environment. But we're very proud of our track record of increases in the dividend in a stable-to-improving environment.

是的。關於這一點，我想我們過去也談論過一點。因此，正如我們在五月宣布的那樣，股息已根據當前環境進行了調整。但我們為在穩定和改善的環境中增加股息的記錄感到非常自豪。

So really, that's it. I think as we see the environment improve, then you should expect we would lean in and start to increase the dividend again, like we have in the past. And it's really just a matter of time as we continue to see that play out.

確實如此。我認為，隨著環境的改善，你應該期待我們會像過去一樣，再次增加股息。隨著我們繼續看到這種情況發生，這實際上只是時間問題。

But as Jonas said, one step at a time. We're guiding to flat currently. And if we continue to see positive momentum going forward, you should expect that would be the case in terms of dividend plans as well. Thank you.

但正如喬納斯所說，一步一步來。我們目前正在引導平穩。如果我們繼續看到未來的正面勢頭，那麼您應該預期股息計劃方面也會如此。謝謝。

Thank you. I'd like to turn the call back over to Jonas Prising for any closing remarks.

謝謝。我想將電話轉回給 Jonas Prising 來做最後的總結演講。

Thanks, everyone, for participating in this earnings call. We hope you continue to enjoy a nice summer, wherever you are. And I look forward to speaking with you again on our next earnings call. Thanks, everyone.

感謝大家參加本次財報電話會議。無論您身在何處，我們都希望您能繼續享受美好的夏天。我期待在下次財報電話會議上再次與您交談。謝謝大家。

Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您的參與。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。