Core Insights - Robert Half has been recognized by Forbes as one of the World's Best Employers for 2025, highlighting its commitment to providing an outstanding workplace environment and exceptional opportunities for employees globally [1][2]. Company Recognition - The Forbes' World's Best Employers list is based on an independent survey of over 300,000 employees across 50 countries, focusing on satisfaction, culture, and reputation, with emphasis on well-being, inclusivity, career growth, and work-life balance [2]. - Robert Half's CEO, M. Keith Waddell, emphasized the company's dedication to creating an environment where employees can thrive both professionally and personally [3]. Employee Experience - Robert Half invests in programs and initiatives that promote connection, career development, and well-being, contributing to its recognition as a top employer [3]. - The company has also been acknowledged as one of Fortune's Most Admired Companies and one of Forbes' Best Employers for Company Culture [3][4]. Company Overview - Robert Half is the world's first and largest specialized talent solutions and business consulting firm, providing contract talent and permanent placement solutions across various fields including finance, technology, marketing, legal, and customer support [4]. - The company is the parent of Protiviti, a global consulting firm that offers internal audit, risk, and business consulting solutions [4].

Core Insights - ManpowerGroup Inc. (NYSE: MAN) is set to release its Q3 2025 earnings results soon, with the stock having declined approximately 11% recently [1] Company Overview - ManpowerGroup focuses on workforce solutions and has a significant presence in the employment services industry [1] - The company is known for its strong fundamentals and potential for growth, particularly in sectors like technology, infrastructure, and internet services [1] Market Context - The stock's recent decline may indicate market concerns or reactions to broader economic conditions affecting the employment sector [1]

Core Insights - ManpowerGroup released its 2024-2025 Sustainability Report titled "Working to Change the World: A Human-First, Just Transition," highlighting progress in sustainability across three pillars: Planet, People & Prosperity, and Principles of Governance [1][2]. Group 1: Planet - The company reduced direct (scope 1 & 2) emissions by 32% since 2019 and by 9% year-over-year [6]. - Renewable energy usage increased by 18% in 2024, with France and the U.S. jointly procuring almost 13,000 MWh in renewable electricity [6]. - An electric vehicle fleet expansion included the addition of 100 EVs while removing 200 gas-powered vehicles [6]. Group 2: People & Prosperity - The Manpower MyPath program scaled to over 301,000 associates, enhancing employability and providing career pathways [6]. - The company is on track to upskill 170,000 individuals through Experis Academy in Europe, focusing on AI skills and providing intensive training [6]. - Partnerships with clients enabled over 400,000 individuals globally to enhance their digital skills to meet new market demands [6]. Group 3: Principles of Governance - ManpowerGroup was recognized by Ethisphere for the 16th time as one of the World's Most Ethical Companies, the highest in the industry [6]. - A comprehensive Double Materiality Assessment (DMA) was completed to align with the EU Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) [6]. - The company founded an AI New Projects Review Committee to create guidelines for ethical and responsible AI use [6].

Group 1 - Employers are becoming cautious in their hiring outlook, focusing more on retention rather than new hiring, with an emphasis on selective hiring to maintain organizational resilience [3][4] - Nearly half of employers surveyed identified attracting qualified applicants and retention as their biggest challenges, with AI talent remaining in demand despite hiring slowdowns in other areas [3] - Two-thirds of HR managers have implemented hiring freezes, and nearly half plan to pause recruitment for at least the next 12 months, leading to a focus on reskilling and internal mobility [4] Group 2 - The global hiring market is becoming more measured due to economic uncertainty, with 45% of employers intending to maintain current workforce levels in Q4 2025, the highest since early 2022 [6] - Less than 40% of employers plan to add staff in Q4, while 15% expect to reduce their workforce, indicating a cautious approach to hiring [6] - Employers that do intend to hire are focusing on specific capabilities, particularly in technological advancement [6]

Financial Performance Overview - Total revenue remained flat at $396 million compared to Q2 2024[5,8] - Organic revenue decreased by 4%[7,8] - Net loss was $0 million, a significant improvement from a net loss of $104.7 million in Q2 2024[5,8] - Adjusted EBITDA increased by 147% to $26 million from $11 million in Q2 2024[7,8] - Gross margin decreased by 3 percentage points due to changes in business mix[7] - SG&A expenses improved by 7% due to disciplined cost management[7] Segment Performance - PeopleReady revenue was $213 million, a decrease of 5%[12] - PeopleManagement revenue was $134 million, an increase of 2%[12] - PeopleSolutions revenue was $49 million, a 20% increase, including $16 million from HSP, but decreased 20% on an organic basis[12] Liquidity and Capital Allocation - The company has a solid liquidity position with $22 million in cash, $54 million in debt, and $79 million of borrowing availability, totaling $101 million in liquidity[7] - Debt was reduced by $4 million, and working capital increased by $14 million[7] Outlook for Q3 2025 - Revenue is projected to be between $400 million and $425 million, representing a 5% to 11% increase compared to the prior year, including a 4 percentage point contribution from the HSP acquisition[18] - SG&A is expected to be between $93 million and $97 million, a decrease of 7% to 3% compared to the prior year[18]

Core Viewpoint - Brunel International N.V. reported its second quarter and first half 2025 results, highlighting a mixed performance across different regions and ongoing cost reduction efforts [1]. Q2 2025 Key Points - Revenue for Q2 2025 was EUR 303 million, a decrease of 12% (7% organic decline) [8]. - Gross profit for Q2 2025 was EUR 52 million, down 20% (14% organic decline) [8]. - Underlying EBIT for Q2 2025 was EUR 6.3 million, a decline of 46% (27% organic decline) [8]. - The company experienced continued softness in the Netherlands and DACH regions, while performance in Australasia, Americas, and Asia was relatively strong [4]. - Global permanent placement activities showed a slight recovery, with fees increasing from EUR 3.3 million to EUR 4.1 million compared to Q1 2025, although still significantly lower than the previous year [4]. H1 2025 Key Points - Revenue for H1 2025 totaled EUR 613 million, down 11% (8% organic decline) [8]. - Gross profit for H1 2025 was EUR 109 million, a decrease of 19% (16% organic decline) [8]. - Underlying EBIT for H1 2025 was EUR 14.7 million, down 45% (31% organic decline) [8]. - Free cash flow for H1 2025 was negative EUR 24.3 million, compared to negative EUR 0.2 million in H1 2024 [8]. - The cost reduction program initiated in summer 2024 delivered EUR 13.4 million in savings, with a target of EUR 20 million annual run-rate [5]. - An additional cost reduction program is expected to yield around EUR 10 million in annual savings, with a one-off impact of EUR 8 million [5].

Core Insights - ManpowerGroup has appointed Valerie Beaulieu-James as its first Chief Growth Officer, effective August 1, 2025, to lead the company's commercial strategy and accelerate growth [1][2]. Company Overview - ManpowerGroup is a leading global workforce solutions company that has been providing innovative talent solutions for over 75 years, operating in more than 70 countries and territories [6]. - The company is recognized for its commitment to diversity and has been named one of the World's Most Ethical Companies for the 16th time in 2025 [6]. Leadership and Strategy - Beaulieu-James will report to President & Chief Strategy Officer Becky Frankiewicz and will be responsible for shaping and executing ManpowerGroup's Integrated Commercial Strategy across its brands: Manpower, Experis, and Talent Solutions [3]. - The new Chief Growth Officer aims to leverage data, market intelligence, and AI-driven capabilities to enhance market share, deepen stakeholder engagement, and strengthen brand equity globally [3][4]. Vision and Goals - Beaulieu-James expressed her commitment to transforming the world of work by focusing on human-centered solutions while utilizing insights and AI to improve client and candidate experiences [5]. - The company aims to accelerate its growth agenda and create more personalized connections to meaningful work for candidates [4][5].

Financial Data and Key Metrics Changes - Global enterprise revenues for the second quarter of 2025 were $1,370 million, down 7% from the same period last year on both a reported and adjusted basis [6] - Net income per share decreased to $0.41 from $0.66 year-over-year [6] - Cash flow from operations was $119 million during the quarter [7] - Return on invested capital was 12% in the second quarter [9] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $668 million and non-U.S. revenues at $207 million [10][11] - Protiviti's global revenues were $495 million, with U.S. revenues down 1% and non-U.S. revenues up 11% year-over-year [12][13] - Contract Talent Solutions bill rates increased by 3.8% year-over-year, adjusted for revenue mix [12] Market Data and Key Metrics Changes - The unemployment rate for college-educated professionals remained low at 2.5%, indicating labor supply constraints [22] - Job openings are above historical levels, suggesting strong pent-up hiring demand despite subdued hiring activity [22] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities through its strong brand, technology, and unique business model that includes both professional staffing and business consulting services [7] - The strategic integration of contract professionals sourced through Talent Solutions is seen as a key driver for performance [24] - The company is committed to connecting people to meaningful work and providing clients with the necessary talent and consulting expertise [24] Management's Comments on Operating Environment and Future Outlook - Management noted that fears of economic recession have eased, and small business confidence has rebounded modestly [22] - The tone of client conversations has improved recently, indicating a potential uptick in demand [48] - Protiviti's pipeline remains strong, with new opportunities increasing significantly in the last thirty days [36] Other Important Information - The company distributed a cash dividend of $0.59 per share, totaling $59 million, with an average annual growth of 11.5% since 2004 [8] - The adjusted operating income for the second quarter was $59 million, or 4.3% of revenue [16] Q&A Session Summary Question: Inquiry about bill rate increases - Management indicated that unadjusted bill rates would be higher due to mix impacts, with historical increases of 100 to 200 basis points [28][30] Question: Clarification on Protiviti's project timelines - Management explained that the slight year-on-year revenue decline is due to extended conversion timelines and reduced average project sizes, but the pipeline remains strong [34][36] Question: Dynamics of the entry-level labor market - Management noted that AI has had little impact on revenues so far, and small business clients typically seek experienced staff rather than entry-level graduates [60][62] Question: Performance of financial services clients - Management stated that trends in Protiviti's financial services client base are consistent with overall business trends, with cost consciousness and extended decision cycles [70] Question: Competitive dynamics in Protiviti - Management clarified that competition from the Big Four has stabilized, and competitive dynamics are not a significant factor in the current revenue trends [92] Question: Non-U.S. productivity growth - Management highlighted that non-U.S. productivity growth was driven by favorable comparisons and successful joint projects in Germany and Canada [99]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q2 2025 were $1.37 billion, down 7% year-over-year on both reported and adjusted bases [4] - Net income per share decreased to $0.41 from $0.66 in the same quarter last year [4] - Cash flow from operations was $119 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] - Return on invested capital was 12% in Q2 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $668 million and non-U.S. revenues at $207 million, down 11% and 13% respectively [6][7] - Protiviti's global revenues were $495 million, with U.S. revenues down 1% and non-U.S. revenues up 11% year-over-year [9][10] - Contract Talent Solutions gross margin was 39.1%, slightly down from 39.3% year-over-year [11] - Overall gross margin for Talent Solutions was 47.1%, down from 47.4% [12] Market Data and Key Metrics Changes - The U.S. job market remains resilient with an unemployment rate of 4.1%, and the unemployment rate for college-educated professionals is at 2.5% [20] - Job openings are above historical levels, indicating strong pent-up hiring demand [20] - Protiviti achieved year-on-year revenue growth for the fourth consecutive quarter, although growth rates have moderated due to economic uncertainty [21] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities through its strong brand, technology, and unique business model that includes both professional staffing and consulting services [5] - The strategic integration of contract professionals through Talent Solutions is seen as a key driver for performance [22] - The company remains committed to connecting people to meaningful work and providing clients with the necessary talent and consulting expertise [22] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated global economic uncertainty has extended client caution and subdued hiring activity [4] - There is a cautious optimism as small business confidence has rebounded modestly, and hiring urgency is expected to increase [20][21] - The company anticipates a slight year-on-year revenue decline in Q3 but expects potential growth by Q4 if new opportunities materialize [31] Other Important Information - The company has 6.2 million shares available for repurchase under its stock repurchase plan [5] - The tax rate for Q2 was 33%, up from 29% year-over-year due to increased nondeductible expenses [15] Q&A Session Summary Question: Inquiry about bill rate increases - Management acknowledged that bill rates have increased due to a mix shift, but specific unadjusted figures were not provided [24][25] Question: Clarification on Protiviti's project timelines - Management indicated that conversion timelines have extended, impacting revenue, but the pipeline remains strong with new opportunities increasing [28][30] Question: Dynamics of the entry-level labor market - Management noted that AI has had little impact on revenues so far, and small business clients typically seek experienced staff rather than entry-level graduates [50][51] Question: Performance of financial services clients - Management stated that trends in Protiviti's financial services client base mirror overall business trends, with cost consciousness and extended decision cycles [59] Question: Resilience of enterprise clients - Management observed that enterprise clients have been more resilient than SMB clients, particularly reflected in Protiviti's results [81]

Financial Performance - Revenue reached $4.5 billion, with system-wide revenue at $4.9 billion[5] - Gross margin was 16.9%[5] - EBITA was $72 million, or $89 million as adjusted[5] - EPS was -$1.44, or -$0.78 as adjusted[5] Segment Performance - Americas revenue was $1.1 billion with OUP at $36 million and OUP margin at 3.4%[22] - Southern Europe revenue was $2.1 billion with OUP at $73 million and OUP margin at 3.4%[25] - Northern Europe revenue was $794 million with OUP at -$9 million and OUP margin at -1.1%[28] - APME revenue was $525 million with OUP at $26 million and OUP margin at 5.0%[31] Business Line Performance - Manpower organic CC revenue increased slightly from the Q1 trend of -2% year over year[12] - Experis organic CC revenue trend declined further from the Q1 trend of -5% year over year[12] - Talent Solutions organic CC revenues increased from the Q1 trend of -2% year over year[13] Outlook - Third quarter 2025 revenue is expected to be flat to up 4% (down 4% to flat CC)[40] - EPS is projected to be $0.77 to $0.87, including a favorable $0.03 currency impact[40] Debt - Total debt outstanding was $1.286 billion as of June 30, 2025[47]