Q2 2024 Adecco Group AG Earnings Call Transcript
Key Points
- Adecco Group AG (AHEXF) delivered EUR5.8 billion in revenues, outperforming key competitors by 375 basis points.
- The company achieved EUR162 million in G&A savings, surpassing the EUR150 million target.
- Cash flow from operations improved significantly, with a positive EUR162 million, up EUR82 million year-on-year.
- The company has been approved for its 2030 and 2050 net zero emission targets by the science-based target initiative.
- Adecco Group AG (AHEXF) has consistently delivered against its Simplify, Execute, and Grow plan, driving better execution and financial performance.
- Revenues were 2% lower year-on-year on an organic trading days adjusted basis.
- Gross margin decreased by 70 basis points year-on-year to 19.4%.
- Adjusted EPS was EUR0.64, 1% lower year-on-year on a constant currency basis.
- Net debt to EBITDA ended the quarter at 3x, reflecting a seasonal peak and only a 0.2x reduction compared to the prior year.
- The company faces challenging market conditions in Northern Europe and North America, with revenues down 11% and 14% respectively.
Good morning, and thank you for joining the Adecco Group's conference call today. I'm Benita Barretto, the Group's Head of Investor Relations, and with me are the Adecco Group CEO, Denis Machuel, and CFO, Coram Williams.
Before we begin, we want to draw your attention to the disclaimer on slide 2. Today's presentation will reference GAAP and non-GAAP financial results and operating metrics. This conference call will include forward-looking statements. These statements are based on assumptions as of today and are therefore subject to risks and uncertainties.
Let me now hand over to Denny and the results report.
Thank you, Benita, and a warm welcome to all of you who joined the call today. Let's turn to slide 3, which provides an overview of the quarter. The Group delivered EUR5.8 billion in revenues, 2% lower on an organic 20 days adjusted basis. We delivered another quarter of strong
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