Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

in millions, except share and per share data

See the financial measures section on page 25 for further information on the Non-GAAP financial measures of constant currency and organic constant currency.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, (each a "forward-looking statement"). Statements made in this quarterly report that are not statements of historical fact are forward-looking statements. In addition, from time to time, we and our representatives may make statements that are forward-looking. Forward-looking statements are based on management's current assumptions and expectations and are subject to risks and uncertainties that are beyond our control and may cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by words such as "expect," "anticipate," "intend," "plan," "may," "believe," "seek," "estimate," and other similar expressions. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, the risk factors discussed in Item 1A - Risk Factors in our annual report on Form 10-K for the year-ended December 31, 2025, which information is incorporated herein by reference. Such risks and uncertainties include, but are not limited to, volatile, negative or uncertain economic conditions, particularly in Europe and the United States, including inflation, global trade policies, and geopolitical risk and uncertainty; changes in labor and tax legislation in places we do business; failure to implement strategic transformation initiatives and technology investments; and other factors that may be disclosed from time to time in our SEC filings or otherwise. We caution that any forward-looking statement reflects only our belief at the time the statement is made. We undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Business Overview

Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses.

In the first quarter of 2026, we saw continued stabilization of revenue trends across our key markets and delivered solid performance in Asia Pacific and Latin America and certain European markets including France and Italy. Employers remain deliberate in their workforce hiring strategies. Engagement levels are steady and activity levels are becoming more consistent with improving business confidence in the United States and rising manufacturing Purchasing Managers' Index in the United States and Europe. Although we are encouraged by signs of stabilization and ongoing strength in certain markets such as Asia Pacific, Latin America, and parts of Southern Europe, these trends reinforce our view that the shape of the recovery can be different by market with some inflecting earlier and others requiring longer periods of stabilization before inflecting.

During the first quarter of 2026, the United States dollar weakened on average, relative to the currencies in most of our markets, and overall had a favorable impact on our reported results compared to the first quarter of 2025. The changes in the foreign currency exchange rates had a 7.4% favorable impact on revenues from services. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.

During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 5.6% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services and the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services. During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 14.6% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates and the increased demand for Manpower staffing services, partially offset by decreased demand in outcome-based solutions. During the first quarter of 2026 compared to the first quarter of 2025, we experienced an 8.1% revenue increase in Northern Europe, primarily due to the favorable impact of currency exchange rates and an increase in demand for our Manpower staffing services, partially offset by a decrease in demand for our Experis interim services. We experienced a 7.1% revenue increase in APME in the first quarter of 2026 compared to the first quarter of 2025 primarily due to an increase in demand for our Manpower staffing services and an increase in demand for our Experis interim services, partially offset by the unfavorable impact of currency exchange rates.

From a brand perspective, we experienced a revenue increase in Manpower and Talent Solutions while Experis experienced a revenue decrease in the first quarter of 2026 compared to the first quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Manpower consulting services. The revenue increase in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to currency, an increase in demand for our Right Management outplacement services, partially offset by decreased demand for our permanent recruitment services. The revenue decrease in our Experis brand was primarily due to decreased demand in our interim services, permanent recruitment services, and outcome-based solutions services.

In the first quarter of 2026, our gross profit margin decreased 110 basis points compared to the first quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix changes driven by enterprise clients, lower bench utilization, and lower permanent recruitment and other services activity.

Our operating profit increased 0.5% in the first quarter of 2026 and our operating profit margin decreased 10 basis points compared to the first quarter of 2025. Operating profit margin decreased in the first quarter of 2026 primarily due to the increase in selling and administrative expenses driven by the strategic transformation program costs related to our global transformation initiative.

Operating Results - Three Months Ended March 31, 2026 and 2025

The following table presents selected consolidated financial data for the three months ended March 31, 2026 as compared to 2025.

The year-over-year increase in revenues from services was 10.3% (2.9% in constant currency) primarily attributed to:

The year-over-year 110 basis point decrease in gross profit margin was primarily attributed to:

The 3.7% increase in selling and administrative expenses in the first quarter of 2026 compared to the first quarter of 2025 (-2.2% in constant currency) was primarily attributed to:

Selling and administrative expenses as a percent of revenues decreased 100 basis points in the first quarter of 2026 compared to the first quarter of 2025 due primarily to:

Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $19.6 in the first quarter of 2026 compared to $15.6 in the first quarter of 2025 primarily due to interest costs on the €500.0 notes due December 2030 relative to the €500 notes redeemed in January 2026. Foreign exchange loss, net was $0.6 in the first quarter of 2026 compared to $0.9 in the first quarter of 2025. Miscellaneous income, net was $7.3 in the first quarter of 2026 compared to $5.0 in the first quarter of 2025.

We recorded income tax expense at an effective rate of 83.8% for the three months ended March 31, 2026, as compared to an effective rate of 66.8% for the three months ended March 31, 2025. The 2026 rate as compared to the 2025 rate was unfavorably impacted by the overall mix of earnings in the quarter. The 83.8% effective tax rate for the three months ended March 31, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, restructuring charges, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.

Net earnings per share - diluted was $0.05 in the first quarter of 2026 compared to $0.12 in the first quarter of 2025. Restructuring costs and strategic transformation program costs unfavorably impacted net earnings per share - diluted by approximately $0.46, net of tax, in the first quarter of 2026.

Weighted average shares - diluted decreased to 47.1 million in the first quarter of 2026 from 47.3 million in the first quarter of 2025. This decrease was due to the impact of share repurchases completed in the second quarter of 2025, partially offset by grants of share-based awards.

Segment Operating Results

Americas

In the Americas, revenues from services increased 5.6% (3.5% increase in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by a $77.9 increase in demand for our Manpower staffing services and a $21.7 favorable impact of currency exchange rates, partially offset by a $51.9 decrease in demand for our Experis interim services. In the United States (which represented 59% of the Americas' revenues), revenues from services decreased -4.9% in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $52.4 decrease in demand for our Experis interim services, partially offset by a $12.7 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 25.2% (19.4% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $65.3 increase in demand for our Manpower staffing services and the $21.7 favorable impact of foreign currency exchange rates. Within our Other Americas segment, we experienced increases in Colombia of $21.7, Chile of $17.6, Mexico of $10.2, and Canada of $5.9, which represented increases of 48.6%, 42.7%, 18.9%, and 8.9%, respectively (31.1%, 31.3%, 2.3%, and 4.1%, respectively, in constant currency).

Gross profit margin decreased 160 basis points in the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 130 basis points to the decrease, and decreased activity in our permanent placement services, which contributed 50 basis points to the decrease, partially offset by a 20 basis point favorable impact due to increased outcome-based solutions margins.

Selling and administrative expenses increased 0.5% (-0.9% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $6.2 increase in restructuring costs and the $2.7 unfavorable impact of currency exchange rates, partially offset by a $6.9 decrease in personnel costs.

OUP decreased -24.9% (-28.5% increase in constant currency) in the first quarter of 2025, which represented a 1.7% OUP margin, a decrease from the 2.4% in the first quarter of 2025. This OUP decrease was primarily due to decreased profitability in our U.S. business of $9.3. In the United States, OUP margin decreased to 0.3% in the first quarter of 2026 from 1.6% in the first quarter of 2025 primarily due to decreased margins in our Experis interim business and our permanent placement business as well as increased restructuring costs. Other Americas OUP margin decreased to 3.7% in the first quarter of 2026 from 3.9% in the first quarter of 2025.

Southern Europe

In Southern Europe, revenues from services increased 14.6% (3.0% increase in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily due to a $212.0 favorable impact of currency exchange rates and a $57.5 increase in demand for Manpower staffing services, partially offset by a $5.5 decrease in demand for outcome-based solutions. In France (which represented 51% of Southern Europe's revenues), revenues from services increased 10.7% (-0.3% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $106.1 favorable impact of currency exchange rates, partially offset by a $4.5 decrease in demand for outcome-based solutions. In Italy (which represented 23% of Southern Europe's revenues), revenues from services increased 19.3% (7.5% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $47.0 favorable impact of currency exchange rates and a $27.3 increase in demand for our Manpower staffing services. In Other Southern Europe, revenues from services increased 18.6% (6.1% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the $58.9 favorable impact of currency exchange rates and a $26.8 increase in demand for our Manpower staffing services. Within our Other Southern Europe segment, we experienced revenue increases in Spain of $31.4 and Israel of $24.5 or 25.5% and 25.4%, respectively (13.0% and 8.4% in constant currency, respectively).

Gross profit margin decreased 50 basis points in the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily due to lower margins in our Manpower staffing services, which contributed 40 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.

Selling and administrative expenses increased 11.3% (-0.2% decrease in constant currency) during the first quarter of 2026 compared to the first quarter of 2025, primarily due to the $25.0 unfavorable impact of currency exchange rates and an increase of $1.1 in personnel costs, partially offset by $3.4 decrease in non-personnel costs in the first quarter of 2026.

OUP increased 8.0% (-2.0% in constant currency) in the first quarter of 2025, which represented a 2.6% OUP margin, a decrease from 2.7% in the first quarter of 2025. This OUP increase was primarily due to the favorable impact of currency exchange rates. In France, the OUP margin decreased to 1.6% for the first quarter of 2026 compared to 2.2% for the first quarter of 2025, primarily driven by lower activity in our higher-margin permanent recruitment and outcome-based services. In Italy, the OUP margin decreased to 6.0% for the first quarter of 2026 compared to 6.2% for the first quarter of 2025 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin increased to 1.5% for the first quarter of 2026 from 1.0% for the first quarter of 2025.

Northern Europe

In Northern Europe, the largest country operations include the United Kingdom, the Nordics, the Netherlands, Germany and Belgium (comprising 34%, 20%, 11%, 11% and 9%, respectively, of Northern Europe's revenues). In the Northern Europe region, revenues from services increased 8.1% (-1.8% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $72.4 favorable impact of currency exchange rates and a $19.0 increase in demand for our Manpower staffing services, partially offset by a $20.6 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $19.8, the United Kingdom of $11.9, Belgium of $6.0, and the Netherlands of $4.5, which represented revenue increases of 14.2%, 4.7%, 8.7%, and 5.3%, respectively (the Nordics were flat and decreases of -2.0%, -2.2%, and -5.2%, respectively, in constant currency). These increases were partially offset by a decrease in Germany of $4.6, which represented a revenue decrease of -5.0% (-14.4% in constant currency).

Gross profit margin decreased by 140 basis points in the first quarter of 2026 compared to the first quarter of 2025. The decrease was primarily due to a decrease in our Experis interim margins, which had a 70 basis point impact, decreased activity in our higher-margin permanent recruitment business, which had a 60 basis point impact, and a decrease in our consulting business, which had a 10 basis point impact.

Selling and administrative expenses decreased -7.6% (-16.7% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025. The decrease was primarily driven by a $10.4 decrease in personnel costs as we experienced the impacts of restructuring actions previously taken, a $7.2 decrease in restructuring costs taken in the first quarter of 2026 compared to the first quarter of 2025, and a $5.8 decrease in non-personnel costs, partially offset by the $13.1 unfavorable impact of currency exchange rates.

OUP in Northern Europe increased 55.5% (62.8% in constant currency) in the first quarter of 2026, which represented a -1.0% OUP margin, an increase from -2.5% in the first quarter of 2025. This OUP margin increase was primarily driven by OUP increases in the Nordics of $2.5 and the United Kingdom of $2.0.

APME

Revenues from services increased 7.1% (8.1% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by an increase in demand for our Manpower staffing solutions of $31.3 and an increase in demand for our Experis interim services of $5.7, partially offset by the unfavorable impact of currency exchange rates of $4.6. In Japan (which represented 57% of APME's revenues), revenues from services increased by $8.8, or 3.1% (6.2% in constant currency), primarily driven by a $15.0 increase in demand for our Manpower staffing services and a $1.1 increase in demand for our Experis interim services, partially offset by the $9.0 unfavorable impact of currency exchange rates. In India (which represented 13% of APME's revenues), revenues from services increased by $3.0, or 4.5% (10.4% in constant currency), primarily driven by a $3.0 increase in demand for our Manpower staffing services and a $2.9 increase in demand for our Experis interim services, partially offset by the $3.9 unfavorable impact of currency exchange rates.

Gross profit margin decreased by 40 basis points in the first quarter of 2026 compared to the first quarter of 2025, primarily due to decreased margins for our Manpower brand, which contributed 40 basis points to the decrease.

Selling and administrative expenses increased 2.7% (3.2% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025. The increase is primarily due to the $1.9 increase in personnel costs.

OUP in APME increased 7.7% (11.4% in constant currency) in the first quarter of 2026, which represented a 4.3% OUP margin, an increase from 4.2% in the first quarter of 2025. This OUP margin increase was primarily driven by a decrease in selling and administrative expenses as percent of revenue.

Financial Measures

Constant Currency and Organic Constant Currency Reconciliation

Changes in our financial results include the impact of changes in foreign currency exchange rates, acquisitions, and dispositions. We provide "constant currency" and "organic constant currency" calculations in this report to remove the impact of these items. We express year-over-year variances that are calculated in constant currency and organic constant currency as a percentage.

When we use the term "constant currency," it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. We believe that this calculation is a useful measure, indicating the actual growth or decline of our operations. We use constant currency results in our analysis of subsidiary or segment performance, including Argentina which operates in a hyperinflationary economy. We also use constant currency when analyzing our performance against that of our competitors. Substantially all of our subsidiaries derive revenues and incur expenses within a single country and, consequently, do not generally incur currency risks in connection with the conduct of their normal business operations. Changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated.

When we use the term "organic constant currency," it means that we have further removed the impact of acquisitions in the current period and dispositions from the prior period from our constant currency calculation. We believe that this calculation is useful because it allows us to show the actual growth or decline of our ongoing business.

The constant currency and organic constant currency financial measures are used to supplement those measures that are in accordance with United States Generally Accepted Accounting Principles ("GAAP"). These Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate such financial results differently. These Non-GAAP financial measures are not measurements of financial performance under GAAP, and should not be considered as alternatives to measures presented in accordance with GAAP.

Constant currency and organic constant currency percent variances, along with a reconciliation of these amounts to certain of our reported results, are provided below:

Liquidity and Capital Resources

Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use cash pooling arrangements, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of March 31, 2026, we had $150.8 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.

The nature of our operations is such that our most significant current asset is accounts receivable and our most significant current liabilities are payroll-related costs, which are generally paid either weekly or monthly. As the demand for our services increases, we generally experience an increase in our working capital needs, as we continue to pay our associates on a weekly or monthly basis while the related accounts receivable are outstanding for much longer, which may result in a decline in operating cash flows.

Conversely, as the demand for our services declines, we generally experience a decrease in our working capital needs. This occurs as the existing accounts receivable are collected and not replaced at the same level, and thus our accounts receivable balance declines. There is less of an effect on current liabilities due to the shorter cycle time of the payroll-related items. While this may result in an increase in our operating cash flows, longer payment terms and timing of payroll, tax and supplier-related payments significantly impact our cash position and cash flows each period. Any increase in operating cash flows from an economic slowdown would not be sustained in the event that a downturn continues for an extended period, as we are seeing in the current economic cycle.

Cash used in operating activities was $126.3 for the three months ended March 31, 2026 compared to $153.2 for the three months ended March 31, 2025. Changes in operating assets and liabilities utilized $163.6 and $196.4 of cash during the three months ended March 31, 2026 and 2025, respectively. These changes were primarily attributable to the timing of collections and payments. Accounts receivable decreased to $4,628.2 as of March 31, 2026 from $4,770.3 as of December 31, 2025 primarily due to lower revenues relative to the prior quarter and the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by four days from December 31, 2025 to 59 days as of March 31, 2026, driven primarily by business mix shifts to enterprise and quarter-end timing of certain receivables involving our TAPFIN-MSP business.

Cash used in investing activities was $8.7 and $14.6 for the three months ended March 31, 2026 and 2025, respectively. Capital expenditures were $9.0 for the three months ended March 31, 2026 compared to $13.7 for the three months ended March 31, 2025. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. Our investing activities also include acquisitions and investments in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was none and $1.0 for the three months ended March 31, 2026 and 2025, respectively.

Cash used in financing activities was $511.2 for the three months ended March 31, 2026 compared to $45.7 provided in the three months ended March 31, 2025. Net debt repayments were $508.2 for the three months ended March 31, 2026 compared to borrowings of $76.6 in the three months ended March 31, 2025. The larger repayments in 2026 were due to the redemption in January 2026 of our €500.0 notes originally issued in 2018.

Our €400.0 notes and €500.0 notes are due June 2027 and December 2030, respectively. We plan to refinance the notes at maturity, or prior to maturity, with new borrowings. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets for replacement of those notes.

Our $600.0 revolving credit agreement, maturing December 15, 2030, requires that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The exclusion of certain restructuring expenses is also allowed in the determination of EBITDA in the agreement. During the second quarter of 2025, the definition of net debt in the agreement was amended to define net debt as total debt less cash in excess of $200.0 through December 31, 2025 and less cash in excess of $300.0 thereafter. As defined in the agreement, we had a Net Debt-to-EBITDA ratio of 2.86 to 1 and a fixed charge coverage ratio of 2.89 to 1 as of March 31, 2026. Based on our current forecast, we expect to be in compliance with our financial covenants for the next 12 months.

As of March 31, 2026, we had letters of credit of $0.4 and $50.0 drawn under our $600.0 revolving credit facility. We also had $33.0 drawn under our $150.0 working capital facility. Additional borrowings of $549.6 and $117.0 were available to us under our $600.0 revolving credit facility and $150.0 working capital facility, respectively, as of March 31, 2026.

In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet the working capital needs of our subsidiary operations. As of March 31, 2026, such uncommitted credit lines totaled $364.0, of which $334.6 was unused. Under the revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Additional borrowings of $270.6 could have been made under these lines as of March 31, 2026.

We have assessed our liquidity position as of March 31, 2026 and for the near future. As of March 31, 2026, our cash and cash equivalents balance was $224.9. We also have access to the previously mentioned revolving credit facility that could have immediately provided us with up to $600.0 of additional cash, less any outstanding borrowings and letters of credit, and we have an option to request an increase to the total availability under the revolving credit facility by an additional $300.0 and each lender may participate in the requested increase at their discretion. In addition, we have access to the previously mentioned credit lines to meet the working capital needs of our subsidiaries, of which $270.6 was available to use as of March 31, 2026. Our €400.0 ($460.9) notes mature in June 2027 and our €500.0 ($573.4) notes mature in December 2030. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.

The following table provides an informational summary of our liquidity and capital structure as of:

The Board of Directors declared a semi-annual dividend of $0.72 per share on May 8, 2026 and May 2, 2025. The 2026 dividends are payable on June 15, 2026 to shareholders of record as of June 1, 2026. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025.

In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2026, we did not repurchase any shares under the 2023 authorization. During the three months ended March 31, 2025, we repurchased 0.4 million shares under the 2023 authorization at a cost of $25.0. As of March 31, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

We had aggregate commitments of $2,579.6 as of March 31, 2026 related to debt, operating leases, severance and office closure costs, and certain other commitments compared to $3,146.5 as of December 31, 2025.

We also have entered into guarantee contracts and stand-by letters of credit totaling $626.6 and $626.1 as of March 31, 2026 and December 31, 2025, respectively ($582.8 and $582.3 for guarantees as of March 31, 2026 and December 31, 2025, respectively, and $43.8 for stand-by letters of credit, on both dates). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness. The stand-by letters of credit mainly relate to workers' compensation in the United States. If certain conditions were met under these arrangements, we would be required to satisfy our obligations in cash. Due to the nature of these arrangements and our historical experience, we do not expect any significant payments under these arrangements. Therefore, they have been excluded from our aggregate commitments. The cost of these guarantees and letters of credit were $0.5 and $0.4 for the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026 and 2025, we recorded $15.9 and $15.8 in restructuring costs, respectively. Payments made from the restructuring reserve were $17.8 and $12.3 during the three months ended March 31, 2026 and 2025, respectively. We use our restructuring reserve for severance, office closures, office consolidations, and professional and other fees related to restructuring in multiple countries and territories. We expect a majority of the remaining $32.7 reserve will be paid by the end of 2026.

Recently Issued Accounting Standards

See Note 2 to the Consolidated Financial Statements.

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

Our 2025 Annual Report on Form 10-K contains certain disclosures about market risks affecting us. There have been no material changes to the information provided which would require additional disclosures as of the date of this filing.