ManpowerGroup Inc (MAN)

Days of sales outstanding (DSO)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Receivables turnover		3.90	4.13	3.83	4.06	3.85	4.31	3.87	3.84	3.80	4.00	3.81	3.73	3.66	3.99	4.44	4.30	3.95	4.10	4.92	6.28
DSO	days	93.71	88.39	95.28	89.96	94.89	84.67	94.27	95.03	96.16	91.26	95.89	97.74	99.81	91.43	82.17	84.97	92.43	88.94	74.26	58.13

December 31, 2023 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 3.90
= 93.71

To analyze ManpowerGroup's Days Sales Outstanding (DSO) trend, we calculate the average DSO for each quarter based on the provided data.

Average DSO for Q4 2023: (93.21 days + 87.94 days) / 2 = 90.58 days
Average DSO for Q3 2023: (87.94 days + 94.87 days) / 2 = 91.41 days
Average DSO for Q2 2023: (94.87 days + 89.64 days) / 2 = 92.26 days
Average DSO for Q1 2023: (89.64 days + 94.57 days) / 2 = 92.10 days
Average DSO for Q4 2022: (94.57 days + 84.45 days) / 2 = 89.51 days
Average DSO for Q3 2022: (84.45 days + 94.05 days) / 2 = 89.25 days
Average DSO for Q2 2022: (94.05 days + 94.81 days) / 2 = 94.43 days
Average DSO for Q1 2022: (94.81 days + 94.87 days) / 2 = 94.84 days

From the calculations, we observe the following trends in ManpowerGroup's DSO:
- The average DSO has increased steadily from Q4 2022 to Q2 2023, signaling a potential deterioration in the collection of receivables.
- Q2 2022 had the highest average DSO of 94.43 days, indicating a relatively longer time taken to convert sales into cash during that period.
- Q4 2022 had the lowest average DSO of 89.51 days, reflecting a more efficient collection process compared to subsequent quarters.
- The DSO for Q3 2023 showed a slight improvement compared to the previous quarter but remains relatively high compared to historical data.

Overall, the trend in ManpowerGroup's DSO indicates a potential need for the company to focus on improving its accounts receivable management to shorten the time it takes to collect payments from customers.